|2021-2022 2023 2023 1-10 7.7%2024 2023 38.5%2024 2024 12.9%2024。Model 3 Cybertruck Model Y 2024-2025 2024 0 1/2023 11 22 S0860512060001 S0860523070005 S7 1106-1112 2023-11-15 3 3 2023-11-14 M9 M7 1023-1029 2023-11-04 2024 2 1.5 2.6 2.1.6 2.2.11 3.16 3.1.16 3.2.19 3.3.22 4.24 4.1.24 4.2 2024-2025.28 4.3.30 4.4.33 4.5 0 1.35 5.37 6.38 WUFUzQqNoNmNpRoNsPqPoPaQaO8OsQqQtRmPkPpOoPeRsQmP9PqRqOMYmOvNuOnNnR 3 1.6 2 2022-2023 10.7 3 2021-2023Q3.7 4 2023.7 5.8 6 2021-2023 10.9 7 2021-2023 10.9 8 2020-2023 10/.9 9 2022-2023 10.10 10 2017-2023 10.10 11 2022-2023 10.11 12 2017-2023 10.11 13.12 14.12 15 2023 1-10.12 16.13 17.13 18.14 19.14 20.15 21.15 22.15 23.15 24.16 25 2023 1-10.16 26 2022.16 27.17 28.17 29.18 30/.19 31/.19 32.19 33.19 4 34 2022.20 35 2023 1-9.20 36 2022.21 37 2023 1-10.21 38 2022.21 39 2023 1-10.21 40.22 41.25 42.25 43.26 44 2017-2022.27 45 2017-2022.27 46.28 47.29 48.29 49 2024-2025.29 50.31 51.34 52.34 53 Optimus.36 1 2023 2024.22 2 2023 2024/.23 3.24 4.25 5.27 6.32 7.32 8.34 9.36 10.38 5 1 2023 2023 2022 2024 M9 S7 2023 2024 2024 2024 1 2 3 2021-2022 2023 1 2023 9 NIO Phone 08 LYNK Flyme Auto 2 AR-HUD NOA NOA 1 2 2024-2025 Cybertruck Model 3 Model Y 3 4 2035 6 1 2 2.1 2023 1-10 2023 1 1 145.72 32.4%2 162.57 10.4%11.6%3 3 199.64 9.7%4-5 4 178.73 88.7%10.5%5 202.96 26.6%13.6%6 224.71 2.3%7 208.02 3.0%8 225.34 7.1%9 9 10 246.32 246.15 7.1%11.7%7 1 507.94 6.8%21.7%2 4 5 2 606.40 27.8%19.4%3 3 679.68 3.8%12.1%2 2022-2023 10 3 2021-2023Q3 Wind Wind 2023 1-10 2040.17 7.7%1 2 2023 3 3 2023 2023 3 70%4 2023-60%-40%-20%0%20%40%60%80%100%0501001502002503002022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-10-20%-10%0%10%20%30%40%50%60%70%80%90%0100200300400500600700800 8 S7 12 M9 4 2023 2500 7.6%2024 2550 2%5 2021-2022 955.3 1176.2 23.4%23.1%2023 2023 1 75.8 24.5%2-3 87.3 105.2 37.7%16.4%15.2%20.5%4 99.9 81.3%5.0%5 109.9 37.5%10.0%6 120.5 21.2%9.6%7 8 120.1 129.2 11.4%25.6%-0.3%7.6%9-10 9 10 140.2 148.5 20.2%25.1%8.5%5.9%2023 1-10 1136.6 21.6%2023 2023 1-2 71.1 78.0 39.9%8.6%3 96.5 0.5%23.8%4 81.2 15.8%5 95.2 15.6%17.2%6 106.3-15%-10%-5%0%5%10%15%050010001500200025003000 9 13.4%11.6%7-10 89.9 98.1 108.5 100.3 18.0%10.5%6.9%4.3%2023 1-10 925.0 6.2%6 2021-2023 10 7 2021-2023 10 Wind Wind 2023 1-3 51.6%52.8%52.2%4 55.2%5 53.6%46.4%6 53.1%7 57.2%8 9 0.4 56.8%56.4%10 59.7%2023 1-10 55.1%2022 5.2 8 2020-2023 