国新证券表示，当前，国产新能源汽车快速发展，乘用车方面，燃油车与新能源车向“油电同权”趋势发展，各品牌产品在技术和功能方面同质化现象较明显，价格竞争仍然激烈。该行认为品牌势能较强以及在智能化方面具有领先优势的新能源车企在单车利润方面具有提升空间，将更具竞争力。建议关注明年汽车以旧换新接续补贴政策。Jinwu Financial News | Automobile stocks rose in early trading, with NIO (09866) up 3.46%, BRILLIANCE CHI (01114) up 3.43%, Li Auto (02015) up 2.52%, LEAPMOTOR (09863) up 2.43%, and Xiaopeng Motors (09868) up 2.39%.
In terms of news, the 2024 "Double New" (scrap renewal, trade-in) subsidy policy is nearing its end, further stimulating Consumers' enthusiasm for car purchases. According to the Ministry of Commerce, as of December 13, this policy has driven Passenger Vehicle sales to exceed 5.2 million units, of which over 2.51 million units were vehicles subject to scrap renewal and over 2.72 million units were vehicles subject to trade-in renewal.
According to Statistics from the Passenger Car Association, local trade-in policies provide subsidies for Electric Vehicles that are 1,000 to 5,000 yuan higher than those for RBOB Gasoline vehicles. From January to November 2024, retail sales of New energy Fund vehicles reached 9.594 million units, a year-on-year increase of 41.2%. In November, the penetration rate of New energy Fund reached 52.3%, a 12% increase compared to the same period last year, breaking the 50% mark for five consecutive months.
Guoxin Securities stated that currently, domestic New energy Fund vehicles are developing rapidly. For Passenger Vehicles, there is a trend towards "fuel and electric vehicles sharing equal rights," with noticeable homogenization of technologies and functions among brands, while price competition remains fierce. The firm believes that New energy Fund companies with strong brand momentum and a leading advantage in Asia Vets will have room for improvement in per vehicle profit and will be more competitive. It is recommended to pay attention to next year's continued subsidy policy for trade-ins in the automotive sector.