Key investment points
Under the influence of the Spring Festival, the overall delivery data of new power auto enterprises in February was – 42% month on month. Seven key new energy passenger vehicle enterprises (Xiaopeng + ideal + Weilai + Nezha + Zero run + ai’an + extremely krypton) delivered 42764 new energy vehicles in February, a year-on-year increase of + 171.78%. Affected by the Spring Festival holiday and the production line transformation of some vehicle enterprises, the delivery volume was – 41.82% month on month.
Front line new forces car enterprises: 1) Xiaopeng: 6200 vehicles were delivered in February, and the sea continued to accelerate. Under the influence of Spring Festival holiday and factory upgrading, 6225 Xiaopeng cars were delivered in February, with a month on month ratio of + 180.03% / – 51.83% respectively. The factory has fully resumed production in mid February, and we expect to accelerate delivery. In terms of intelligence, Xiaopeng P5 carried out the first large version OTA in February, and the parking lot memory parking function was comprehensively upgraded. In terms of capital operation, Xiaopeng was officially incorporated into Hong Kong stock connect in February, and issued the first single carbon neutral car rental ABS of Shenzhen Stock Exchange, with a total project scale of 775 million yuan. In terms of globalization strategy, Xiaopeng introduced a new retail model of “direct sales + authorization” in the European market, opened a direct experience store in Sweden, and reached a strategic cooperation agreement with the European dealer group to promote the rapid introduction of Xiaopeng automobile in the local market. 2) Ideal: it is ideal to deliver 8400 vehicles in February. Due to the Spring Festival holiday and the impact of the epidemic in Suzhou, some parts were in short supply, and the ideal sales volume in February was – 31.42% month on month.
The company estimates that the delivery volume of Q1 vehicles in 2022 will be 3 Shenzhen Sed Industry Co.Ltd(000032) 000, corresponding to 9 Hangzhou Shunwang Technology Co.Ltd(300113) 00 vehicles delivered in March, with an estimated chain ratio of + 10.74% ~ + 34.51%. There was no new retail center in February. As of February 28, 2022, ideal automobile has laid out 220 retail centers nationwide, with no increase compared with January, covering 105 cities in total. In February 2022, the single store efficiency of the ideal retail center was 38 vehicles / home, with a chain comparison of – 35.78%. 3) Weilai: Weilai delivered 6100 vehicles in February. In February, Weilai’s sales volume increased by + 9.91% year-on-year, with a month on month ratio of – 36.48%, NT2 The first product et7 of 0 platform will be delivered on March 28. In terms of sales network, 44 Weilai centers + 363 Weilai spaces were arranged in February 2022; A total of 58 service centers and 181 authorized service centers are arranged. In terms of energy supplement system, 8 new power exchange stations (including 2 Expressway power exchange stations) were added in February 2022. By the end of February, a total of 844 power exchange stations (including 255 Expressway power exchange stations) had been arranged in China.
Other new car companies: 1) Nezha cars: 7117 cars were delivered in February, with a year-on-year increase of + 255.49% and a month on month increase of – 35.35%. In terms of intelligence, Nezha u Pro conducted pivot OD ota1 in February Version 7.0 push, which mainly upgrades the voice function. 2) Zero running cars: 3435 cars were actually delivered in February, with a year-on-year increase of + 774.05% and a month on month increase of – 57.51%.
Others: 1) GAC ea’an: in February, the terminal sales volume was 8526, with a year-on-year increase of + 163.23% and a month on month increase of – 46.82%.
From January 31 to February 14, the second phase of capacity expansion of ai’an factory was completed. After this transformation, the CO line production of 10 different types and steel aluminum body materials can be realized. 2) Geely krypton: 2916 vehicles were delivered in February, with a month on month ratio of – 17.39%. In terms of intelligence, since February 12, polar krypton pushed the first major vehicle OTA upgrade zeekr OS Version 1.1.1 since the delivery of polar krypton 001; In terms of service system, the goal of national krypton store layout is 300 + in 2022.
Investment suggestion: the correction of the automobile sector has been sufficient, and we are firmly optimistic about the automobile investment opportunities in 2022. It is recommended to over match! 1) Chip Q2 is expected to continue to alleviate + policy underpinning economy + release of rigid demand. China’s passenger vehicle traffic compulsory insurance data is expected to continue to be positive in Q2 year-on-year, and the positive range of Q3 continues to increase.
2) the demand caused by the price increase of new energy vehicles has been fully responded by the market, and Q2 is expected to resume orders and delivery. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. Recommend [ideal car + Xiaopeng Car + Great Wall Motor Company Limited(601633) + Byd Company Limited(002594) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) ], pay attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ]. For the recommendation of the sector of parts and components for the sector recommendation of [ Hongda Xingye Co.Ltd(002002) 002fora\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ + 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.
