Key investment points
In January, the delivery volume of most new power auto enterprises fell month on month. Seven key new energy passenger vehicle enterprises (five new forces + Eyan + krypton) delivered a total of 73497 new energy vehicles in January, a year-on-year increase of + 146.32%, and a month on month increase of – 6.94% due to seasonal factors. In January, among the 7 key auto enterprises, those with sales volume exceeding 10000 include Xiaopeng + ideal + ai’an + Nezha.
Front line new power auto enterprises: 1) Xiaopeng: Xiaopeng auto sold 12900 vehicles in January, ranking first among the new power auto enterprises. Xiaopeng delivered 12922 vehicles in January, exceeding 10000 vehicles for five consecutive months, with a month on month ratio of – 19.24% and a year-on-year ratio of + 114.83%. In terms of energy supplement system, as of January 17, 2022, Xiaopeng automobile brand overcharge station and destination charging station have connected all 333 prefecture level administrative divisions and 4 municipalities directly under the central government. In terms of service and sales network layout, as of January 7, 2022, Xiaopeng automobile has distributed 357 sales function stores and 174 service function stores across the country, covering 140 cities across the country. In terms of intelligence, Xiaopeng P7 conducted xmartos2 in January 7.0 push, park assist is upgraded again. 2) Ideal: delivery in January continues to exceed 10000. The ideal car delivered 12268 ideal one vehicles in January, exceeding 10000 for three consecutive months, with a year-on-year increase of + 128.07% and a month on month increase of – 12.91%. Ideal to continuously expand the sales network. As of January 31, 2022, ideal automobile has 220 retail centers in the national Ministry of industry, 14 more than at the end of December 2021, covering 105 cities in total; There are 276 after-sales maintenance centers and authorized B & P centers, covering 204 cities. In January 2022, the single store efficiency of the ideal retail center was 60 vehicles / home, with a chain comparison of – 26.44%. 3) Wei Lai: Wei Lai delivered 9700 vehicles in January. Weilai delivered 9652 new cars in January, with a year-on-year increase of + 33.59% and a month on month increase of – 7.98%. The first batch of Weilai et5 production line verification sample vehicles were officially offline in Hefei, and the mass production work was smoothly promoted. In terms of intelligence, in January 2022, Weilai Aspen3 Version 1.0 push. In terms of sales network, 5 Wellcome centers and 24 Wellcome spaces were added in January 2022. In terms of energy supplement system, 59 new power exchange stations will be added in January 2022.
Other new forces Auto Enterprises: 1) Nezha Auto: the delivery volume continued to exceed 10000 in January. Nezha delivered 11009 vehicles in January, with a year-on-year increase of + 401.55% and a month on month increase of + 8.71%. In terms of service network, as of January 13, Nezha had built 32 direct service centers and 280 authorized service centers. 2) Zero running car: the delivery volume reached a new high in January. Zero run vehicles actually delivered 8085 vehicles in January, with a year-on-year increase of + 384.71% and a month on month increase of + 3.56%.
Others: 1) GAC ea’an: GAC ea’an’s terminal sales volume in January was 16031, with a year-on-year increase of + 117.93% and a month on month increase of – 3.86%. 2) Geely krypton: 3530 vehicles were delivered in January, with a month on month ratio of – 7.01%. In terms of energy supplement and service system, 9 offline stores of krypton were added in January; The self built charging station of krypton covers 19 cities in China, with 5 cities added month on month (MOM) compared with December; The third-party charging network covers nearly 300000 charging terminals in 326 cities across the country. In terms of intelligence, in January, krypton announced to further deepen the strategic cooperation relationship with Mobileye, and the two sides plan to launch L4 electric vehicles in 2024.
Investment suggestion: still optimistic about investment opportunities in the automobile sector. The triple cycle resonance in 2022, the golden age of autonomy: 1) chip mitigation brings the demand for replenishment of the passenger car industry, and 2021q4-2022q3 enters the cycle of continuous improvement of production and sales data year-on-year. 2) Intelligent + electric + hybrid, a new round of new cars of independent brands have been listed one after another, and the penetration rate of new energy vehicles continues to rise, driving the market share of independent brands to achieve higher quality. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. The whole vehicle segment recommends [ Great Wall Motor Company Limited(601633) + ideal car + Xiaopeng Car + Byd Company Limited(002594) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) ], and pays attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ]. Parts section recommends [ Huizhou Desay Sv Automotive Co.Ltd(002920) + Foryou Corporation(002906) + Bethel Automotive Safety Systems Co.Ltd(603596) + Ningbo Tuopu Group Co.Ltd(601689) + Fuyao Glass Industry Group Co.Ltd(600660) + China Automotive Engineering Research Institute Co.Ltd(601965) + Ikd Co.Ltd(600933) + Huayu Automotive Systems Company Limited(600741) ], and pays attention to [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) + Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
Risk warning: the recovery of downstream demand is lower than expected; The epidemic control was lower than expected.
