新能源汽车动力电池行业投资策略:全球电动化浪潮,优质供应链受益
机构:中信证券
目录:
一、国内:疫情影响减弱,景气已触底回升二、海外:欧洲电动化高速增长,特斯拉继续引领全球三、供应链:海外配套高增长,优质供应链受益四、投资机会五、风险因素
国内电动车:疫情影响,短期承压
国内电动车短期受补贴退坡和疫情影响导致销量下滑
2020年1-6月同比-52%/-76%/-58%/-26%/-21%/-32%,其中2020年Q1销售12万辆(-59%),Q2销售26万辆(-27%)
预计全年销量前低后高:1)政策预期回暖,地方出台消费支持政策(财政补贴、限购指标放开);2)疫情后私家车购买需求提升;3)下半年新车型投放加速。

财政补贴被延长,进入温和退坡期
原定2020年底到期的补贴政策延长到2022年底
2020/21/22年退坡10%、20%、30%,节奏平缓
公交、出租网约车等退坡0%、10%、20%

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