20240421_广发证券_汽车行业：24年数据点评系列政策、价格观望情绪下的3月终端需求基本符合预期_36页.pdf

识别风险，发现价值 请务必阅读末页的免责声明 1/36 T ab l e _ P ag e 深度分析|汽车 证券研究报告 T ab l e _ T i t l e 24 3 T ab l e _ S u m mar y 3 24 3 154.3-3.6%+43.7%24 Q1 476.7+16.3%3 24 Q1 41.1 24 3 411.5/12 2.3 154.8 2.0 3 26.1 24 Q1 41.1 5.3 24 Q1 57.6%23+4.3pct+17.1pct 3 223.6+10.9%/+67.8%42.4+39.3%/+34.6%3 70.5+30.9%/+89.9%42.0/28.4+11.4%/+76.6%+97.6%/+79.5%3 37.2%/45.7%24 2 19 PLUS DMi 05 DMi PLUS 1 A/H A/H 24 2 A/H 3 T a bl e _G r a de 2024-04-21 T ab l e _ P i cQ u o t e T ab l e _ A u t h o r SAC S0260512030010 021-38003686 SAC S0260516010001 021-38003682 SAC S0260522090001 021-38003684 SAC S0260518020005 SFC CE No.BEY953 020-66335145,T ab l e _ D o cRe p o r t:24:1-2 2024-03-25 23:23 2024-01-29 T ab l e _ C o n t ac ts 021-38003839-24%-16%-9%-1%6%14%04/23 07/23 09/23 11/23 02/24 04/24 300 识别风险，发现价值 请务必阅读末页的免责声明 2/36 T ab l e _ P ag eT e x t 深度分 析|汽车 Table_impcom EPS()PE(x)EV/EBITDA(x)ROE(%)/2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E 00175.HK HKD 8.81 2024/03/27 14.78 0.75 1.02 10.92 7.96 6.64 5.82 7.77 9.92 000625.SZ CNY 17.03 2024/04/19 21.89 0.89 1.15 19.13 14.81 13.84 11.26 11.00 12.40 601633.SH CNY 25.71 2024/03/31 32.03 1.07 1.37 24.03 18.77 11.80 10.10 11.70 13.10 02333.HK HKD 11.02 2024/03/31 32.03 1.07 1.37 9.52 7.43 11.42 9.77 11.70 13.10 600104.SH CNY 15.23 2023/11/03 21.74 1.55 1.72 9.83 8.85 5.24 4.83 6.50 7.30 01316.HK HKD 3.63 2024/03/31 7.57 0.39 0.63 8.57 5.36 3.37 2.75 6.40 8.90 601717.SH CNY 17.24 2024/04/02 26.40 2.11 2.39 8.17 7.21 5.48 4.88 15.60 15.00 00564.HK HKD 12.58 2024/04/02 26.40 2.11 2.39 5.51 4.87 6.53 5.81 15.60 15.00 00425.HK HKD 13.00 2024/04/01 26.03 2.00 2.36 6.50 5.51 3.22 2.86 11.30 11.70 002126.SZ CNY 17.92 2024/04/16 26.12 1.04 1.53 17.23 11.71 8.83 6.85 12.70 15.20 603596.SH CNY 52.31 2024/04/02 80.81 2.69 3.54 19.45 14.78 13.47 10.38 17.10 18.30 600933.SH CNY 18.07 2023/10/31 28.21 1.14 1.39 15.85 13.00 10.91 9.07 13.60 13.90 601689.SH CNY 52.70 2023/10/31 81.12 2.68 3.29 19.66 16.02 12.94 10.59 13.20 12.50 603786.SH CNY 59.35 2023/10/29 93.80 2.08 2.61 28.53 22.74 25.73 20.78 14.60 15.40 600741.SH CNY 18.05 2024/03/31 25.51 2.55 2.75 7.08 6.56 3.63 3.40 12.70 12.60 