去年10 月，特斯拉第一次降价后至今，中国主要电动车企陆续跟进降价策略以应对挑战。据我们不完全统计，1M23 月销量Top10 的电动车最新提车价格（含官方3 月购车补贴）相比去年9 月下降了9%。近日市场关注东风汽车联合湖北省开展限时大力补贴活动，代表燃油车也加入了此轮降价潮，最高降幅达到近10 万，引发投资人对整车行业竞争情况恶化、加速洗牌的担忧。通过调研和分析目前蔚小理面临的现状以及各自应对策略，我们认为持续降本增效，并以智能化和产品矩阵打造差异化优势，同时通过出海战略谋求第二增长曲线是长期布局良方，我们看好蔚小理的长期竞争优势。

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 sunroof by geography and historical trend. The scope of the report extends to sizing of the automotive sunroof 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 oem coatings by geography and historical trend. The scope of the report extends to sizing of the automotive oem coatings 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 upholstery by geography and historical trend. The scope of the report extends to sizing of the automotive upholstery 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 solenoid by geography and historical trend. The scope of the report extends to sizing of the automotive solenoid 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 supercharger by geography and historical trend. The scope of the report extends to sizing of the automotive supercharger 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 traction motor by geography and historical trend. The scope of the report extends to sizing of the automotive traction motor 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 drive shafts by geography and historical trend. The scope of the report extends to sizing of the automotive drive shafts 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.

过去三年销量高增+渗透率低。电动重卡从20年的0.26万辆增长至22年的2.52万辆，渗透率从20年的0.15%提升至22年的3.74%，这其中换电 重卡占比从20年的23%提升至22年的49%。 我们认为换电重卡有望持续高增，核心驱动力在于环保政策强要求+经济性。我们预判今年行业有望做到5%+渗透率，加速的原因系政策 （地方补贴+碳排政策）、整车经济性（油电价差）、运营经济性（IRR可实现10%出头）等。 环保政策强要求：重卡碳排放大幅高于乘用车，重卡高需求地区（河北等）污染严重，中央有试点城市推广换电重卡政策导向，地方有积 极响应双碳目标，对换电站等给予了一定补贴。

零部件重点推荐1）特斯拉及比亚迪产业链：旭升集团、新泉股 份、拓普集团、欣锐科技；2）优质零部件：星宇股份、福耀玻璃、骆驼股 份、爱柯迪；3）智能化：德赛西威、科博达、华阳集团、伯特利及国产化 降本的座椅产业链；整车核心推荐宇通客车、比亚迪、吉利汽车、长安汽车、 长城汽车、小鹏汽车。