汽车行业月度销量跟踪及投资策略：政策催化车市反弹，新能源车继续势如破竹

政策催化车市反弹，新能源车继续势如破竹撰写日期：2022-07-20汽车月度销量跟踪及投资策略【2022.06】太平洋汽车团队首席分析师：白宇 执业证书编号：S1190518020004汽车联席首席：樊夏沛 执业证书编号：S1190522060001联系人：付秉正股票报告网6月车市核心看点◼ 6月零售“淡季不淡”，汽车消费动力增强2022年6月，国内乘用车零售194.3万辆，同比+17.1%，结束下降趋势；环比实现+43.5%的增长，整体消费水平回升。◼ 新能源恢复高增长，渗透率保持上升走势6月新能源乘用车销量53.2万辆，创历史新高，渗透率达27.4%，环比+0.8%，今年上半年新能源乘用车累计零售达到224.4万辆，同比+120.8%，保持高速增长。◼ 纯电6月超预期，PEHV交出半年圆满答卷6月PHEV销量10.8万辆，BEV销量42.4万辆，均为历史新高，其中纯电同比+127.4%，环比+58.4%，超出市场预期。◼ 自主品牌跑赢大市，同环比持续双升6月自主品牌乘用车销量近100万辆，同比增长43.8%，1-6月累计销量480.7万辆，同比增长14.5%。6月单月自主品牌市占率依然维持较高水平，达44.7%。◼ 比亚迪：刷新单月记录，DMi、EV双箭齐发6月，比亚迪销量13.4辆，同比增长162.7%，再次刷新了单月销量纪录。比亚迪上半年销量接近65万辆，超越特斯拉成为上半年全球新能源汽车销量冠军。◼ 投资策略预计下半年汽车销量将迎来疫情后回补消费行情，在基本面持续兑现下，基于行业景气度整体估值提升及热门赛道的估值泡沫化仍将持续，重点关注长城汽车、长安汽车、广汽集团和理想汽车等整车标的，零部件推荐松原股份、经纬恒润、科博达、银轮股份和明新旭腾。◼ 风险提示宏观经济承压导致市场需求萎缩；芯片短供改善不及预期；消费拉动；疫情反复对产业链扰动加剧。股票报告网◼一、6月汽车销量回望6月零售“淡季不淡”，汽车消费动力增强··················································································································································· 5新能源恢复高增长，渗透率保持上升走势······················································································································································6纯电6月超预期，PEHV交出半年圆满答卷·····················································································································································7自主品牌跑赢大市，同环比持续双升······························································································································································8◼二、国内新势力车企销量及重点车型跟踪理想汽车：交付量回暖，连续两个月创下新高············································································································································· 10小鹏汽车：销量连续领先，轿车系列贡献显著············································································································································· 11蔚来汽车：累计交付实现正增，环比增速六成以上·····································································································································13哪吒汽车：V车系销量领先，成半年度新势力纯电车榜首··························································································································15零跑汽车：同比增速居首，实现10万台量产下线·········································································································································17特斯拉：超级工厂产能释放，产销明显改善··················································································································································19◼三、国内主要上市车企销量及重点车型跟踪长城汽车：克服供应链困境，海外业务大幅增长·········································································································································22长安汽车：新能源转型稳健，传统车环比劲增············································································································································· 24广汽集团：埃安半年销量破十万，新能源表现可圈可点·····························································································································26比亚迪：刷新单月记录，DMi、EV双箭齐发·················