Refined from CITIC Construction Investment: "New energy vehicles: strong growth momentum, high annual sales growth and sustainable" & Everbright Securities: "sales of new energy vehicles in August were 101000, year on year + 50%, month on month + 20%"

According to the China Automobile Association, in August 2018, domestic sales of new energy vehicles were 101000, an increase of 49.5% over the same period last year. According to the China Automobile Association, domestic sales of new energy vehicles in August 2018 were 101000.Everbright Securities believes thatFor the whole year, taking into account the more mature market regulation mechanism and the rush to install in the fourth quarter, maintain the forecast of new energy vehicle sales of more than 1 million vehicles.

Citic Construction Investment Corporation pointed out thatSales of new energy passenger cars strengthened in August, and plug-in hybrid continued to grow strongly. According to the data released by the Federation of passengers, the total monthly sales of new energy passenger vehicles in August exceeded 84000, an increase of 59.7% over the same period last year, and a month-on-month increase of 18.9%. Among them, plug-in hybrid passenger vehicles increased 147% year-on-year to 25989, accounting for 31% of the total; pure electric passenger vehicles increased 38% year-on-year to 58237, accounting for 69% of the total. Plug-in hybrid continues a strong growth trend, but pure electric passenger vehicles still account for more than 2/3 of the total number of new energy passenger vehicles.

In terms of manufacturer market performance, Citic Construction Investment pointed out that BYD's performance in August was still strong, with sales reaching 20,000 units, an increase of 77% over the same period last year, consolidating its leading position. SAIC performed equally well in August, with sales of 11000 units, up 160 per cent from a year earlier. BAIC New Energy and Geely, which both belong to the second Group, sold 9187 and 8487 units respectively. The enterprises at the top of the sales list are in a state of rapid growth as a whole, while Changan, Wuling, Zhidou and other enterprises that mainly produce small A00 cars are weak.

Dihao EC7 leapt to the top of the list of pure electric vehicles. In terms of pure electric passenger cars, Geely's Dihao EC7 rose 86% month-on-month to 4647 vehicles, surpassing Chery eQ, BYD yuan, BYD E5, Roewe Ei5 and other models, leaping to the top of the pure electric car list. In terms of plug-in hybrid, BYD's BYD Tang and BYD Qin firmly ranked in the top two with 5043 and 4091 vehicles, followed by the Roewe I6 with sales of 4012.

Citic Construction Investment judgmentSales of new energy passenger cars will maintain high growth. On the whole, new energy vehicles improved in August as a whole, and became the core driving force driving the automobile market when the sales performance of traditional fuel vehicles was poor. According to the Federation of passengers, the cumulative sales of new energy passenger vehicles in the first eight months of 2018 has reached 507000, an increase of 100% over the same period last year, and the growth momentum of new energy passenger vehicle sales in the next few months of this year is expected to continue.