10/Wind-40%-20%0%20%40%60%80%100%0204060801001201401602021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09-80%-60%-40%-20%0%20%40%60%80%100%120%0204060801001201402021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09 0%10%20%30%40%50%60%70%80%90%100%2020-012020-032020-052020-072020-092020-112021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09 10 2023 1-10 1-10 2023 1 1 24.57 39.0%2 26.58 87.1%8.2%3 30.18 162.7%13.6%4-5 31.11 32.31 235.2%70.8%6 30.72 57.7%4.9%7 4 7-10 32.26 34.58 37.75 41.75 38.4%34.5%53.1%51.2%5.0%7.2%9.2%10.6%2017-2020 2021 2021 156.05 112.7%2022 5 246.61 58.0%2023 1-10 280.06 45.6%9 2022-2023 10 10 2017-2023 10 Wind Wind 2022 2022 1 8.2%5 11.8%8 12.2%11 13.3%2022 2023 1-4 1 2 16.9%16.3%2022 4 17.4%5 5-9 6 15%-16%10 17.0%-50%0%50%100%150%200%250%051015202530354045 0%20%40%60%80%100%120%050100150200250300 11 5 2017-2020 2.5%3.7%2021 7.4%2022 10.6%2023 1-9 15.6%3 11 2022-2023 10 12 2017-2023 10 Wind Wind 2.2 2022 1 2 2021 56.5%71.1%3 4 23.3%8.2%2023 1 24.13 4.3%7 2 24.70 66.7%3 3 21.82 52.4%2023 1 4.87 48.9%2 21 7.72 30.2%58.4%3 11.54 50.4%49.6%4-5 6 8.65 56.9%11.7%7 6.13 35.6%8 7.12 54.0%9-10 8.57 8.11 65.5%68.4%0%5%10%15%20%2022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-092023-10 0%2%4%6%8%10%12%14%16%12 13 14 Wind Wind 2023 1-10 2023 2023 1-10 2023 1-10 1-9 b 7 1 2023 1-10 15 2023 1-10 2023 2023-100%-50%0%50%100%150%01020304050602019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3-100%-50%0%50%100%150%200%250%05101520252019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09 13 2022 2023 9 15.2%2022 11%2023 9 8.6%2023 2023 1-10-69.2%-28.8%5.3%27.2%5.9%18.8%-22.8%-18.3%-8.5%13.5%1-10 14.7%16 17 Wind Wind 2023 2020 6.3 2021 12.4 96.8%2022 16.4 32.3%2023 1-9 21.0 80.9%9 11-12 2023 26 58.5%2024 2024 2024 29 11.5%.2017 5.6%2022 24.4%2023 1-9 29.7%2023 28.0%2024 27.6%-200%-100%0%100%200%300%400%-60%-40%-20%0%20%40%60%80%2018-022018-072018-122019-052019-102020-032020-082021-012021-062021-112022-042022-092023-022023-07-150%-100%-50%0%50%100%150%200%250%300%350%-30%-20%-10%0%10%20%30%40%2018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-06 14 18 19 2019 10 2019-2020 11.60 14.20 72.1%22.4%2019 2020 2019-2020 2021 LNG 5.93 58.3%2022 3.73 37.0%2023 2023 1-10 13.06 312.0%11-12 2023 17.5 369.1%2023 2023 1 12 1 0.33 30.1%2-5 LNG 2 6500/6 4100/2-6 0.65 0.95 1.01 1.13 1.26 129.1%146.8%279.0%205.7%166.6%7 1.06 153.5%8 1.89 560.1%9 2.46 