比亞迪 (1211.HK) 銷量一路飆升 July 12, 2022 422

PSR Recommendation: BUY Status: Upgraded
Target Price: HKD399

投資概要
銷量一路飆升,六月同比+163%
最新的銷售數據顯示,比亞迪六月份新能源汽車銷量再創歷史新高:共銷售新能源汽
車 134036 台,同比+163%,環比+17%,預計將高於國內新能源車的整體漲幅。前六個
月累計銷量為 641350 台,按年升 314.9%,完成其年度銷量目標 150 萬台的 43%。
分類別看,新能源商用車六月的銷量為 274 輛,同比/環比分別-78%/-64%。純電乘用
車銷售 69544 台,同比+247%,環比+30%;插電混乘用車 64218 台,同比+219.5%,環
比+5.6%,前六個月累計分別為 323519,314638 台,按年+246%,+454%。前者主要由
深圳工廠擴產帶動,後者環比增幅略低則因受長沙工廠停工調查影響。
多款車型持續熱銷,新車密集發佈
六月隨著復工復產持續推進,整體車市回暖。憑藉極強的產品競爭力,王朝系列中的
旗艦車型“漢”持續熱銷,已連續幾個月錄得大幅上漲,六月更是連續兩個月突破 2 萬
+,銷量達到 25439 台,同比+203%,其中漢 DMI 交付同比+386%,漢 EV 交付接近 1.3
萬台。首六個月的累計銷售超 25 萬輛,繼續領跑同級別轎車細分市場。
王 朝 系 列 的 其 他 車 型 銷 量 亦 十 分 強 勁 : 唐 / 秦 / 宋 / 元 系 列 的 單 月 銷 量 分 別 為
8134/26623/32077/19731 台,同比增幅達到了+159%/+71.7%/+113%/+1494%,前六個
月累計銷售分別 55825/146737/163356/78662 台。
另外,驅逐艦 05/海豚/e 系列則分別錄得 7464/10376/3918 台的銷量。
今明兩年是比亞迪的產品大年,預計合計將推出包括改款車在內的不少於 20 款新車,
今年已經上市了驅逐艦 05、海豹、騰勢 D9、22 款唐 EV、22 款漢 EV、DM-i、DM-p 及
秦 PlusDM-i,下半年及明年,比亞迪將繼續發佈騰勢 SUV、軍艦系列、海獅、海鷗,
產品矩陣進一步完善,同時從目前樂觀的預售情況來看,產品單價預計亦將不斷向上
突破。
政策堅定支持下,產能不斷釋放
5 月以來,中國政府宣佈開展新一輪新能源車下鄉活動,6 月召開的國常會明確支持新
能源汽車消費,並考慮延長免征新能源汽車購置稅的優惠政策,共涉及 26 家車企共
69 款車型,覆蓋面相較 2021 年進一步擴大(2021 年涉及 18 個品牌的 52 款車型);

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About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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