BOCOM International released a research report stating that according to some July car sales data that have been disclosed, car companies have different sales performances, of which 10 car companies have a year-on-year sales increase of 27.3%, and the month-on-month sales remain the same. In July, the market effect of price for volume weakened, and some car companies entered the period of new car releases in the second half of the year, and the car market was relatively flat. The subsidy amount for replacing old gasoline passenger vehicles with new energy vehicles that meet the national third-level or lower emission standards has been increased from 0.01 million yuan to 0.02 million yuan, which will accelerate the replacement of old gasoline passenger vehicles.
The bank stated that BYD Company Limited (01211) is the preferred choice in the industry, with a "buy" rating. The delivery of vehicles equipped with DM5.0 new technology is expected to exceed the market's expectations of BYD's sales growth by about 20% this year. The sales growth brought by new models in the second half of the year may stimulate the stock price rebound of new forces, supporting the valuation repair of Li Auto Inc-W (02015) and NIO Inc.-SW (09866), both of which are rated "buy".
Among them, the delivery volume of Li Auto Inc-W increased by 6.8% MoM to 0.051 million vehicles, a historical high for monthly deliveries mainly due to the increase in delivery of L6. L6 continued its strong performance, with monthly deliveries continuously breaking through 0.02 million vehicles. NIO delivered 0.02 million vehicles this month, which is consistent with the bank's previous report that predicted NIO would maintain a monthly sales volume of about 0.02 million vehicles through promotion before the delivery of the LIDAR-equipped sedan. In July, the sales volume of BYD's passenger vehicles was 0.34 million, compared to 0.26 million in the same period last year. The export sales in July were 0.03 million. The cumulative sales of passenger vehicles from January to July this year were 1.948 million, an increase of 29% compared to the same period last year.