Workflow
欧盟对我国电动车加征关税点评：欧盟加税利空落地，关注龙头确定性
Guotai Junan Securities·2024-06-13 05:31

Investment Rating - The report assigns an "Overweight" rating to the lithium battery sector [2]. Core Insights - The EU's imposition of tariffs on Chinese electric vehicles (EVs) was anticipated, and its short-term impact on Chinese automakers is limited. Long-term, establishing factories in Europe will mitigate these effects [4]. - The report suggests that the negative sentiment from the tariff announcement is more significant than its actual impact on fundamentals. Investors are encouraged to focus on leading companies with performance certainty, recommending stocks such as BYD, CATL, Yiwei Lithium Energy, and Keda Technology [4]. - The EU will impose additional tariffs starting July 4, with rates of 17.4% for BYD, 20% for Geely, and 38.1% for SAIC Motor, among others. Previously, a 10% tariff was applied to EVs from third countries [4]. - In 2023, European sales of new energy passenger vehicles reached 3.009 million units, a year-on-year increase of 16.2%. Chinese brands hold a mere 4% market share in Europe, with an estimated 120,000 units sold in 2023 compared to 9.495 million units in China [4]. - The report emphasizes that product strength is a core competitive advantage, noting that the average price of electric vehicles in Europe is €66,800 (approximately ¥520,000), while in China, it is only $32,800 (approximately ¥240,000) [4]. Summary by Sections Investment Recommendations - The report recommends focusing on companies with performance certainty and lists BYD, CATL, Yiwei Lithium Energy, and Keda Technology as key stocks to watch [4]. - Beneficiary stocks include Shangtai Technology and Hunan Youneng [4]. Market Data - BYD's closing price is ¥242.90 with an EPS forecast of ¥11.94 for 2024 and a PE ratio of 20.34 [5]. - CATL's closing price is ¥185.60 with an EPS forecast of ¥10.22 for 2024 and a PE ratio of 18.16 [5]. - Yiwei Lithium Energy's closing price is ¥40.75 with an EPS forecast of ¥2.33 for 2024 and a PE ratio of 17.49 [5]. - Keda Technology's closing price is ¥90.63 with an EPS forecast of ¥5.64 for 2024 and a PE ratio of 16.07 [5].