20240202-德邦证券-汽车_1月新势力交付量同比普遍提升_问界新M7单月交付破3万_2页_303kb

报告摘要

Investment Summary - Automotive Sector 2024

Market Performance 2024 January: New energy vehicle (NEV) delivery volumes saw broad year-on-year growth in January 2024, driven by brands like AITO and NETA. Key highlights included AITO's 32,973 deliveries (+63.7% YoY), Li Xing's 31,165 units (+106% YoY), and NETA's 12,277 vehicles (+97.8% YoY). Other brands like NIO, XPeng, and BYD showed mixed results.
Product Expansion: Automakers expanded their model lineups, with Li Xing aiming to deliver 800,000 units this year through new models like the L9 and MEGA. NETA's C10 sedan and XPeng X9 debuted or scaled deliveries, indicating strong market positioning and customer interest.
Intelligent Driving Advancements: High-definition navigation and autonomous driving features accelerated, with XPeng doubling its XNGP- supported cities to 243 in January, and NETA and Li Xing enhancing NOA functionalities for wider accessibility.
Global Expansion Acceleration: Overseas factory projects intensified, such as NETA's Malaysian plant奠基 in January and GAC Aion's Thailand factory start-up, signaling commitment to international markets and localization.
Investment Recommendations: Focus on NEV manufacturers like Li Xing-W (603389 HK), NETA, and XPeng-W (09868 HK), alongside auto parts suppliers including Bertrand, Shinquang, and others listed in the report for potential growth in electric and intelligent vehicle sectors.
Risk Factors: Key risks include slower economic recovery, subdued domestic/global auto demand, and delays in electrification and automation progress due to external factors.