东风集团股份:自主乘用车放量与商用车复苏共振驱动新拐点

申万宏源研究
29 Jun

持续布局自主乘用车,逐步降低合资依赖度。公司前身成立于1969 年,早年拥抱外资车企快速提升利润,2000 年前后陆续与雪铁龙、日产、本田等外资车企成立合资品牌,实现深度绑定。逐步由依赖合资转向聚焦自主乘用车转型,2007 年起开始布局自主乘用车,2020 年起陆续推出岚图梦想家,FREE 等高端车型,同时在主流车市场布局纳米品牌,叠加2020 年以来合资销量快速下滑影响,利润来源逐步由合资切向...

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