电力设备行业深度报告：欧洲新能源汽车系列4：雷诺，电动化攻势全面开启

Investment Rating - The investment rating for the electric equipment industry is "Positive" (maintained) [2] Core Viewpoints - The report highlights that Renault Group is launching an electrification offensive based on its pure electric platforms, with multiple competitive models expected to be released between 2025 and 2026, which is anticipated to drive the growth of the European electric vehicle market [8][30] - The report emphasizes the expected increase in BEV (Battery Electric Vehicle) penetration rates, with Renault achieving a BEV penetration rate of approximately 9% in 2024, and a significant increase to over 12% in Q4 2024 [20][57] Summary by Sections Renault Group Overview - Renault Group's total global sales in 2024 are projected to be 2.265 million units, a year-on-year increase of 1.3%, with 1.599 million units sold in the European market [17][22] - The group consists of four brands: Renault, Dacia, Alpine, and Mobilize, each with complementary positioning [17] Electrification Strategy - Renault plans to launch around nine models based on its AmpR platforms (AmpR Small for B-segment cars and AmpR Medium for C-segment cars) from 2022 to 2031 [23][29] - The first generation of pure electric models will be concentrated in 2025-2026, with a sales target of approximately 300,000 electric vehicles in 2025 [30][31] Model Highlights - The Renault Megane E-Tech, launched in mid-2022, is a C-segment car with a starting price of €41,000 and is among the top 20 best-selling BEVs in Europe [35][38] - The Renault Scenic E-Tech, set to launch in early 2024, will have a starting price of €40,000 and is expected to sell approximately 21,000 units in 2024 [41][47] - The Renault 5 E-Tech, launching in Q4 2024, has a starting price of €28,000 and is projected to become the best-selling electric vehicle in France [54][57] - The Renault 4, expected to launch in 2025, will have a starting price of €29,000 and is already accepting orders [61][63] - The Alpine A290, a performance hatchback, will launch in 2024 with a starting price of €39,000 [68][70] Investment Recommendations - The report recommends several companies that are expected to benefit from the growth of the electric vehicle market, including battery manufacturers like CATL and Yiwei Lithium Energy, as well as lithium material suppliers and electric drive system providers [8]