The sales volume of new forces in January increased significantly year-on-year. In January 2022, Xiaopeng delivered 12922 new cars, a year-on-year increase of + 115%, with sales exceeding 10000 for five consecutive months; The ideal delivery is 12268 vehicles, with a year-on-year increase of + 128%, and the sales volume has exceeded 10000 vehicles for three consecutive months; Weilai delivered 9652 vehicles, a year-on-year increase of + 34%, with a cumulative delivery volume of 177000 vehicles in history; Nezha delivered 11009 vehicles, with a year-on-year increase of + 402% and a month on month increase of + 9%, realizing positive sales growth for 11 consecutive months; The delivery volume of 8085 vehicles without running was + 434% year-on-year and + 4% month on month, reaching a new high of monthly delivery, ranking firmly in the second tier camp of China’s new forces of car manufacturing.
Byd Company Limited(002594) & the sales volume of new energy vehicles in January of Eyan maintained growth month on month. In January 2022, Byd Company Limited(002594) passenger cars sold 95180 units, including 92926 new energy passenger cars, with a year-on-year increase of + 367.6% and a month on month increase of + 0.11%; Among them, the sales volume of Han EV is 10050, and the sales volume has exceeded 10000 for three consecutive months; Qin plusdm-i sold 18444 vehicles, a month on month increase of + 6.7%; The sales volume of dolphins was 10602, with a chain comparison of + 5.85%, and there was broad room for improvement; Byd Company Limited(002594) the penetration rate of new energy continued to increase, reaching 97.6% in January, and is accelerating to become the first traditional main engine factory to realize full electrification. In that month, GAC ea’an sold 16031 new energy passenger vehicles, with a year-on-year increase of + 117.93% and a month on month increase of + 10.56%, a record high. This year, GAC ea’an will continue to expand its production capacity, with an annual production capacity of 400000 vehicles, so as to prepare for the addition of its subsequent models.
Volvo fully follows up the integrated die casting and CTC. On February 8, Volvo announced that it would invest 10 billion kroner (about 6.95 billion yuan) to upgrade its torslanda plant in Sweden. One of the key items is to use a giant die-casting machine with 8000t clamping force to produce the rear floor of the car, which means that Volvo began to introduce the die-casting process into large car parts. In addition, Volvo and northvolt confirmed the cooperation in cell production, and the new battery assembly plant will introduce the process of square shell CTC. Volvo CTC technology route integrates the battery cell directly into the box, uses the shell of the battery cell body to function as a structural member, the upper cover of the battery pack is also used as the floor of the passenger compartment, and the bottom integrated water-cooling sector technology is adopted in the cooling technology. After adopting CTC, Volvo is expected to increase the charging capacity of a single car by 20% and maintain the same safety performance.
Industry rating and investment strategy: the of industrial transformation α， The tide of the times β。 In December 2021, the penetration rate of new energy vehicles increased to 19%, the automotive industry changed, the gross profit margin of Tesla and new forces continued to increase, and the performance of Tesla‘s domestic suppliers generally increased rapidly; Tesla wave brings vehicle valuation revaluation, NOA function redefines, smart cars trigger an arms race, hardware stacking, and there is a large space for domestic substitution. Maintain the “recommended” rating of the automotive industry.
Three main lines are recommended:
1. Intelligent driving & Automotive Electronics: intelligent definition of automobile, arms race, hardware stacking and domestic substitution usher in historical opportunities. Recommend Huizhou Desay Sv Automotive Co.Ltd(002920) , Foryou Corporation(002906) , Thunder Software Technology Co.Ltd(300496) , Xiamen Faratronic Co.Ltd(600563) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , and pay attention to Bethel Automotive Safety Systems Co.Ltd(603596) , Keboda Technology Co.Ltd(603786) , Shanghai Baolong Automotive Corporation(603197) , Xi’An Sinofuse Electric Co.Ltd(301031) , Anhui Tongfeng Electronics Company Limited(600237) .
462 + Tesla industrial chain: Die Casting & Manufacturing Integration. Recommend Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) , Ikd Co.Ltd(600933) , Huayu Automotive Systems Company Limited(600741) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Fuyao Glass Industry Group Co.Ltd(600660) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Ningbo Joyson Electronic Corp(600699) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , and pay attention to Wencan Group Co.Ltd(603348) , Huada Automotive Technology Corp.Ltd(603358) .
3. Complete vehicle: Tesla wave brings the revaluation of complete vehicle valuation & strong model cycle OEM, recommend Byd Company Limited(002594) , Saic Motor Corporation Limited(600104) , Great Wall Motor Company Limited(601633) , and pay attention to Xiaopeng automobile, ideal automobile, Weilai, Yutong Bus Co.Ltd(600066) , Guangzhou Automobile Group Co.Ltd(601238) , Chongqing Changan Automobile Company Limited(000625) , Geely Automobile.
Risk warning: the recovery of the epidemic situation is lower than expected; The price of raw materials and freight continue to rise; The demand growth of new energy vehicles is lower than expected; Subsidies for terminal price increases; The development progress of automobile intellectualization is less than expected; The high-end process of independent brands is blocked; The replacement progress of domestic parts is less than expected; The performance of the recommended company fails to meet the expectations; The situation outside China is not completely comparable, and the relevant materials and data of the benchmarking are for reference only.