603305.SH CNY 12.78 2023/10/24 27.15 1.09 1.42 11.72 9.00 7.32 5.86 13.80 15.30 600660.SH CNY 46.00 2024/03/18 46.94 2.49 2.92 18.47 15.75 13.40 11.07 17.10 16.70 03606.HK HKD 41.60 2024/03/18 46.94 2.49 2.92 15.44 13.17 14.40 11.90 17.10 16.70 603997.SH CNY 12.37 2024/01/08 16.15 0.54 0.93 22.91 13.30 7.38 5.96 14.30 19.80 688533.SH CNY 23.93 2023/11/02 54.47 1.56 2.18 15.34 10.98 10.82 8.22 16.40 18.70 603348.SH CNY 24.03 2023/09/26 48.50 1.62 2.36 14.83 10.18 6.16 4.92 11.30 14.10 002048.SZ CNY 13.27 2023/11/05 16.85 1.69 1.96 7.85 6.77 3.97 3.58 10.20 10.60 601965.SH CNY 18.74 2023/10/24 26.86 0.90 1.02 20.82 18.37 14.00 12.47 13.10 13.70 Wind ZXFUxOmRoNpOqOmPrMsNpO6M8Q9PoMoOnPsOiNmMsOeRsQnP9PpOqRuOmPzQvPmMpM 识别风险，发现价值 请务必阅读末页的免责声明 3/36 T ab l e _ P ag eT e x t 深度分 析|汽车:3.6:“+MPV”.16/.29.34.34 识别风险，发现价值 请务必阅读末页的免责声明 4/36 T ab l e _ P ag eT e x t 深度分 析|汽车 1.6 2.7 3 23.9 4.10 5.11 6.11 7 24.12 8.12 9.12 10.13 11.13 12.13 13.14 14.14 15.15 16.16 17.16 18.16 19.17 20.17 21.18 22 21.18 23.19 24.19 25.19 26.20 27.20 28.24 29.25 30.25 31.26 32.26 33.27 34.27 35.28 36.28 37 24 3.29 38.29 39.30 PYTani6Qe1OmR9WLMOkN0siCYydMK33bsDsO0TSEcfaxdd/s2IUNIiUCrqxOsgi+识别风险，发现价值 请务必阅读末页的免责声明 5/36 T ab l e _ P ag eT e x t 深度分 析|汽车 40 PHEV.30 41 PHEV.31 42 PHEV.31 43 HI.32 44.32 1.8 2 06-23%.9 3.15 4 PLUS DMi.21 5.22 6.23 7 MPV.24 8.32 识别风险，发现价值 请务必阅读末页的免责声明 6/36 T ab l e _ P ag eT e x t 深度分 析|汽车:3 24 3 154.33-3.6%+43.7%24 Q1 476.7+16.3%3 1-60%-40%-20%0%20%40%60%80%100%05010015020025030023/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03/识别风险，发现价值 请务必阅读末页的免责声明 7/36 T ab l e _ P ag eT e x t 深度分 析|汽车 2 2024 3 7 2027 2023 45%2024 3 27 14 2025 2023 50%2024 4 11 27-60%-40%-20%0%20%40%60%80%0500100015002000250023/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03/识别风险，发现价值 请务必阅读末页的免责声明 8/36 T ab l e _ P ag eT e x t 深度分 析|汽车 1 24.01.01-24.12.31 2800 1.()2.C 3.2023 12 31 4.23 8 1 24 12 31 5.6.1.b()2.2025 1 31 3.10000 1.2.3.1.2.24.03.28-24.06.30 4000 5000 1.