摩根士丹利：中国汽车制造商承诺缩短付款周期 -- 从此就一帆风顺了？

Investment Rating - The industry investment rating is classified as "In-Line" [3]. Core Insights - Chinese car manufacturers, including BYD, Geely, GWM, Chery, XPeng, Li Auto, Leap Motor, and Xiaomi, have committed to reducing supplier payment terms to less than 60 days, aligning with regulatory efforts to stabilize the auto industry [2][3]. - Shortening payment cycles is expected to benefit auto parts suppliers by potentially leading to shorter accounts receivable days and lower provision costs, although it may initially affect OEMs' working capital and operating cash flow [2][3]. - The long-term impact on cash flow volatility is anticipated to be positive, despite some immediate challenges for OEMs [2]. Summary by Sections Payment Cycle Changes - OEMs are expected to repay suppliers within 60 days, but the method of payment (cash, bank acceptance, or commercial bills) will influence liquidity periods [6]. - The duration required for quality inspections before the 60-day payment period begins remains uncertain [6]. - There are questions regarding whether shorter payment terms will lead to increased cash costs and how OEMs will handle suppliers offering longer payment cycles during bidding [6].