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《大行》花旗:蔚來(09866.HK)庫存水平健康 料短期表現將優於理想(02015.HK)
花旗發表研究報告,根據乘聯會最新數據估算多家中國汽車製造商4月底庫存狀況。該行指出,蔚來-SW(09866.HK)庫存處於健康理想水平,估計於4月底已累積約4萬輛新車庫存,以應付5月份的交付需求,是行業中的亮點,相信有助支持其5月交付量。相反,理想-W(02015.HK)庫存水平維持相對較高水平,任何去庫存行動都可能損害其第二季利潤率,甚至可能部分影響第三季...
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《大行》花旗:蔚來(09866.HK)庫存水平健康 料短期表現將優於理想(02015.HK)
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花旗發表研究報告,根據乘聯會最新數據估算多家中國汽車製造商4月底庫存狀況。該行指出,蔚來-SW(09866.HK)  -1.740 (-3.531%)    Short selling $80.91M; Ratio 27.805%   庫存處於健康理想水平,估計於4月底已累積約4萬輛新車庫存,以應付5月份的交付需求,是行業中的亮點,相信有助支持其5月交付量。相反,理想-W(02015.HK)  -10.700 (-14.153%)    Short selling $1.78B; Ratio 49.390%   庫存水平維持相對較高水平,任何去庫存行動都可能損害其第二季利潤率,甚至可能部分影響第三季利潤率。

其他車廠方面,零跑汽車(09863.HK)  -3.540 (-7.828%)    Short selling $356.05M; Ratio 30.203%   庫存狀況同樣處於「甜蜜點」(sweet spot),其庫存月數按月下降0.3個月,至1.4個月,主要由於消化了初期訂單週期。比亞迪(01211.HK)  -2.650 (-2.748%)    Short selling $1.15B; Ratio 41.486%   及吉利(00175.HK)  -1.040 (-4.810%)    Short selling $302.97M; Ratio 18.737%   的庫存水平則符合市場預期,比亞迪4月底庫存月數為2.7個月,較3月的2.6個月微升;吉利則為2.4個月,較3月的2.1個月上升。小鵬-W(09868.HK)  -0.650 (-1.060%)    Short selling $223.31M; Ratio 30.623%   庫存保持穩定,按月僅輕微上升。

花旗預期短期內蔚來表現將優於理想。蔚來4月底庫存月數為1.2個月,較3月的0.2個月顯著上升,主要為5月交付做準備;而理想4月底庫存月數同樣為1.2個月,較3月的0.9個月有所增加。另外,該行指奇瑞汽車(09973.HK)  -1.140 (-3.945%)    Short selling $10.16M; Ratio 7.760%   庫存雖按月下跌,但庫存月數仍處於4.3個月的偏高水平。花旗認為,若5月份中國乘用車零售銷量按月下跌,偏高的庫存水平可能在6月半年結清庫存時,進一步對利潤率構成壓力。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.)

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