(“”)24 3 15()2.24 3 28 24 6 30 1.24 3 28 24 6 30 2.24 7 20 识别风险，发现价值 请务必阅读末页的免责声明 9/36 T ab l e _ P ag eT e x t 深度分 析|汽车 2024 4 2 4.8-4.14 31.0-13.0%23 4.10-4.16 14.6+27.6%47.0%16.4-32.1%2024 4 1-2 4.1-4.14 57.8-11.7%26.8+31.3%3 3 23 2 06-23%1 2 3 4 5 6 7 8 9 11 11 12 2006 10.4%5.9%9.1%9.4%7.3%8.0%6.9%8.0%9.3%7.4%8.9%9.4%2007 10.6%7.4%7.9%9.4%7.3%7.6%8.0%8.4%9.1%7.5%8.5%8.3%2008 13.0%6.6%9.0%9.3%8.5%8.6%7.5%6.9%7.6%8.5%6.9%7.7%2009 7.1%7.0%7.3%7.6%7.1%7.9%8.1%7.7%9.7%8.0%9.4%13.0%2010 8.5%5.6%7.5%8.1%7.4%6.8%7.3%8.1%9.0%8.2%10.0%13.5%2011 10.5%4.8%8.5%7.5%7.9%7.2%7.4%8.6%11.3%7.2%9.0%10.2%2012 9.7%7.7%7.9%6.8%8.4%6.9%7.8%8.5%9.0%8.5%9.3%9.4%2013 13.0%5.9%7.0%7.4%8.3%6.5%8.0%7.8%9.1%8.6%9.0%9.3%2014 13.1%5.6%7.2%7.9%8.2%7.0%7.9%7.1%9.6%8.6%8.3%9.5%2015 10.9%7.8%6.7%7.1%7.3%6.5%7.1%7.3%8.5%8.8%9.2%12.9%2016 10.7%5.2%7.1%6.6%7.2%6.7%7.1%8.0%9.0%8.5%9.9%13.9%2017 8.1%4.8%7.2%6.8%7.4%7.2%7.6%8.6%9.3%9.0%10.2%13.8%2018 9.9%7.3%7.7%7.3%8.0%7.0%7.8%8.2%8.5%8.3%8.4%11.6%2019 12.9%4.4%7.2%7.1%8.0%10.2%6.7%7.1%8.2%8.1%8.5%11.5%2020 9.7%1.0%5.3%7.0%7.9%8.3%8.3%8.8%10.1%9.9%10.2%13.5%2021 11.2%6.2%8.3%7.8%8.0%8.0%7.7%7.5%8.1%8.0%8.4%10.8%2022 11.0%5.7%7.2%4.9%6.4%9.4%8.7%9.2%9.1%8.1%7.9%12.4%01020304050607080901 1 2 3 4 2 5 4 7 2 8 5 10 3 12 2 1 4 3 2 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 10/36 T ab l e _ P ag eT e x t 深度分 析|汽车 2023 5.9%5.9%7.6%7.4%8.1%9.1%8.2%8.9%9.1%9.1%9.1%11.7%11.4%6.5%7.8%8.2%7.9%7.2%7.7%8.0%9.2%8.1%8.8%9.2%8.6%5.6%7.3%7.3%7.3%7.1%7.5%8.1%9.3%8.4%9.9%13.6%8.3%5.2%7.3%7.4%7.4%7.0%7.5%8.3%9.2%8.6%10.1%13.6%8.8%6.0%7.9%7.4%8.0%7.8%7.8%8.6%9.6%8.2%8.8%11.2%3 13.2 24 Q1 41.1 24 3 411.5 3 13.2 3 1.3 26.9 24Q1 41.1/12 24 3 2.3 23 3 2.7 24 Q1 5.3 4 0100200300400500600M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M122018 2019 2020 2021 2022 2023 2024 识别风险，发现价值 请务必阅读末页的免责声明 11/36 T ab l e _ P ag eT e x t 深度分 析|汽车 5 6=/12-150-100-5005010015020015/01 15/07 16/01 16/07 17/01 17/07 18/01 18/07 19/01 19/07 20/01 20/07 21/01 21/07 22/01 22/07 23/01 23/07 24/01 0.51.01.52.02.53.03.518/0118/0318/0518/0718/0918/1119/0119/0319/0519/0719/0919/1120/0120/0320/0520/0720/0920/1121/0121/0321/0521/0721/0921/1122/0122/0322/0522/0722/0922/1123/0123/0323/0523/0723/0923/1124/0124/03 识别风险，发现价值 请务必阅读末页的免责声明 12/36 T ab l e _ P ag eT e x t 深度分 析|汽车 7 24 24 3 24 3 42.4+39.3%+34.6%3 223.6+10.9%+67.8%24 Q1 110.8+34.2%24 Q1 568.5+10.6%8 9(38.8)(4.2)(1.1)(1.8)-40.0-35.0-30.0-25.0-20.0-15.0-10.0-5.00.0 