[ 方达金融 ] 产销量数据显回暖 车企估值修复可期待-2019-11-20
据中国汽车工业协会统计分析，10月汽车产销量同比降幅继续收窄：产销量较上月分别增长3.9%和0.6%，比上年同期分别下降1.7%和4%。
尽管在国内市场消费需求不足，国六标准带来技术升级压力，新能源补贴大幅下降等因素的影响下，目前汽车市场回升幅度有限，但随着国家“六稳”政策的逐步落实，未来两个月，汽车销量降幅收窄态势预期仍将持续。此外，前三季度17家汽车工业企业主要经济指标虽呈下降走势，但工业总产值，营业收入，利润总额等指标降幅与上半年相比有不同程度收窄。
在汽车行业业绩企稳复苏趋势显现及多项国策利好的背景下，具备研发制造优势的头部车企预期将继续获得估值修复，配置价值得到提升。
Based on the data analysis from China Association of AutomobileManufacturers, the month-on-month decrease rate of production and sales ofautomobiles in October continuously narrowed; the production and sales unitswere up 3.9% and 0.6% on the monthly basis respectively while still down 1.7%and 4% on the yearly basis separately.
Even though the current rebound of automobile market is limiteddue to the sluggish demand, technical upgrade pressure with the “China VI”vehicle emission standards as well as sharp decrease of new energy subsidies,it is expected that the decline of automobile sales continues to narrow in thefollowing two months with the launching of multiple stability policies. Moreover,the decrease rate of industrial output value, operating income and total profitof the 17 auto enterprises in the first three quarters narrowed compared withthe first half year, those main economic indicators were still in downwardtrends though.
With the recovery of automobile industry and favorable policysupports, the re-rating of leading enterprises with R&D and manufacturingadvantages is expected with improving allocation value.
参考数据：
中国汽车工业协会
