电动车仍处于高速增长期，新能源长期趋势不变。国内电动车市场2020 年下半年至 今经历高速增长，在渗透率近30%的情况下仍维持可观增速，而欧洲/美国市场渗透 率相较国内仍有较大提升空间，正处于政策推动与快速追赶过程中。叠加储能市场 方兴未艾，电池行业将随新能源车需求增长和储能市场潜能释放得到快速发展。

汽车产销同环比均实现较好正增长，好于上月水平；汽车出口延续高增 长，已连续10 个月维持在30 万辆以上。中汽协6 月9 日发布数据，2023 年5 月全国汽车产销分别完成233.3 万辆和238.2 万辆，环比分别+9.4%和 +10.3%，同比分别+21.1%和+27.9%。其中，汽车出口38.9 万辆，环比+3.4%， 同比+58.7%，已连续10 个月维持在30 万辆以上，延续高增长态势。今年 1-5 月，汽车累计产销分别完成1068.7 万辆和1061.7 万辆，同比分别+11.1% 和+11.1%，增速较1-4 月进一步扩大，主要因去年4-5 月受疫情影响，车企 生产供应基本停滞使同期基数较低。

随着经济逐步回暖，国内需求有望提升，加上出口快速增长，我们预计2023年汽车销量有望达到2722 万辆（+1.3%），其中乘用车2350 万辆（-0.3%），商用车372 万辆（+12.7%），重点关注新能源出海、智能化两条主线。1）整车领域，乘用车企销量分化加剧，综合竞争力强、产品周期向上的车企份额有望持续提升，推荐比亚迪、长安汽车，关注长城汽车、广汽集团；2）零部件领域，随着销量回暖及价格战影响减弱，业绩有望恢复并与估值形成戴维斯双击，建议布局产品升级、客户拓展以及低估值修复的个股，推荐文灿股份、银轮股份等；3）新能源领域，我们预计2023 年新能源汽车销量有望达到900 万辆（+30.7%），长期趋势明确。推荐国内龙头比亚迪与受益于比亚迪、特斯拉及华为产业链的银轮股份，关注拓普集团、嵘泰股份等；4）智能网联领域，智能驾驶、智能座舱及智能底盘渗透率快速提升，重点关注渗透率上升及国产替代强的零部件供应商，推荐伯特利、经纬恒润、保隆科技、均胜电子、德赛西威、华阳集团，关注光庭信息等。考虑到汽车板块景气度较高，看好新能源及智能网联前景，维持行业强于大市评级。

Manufacture of bodies, including cabs for motor vehicles Outfitting of all types of motor vehicles, trailers and semi-trailers Manufacture of trailers and semi-trailers: for transport of goods: tankers, removal trailers etc. for transport of passengers: caravan trailers etc. Manufacture of containers for carriage by one or more modes of transport

预计3 季度起乘用车销量改善，负面因素已大致消化。乘用车需求弱复苏和经济恢复较预期缓慢，我们预计乘用车销量将在 2023 年下降约 4%，但我们认为大多数负面因素已被消化，而市场已经在修正预期。我们认为电池成本降低有可能改善整车厂下半年的边际利润率。我们预计 2023 年2季度乘用车销量将保持疲软，3 季度开始改善。上半年整车厂集中处理库存和老车型，而大多新车型将集中在下半年交付，因此销量和利润率应环比有改善。此外，我们预计新能源车下乡和其他潜在的刺激政策将在2023 年下半年提振乘用车销量。

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for automotive v2x by geography and historical trend. The scope of the report extends to sizing of the automotive v2x market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for automotive dc-dc converters by geography and historical trend. The scope of the report extends to sizing of the automotive dc-dc converters market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for automotive dc-dc converters by geography and historical trend. The scope of the report extends to sizing of the automotive dc-dc converters market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.