743.9%10 2.33 1478.6%-20%0%20%40%60%80%100%120%05101520253035 0%20%40%60%80%100%15 20 21 2023 2023 10%2019 2020 9.9%8.8%2023 1 6.7%10 28.7%3 0.1 2023 1-10 16.6%2022 11.0 2023 1-10 9.89 21.67 45.7%2023 18.8%2022 13.3 22 23 Wind Wind 2023 2023 2023 93 38.5%2024 105 12.9%-100%0%100%200%300%400%05101520-200%0%200%400%600%800%1000%1200%1400%1600%0.00.51.01.52.02.53.02021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09 0%5%10%15%20%0%5%10%15%20%25%30%35%2021-012021-032021-052021-072021-092021-112022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-09 16 24 Wind CR5 2023 1-10 CR5 88.8%2022 1.5 CR5 2019 2019 16.3%2022 23.6%2023 1-10 26.6%2022 3.0 6.3 25 2023 1-10 26 2022 3 3.1 2020-2022 2021 2021 2020 120.37 2021 332.27 176.0%2022 435.6 96.7%-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%020406080100120140160180 26.6%20.3%16.2%15.9%9.8%2.8%1.8%1.8%1.1%1.0%2.7%23.6%18.9%18.7%16.1%10.1%2.6%2.2%2.0%1.8%1.2%3.0%17 2023 2023 1 39.26 6.3%1 2-5 56.0%34.0%117.4%61.4%6 70 85.83 2023 598.94 37.5%2023 850 30.1%2023 2021 10%2021 12 20%1 12.2 2022 12 33.4%1 14.23%2023 1 26.7%9 34.5%2023 33.0%27 28 Wind Wind 2023 2023 2022 2024 2023 2024 850 1000 30%18%2023 2024 36%42%-50%0%50%100%150%200%250%300%350%400%0204060801002020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-07 0%5%10%15%20%25%30%35%40%2017-012017-062017-112018-042018-092019-022019-072019-122020-052020-102021-032021-082022-012022-062022-112023-042023-09 18 29 Wind 2022 2023 30%2021 DMi iDD One M5/M7 2021 10 2022 502.31 84.6%151.22 151.3%2023 108.01 13.2%108.9%51.5%19.3%17.4%13.5%15.3%420.51 24.6%2022 84.6%2023 2023 178.39 81.6%2021 2018 75.2%2021 81.9%2022 2022 90%23.1%2021 5.0 2023 29.8%2022 6.7 0%5%10%15%20%25%30%35%40%45%020040060080010001200 19 2023 M7 S7 L7/MAX/2023 31%30/31/Wind Wind 3.2 2021 2020 83 2021 2022 253 520 207%124%2023 1-9 481 2022 62%2020 29.0%15.8 2021 2022 39.9%50.4%10.9 10.5 2023 1-9 48.9%32 33 EVsales Cleantechnica EVsales Cleantechnica-100%0%100%200%300%400%500%010203040506070BEV PHEV BEV PHEV 80.9%75.2%78.2%79.7%81.9%76.9%70.2%69.0%68.0%19.1%24.8%21.8%20.3%18.1%23.1%29.8%31.0%32.0%0%10%20%30%40%50%60%70%80%90%100%BEV PHEV-50%0%50%100%150%200%250%01002003004005006002019 2020 2021 2022 2023 1-9 0%10%20%30%40%50%60%2019 2020 2021 20222023 1-9 20 2023 1-9 19.7%7.8 2022 2.1 2023 1 14.0 9 26.2+PLUS D9 1-10 2023 10 17.60 2023 1-9 11.8%6.5 0.7 2023 116.6 10-20 2023 