2025-05-27-Jefferies-本周图表（5月19_-_25日）_比亚迪开启新一轮价格战_13页_1mb

Equity Research Summary: China PRC Autos & Auto Parts - Charts of the Week (May 19-25, 2025)

Market Overview

• PV Weekly Insurance Sales: 392,000 units in Week 4 (MoM -2% YoY, 2.7% WoW).
• NEV Weekly Insurance Sales: 219,451 units (MoM +2% YoY, 2.0% WoW), with NEV penetration at 55.9%.
• Market Dynamics: BYD leads with weak momentum, while Li Auto and AITO outperform with significant sales growth.

Key Brand Performance

• BYD: Weekly sales of 53,374 units (-3% WoW, -3% YoY), initiated another round of price war.
• Li Auto: Weekly sales of 10,518 units (+14% WoW), strong Q3 models boost performance.
• Geely and AION: Entered price war following BYD.

Ask Orders and Demand

• High ask order volatility observed; BYD, Li Auto, and Tesla show significant MoM and YoY changes in orders.

Valuation and Ratings

• Equity Research ratings: 60.46% Buy, 35.12% Hold, 4.42% Underperform.
• Target prices and performance summaries for major brands like BYD (Buy), Li Auto (Buy), Geely (Buy), Tesla (Hold), and NIO (Hold).

Risks and Disclosures

• Analyst certifications; investment recommendations with total return expectations.
• Market risks, including price volatility, currency effects, and regulatory considerations for Chinese assets.