BEV PHEV HEV0%50%100%150%200%250%05101520253035404523/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/0%20%40%60%80%100%120%05010015020025030035040045023/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/识别风险，发现价值 请务必阅读末页的免责声明 13/36 T ab l e _ P ag eT e x t 深度分 析|汽车 10 11 3 3 57.6%+9.9pct-0.3pct 20.1%13.4%7.7%1.3%-3.8pct-3.4pct-2.4pct-0.3pct 24 Q1 55.5%23+4.3pct 17.1pct 12-40%-20%0%20%40%60%80%100%050100150200250300/-40%-30%-20%-10%0%10%20%30%40%50%050010001500200025003000/0%10%20%30%40%50%60%70%识别风险，发现价值 请务必阅读末页的免责声明 14/36 T ab l e _ P ag eT e x t 深度分 析|汽车 13 14 37.9%39.8%41.0%39.4%36.5%35.5%42.3%46.0%51.2%55.5%37.3%39.0%39.7%36.9%34.3%33.0%36.1%32.6%34.4%38.4%0.6%0.8%1.3%2.5%2.2%2.5%6.2%13.5%16.8%17.1%0%2%4%6%8%10%12%14%16%18%0%10%20%30%40%50%60%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q1-/-/0%10%20%30%40%50%60%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q1-/-/识别风险，发现价值 请务必阅读末页的免责声明 15/36 T ab l e _ P ag eT e x t 深度分 析|汽车 15 3 3+5.9pct 3 0%10%20%30%40%50%60%70%80%90%100%/9.9%11.7%12.0%11.4%12.6%12.2%12.2%11.9%12.8%12.7%11.9%11.1%9.7%16.4%6.6%5.9%4.6%5.7%6.2%6.1%6.4%6.4%6.8%6.7%6.9%6.9%7.7%7.1%8.1%6.2%6.3%6.3%6.4%6.2%6.9%6.6%6.6%6.9%6.2%6.0%7.3%6.0%3.5%2.7%2.6%2.8%3.1%3.1%3.3%3.5%3.9%4.2%4.2%4.3%5.3%4.0%4.2%3.4%3.1%3.5%3.5%3.6%3.6%3.3%3.4%3.5%3.6%3.6%3.8%3.1%2.5%4.0%4.3%4.1%4.2%3.9%3.7%4.3%3.8%3.6%3.1%3.4%2.9%3.3%0.3%0.3%0.2%0.3%0.3%0.2%0.3%0.2%0.2%0.6%1.0%1.0%1.5%1.2%1.4%1.4%1.7%1.7%1.7%1.9%1.8%1.9%2.1%2.2%2.0%1.5%2.1%2.1%1.6%1.1%1.2%1.3%1.0%1.1%1.1%1.1%1.2%1.1%1.3%1.4%0.8%0.0%0.1%0.2%0.5%0.8%0.7%0.7%0.7%0.8%0.7%0.7%0.6%0.7%0.9%0.8%1.0%0.6%0.7%1.1%0.6%1.1%0.9%0.9%0.8%0.8%0.7%0.5%0.8%0.4%0.4%0.4%0.4%0.4%0.5%0.6%0.7%0.8%0.9%1.0%0.7%0.4%0.6%8.7%8.6%8.9%9.0%8.9%9.3%9.4%8.3%8.6%7.7%7.9%8.3%9.4%7.3%6.0%5.8%5.3%6.1%5.3%5.2%5.6%5.8%5.8%5.6%5.4%5.6%7.0%5.0%4.4%5.8%3.9%3.8%3.8%3.1%3.7%3.7%3.6%4.2%4.2%3.8%3.6%4.3%2.2%2.7%4.7%2.6%2.6%3.8%1.9%3.5%2.2%1.6%3.4%3.0%1.9%4.0%4.2%4.7%4.0%4.7%4.6%4.7%4.2%4.2%4.2%4.3%4.0%3.8%3.1%3.6%3.5%2.7%3.0%2.7%3.0%2.9%2.6%2.6%2.4%2.9%3.2%4.0%3.6%2.3%4.2%3.7%3.9%3.5%3.3%23/01 23/02 23/03 23/04 23/05 23/06 23/07 23/08 23/09 23/10 23/11 23/12 24/01 24/02 24/03 