4.7%3.7%34 2022 35 2023 1-9 MarkLines EVTank MarkLines 2023 2023 1-10 34.9%11.3%5.8%52.0%2022 3.0 78.8%2022 2023 1-10 2023/17.6%12.5%7.0%6.6%5.2%3.9%3.8%3.1%2.5%2.3%35.5%Stellantis-19.7%11.8%5.4%4.7%3.7%3.6%3.3%3.0%2.4%2.0%40.5%Stellantis-21 36 2022 37 2023 1-10 Wind Wind 2022 27.12 2022 15.21 2022 10 2022 2023 1-10 39.25 4 L7/L8/L9 2023 1-10 28.47 2023 1-10 12.61 10 10 2023 3 M7 10 1.27 1-10 5.67 11-12 38 2022 39 2023 1-10 2024 2023 2024 2024 28.6%10.9%9.4%5.1%4.2%3.7%3.6%3.4%2.3%2.1%26.7%34.9%11.3%5.8%5.3%5.0%4.2%3.7%3.7%2.9%1.9%21.2%050000100000150000200000250000300000 2022 050000100000150000200000250000300000350000400000450000 2023 1-10 22 40 3.3 2024 MEGA MPV W02 MEGA SUV G7 25-35 SUV 11 15 HT L 2023 L 007 S7 2024 MPV MINI COOPER SUV e:NP2 Prototype 2024 1 2023 2024/阿尔卑斯 DOM 轿车 2024 年下半年 全新 MEGA MPV 2023 12 W02 MPV 2024 G7 SUV 2024 L SUV 2023 11 23 MINI COOPER 2024 HT SUV 2023 e:NP2 Prototype SUV 2024 CS1E/007 2023 S7 2023 11 EHY SUV 2024 iCAR 03 SUV 2023 11 MPV 2024 2024/SUV Stellantis C10 2024 L6 30 N8 MAX N9 U6 C318 2023 M9 AITO L 2024 A9 T11 2023 RF8 D7 2024 2 2023 2024/AITO M9 SUV 2023 12 L6 SUV 2024 C10 SUV 2024 L 2024 N8 MAX SUV 2024 N9 SUV 2024 U6 2024 5 SUV 2023 11 8 SUV 2024 C318 SUV 2024 A9 2023 4 T11 SUV 2024 RF8 MPV 2023 12 D7 2023 12 24 4 4.1 2023 2 14 2035 2035 2035 2035 3 2023 2 14 2035 2035 75kg/km 35%2500 3.5 112km 2030 12 31 BEV FCEV 10 95g/km BEV FCEV 4 6750 4-6.5 4500 50km BEV FCEV 4.7 5000 3000 BEV FCEV 4.7 6000 3.3 20g/km BEV PHEV 3000 5000 4.5 21-60g/km BEV PHEV 2000 4000 BEV 5 BEV FCEV 4500-7000 PHEV 2500-5000 70%30%-55%120g/km 110g/km 75%6.25 BEV 3000 1 BEV 50km 25 50g/km PHEV 75%50km 50g/km HEV 40%BEV ACEA 2018-2022 36 248 CAGR 62.0%2023 1-9 209 28.0%2019-2022 2.9%18.3%2023 1-9 17.8%2035 41 42 4 2021 2023 3 2021 3 2022 2023 10 2000 0%20%40%60%80%100%120%140%160%050100150200250300 0%5%10%15%20%2019 2020 2021 2022 2023Q1-3 26 5000 130 170 112 43 43 2022 2 1500 2023 9 43 2021 2022 2023 2023 2022 2 3 4 27 5 2 021 2 022 2 023-2764.25 10225.52 2021.18-1335.40 461.73-736.26-647.21 50.87 295.49-812.25-2234.18-2.42-1514.92-1026.40-678.13 2019 STELLANTIS 2019 51.02 53.84 76.77 80.34 2017 2020 2022 52.90 58.20 83.98 87.68 CAGR 8.2%5.6%3.5%3.1%2019 2020 2022 25.6%STELLANTIS 19.6%15.0%19.0%2023 44 2017-2022 45 2017-2022 Wind Wind UAW 020406080100 STELLANTIS 2017 2018 2019 2020 2021 20220%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022 