坐上低碳风口的新能源汽车行业，是否拥有了ESG的全部奥义？---妙盈研究院.pdf

1 2 2022 10 19 3 2003 7 1 2020 6 1900 7000 10 14 11 A 6 3 14 30 ESG TSLA.O (002594.SZ, 1211.HK) “ ESG (XPEV.K, 9868.HK) NIO (LI.O) ESG (601238.SH, 2238.HK) VWAPY ESG 7 A 4 MioTech AMI ESG 62 100 ESG BB 25% , 5 Refinitiv Eikon 2022 10 18 2021 6.9:1 ESG 2022 9 30 2003 1995 2012 6 22 Model S Model X Model 3 2021 93 2008 2014 2015 2021 2021 6 2020 9 ID 2030 Aion AMI A ESG ESG 66 100 ESG BB ESG ESG ESG DDD/C BB ESG 62 ESG 25% 22-24 EPS 2024 PE(x) 31~44 82.9% 2024 PE x 5~9 ESG/CSR/ 7 1999-2002 / ESG 2018 (Impact) 2015 2020 2021 ESG 2020 ESG 2022 4 19 ESG 2022 9 30 ESG ESG 2021 8 2022 10 18 22E 23E 24E 22E 23E 24E 22E 23E 24E 22E 23E 24E 1W 1M YTD 002594.SZ 273.67 97,643 74.1 43.7 32.1 114.3 69.7 36.0 0.1 0.2 0.3 10.4 15.5 18.4 4.3 1.2 2.1 NIO 12.21 20,396 n.a. n.a. 44.2 n.a. n.a. n.a. 0.0 0.0 0.0 (27.5) (11.6) 11.1 (5.2) (41.6) (61.5) LI.O 18.92 19,890 n.a. 86.6 33.1 n.a. n.a. 162.0 0.0 0.0 0.0 (2.0) 3.6 9.8 (7.2) (25.0) (41.1) XPEV.K 8.60 7,412 n.a. n.a. n.a. n.a. n.a. n.a. 0.0 0.0 0.0 (21.1) (16.0) (2.8) (9.9) (45.0) (82.9) TSLA.O 220.19 689,959 53.9 37.3 30.8 89.2 44.6 21.1 0.0 0.0 0.0 33.1 35.4 32.8 1.4 (28.8) (37.5) 601633.SH 27.52 26,512 28.4 22.2 17.1 2.8 28.4 29.4 1.6 2.0 2.5 13.5 15.5 17.5 2.2 (8.2) (43.3) 601238.SH 12.62 15,126 12.2 10.8 9.3 29.2 13.7 15.5 2.2 2.6 2.7 10.9 11.4 12.1 2.7 (3.3) (16.9) VOWG.DE 170.80 76,038 5.2 5.3 5.0 (11.4) (1.7) 4.4 4.8 5.4 6.0 11.6 10.8 10.8 6.5 (15.8) (33.9) Refinitiv Eikon 9 2021 2021 2000 GHG 10 “ ” 2021 0.6tCO2e 0.39tCO2e, 55% 2021 11 70% “ “ —— 15 13 16% 77% 1 27 2021 ESG 2021 1 Volkswagen Group. Pg. 47, Sustainability Report 2021 [J/OL] 2022, https://www.volkswagenag.com/presence/nachhaltigkeit/documents/sustainability-report/2021/Nonfinancial_Report_2021_e.pdf 12 ESG 2050 GHG Science Based Target initiative SBTi SBTi 2025 13 ESG 14 EPR 240 1.5% 0.99 15 2016 Amnest Inernational NGO -- 16 300750.SZ 002460.SZ 2021 17 2. 2021 28 67 AMI “ ” 39 N/A 3 45 20 0 N/A 72 N/A 8 0 2 0 N/A AMI 0 N/A 18 80% ESG 2 A 2021 ESG 3 2 [J/OL] 2022, https://finance.sina.com.cn/stock/s/2021-06-10/doc- ikqciyzi8907398.shtml 3 [J/OL] 2022, http://auto.sina.com.cn/news/hy/2019-07-16/detail-ihytcerm3963085.shtml 19 AMI 0 20 3. ESG – ESG ESG ESG ESG ESG ESG * ESG ESG ** ESG ESG 2021 CSR ESG ESG ESG ESG / ESG ESG ESG ESG 4 4 Lora Kolodny, Why Tesla was kicked out of the S&P 500′ s ESG index [J/OL] 2022, https://www.cnbc.com/2022/05/18/why-tesla-was-kicked-out-of-the-sp-500s-esg-index.html 21 ESG 1999 2010 2012 ESG GRI SASB/ISSB UNGC SDGs TCFD ESG ESG ESG ESG E S G ESG 22 ESG MioTech AMI ESG ESG ESG 23 fay.wu@miotech.com jiaye.pan@miotech.com jack@miotech.com https://www.miotech.com/zh-CN/research 24