：中国汽车与共享出行行业：赢得售后市场（74页）（英文版）.pdf

1、MM China Autos and 2) EV parc penetration is set to remain low at 20% by 2030, while the ICE car parc keeps growing. Further, EV makers such as Tesla are outsourcing bodyshop services to other dealers and inde- pendent repair stores, which creates extra revenue opportunities for luxury dealers. Stoc

2、k implications: We look for luxury dealers to benefit from rising aftermarket demand. Among them, Zhongsheng (0881.HK) is well positioned thanks to active efforts to extend warranty periods; Meidong (1268.HK) has high growth potential from after-sales as a younger dealer group; Yongda (3669.HK) can

3、benefit too, but to a lesser extent, because it has 15-20% sales exposure to SAIC brands, and might lose some after-sales business to SAIC-backed Che Xiang Jia. Cango (CANG.N), as a leading auto transaction service platform, could benefit by facilitating aftermarket transactions in lower-tier cities

4、. Fuyao Glass (3606.HK / 600660.SS) has only 20% market share in the China aftermarket, versus 60-70% in OEMs, and has potential to further penetrate the aftermarket. Alibaba (BABA.N) and JD (JD.O) can leverage their large user base, and direct online traffic to their offline aftermarket franchises.

5、 PICC P 2) an aging car parc, as we gauge the average vehicle age in China at five years at the end of 2019, below the US at 12 years and Japan at nine years. Luxury dealers will continue to dominate in the aftermarket: Authorized dealers have been dominating Chinas aftermarket with 50-60% market sh

6、are, we estimate; the remainder is mainly shared across small mom-and-pop repair stores. We expect luxury dealers, such as Zhongsheng and Meidong, to remain the mainstay after-sales channel for luxury cars sold, thanks to higher customer retention, an extended warranty period and greater intention t