汽车周报：比亚迪涨价挺进全车型盈利时代新能源购置税减免或延长稳定预期

上海申银万国证...2022-01-24

本期投资提示：比亚迪官宣涨价，开始向全车型盈利时代挺进，新能源开启良性商业循环新周期。比亚迪官宣自2 月1 日其旗下车型涨价1000~7000 元不等。经过终端走访我们了解到：①元Pro 涨7000 元；②秦DMi 涨3000 元；③唐DMi 涨3000 元；④宋Pro DMi 涨1000元；⑤汉EV 涨5000 元；⑥秦Plus EV 涨3000 元。近期市场调整较多，主要是担心国补退坡后对...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

TK360
2022-01-24
TK360
Nice for BYD

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2205907841?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e","is_english":false,"pubTime":"2022-01-24 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2205907841","market":"hk","top_or_hot":-1,"title":"汽车周报：比亚迪涨价挺进全车型盈利时代 新能源购置税减免或延长稳定预期","media":"上海申银万国证...","content":"<div>\n<p>本期投资提示：比亚迪官宣涨价，开始向全车型盈利时代挺进，新能源开启良性商业循环新周期。比亚迪官宣自2 月1 日其旗下车型涨价1000~7000 元不等。经过终端走访我们了解到：①元Pro 涨7000 元；②秦DMi 涨3000 元；③唐DMi 涨3000 元；④宋Pro DMi 涨1000元；⑤汉EV 涨5000 元；⑥秦Plus EV 涨3000 元。近期市场调整较多，主要是担心国补退坡后对...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202201240745267c6e555f&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>汽车周报：比亚迪涨价挺进全车型盈利时代 新能源购置税减免或延长稳定预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n汽车周报：比亚迪涨价挺进全车型盈利时代 新能源购置税减免或延长稳定预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-24 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202201240745267c6e555f&s=b><strong>上海申银万国证...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本期投资提示：比亚迪官宣涨价，开始向全车型盈利时代挺进，新能源开启良性商业循环新周期。比亚迪官宣自2 月1 日其旗下车型涨价1000~7000 元不等。经过终端走访我们了解到：①元Pro 涨7000 元；②秦DMi 涨3000 元；③唐DMi 涨3000 元；④宋Pro DMi 涨1000元；⑤汉EV 涨5000 元；⑥秦Plus EV 涨3000 元。近期市场调整较多，主要是担心国补退坡后对...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202201240745267c6e555f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1522","symbol_name":"燃料电池","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202201240745267c6e555f&s=b","article_id":"2205907841","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e"],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202201240745267c6e555f&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2205907841","pubTimestamp":1642953600,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"因此，我们预计今年比亚迪整车业务的单车盈利有望显著好于去年Q3 及Q4。稳预期，新能源汽车购置税减免政策有望继续延长。新能源汽车免征购置税政策已经经历2017 年年底、2020 年初两次延长，原计划免征期截止到2022 年底。