投资要点在过去的报告中,我们尝试用产品结构、渠道数量等方式看销量空间。我们认为,新势力车企的技术迭代和销量增长是成长能力的核心体现方式,渠道能力是承载销量增长的核心因素,而管理能力是打通技术、渠道、产品等多维度能力的关键。本篇报告着重分析小鹏汽车销量提升原因,小鹏汽车2025 年新车周期强劲;同时门店架构优化及单店店效升级成为支撑销量的又一核心要素。门店:架构优化,经销商提升扩容低线市场...
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