3.1%3.2%3.2%3.4%3.0%3.4%2.9%3.4%3.3%3.8%3.9%4.3%5.1%4.6%4.3%4.2%3.8%4.1%3.8%4.3%3.3%3.4%2.8%3.2%3.7%3.8%4.0%3.8%4.1%3.7%3.7%3.4%3.4%3.0%3.7%3.4%3.0%3.6%3.5%3.2%3.3%3.0%2.9%3.1%3.0%2.8%2.3%2.2%1.7%2.6%3.0%2.3%2.8%3.0%3.0%2.9%3.4%2.6%2.4%2.6%3.1%2.7%3.4%2.7%2.1%2.4%2.5%2.9%2.4%2.5%2.7%2.7%3.3%3.0%3.0%2.8%3.7%2.5%1.9%1.6%1.1%1.1%1.2%1.3%1.1%1.1%1.0%0.9%1.0%1.0%1.2%1.0%0.9%1.1%1.0%0.9%1.0%0.9%1.0%1.1%1.0%1.1%1.0%0.9%1.0%0.9%0.9%0.6%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.7%0.6%0.6%0.6%0.6%0.7%10.5%8.6%8.0%5.5%3.9%2.7%2.0%2.1%1.9%1.5%1.3%0.7%0.4%8.8%5.6%5.0%2.9%3.3%3.2%2.9%2.7%2.6%2.4%1.8%1.7%1.1%0.8%0.6%&识别风险，发现价值 请务必阅读末页的免责声明 16/36 T ab l e _ P ag eT e x t 深度分 析|汽车:+MPV 3 70.5+30.9%+89.9%3 37.2%/45.7%+6.6pct/+12.0pct 42.0/28.4+11.4%/+76.6%+97.6%/+79.5%27.2%/18.4%+3.7pct/+8.4pct+7.4pct/+3.7pct 24 Q1 173.5+41.8%16 17 18-50%0%50%100%150%010203040506070809010023/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/-50%0%50%100%150%010020030040050060070080023/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/-200%0%200%400%600%800%1000%0100,000200,000300,000400,000500,000600,00020/0120/0320/0520/0720/0920/1121/0121/0321/0521/0721/0921/1122/0122/0322/0522/0722/0922/1123/0123/0323/0523/0723/0923/1124/0124/03/识别风险，发现价值 请务必阅读末页的免责声明 17/36 T ab l e _ P ag eT e x t 深度分 析|汽车 19 20 0%5%10%15%20%25%30%35%40%45%50%21/1 21/3 21/5 21/7 21/9 21/11 22/1 22/3 22/5 22/7 22/9 22/11 23/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3 0%5%10%15%20%25%30%35%40%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Q1 识别风险，发现价值 请务必阅读末页的免责声明 18/36 T ab l e _ P ag eT e x t 深度分 析|汽车 21 21 21 24 3 4824 154.8 2.0 22 21 0%5%10%15%20%25%30%35%40%45%50%20/02 20/05 20/08 20/11 21/02 21/05 21/08 21/11 22/02 22/05 22/08 22/11 23/02 23/05 23/08 23/11 24/02BEV PHEV HEV 77.2 54.6-20 40 60 80 100BEV PHEV 识别风险，发现价值 请务必阅读末页的免责声明 19/36 T ab l e _ P ag eT e x t 深度分 析|汽车 23=23 11/3 24 3 12.2+63.5%+53.9%3 83.2+34.6%+84.3%24 25 0.51.01.52.02.53.0-200%0%200%400%600%800%1000%0246810121423/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03/0%50%100%150%200%02040608010012023/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03/识别风险，发现价值 请务必阅读末页的免责声明 20/36 T ab l e _ P ag eT e x t 深度分 析|汽车 26 27+MPV”24 2 30 PHEV 