STELLANTIS 28 UAW 46 4.2 2024-2025 Model 3/Y 2014 2013 2.25 2017 10 2020 49.96 2021 93.61 2022 131.39 2013-2022 57.1%2014-2022 35%2023 1 2 42.29 46.61 36.4%83.0%3 Model 3 Cybertruck 3 43.51 26.5%6.7%2023 1-3 132.41 45.7%2022 180 Model 3 Cybertruck 4 2019 2020 13.54 1.23 2021 47.34 249.5%3.94 2022 4-5 7 2022 11 10.03 2022 71.09 50.2%5.92 2023 2-6 7 1-6 3 7-10 7.37 2023 1-10 77.12 39.0%7.71 Model 3 10 26 11-12 90 29 47 48 Wind 2024-2025 3 Cybertruck 11 30 Cybertruck 2019 Cybertruck 200 2023 3 Cybertruck 12.5 2025 Cybertruck 25 Cybertruck Model 3 9 1 10 26 25.99 29.74 Model 3 Model 3 2-6 Model Y 2019 4 Model Y Model 3 Model Y 2024 2023 2024 2025 49 2024-2025 IT 0%20%40%60%80%100%120%140%160%020406080100120140-200%-100%0%100%200%300%400%500%0200004000060000800001000001200002020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10 30 Model 3 Cybertruck Model Y 2024-2025 2024 Cybertruck Model Y 2024 2024 2023 2025 Cybertruck 2024 12.5 Model Y 2025 2024 4.3 11 9 S7 ICT ADS2.0 BEV+GOD2.0+RCR2.0 HUAWEI iDVP HarmonyOS VOS AOS DriveONE IPD ISC ToC 31 50 11 9 M7 8.6 M9 S7 AITO M9 SUV D SUV CDC AITO M9 ADS2.0 HarmonyOS 4.0 HUAWEI AR-HUD HUAWEI xPixel HUAWEI SOUND M9 9 25 50-60 2023 12 11 9 M9 2.5 S7 11 9 25.8 4 S7 DriveONE 800V S7 HarmonyOS 4.0 ADS2.0 S7 11 28 11 10 2 S7 5000 24 11 13 S7 1 EHY SUV 2024 2024 2019 12 12 MPV RF8 HarmonyOS 4.0 MPV 2023 32 2 EPC 2024 1 2024 MPV 2023 8 HI 2024 BE22 6 SF5 39.79-42.99 2021 4 AITO M5 SUV 24.98-33.18 2022 2 M7 SUV 24.98-32.98 2022 7 M9 SUV 50-60 2023 12 LUXEED S7 25.8 2023 11 EHY SUV-2024-MPV-2024-2024 AITO 2023 3 3.7 M7 10 1.4 1-10 5.1 11-12 M9 S7 2023 11-12 2024 2023 8 2024 25 30 2024 25 30 29.6%35.9%27.4%32.8%20.5%24.6%16.8%20.1%14.5%17.3%7 2023 2024 2 0 2 3 8 2 0 2 4 25 2 0 2 3 8 2 0 2 4 30 2023 2024 2023 2024 33 605333.SH 35.57 50.72 13.5%29.6%13.5%35.5%605128.SH 17.02 27.42 14.1%27.4%14.1%32.8%605068.SH 10.75 14.66 8.9%20.5%8.9%24.6%603348.SH 57.53 74.57 7.0%16.8%7.0%20.1%300926.SZ 25.98 38.05 6.8%14.5%6.8%17.3%002997.SZ 18.89 30.94 0.0%12.1%0.0%16.2%688533.SH 23.26 31.46 5.2%11.9%5.2%14.3%603197.SH 61.04 78.94 0.0%9.5%0.0%12.7%601689.SH 216.93 290.77 4.4%10.3%4.4%12.4%601799.SH 100.92 127.60 3.2%7.8%3.2%9.4%002906.SZ 69.56 87.22 2.3%5.7%2.3%6.9%000700.SZ 89.96 104.22 1.8%4.8%1.8%5.8%002765.SZ 30.21 37.53 1.6%4.0%1.6%4.8%603179.SH 101.02 133.61 0.0%2.8%0.0%3.7%002126.SZ 108.71 133.10 