每經AI快訊，華泰(tai)證(zheng)券研(yan)報指出，2024Q1乘(cheng)用(yong)車(che)板(ban)塊(kuai)先跌后(hou)漲，年后(hou)車(che)企投入(ru)促銷(xiao)資源(yuan)，同(tong)(tong)期高基數下板(ban)塊(kuai)營收(shou)/歸母凈(jing)利潤分別同(tong)(tong)比+10%/-14%；經營性(xing)現金流凈(jing)額22.6億(yi)元。板(ban)塊(kuai)內表現分化：1)自(zi)主品牌盈利能力同(tong)(tong)比改善，環比放緩。2)合資持(chi)續承壓(ya)，上汽大(da)眾/通用(yong)投資收(shou)益(yi)同(tong)(tong)比下滑(hua)；3)智能車(che)配置迭代疊加高性(xing)價比的(de)新(xin)能源(yuan)車(che)優質供給推動新(xin)能源(yuan)子板(ban)塊(kuai)收(shou)入(ru)同(tong)(tong)比高增。展望(wang)后(hou)市，我們(men)看好(hao)Q2政策落地后(hou)乘(cheng)用(yong)車(che)板(ban)塊(kuai)維持(chi)高景氣，業績及現金流水(shui)平進一(yi)步向(xiang)好(hao)。