24 1 PLUS DMi L6 A05 2 07 A07 PHEV 3 L6 08 G318 PHEV PLUS DMi/PHEV 26.1%/13.9%/29.2%+11.3pct/+8.7pct/+11.8pct+5.5pct/+5.4pct/+6.1pct PLUS DMi PLUS 05 3 21.9%8.2%+5.4pct/+3.9pct 3 14.0%+8.5pct L EV 3 17.0%6.6%+9.6pct/+6.6pct-50%0%50%100%150%200%250%0102030405060708023/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/-20%0%20%40%60%80%100%0200400600800100023/1 23/3 23/5 23/7 23/9 23/11 24/1 24/3/识别风险，发现价值 请务必阅读末页的免责声明 21/36 T ab l e _ P ag eT e x t 深度分 析|汽车 4 PLUS DMi PLUS 23/01 23/02 23/03 23/04 23/05 23/06 23/07 23/08 23/09 23/10 23/11 23/12 24/01 24/02 24/03 24M3 24M3 28.6%39.0%45.2%43.2%43.8%38.8%37.4%37.3%39.1%38.7%36.3%35.8%34.2%44.9%53.8%8.6%8.9%33.5%30.4%26.3%27.6%28.3%33.1%30.6%31.5%29.2%30.6%30.7%33.2%29.7%26.6%23.2%-3.0%-3.3%31.9%26.4%25.0%25.8%24.7%24.7%29.1%26.9%27.0%26.6%28.7%28.4%33.2%25.9%21.0%-4.0%-5.0%6.0%4.2%3.5%3.4%3.1%3.3%2.9%4.4%4.7%4.1%4.4%2.6%2.9%2.6%2.0%-1.5%-0.6%77.5%60.9%54.9%58.7%58.4%62.6%61.1%62.5%61.2%61.5%64.0%66.8%72.2%60.6%46.1%-8.8%-14.5%5.0%10.2%14.8%14.3%13.4%11.4%11.0%10.8%12.1%12.0%10.6%11.5%11.1%20.6%26.1%11.3%5.5%13.6%22.1%24.4%21.7%23.2%20.0%22.0%20.8%21.5%21.5%20.8%18.2%13.3%14.9%22.9%-1.4%8.0%3.9%6.8%5.9%5.3%5.1%6.0%5.9%5.9%5.2%5.0%4.6%3.5%3.4%3.9%4.8%-1.1%1.0%PLUS 4.9%12.5%16.2%15.5%14.3%11.9%12.1%11.8%11.7%10.6%10.4%10.3%9.1%16.5%21.9%5.7%5.4%05 1.9%1.7%1.7%1.5%2.4%2.4%2.3%2.4%2.6%2.5%2.1%2.1%2.0%4.2%8.2%6.5%3.9%AION.S 2.0%7.2%9.7%8.5%7.6%7.0%6.7%7.0%6.3%5.1%4.1%4.6%3.2%3.4%6.3%-3.4%2.9%9.3%10.2%9.9%9.1%10.6%8.5%7.7%6.9%8.4%9.4%8.4%6.6%5.0%5.6%5.5%-4.3%-0.1%3.8%2.5%2.7%2.8%2.7%3.0%3.3%3.7%4.0%4.3%4.5%5.0%6.2%6.0%3.6%1.0%-2.4%UNI-V 5.1%4.1%4.3%4.7%4.7%4.5%4.3%4.0%4.4%4.2%3.7%3.8%4.7%4.3%3.2%-1.1%-1.1%A05 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.3%0.5%0.7%0.9%1.8%2.2%2.2%0.4%L6 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.4%1.0%1.3%1.4%1.3%1.1%1.8%1.8%0.7%1.5%0.9%0.9%1.1%1.4%1.5%1.0%1.2%1.3%1.3%1.3%1.3%1.4%1.2%0.8%-0.1%-0.5%A06 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.1%0.1%0.5%0.7%0.4%0.4%-0.3%15.2%11.1%9.4%10.5%11.5%11.0%9.5%9.3%8.3%10.5%12.9%15.5%13.1%11.9%8.7%-0.7%-3.2%4.1%6.3%4.7%4.3%4.0%3.6%3.1%2.5%2.4%2.7%2.8%2.2%2.0%3.7%3.7%-1.0%0.0%4.8%3.6%3.1%3.0%3.2%4.2%6.4%9.0%7.6%6.3%5.3%5.5%4.4%3.3%2.9%-0.2%-0.4%5.8%6.3%6.4%6.5%5.5%6.8%6.0%5.4%4.5%4.3%3.6%3.6%3.8%3.1%3.7%-2.7%0.5%1.7%1.7%1.5%1.9%3.1%6.3%3.6%3.2%3.9%4.4%4.0%4.6%4.1%2.6%2.9%1.4%0.3%3 