20231003-招银国际-China_Auto_Sector__Most_NEV_brands__Sep_sales_volume_on_track_4页_657kb

报告摘要

Market Performance: China's New Energy Vehicle (NEV) retail sales volume for September 2023 showed signs of outperforming prior forecasts, with nine key automakers achieving a 52% year-over-year sales increase and modest monthly growth.
Company Highlights: Overall auto sector NEV sales aligned with catalysts like model rollouts and pricing adjustments, leading to mixed results across brands.

BYD: 286,903 NEV units sold in September, a 42.8% YoY increase and 5% MoM growth, reaching an all-time high.
Li Auto: Strong performance with units sold: 36,060, a massive 212.7% YoY increase and 3.3% MoM rise, supported by new orders and production upgrades.
NIO: Deliveries fell to 16,641 units in September, a 19.1% YoY decline and -19.1% MoM drop, with management expanding sales staff without clear profitability improvements.
Xpeng: Delivered 15,310 units, an 80.8% YoY gain and 11.8% Mo2M advance, with new model launches and competitive pricing.
Others: Aion, Deepal, and Leap set new sales records; Tesla's deliveries likely fell slightly in September due to unchanged prices.

Stock Grades: Ratings include BUY or HOLD for companies like BYD and Li Auto, reflecting growth potential.
Industry Outlook: China Auto Sector rated OUTPERFORM, with key NEV brands showing robust momentum.

Comments emphasize BYD's sustained growth, NIO's challenges with fading innovations, and Xpeng's steady gains from pricing and model enhancements. BYD and Aion's deep discounts and new launches boost sales volumes significantly.

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