Ping An View:
Driven by technology and products, leading new energy vehicle enterprises have entered a new rising cycle. China Shanxi Guoxin Energy Corporation Limited(600617) car consumption has entered the stage from policy driven to market driven. Byd Company Limited(002594) breaks through the ceiling of the original brand through the accumulation of leading electric vehicle technology and rich new energy vehicle products, realizes the leap in production and marketing scale, and holds the base of core technology - such as blade battery, multi wheel iterative hybrid system and E3 0 new electric vehicle platform, enabling its own vehicle brand at 2C end and opening up new energy vehicle industry chain resources to the industry at 2B end, so as to achieve stronger scale effect and stronger market competitiveness.
Independent car companies launched a new generation of hybrid system models to accelerate the replacement of fuel vehicles Byd Company Limited(002594) , Geely, great wall and other independent car enterprises have launched a new generation of hybrid models. The new generation of hybrid system with high thermal efficiency hybrid special engine as the core has excellent fuel consumption performance, and the price threshold of hybrid models of some brands has dropped to about 100000 yuan. In the long run, pure fuel vehicles will be replaced by hybrid vehicles and pure electric vehicles, but the pricing strategies and product strategies of hybrid vehicles of various vehicle enterprises are different. The vehicle enterprises with small proportion of fuel vehicles and core resources of the electric vehicle industry chain will take the lead in development.
Car companies explore new energy vehicle segments, and the leader of new energy vehicles has been launched in an all-round way. With DM-I hybrid system, E platform 3.0 and independent and controllable industrial chain, Byd Company Limited(002594) new energy vehicles have been launched in an all-round way, and a variety of models will continue to be launched in 2022, covering all kinds of mainstream price bands. In contrast, other car companies are mostly in the development stage of starting the new energy vehicle track with personalized labels, and the brand base of new energy vehicles is not stable enough.
Investment suggestion: we are optimistic about the rise of independent automobile enterprises in the reform of new energy vehicles, and new energy leaders who master core technologies and industrial chain resources will continue to benefit. In 2022, auto enterprises will enter the high-end intelligent electric brand cashing period, and heavy intelligent new cars and high-level auxiliary driving functions will usher in market inspection. In the context of upstream price rise and shortage, the importance of exploring the brand of electric vehicles is more prominent. We strongly recommend Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK), Saic Motor Corporation Limited(600104) and Xiaopeng automobile (9868. HK). Recommend battery and material enterprises benefiting from the new energy vehicle industry chain, and strongly recommend Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) and Ningbo Shanshan Co.Ltd(600884) , and Shanghai Putailai New Energy Technology Co.Ltd(603659) , Shenzhen Capchem Technology.Ltd(300037) . Software defines vehicle acceleration, and the demand for software and hardware services such as domain controller and intelligent vehicle operating system will grow rapidly. It is strongly recommended to Thunder Software Technology Co.Ltd(300496) , and it is recommended to pay attention to Huizhou Desay Sv Automotive Co.Ltd(002920) .
Risk tips: 1) the impact of chip shortage exceeds expectations; 2) Raw material prices rose more than expected, weakening the profitability of auto enterprises; 3) The penetration rate of new energy vehicles is lower than expected; 4) Exploring the personalized route of new energy brand building is less than expected; 5) After the launch of models equipped with large computing power chips, the sales volume was lower than expected.
