Sniper

The Report is produced in Chinese only.

昔日報告:
  27-09-2021 (星期一) 汽車行業受芯片荒擾動,提供長期佈局期
  06-09-2021 (星期一) 互聯網傳媒行業持續整改,助力長期產業發展
  09-08-2021 (星期一) 全民健身計劃釋放下沉巿場消費力,關注大眾巿場體育用品意
  12-07-2021 (星期一) 半年銷量超百萬,新能源車行業正春風得意
  15-06-2021 (星期二) 第二季國內手機出貨量預期下降 拖累上游企業表現但對下半年仍保持樂觀
[第1頁 / 共61頁]

汽車行業受芯片荒擾動,提供長期佈局期

自去年年底開始,汽車行業開始遭遇芯片短缺,且情況愈演愈烈,從減産、推遲部分産品綫,到部分工廠甚至出現了停工,波及幾乎所有車企,甚至包括奧迪、大衆、福特、戴姆勒、豐田、菲亞特克萊斯勒等知名汽車廠商。全球芯片緊張的原因之一是需求出現快速增長點,包括汽車的電動化、智能化,5G手機和終端産品滲透率的提高,IoT的發展等,帶來更多芯片需求。但在供應上,前幾年全球晶圓産能投資相對謹慎,導致産能階段性緊張,同時一些突發性事件如日本瑞薩火災、馬來西亞疫情停工等,更是加大了芯片荒的嚴重程度。

受到芯片荒的影響,根據乘聯會公佈的銷量數據:2021年八月,國內狹義乘用車的産量、批發銷量和零售銷量紛紛錄得雙位數下滑(11.2%/12.9%/14.7%),至148.4/151.2/145.3萬輛。

不過在整體下降的行業背景下,新能源汽車的整體銷量仍然保持強勁,滲透率顯著提升。8月新能源乘用車終端銷量22.8萬輛,19/20年同期分別爲4.2/9.2萬輛,占乘用車終端市場比重爲14.9%,同比提升9.4個百分點。值得一提的是,由於在新能源車領域的較早佈局,國內自主品牌表現更勝一籌,今年前八月國內新能源汽車銷量中傳統自主品牌占比65%,較2020年全年提升3個百分點。

預計芯片荒短期內對汽車行業的擾動影響仍將存在,但隨著近期芯片大廠封測産能陸續恢復,四季度起,汽車行業將能見證到供給上的邊際改善,受抑制的購車需求有望啓動報復性反彈。我們認爲,有發展潛力的車股,因短期芯片荒擾動的回調,實是提供了長期佈局機會。

我們建議投資者可以繼續看好新能源車産業鏈上的重點公司,比亞迪(1211.HK)長城汽車(2333.HK),廣汽集團(2238.HK)和 華域汽車(600741.CH)。

撰稿: 章晶 研究分析員
電話:
+86 21 51699400-103

電郵地址:
zhangjing@phillip.com.cn
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us