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<Research>Nomura Forecasts CN PV Sales to Gradually Rebound After Holidays; OEM Top Pick BYD COMPANY; CATL Preferred
Recommend 39 Positive 50 Negative 33 |
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With the Chinese New Year holidays arriving earlier, the entire Chinese car market was taking a brief pause at the start of the year, Nomura opined in its report. In January 2025, the automotive market's shipment volume was 2.1 million vehicles, up 0.8% YoY but down 31.6% QoQ, passenger vehicle (PV) sales (excluding small trucks) 1.8 million units, down 12.1% YoY or 31.9% QoQ, and passenger electric vehicle (EV) monthly sales 680,000 units, up 1.3% YoY but down 47.8% QoQ. As EV OEMs actively introduce the "L2+" advanced driver assistance system into their new cars, Nomura estimated that the penetration rate of the L2+ advanced driver assistance system in the Chinese car market to spike this year, benefiting active participants in the entire smart driving supply chain. In the initial stage, key component suppliers may become direct beneficiaries, including local autonomous driving SoC vendors like HORIZONROBOT-W (09660.HK) and BLACK SESAME (02533.HK), as well as LiDAR suppliers like ROBOSENSE (02498.HK). Seeing BYD COMPANY (01211.HK) taking the lead in promoting smart driving features in China's market and its potential "Blade Battery" 2.0 update, Nomura kept the company as its top pick in the car maker sector. In addition, the broker was upbeat about CATL (300750.SZ) due to its leading position in the Chinese market and continuous expansion in overseas markets. Nomura gave a Buy rating to BYD COMPANY's A- and H-shares, CATL's A-shares, and Li Auto (LI.US), while rating XPeng (XPEV.US) as Neutral. AAStocks Financial News |
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