Several auto companies announced their sales targets for 2022, and steady growth is the main tone
Recently, several auto companies announced their sales targets for 2022. 1) Geely Automobile's target sales volume in 2022 is 1.65 million vehicles (compared with the sales volume of 21 years + 24%); 2) Byd Company Limited(002594) the target sales volume is 1.2 million vehicles (compared with the sales volume of 21 years + 62%); 3) Great Wall Motor Company Limited(601633) the target sales volume is 1.9 million vehicles (compared with the sales volume of 21 years + 48%); 4) The target sales volume of FAW Group is 4.1 million vehicles (compared with the sales volume of 21 years + 17%); 5) Dongfeng Automobile Co.Ltd(600006) the target sales volume is 3.47 million vehicles (compared with the sales volume of 21 years + 25%).
In January, the sales volume of new energy vehicles continued to increase year-on-year
1) Byd Company Limited(002594) in January, the sales volume of new energy vehicles was 92900, with a month on month ratio of + 368% / - 1% respectively; 2) Xiaopeng delivered 12900 in January, with a month on month ratio of + 115% / - 19% respectively; 3) It is ideal to deliver 12300 vehicles in January, with a month on month ratio of + 128% / - 13% respectively; 4) Weilai delivered 9652 vehicles in January, with a month on month ratio of + 34% / - 8% respectively; 5) Zero run delivered 8085 vehicles in January, with a month on month ratio of + 434% / + 4% respectively; 6) Nezha delivered 11000 vehicles in January, with a month on month ratio of + 402% / + 9% respectively; 7) Krypton delivered 3530 vehicles in January, a month on month increase of - 7%; 8) GAC ea'an sold 16000 vehicles in January, with a yoy of + 118% / - 4%.
Tesla's performance soared in 2021 and focused on new capacity release and FSD penetration in 2022
On January 27, Beijing time, Tesla released its financial report for 2021. 1) In 2021, the production and sales of automobiles exceeded 900000. The production / sales of Tesla cars in 2021q4 were 305800 / 308700 respectively, with a year-on-year increase of + 70% / + 71% respectively; In 2021, the production / sales of automobiles were 930400 / 936200 respectively, with a year-on-year increase of + 83% / + 87% respectively. Among them, 911200 models 3 and y will be delivered in 2021, a year-on-year increase of + 106%, and 25000 models s and X will be delivered, a year-on-year increase of - 56%; 2) Net profit in 2021 was + 665% year-on-year. Tesla's revenue / net profit in 2021 was USD 53.82 billion / USD 5.52 billion respectively, with a year-on-year increase of + 71% / + 665% respectively. 2021q4 achieved a net profit of US $2.32 billion, with a yoy of + 760% / + 43% respectively. As of 2021q4, Tesla has achieved profits for 10 consecutive quarters; 3) The production capacity is steadily expanded, and the models equipped with 4680 batteries are expected to be delivered in 2022q1. According to the performance meeting, the capacity of factories in California and Shanghai will increase by 50% in 2022 compared with that in 2021 (the capacity will reach 900000 / 675000 respectively in 2022). Dezhou and Berlin plants are still in the stage of equipment commissioning. The company expects to mass produce model y with 2170 batteries in Berlin plant and model y with 4680 batteries in Dezhou plant (small-scale production). It is expected that 2022q1 will be officially released; 4) Fsdbeta permeability increased rapidly. By the end of 2021, the number of FSDS in the United States had exceeded 60000 (only thousands of 3q21), and the market penetration in the United States is expected to be about 6%.
Investment suggestion: we expect that with the deep recovery of inventory, wholesale and retail sales in the auto market is expected to usher in a synchronous recovery. 1. It is recommended to pay attention to Saic Motor Corporation Limited(600104) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) in the upward product cycle. 2. Suppliers of automotive electronics related parts are expected to realize domestic substitution and price volume increase in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + wire controlled braking), Ningbo Tuopu Group Co.Ltd(601689) , Keboda Technology Co.Ltd(603786) (light control), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), etc.
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
