广发证券：越野车有望继续切分城市SUV份额建议关注长城汽车(601633.SH)等

智通财经2025-04-21

智通财经APP获悉，广发证券发布研报称，技术创新有望拉动国内越野车市场继续切分城市SUV份额，海外市场中国品牌凭借在PHEV技术中的引领者角色有望实现份额持续提升。综合考虑车企在非承载车身SUV的技术沉淀、品牌口碑和海外布局情况，该行建议关注长城汽车(601633.SH，02333)、比亚迪(002594.SZ，01211)、和奇瑞汽车(810711.BJ)。广发证券主要观点如下：写在前面综合考虑...

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It is recommended to pay attention to Great Wall Motors (601633. SH) and others","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82333":0.6,"601633":1,"000776":1,"GWLLY":0.6,"01776":1,"02333":1},"content_text":"智通财经APP获悉，广发证券发布研报称，技术创新有望拉动国内越野车市场继续切分城市SUV份额，海外市场中国品牌凭借在PHEV技术中的引领者角色有望实现份额持续提升。综合考虑车企在非承载车身SUV的技术沉淀、品牌口碑和海外布局情况，该行建议关注长城汽车(601633.SH，02333)、比亚迪(002594.SZ，01211)、和奇瑞汽车(810711.BJ)。广发证券主要观点如下：写在前面综合考虑当前越野SUV市场的技术变化、消费者多样性需求和越野场景的差异化，该行对非承载式车身和泛越野市场定义如下：1.非承载式车身SUV市场：具备非承载式车身，机械四驱同时基本配备三把差速锁，具备全场景、全地形的适应能力;2.泛越野SUV市场：既包括非承载式车身SUV市场，也包括城市底盘越野外观SUV市场。复盘：国内优质供给降低购置和使用成本，越野SUV市场持续扩容其中非承载式车身SUV市场21年以来市场空间持续扩容，进口占比大幅下滑。根据交强险，2024年非承载式车身SUV销量为34.6万辆，同比+48.4%，主要受益于以坦克为代表的自主优质供给降低了购买成本和使用成本。泛越野SUV市场中，优质供给满足个性化需求叠加使用成本下探，20年以来持续抢占城市SUV份额。2024年泛越野SUV市场(含非承载车身SUV)销量为76.4万辆，同比+87.3%。从竞争格局来看，非承载式车身SUV市场长城坦克品牌占据主导地位，泛越野SUV市场中奇瑞捷途份额持续提升。海外：非承载车身SUV市场集中度下降，PHEV越野需求提升根据Marklines，23-24年海外非承载车身SUV市场维持在150万辆以上，24年丰田/起亚/吉普/雪佛兰/福特份额为19.9/15.2/11.5/10.5/9.6%，CR3/CR5/CR7为46.6/66.7/82.4%，较20年分别-6.2/-4.3/-1.8pct，20年以来品牌集中度呈现下滑趋势。预计随着以长城汽车坦克品牌为代表的车型加速出海，行业集中度或进一步下降。受益于混动技术降低使用成本，海外非承载式PHEV市场需求快速提升。24年牧马人PHEV版本销量达6.4万辆，PHEV销量占比提升至36.0%。展望：越野车国内技术创新有望进一步切分城市SUV份额，海外份额提升值得期待国内市场中长城汽车通过Hi4-Z技术创新进一步降低城区使用成本，有望打开增长空间。根据交强险，坦克500 Hi4-Z在25年1月上市，相比Hi4-T在购买成本更高的前提下，其终端销量持续超过Hi4-T，占坦克500销量60%以上。坦克品牌海外终端份额持续提升，剔除美国后海外非承载越野SUV市场来看，坦克品牌24年海外份额为5.3%，同比+2.9pct。国内市场坦克品牌已经证明过相比外资品牌的产品优势，往后展望，坦克品牌在海外市场有望凭借性价比优势和PHEV技术的引领者角色，实现海外终端份额的进一步提升。风险提示：行业景气度下降;关税政策存在不确定性;行业竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","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/2529828674","isCrawlerRequest":true}

广发证券：越野车有望继续切分城市SUV份额 建议关注长城汽车(601633.SH)等

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广发证券：越野车有望继续切分城市SUV份额建议关注长城汽车(601633.SH)等