海通国际：2023上海国际车展-自主新能源技术百花齐放.pdf

2023h???:?
! ?V?W??Dj? 2023 ShanghaiInternational Auto Show: Domestic EV Technologies are Blooming Barney Yao barney.sq.yao@htisec.com Oscar Wang sy.wang@htisec.com 2023­4e21 ‡YNqAº¹³ÓÇ
 º¹³¾º¹³YN«d
 ????g?d
 º¹³I´V€äº¹³ê‚ÖcPRNTæ*ê YN?rN?N??6?
 ???????RNT??}c????՝???cN T ??????e?\
 7? ??\?G??\
 È ?g ? T(PleaseseeappendixforEnglishtranslationofthedisclaimer) Equity –Asia Research ‚ à 2 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to thelatest full report on our website at equities.htisec.com 1.2023hº:ºâï‘$ 2.:rí:G  3.:râï”$ 3 • ? ? ? ? W ? ? ?  7 ` ? : g ? ( ? ? ? ?
 ? ? : r ? ? ( N ? ? ? ? ?
 ? : : ? 150%??: NEV ?2/3
 )???B?:?? •  c $? c ~? ?_g?:
 ?????[; / • ag?QV??? ??:r??g??(
 T??{? 600km )#? :Q?(:? • M?:* c (k* c ???(N8 chudc ?' ?"}?9?&???fh: • ~? c ?` ??:r&?)??=
 ?W{?)Q?. •ADAS N : r & ? $ V ? &
 & ? ? r ? ? L4
 O ? M ? 8 ? j ? ?   & ?
L2-3? & ?  ? ? # ? | ?v • :r?b?e?O???E
 z:!? ]?]? OEM cTier1cTier2?rg??_?r • ?!w? "?,eh:??B??,e
 .?1V??????
 ?f??z? For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to thelatest full report on our website at equities.htisec.com 2023h?:????$ :r ?: G  4 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to thelatest full report on our website at equities.htisec.com •? V?? 6?
! ?P U8 c?? N7 c~? Xc ?? 08c)