摩根士丹利：电动汽车股票因价格战暴跌后投资者关键疑问

Investment Rating - Industry View: In-Line [6] Core Insights - The recent sell-off in the electric vehicle (EV) sector was triggered by price cuts from BYD, reflecting market anxiety over weak end-demand and high valuations [9] - The ongoing price competition is expected to continue, influenced by tough comparisons and an approaching off-season [2] - Brands that can avoid direct price competition, such as Li Auto, may perform better, while traditional OEMs are less likely to be safe havens [4][5] Summary by Sections Investor Questions - The impact of price cuts on mass market brands like BYD is expected to be manageable for Q2 results, as the additional discounts are not as severe as initially perceived [3] - The focus for OEMs is likely to remain on volume scale, with BYD maintaining its full-year target of 5.5 million units for now [3] - Brands like Li Auto may be better positioned to navigate the current market dynamics, while traditional OEMs could face volume losses [4][5] Market Dynamics - The sell-off reflects concerns about prolonged price wars that could align stock prices with shaky fundamentals as the auto sector enters a low season [9] - The supply chain is anticipated to show resilience in Q2, but potential ripple effects into the second half of the year should be monitored [5] Company Ratings - BYD Company Limited: Overweight [62] - Geely Automobile Holdings: Overweight [64] - Li Auto Inc.: Overweight [64] - XPeng Inc.: Overweight [64]