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159875":"新能源","160640":"新能源","399941":"新能源","BK1522":"燃料电池","06838":"盈利时","BK1582":"深圳本地概念股","BK1540":"电池","BK1509":"特斯拉概念股","01211":"比亚迪股份","BK1580":"烟草概念","BK1149":"通信设备","BK1227":"服装、服饰与奢侈品","BK1607":"新IT概念","002594":"比亚迪","BK1589":"北水核心资产","BK1515":"抗疫概念","BK1594":"碳中和概念股","BK1539":"汽车股","00285":"比亚迪电子","000941.SH":"新能源","BK1504":"苹果概念","BK1119":"汽车制造商"},"translate_title":"Auto Weekly: BYD's price increase advances into the era of full-model profit, and new energy purchase tax reduction or extension of stable expectations","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159875":1,"160640":1,"399941":1,"002594":1,"00285":1,"01211":1,"06838":1,"000941.SH":1},"content_text":"本期投资提示：比亚迪官宣涨价，开始向全车型盈利时代挺进，新能源开启良性商业循环新周期。比亚迪官宣自2 月1 日其旗下车型涨价1000~7000 元不等。经过终端走访我们了解到：①元Pro 涨7000 元；②秦DMi 涨3000 元；③唐DMi 涨3000 元；④宋Pro DMi 涨1000元；⑤汉EV 涨5000 元；⑥秦Plus EV 涨3000 元。近期市场调整较多，主要是担心国补退坡后对新能源需求的影响。而通过我们实际终端走访发现，1 月终端需求预计在30 万左右，考虑到此前提到的春节交期减少（-4~5w 台）、比亚迪西安工厂发运受阻（-2w 台），以及特斯拉继续海外交付（-4w 台）的因素，实际表现属于符合预期。而比亚迪通过此次涨价，将有效消化国补退坡、原材料成本上涨带来的车型盈利压力（21 年Q4 相比Q3 原材料成本预计影响毛利率1pct+），更显示出其对终端需求的信心。且主销的DMi 车型涨价幅度有限，将不会对其2022 年销量有明显影响；而高低端车型调价又能很好得弥补整体盈利水平。因此，我们预计今年比亚迪整车业务的单车盈利有望显著好于去年Q3 及Q4。随着下半年原材料压力的逐步缓解，单车净利有望冲击4k-5k 区间。良性的商业循环新周期，将是未来行业健康成长的新基础和新逻辑。比亚迪作为垂直一体化的典范，将率先拉开这一张大幕。全面看好工程能力的兑现度，看好新车周期的销量释放。稳预期，新能源汽车购置税减免政策有望继续延长。现行的新能源汽车支持政策主要有购置补贴、免征购置税、免征车船税三项，其中购置补贴正在逐步退坡且2022 年将是新能源车补贴的最后一年。新能源汽车免征购置税政策已经经历2017 年年底、2020 年初两次延长，原计划免征期截止到2022 年底。1 月18 日工信部召开节能与新能源汽车产业发展部际联席会议2022 年度工作会议，会议提出“尽早研究明确新能源汽车车购税优惠延续等支持政策，完善积分管理要求，稳定市场预期”，按此信号新能源汽车购置税优惠政策第三次延长已基本明确。按国内车辆购置税计算方法，10 万元国产车可省8500+元，多数新能源车可享受超万元减免。若政策顺利落地，一方面将进一步提升消费者购车欲望，另一方面也将缓解价格传导对车企利润端压力。乘用车终端折扣波动更新——1 月需求如预期地被逐步激活，豪华品牌率先发力。通过终端走访和爬虫数据反馈，1 月豪华品牌折扣率显著提升，部分合资品牌也略有增加，自主品牌仍较为坚挺。其中：①北京奔驰环比12 月同期增加3.7pct 折扣率，约1.5 万元。由此，奔驰1 月上半月上险数环比12 月同期提升约50%；②华晨宝马环比12 月同期提升1.9pct 折扣率，约0.7 万元。对应品牌1 月上半月上险量环比12 月同期提升约100%；③ 一汽大众环比12 月同期增加1.5pct 折扣率，约0.2~0.3 万元。主流自主品牌折扣率环比12 月相对稳定，表现出了更为紧俏的供需关系。但随着供给逐步改善，主流品牌1月需求仍然环比12 月有10%~15%不等的改善。投资分析意见：全面看多中国汽车工业的崛起，整车及供应链都将在这次商业模式及竞争关系的重构中获得极大的增长。看好积极转型中的头部整车厂，推荐吉利、比亚迪、长城、上汽集团。看好受益二轮车新国标更换、管理层内部改善的龙头爱玛科技。混动产业链带来零部件新增量，发动机控制方面推荐菱电电控，三合一赛道的关注巨一科技、卧龙电驱、精进电动，小三合领域关注欣锐科技；热管理领域推荐三花智控、拓普集团。零部件方面三条主线：①进口替代顺畅、格局优秀的板块：推荐新泉股份、福耀玻璃、星宇股份；②受益智能化配置的汽车电子标的：华阳集团、德赛西威、科博达，湘油泵，关注合兴股份；③轻量化板块：推荐爱柯迪、华峰铝业，关注合力科技、文灿股份、旭升股份、泉峰汽车。核心风险：供应链缺芯风险，车市折扣与销量数据改善不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":630518459,"gmtCreate":1642985149013,"gmtModify":1642985149394,"author":{"id":"3574766349354741","authorId":"3574766349354741","name":"TK360","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Nice for BYD&nbsp;","listText":"Nice for BYD&nbsp;","text":"Nice for BYD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630518459","repostId":2205907841,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2205907841"}

汽车周报：比亚迪涨价挺进全车型盈利时代 新能源购置税减免或延长稳定预期

精彩评论

汽车周报：比亚迪涨价挺进全车型盈利时代新能源购置税减免或延长稳定预期