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關注華為汽車產業鏈 華為近期宣佈,與奇瑞聯手打造的首款車型將在三季度亮相,並將首次搭載HarmonyOS 4,是華為智選車業務首款純電轎跑。華為和車企合作方式主要有三種:1)標準的零部件層面的合作,與傳統tier1零部件供應商無異;2)Hi模式,與車企合作深度程度高於傳統零部件廠商,參與產品配套銷售,如華為與北汽、長安汽車(000625.CH)合作,分別推出北汽極狐阿爾法S Hi版、長安阿維塔11;3)智選模式,除了零部件供應以外,華為還參與產品設計+營銷管理,目前合作的車企包括賽力斯(601127.CH)和江淮(600418.CH),已推出的車型包括問界M5,M7,和即將上市的江淮瑞風MPV RF8。 在這三種方案當中,Hi模式和智選模式相對於零部件模式,盈利性更高,因其以產品打包形式銷售。目前來看,智選模式是目前為止華為汽車BU最成功的方案。問界2022年的總銷量達到了7.5萬輛,為當年車市中的一匹黑馬。不過,進入2023年以後,隨著價格戰與新能源車市場競爭不斷加劇,問界銷量同比不斷下滑。尋求更多更優質的隊友,是華為尋求在汽車領域提升銷量和品牌知名度的最好途徑。與此前合作夥伴賽力斯相比,奇瑞明顯在整車製造與銷售方面有更強的技術與品牌積累。2022年,奇瑞的汽車銷量超過了長城汽車,達到123萬輛,在自主品牌中,僅次於比亞迪、吉利、長安。 個股上,除了以上提及的整車企業,我們還建議關注奇瑞產業鏈上的零部件公司伯特利(603596.CH),星宇股份(601799.CH)。 |
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