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三萬公里新規,行業洗牌加速

事件:3月27日,中國四部委(發改委、財政部、工信部、科技部)聯合發佈了《關於開展2016年度新能源汽車補助資金清算工作的通知》,通知要求,非個人用戶購買的新能源汽車申請補貼,累計行駛里程須達到3萬公里(作業類專用車除外)。

評論:我們知道,國家新能源車的補貼領取具有滯後效應,回款時間偏長,造成港股相關公司的應收賬款激增。此次政策的正式發佈,對於新能源車公司來說,也算是石頭落定。

去年底發佈的新能源車補貼新政中就明確規定,非個人用戶購買的新能源汽車申請補貼,累計行駛里程須達到3萬公里,而此次的通知更明確“3萬公里”的補貼門檻,需追溯到2016年推廣的新能源汽車。這就意味著行業內一些資金實力弱的新能源車公司將面臨更大的資金壓力,從而達到加速淘汰小企業,利好新能源車續航里程長,且現金充沛的公司。比亞迪和北汽旗下都有續航里程長約300公里的新能源車型,而比亞迪去年剛進行了股權融資144億,北汽也剛進行了債權融資,我們認為兩家公司有望受益,後續可以關注。

撰稿: 章晶研究分析員
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