1.1%2.8%1.1%3.4%688326.SH-W 47.63 61.54 0.5%1.2%0.5%1.5%Wind 11 10 Wind 24 15 20 23 24 4.4 2024 2021 3 100 2021 7 500 L4 2022 8 500 33 2021 11 72 2022 4 2023 6 2024 15/30/2023 6 2023 9 50 2023 11 15 SU7 4997mm/1963mm/1455mm 3000mm 2024 34 51 EV 1 2 2023 10 OS MIUI Vela Mina OS 3+IoT 2021 1 52 2023 11 8 2024 8 35/49%MS11 2023 2022 2021 Tier 1 2022 10 4.5 0 1 2022 9 AI DAY Optimus 2023 5 Optimus Optimus 2023 7 Optimus 2023 Optimus 2 Optimus 10 Optimus 36+AI DAY Optimus/Optimus Optimus/53 Optimus 2022 AI DAY 2023 2024 1 100 10 RV/9 37 2024 1 100 10 RV 2021-2022 RV 2022/5(603179)(300926)(002126)(603730)(600933)(603197)(002997)(601689)(688533)(002906)(600741)(605319)-W(688326)(300580)(603596)(002920)(002472)(601799)(300258)(002050)(603786)(603997)(605128)(600660)(000625)(002594)(000951)(600104)38 10 Wind EPS Wind 6 2024 2021A 2022A 2023E 2024E 2021A 2022A 2023E 2024E600104.SH 14.48 2.10 1.38 1.30 1.40 6.90 10.50 11.16 10.34601238.SH 9.93 0.70 0.77 0.59 0.69 14.20 12.91 16.94 14.45000625.SZ 16.51 0.36 0.79 1.05 0.93 46.10 21.00 15.69 17.78601633.SH 27.94 0.79 0.97 0.80 1.12 35.29 28.72 35.06 24.95002594.SZ 236.76 1.05 5.71 10.34 14.07 226.34 41.46 22.90 16.83000951.SZ 15.46 0.88 0.18 0.83 1.22 17.50 84.99 18.72 12.69601127.SH 83.22-1.21-2.54-2.02-0.64-68.78-32.74-41.19-129.30000550.SZ 23.97 0.67 1.06 1.43 1.73 36.04 22.61 16.81 13.83603179.SH 52.50 0.58 0.97 1.64 2.25 90.08 54.37 32.00 23.29300926.SZ 35.40 0.30 0.53 1.03 1.55 117.19 66.73 34.51 22.85002126.SZ 18.46 0.27 0.48 0.76 1.02 67.27 38.68 24.43 18.05603730.SH 16.77 0.33 0.45 0.62 0.77 51.24 37.42 27.18 21.80002997.SZ 39.63 0.58 0.71 1.12 1.68 67.83 55.80 35.48 23.57600933.SH 22.78 0.35 0.72 0.94 1.22 65.87 31.48 24.23 18.66601689.SH 72.89 0.92 1.54 2.08 2.86 78.97 47.25 34.99 25.51603197.SH 61.86 1.27 1.01 2.05 2.71 48.83 61.20 30.24 22.84603305.SH 22.80 0.44 0.75 0.89 1.16 51.49 30.34 25.57 19.59002050.SZ 29.31 0.45 0.69 0.85 1.05 64.96 42.51 34.59 27.82688533.SH 47.40 0.38 0.54 1.05 1.60 125.01 87.01 44.93 29.66600741.SH 17.63 2.05 2.28 2.30 2.63 8.59 7.72 7.67 6.71603596.SH 79.79 1.16 1.61 2.13 2.86 68.58 49.52 37.49 27.91001311.SZ 54.52 2.10 2.43 2.91 3.56 25.98 22.44 18.72 15.32002920.SZ 138.20 1.50 2.13 2.72 3.81 92.09 64.79 50.77 36.25002906.SZ 33.75 0.57 0.73 0.90 1.24 59.22 46.48 37.62 27.31002472.SZ 27.40 0.38 0.68 0.95 1.24 71.61 40.15 28.83 22.09601799.SH 143.96 3.32 3.30 4.05 5.60 43.32 43.69