June 29, 2017 / 6:49 AM / 7 months ago


(The following statement was released by the rating agency) HONG KONG/SHANGHAI, June 29 (Fitch) 本文章英文原文最初於2017年6月26日發布于:<a href="https://www.fitchratings.com/site/pr/1025713">Fitch: Higher Price Competition for China's Private Auto Brands 惠譽評級表示,中國自主汽車品牌在此前數月內先後降低價格以提振零售需求並幫助經銷商去庫存,說明其在2017年疲軟的汽車市場中正面臨更激烈的價格競爭。這將導致品牌進 一步分化,並會重挫弱勢品牌的盈利能力。 2017年5月底,長安汽車下調了多個車型的零售價;此後在6月初,江淮汽車對其最暢銷車型進行了價格促銷。同為6月初,中國最大SUV製造商長城下調了多個H2/H6車 型的零售價,而此前長城已在今年3月推出價值10億人民幣的“紅包”促銷活動。 惠譽預計,由於汽車需求持續疲軟,2017年自主品牌之間的價格競爭將更加激烈,特別是在利潤率豐厚的SUV細分市場。一些規模小、弱勢的自主品牌可能面臨市場份額損失和 利潤率壓縮,而過去12個月內推出有競爭力車型的品牌,包括吉利、廣汽傳祺和上汽榮威等,其銷量增長可能跑贏市場,並能保持良好的盈利能力。 自主汽車製造商已減緩向經銷商的批發交付速度,以緩解經銷商的庫存壓力和財務壓力。中國自主品牌經銷商的庫存水平在2017年4月達到2.5個月的峰值,經過大力去庫存後 ,5月的庫存水平仍維持在1.9個月的較高水平。例如,長安汽車從4月開始主動降低產量和批發量,以幫助經銷商在2017下半年新品上市前清理老款車型的庫存。4月公司的 批發銷量同比下滑27.6%,5月則同比降低25.8%。 惠譽認為,由於市場需求疲軟,2017年中國汽車製造商有較強意願將經銷商庫存維持在可控水平;此外,於2017年7月1日生效的汽車銷售新規將禁止製造商規定經銷商銷售 數量或向經銷商壓庫。 聯繫人: Jing Yang(楊菁) 聯席董事 +86 21 5097 3017 惠譽(北京)信用評級有限公司上海分公司 中國上海市浦東新區陸家嘴環路479號 上海中心大廈34層3401室 Roy Zhang(張興昀) 董事 +852 2263 9979 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. 詳情參見<a href="https://www.fitchratings.com">www.fitchratings.com 注意:本新聞稿為中文譯本。如有疑問,請以英文版本為準。 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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