>> 招银国际-China Auto Sector – Most NEV brands’ Sep sales volume on track-231003
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研究报告全文：3Oct2023CMBInternationalGlobalMarketsEquityResearchSectorUpdateChinaAutoSectorMostNEVbrandsSepsalesvolumeontrackOUTPERFORMMaintainNineChineseautomakersincludingBYDNIOXpengLiAutoZeekrAionChinaAutoSectorDeepalNetaandLeapreportedtheirSep2023salesvolumesduring1-2Oct2023Salesvolumeofthenineautomakerscombinedrose52YoYrangedSHIJiCFAfrom-27to213and5MoMrangedfrom-19to18inSep202385237618728shijicmbicomhkLiAutoslightlybeatNIOmissedXpenginlineLiAutorecordedasalesDOUWenjingCFAvolumeofabout36000unitsinSep2023withallthreemodelssurpassing8526939475110000unitsforasecondmonthItsnewordersinSep2023alsohitanewdouwenjingcmbicomhkhighofover40000unitsaidedbytheinsurancesubsidyofRMB10000pervehicleThecompanyaimstodeliver40000unitsinNov2023withaGUSijieproductionupgradeduringtheNationalDayholidayjasongucmbicomhkNIOsdeliveriesfell19MoMtoabout16000unitsinSepweakerthanourexpectationItappearstousthatthenewES6andpricecuteffectshavebeengraduallyfadingawayThecompanyattemptstorevolvesalesbytriplingitsnumberofsalespersonnelfromabout2000to6000withinafewmonthsWeseenoprofitabilityturnaroundsignsforNIOwithsuchmanagementmentalityStockscoveredXpengsdeliveriesrose12MoMtoover15000unitslastmonthextendingNameTickerRatingTPLCitsMoMgrowthforeightmonthsinarowTheG6sdeliveriesroseto8100LiAutoLIUSBUY55unitsinSepabitslowerthanourpriorexpectationManagementexpectstheLiAuto2015HKBUY215G6smonthlydeliveriestoexceed10000unitsinOct2023ThefaceliftedG9Geely175HKBUY14wasrolledoutinSepwithmorecompetitivepricingTheMSRPsforsimilarGWM2333HKBUY12variantswerecutbyRMB60000-66000comparedwiththeoldversionsTheGWM601633CHBUY32XNGPwithouttheHDmapisscheduledtobereleasedinOct2023GAC2238HKBUY7GAC601238CHBUY14BYDAionDeepalandLeapsmonthlysalesvolumehitall-timehighEVA838HKBUY15againBYDspassengerNEVwholesalevolumerose5MoMtoaboutYongda3669HKBUY5287000unitsinSepWeareoftheviewthatBYDsslightMoMsales-volumeMeidong1268HKBUY72growthcouldcontinueinOctAionswholesalevolumeexceeded50000unitsNIONIOUSHOLD10forthefirsttimeinSepThecompanycutMSRPfortheHyperGTs710kmXpengXPEVUSHOLD14rear-drivesuper-chargingversionbyRMB20000toRMB239900inSepXpeng9868HKHOLD55TheHyperSSRandHyperHTwillbelaunchedon9Octandin4Q23BYD1211HKHOLD240respectivelyBYD002594CHHOLD265SepNEVretailsalesvolumemayslightlybeatWeestimatethatChinasSourceBloombergCMBIGMNEVretailsalesvolumeinSep2023couldprobablybeatourpriorforecastof07mnunitsWeexpectTeslasdeliveriestofalltoabout50000unitsinSepTeslarolledoutafaceliftedModelYwithpriceunchangedon1Oct2023NEVsalesvolumeforselectedOEMsUnitsSep2023YoYMoMYTDYTDYoYBYD286903428472070255761NIO15641438-191109993334RelatedReportsLiAuto360602127332442251810ChinaAutoSectorMoreNEVmodelrolloutsXpeng1531080811881443-174asapositivecatalyst25Sep2023Zeekr12053456-20790281002Leap158004311138882714ChinaAutoSectorIn-lineAugNEVretailsalesvolume4Sep2023Neta13211-2669299709-103Aion51596719146350986925Deepal1737019821798690411517SourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk3Oct2023Figure1BYDsmonthlyNEVdeliveryFigure2DeepalsmonthlydeliverySourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure3NIOsmonthlydeliveryFigure4LiAutosmonthlydeliverySourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure5XpengsmonthlydeliveryFigure6ZeekrsmonthlydeliverySourceCompanydataCMBIGMSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE23Oct2023Figure7LeapsmonthlydeliveryFigure8NetasmonthlydeliverySourceCompanydataCMBIGMSourceCompanydataCMBIGMFigure9AionsmonthlydeliverySourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE33Oct2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE4
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