汽车行业专题研究：中国品牌引领泰国新能源市场，比亚迪产品优势显著

Investment Rating - Maintain "Outperform" rating for the industry [5] Core Insights - The Thai new energy vehicle market is experiencing rapid growth, with significant contributions from Chinese brands, particularly BYD, which is gaining market share against Japanese competitors [5][4] - The local production capacity of Chinese automakers in Thailand is expected to enhance their market responsiveness and cost advantages, further increasing their market share [3][4] - The Thai government has implemented policies to encourage local production of electric vehicles, which will likely accelerate the localization process for electric passenger cars [21][23] Summary by Sections 1. Thai New Energy Vehicle Sales Growth - In 2023, Thailand's new energy vehicle sales reached 88,000 units, a year-on-year increase of 311.8%, with a penetration rate of 10.4%, up 8.0 percentage points [2][10] - For the first five months of 2024, sales were 35,000 units, a year-on-year increase of 16.2%, with a penetration rate of 11.3%, up 3.8 percentage points [2][10] 2. Domestic Automakers Leading the Thai New Energy Market - From January to May 2024, exports of passenger cars from China to Thailand reached 57,000 units, with pure electric vehicles accounting for approximately 94% [3][24] - The Thai EV3.5 policy mandates local production of electric vehicles based on imported quantities, which is expected to boost local manufacturing by Chinese brands [3][21] 3. BYD's Strong Performance in the Thai Market - BYD's electric models, such as Yuan PLUS, Dolphin, and Seal, are achieving rapid sales growth, with competitive advantages in size, power, and torque [5][19] - The cost of energy for BYD's fourth-generation DM models is lower than local hybrid models, enhancing their market competitiveness [5][19] 4. Investment Recommendations - Focus on leading Chinese brands actively establishing local production capacities, such as BYD, Changan Automobile, Great Wall Motors, and SAIC Motor [5][24]