【招银国际】Nine out of 11 NEV makers hit record-high sales-250102（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 2 Jan 2025 CMB International Global Markets|Equity Research|Sector Update Auto Nine out of 11 NEV makers hit record-high sales Eleven Chinese automakers including BYD,Gr

2、eat Wall,NIO,Xpeng,Li Auto,Xiaomi,Zeekr,Aion,Deepal,Leapmotor and HIMA reported their Dec 2024 sales volumes on 1 Jan 2025.Total sales volume combined rose 54%YoY(ranging from+2%to+128%)and 5%MoM(ranging from-11%to+51%)last month.Nine out of the 11 automakers achieved record-high sales volume in Dec

3、 2024.Li Auto and NIO in line,Xpeng beat.Li Auto delivered about 59,000 units(+20%MoM,+16%YoY)in Dec,a record high.Its 4Q24 deliveries reached 159,000 units,slightly lower than its prior guidance of 0.16-0.17mn units,mainly due to lower-than-expected deliveries in Nov.It appears to us that Li Auto d

4、id not push sales at the end of Dec,as its retail sales volume of the first 22 days accounted for 71%of its total deliveries last month.We still expect Li Autos FY25 sales volume to rise 32%YoY to 0.66mn units,driven by the L6 and brand-new BEV models.NIOs deliveries rose 51%MoM to about 31,000 unit

5、s in Dec,the highest in history.Its 4Q24 total deliveries reached 73,000 units,in line with its guidance of 72,000-75,000 units.The deliveries of the Onvo L60 exceeded 10,000 units in Dec.Sales volume of the NIO brand rose 33%MoM to about 21,000 units last month,mainly due to higher incentives relat

6、ed to NOP+and BaaS,based on our channel checks.NIO targets to double its sales volume to about 0.44mn units in 2025,which could be a bit too aggressive.We expect its FY25E sales volume to rise 62%YoY to 0.36mn units,taking sales contribution from the ET9,Firefly and new Onvo models into account.Xpen