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<Research>BOCOMI: Investors Shall Be Cautious of New Round of Price War in Auto Mkt w/ Focus on BYD, NIO, XPENG
Recommend 16 Positive 19 Negative 10 |
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Based on some of the announced delivery figures of Chinese automakers in December 2024, BYD COMPANY (01211.HK), LEAPMOTOR (09863.HK), XPENG-W (09868.HK) and LI AUTO-W (02015.HK) reported record-high sales in December 2024, thanks to the subsidies from the replacement policy and renewal policy, as well as automakers' full efforts in sprinting for their annual sales targets, BOCOMI released a research report saying. XIAOMI-W (01810.HK)'s Xiaomi Auto continued to deliver over 25,000 vehicles in December, exceeding 20,000 vehicles for 3 consecutive months, while its cumulative deliveries have exceeded 135,000 vehicles since deliveries began in April 2024, accomplishing the company's 2024 delivery target of 130,000 vehicles. The penetration rate of NEVs in China reached 47% in 11M24, BOCOMI added. With the release of more extended range/ hybrid vehicle models, the broker expected the penetration rate of NEVs to increase further in 2025. However, investors should be cautious that the auto market will enter the off sale season after sales sprint in December 2024, and competition in the auto market will intensify, leading to price wars. In terms of individual stocks, BOCOMI recommended investors to pay attention to high quality targets in the passenger car segment, such as the DM5.0 models and exports of BYD COMPANY, the quantity increase of Nio's Firefly and Onvo L60, as well as XPENG-W's M03 and P7+. AAStocks Financial News |
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