1.4%1.1%0.9%0.8%0.8%0.7%1.7%1.8%2.3%2.0%1.8%1.6%2.1%1.8%1.3%0.5%-0.5%0.5%0.4%0.4%0.6%0.3%0.4%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.1%0.1%-0.3%0.0%0.0%0.0%0.0%0.0%0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%12.9%10.7%9.9%10.6%8.8%8.6%9.5%10.2%9.6%9.5%9.8%9.2%13.6%9.4%8.2%-1.7%-1.2%8.9%6.5%6.6%7.4%8.2%9.1%9.3%8.1%8.6%8.1%9.4%10.6%9.9%8.5%5.6%-1.0%-2.9%7.9%6.4%5.4%5.5%5.4%4.9%5.3%4.2%3.9%3.6%3.8%3.6%4.9%4.5%2.8%-2.6%-1.6%ID.3 0.5%0.4%1.2%0.7%0.7%0.5%3.3%2.7%3.2%3.9%4.1%3.7%2.4%2.1%2.8%1.5%0.6%1.7%2.4%1.8%1.6%1.6%1.6%1.8%1.7%1.6%1.6%1.5%1.2%2.5%1.5%1.6%-0.2%0.1%3.9%3.4%2.7%2.7%2.6%2.9%2.5%3.8%4.2%3.7%4.1%2.3%2.6%2.4%1.9%-0.9%-0.5%XL 0.9%0.5%0.6%0.5%0.5%0.4%0.4%0.6%0.5%0.4%0.3%0.3%0.3%0.2%0.1%-0.5%-0.1%GT 1.2%0.2%0.2%0.2%0.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0.2%0.0%识别风险，发现价值 请务必阅读末页的免责声明 22/36 T ab l e _ P ag eT e x t 深度分 析|汽车 5 23/01 23/02 23/03 23/04 23/05 23/06 23/07 23/08 23/09 23/10 23/11 23/12 24/01 24/02 24/03 24M2 24M2 22.6%21.1%18.4%20.9%24.3%24.7%26.9%23.6%25.3%25.8%22.3%22.1%22.0%24.0%31.4%13.0%7.4%24.5%29.9%23.3%23.7%24.2%24.3%28.1%28.2%29.2%24.4%23.4%23.5%30.4%31.5%26.3%3.0%-5.2%21.6%15.6%23.4%20.6%19.2%22.0%17.6%21.3%13.9%16.3%22.6%18.0%18.5%21.8%21.2%-2.2%-0.6%31.3%33.4%34.9%34.8%32.3%29.0%27.4%26.9%31.7%33.5%31.6%36.4%29.1%22.7%21.1%-13.8%-1.6%65.3%64.7%64.2%66.8%65.7%61.6%67.4%67.9%74.6%73.5%70.8%74.7%77.6%73.9%60.0%-4.2%-13.9%21.9%18.6%24.2%20.1%20.5%24.0%18.7%20.6%12.0%12.1%16.9%12.9%11.3%15.9%24.1%-0.1%8.1%7.7%9.3%5.2%5.9%7.0%8.0%8.6%7.3%10.1%11.4%9.8%9.8%9.0%8.5%13.9%8.7%5.4%5.1%7.4%6.4%7.3%6.8%6.4%5.3%4.2%3.3%2.9%2.5%2.6%2.0%1.7%2.1%-4.4%0.3%10.5%10.0%8.8%10.5%12.0%12.8%13.3%11.4%11.2%10.0%7.9%6.8%5.6%5.5%14.0%5.2%8.5%H5 6.3%4.7%4.0%4.7%5.4%5.3%6.1%5.5%5.8%5.7%5.7%7.1%7.8%9.9%5.9%1.9%-3.9%4.7%4.2%3.4%2.3%2.6%2.5%2.9%2.4%4.2%5.6%4.5%4.3%3.5%2.8%4.3%0.9%1.4%A07 0.0%0.0%0.0%0.0%0.0%0.0%0.1%0.1%0.3%1.3%1.7%1.6%1.9%2.0%2.6%2.6%0.6%E8 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.1%1.3%1.6%1.4%1.4%-0.2%P7 0.9%2.1%2.0%2.5%2.5%2.7%