汽车：中国品牌引领泰国新能源市场，比亚迪产品优势显著

Investment Rating - The report maintains an "Outperform" rating for the industry, focusing on Chinese brands actively establishing local production capacity in Thailand [4]. Core Insights - The Thai new energy vehicle (NEV) market is experiencing significant growth, with Chinese brands leading the charge, particularly BYD, which has a notable competitive advantage in product offerings [1][4]. - Despite a general decline in overall vehicle sales in Thailand, NEV sales surged by 311.8% year-on-year in 2023, driven by increased exports from Chinese manufacturers [1][9]. - The Thai government has implemented policies to encourage local production of electric vehicles, which is expected to further boost the market [2][27]. Summary by Sections 1. Thai NEV Sales Growth and Local Production Policies - Thailand's overall vehicle sales were approximately 1 million units pre-pandemic, recovering to 887,000 units in 2022, but declining to 841,000 units in 2023, a year-on-year decrease of 5.1% [1][9]. - NEV sales reached 88,000 units in 2023, with a penetration rate of 10.4%, marking an increase of 311.8% year-on-year [1][9]. - The Thai government has introduced the EV3.5 policy, mandating local production of electric vehicles based on import ratios, which is expected to enhance local manufacturing capabilities [2][27]. 2. Chinese Brands Gaining Market Share from Japanese Competitors - Japanese brands held a market share of 76.4% in early 2024, down 2.8 percentage points year-on-year, while Chinese brands increased their share to 11.2%, up 3.5 percentage points [3]. - The establishment of local production facilities by Chinese manufacturers is anticipated to further increase their market share in Thailand [3][30]. 3. BYD's Strong Performance in the Thai Market - BYD's electric models, including the Yuan PLUS, Dolphin, and Seal, have seen rapid sales growth, with competitive advantages in specifications compared to rivals [4]. - The cost of energy replenishment for BYD's fourth-generation DM models is lower than that of local hybrid and gasoline models, enhancing their market appeal [4]. 4. Investment Recommendations - The report recommends focusing on leading Chinese brands that are actively expanding their local production capacity, such as BYD, Changan Automobile, Great Wall Motors, and SAIC Motor [4].