大摩:內地新能源車企減價令內燃機車企陷困境
摩根士丹利發表報告指,在內地新能源汽車價格戰下,今年內燃機車企前景進一步受壓,東風汽車(00489.HK)公布2023年初步業績錄得虧損,為該行業響起警號,加上新能源汽車投資上漲,料令內燃機車企利潤惡化。同時,該行相信,內地智能電動車轉型或會持續,在行業及宏觀環境不確定下,來自內燃機車企的盈利能力變得更加重要,是投資新能源汽車可靠的資金來源。
該行表示,在傳統汽車供應鏈中,更看好具有銷售或盈利能力,並具有更清晰的新能源汽車轉型路線圖的內燃機車企。該行指,考慮到更加吸引的內燃機車市場的競爭格局,國際同業已退出內地市場,並致力轉型往新能源汽車市場,這或令本地傳統OEMs包括長安(000625.SZ)等,更有機會擴大內燃機車市場份額。
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