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| 文件名: ChinaAutoSector：Selectivelyaccumulatein2013（201301080002GH00VA）.pdf | |
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Table of contents
Selectively accumulate ........................................................................................................ 3 PV growth remains solid in 2013 ..................................................................................... 3 SUV segment: New battlefield with strong demand ........................................................ 3 Mid-to-high end segment: Intensifying competition ......................................................... 3 Luxury segment: Rising along with wealth in China ........................................................ 3 Valuation and stock picks ................................................................................................ 3 Sector valuation comparison ........................................................................................... 4 PV growth remains solid in 2013 ......................................................................................... 6 Low penetration rate suggests high growth potential ...................................................... 6 Income growth is driving auto sales ................................................................................ 8 Growing demand in low-tier cities and inland regions ..................................................... 9 Risks of oversupply ....................................................................................................... 10 SUV segment: New battlefield with strong demand........................................................... 11 Low SUV penetration rate with strong sales ................................................................. 11 Upgrade and replacement demand to boost sales ....................................................... 12 New model launches to intensify competition ............................................................... 13 Limited competition in mid-to-low end segment ............................................................ 16 Mid-to-high end segment: Intensifying competition ........................................................... 17 Slowdown of PV sales ................................................................................................... 17 Intensifying competition in PV segment ........................................................................ 18 Japanese brands to regain market share in 2013 ......................................................... 19 Low-end segment is under pressure ............................................................................. 20 Luxury segment: Rising alone with wealth in China .......................................................... 23 Low luxury auto penetration rate ................................................................................... 23 Growing wealth strengthens luxury auto demand ......................................................... 23 Replacement demand drives luxury auto sales ............................................................ 24 Proliferation of economy models ................................................................................... 25 Restrictive policies won’t hurt luxury segment .............................................................. 28 Great Wall Motor (2333.HK / 2333 HK) ............................................................................ 29 BYD Co Ltd (1211.HK / 1211 HK) .................................................................................... 44 Geely Automobile Holdings Ltd (0175.HK / 175 HK) ......................................................... 62 Guangzhou Automobile Group (2238.HK / 2238 HK) ........................................................ 80 Dongfeng Motors Group Co Ltd (0489.HK / 489 HK) ........................................................ 83 Brilliance China Automotive Holding (1114.HK / 1114 HK) ............................................... 86 德意志银行：2013年中国汽车行业投资策略（免费） https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2171969&from^^uid=143965 巴克莱：2013年1月美国天然气和电力行业研究报告（免费） https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2172041&from^^uid=143965 德意志银行：2013年美国钢铁煤炭行业投资策略（免费） https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2172052&from^^uid=143965 德意志银行：2013年英国采掘行业投资策略（免费） https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2172059&from^^uid=143965 |
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