Facing the supply side pressure of the industry, the upgrading of new energy brand is more urgent. The industry is short of core and electricity, and the cost of new energy vehicles is rising. Under the pressure of supply, the upgrading of new energy vehicles has become the focus of all vehicle enterprises in 2022. Great Wall Euler black and white cat stopped receiving orders and launched a variety of products in 2022, covering the price range of 150000 ~ 300000, and the price center is expected to move up; Geely’s high-end pure electric brand krypton will also launch two new models in 2022, with a target sales volume of 70000 units; The heavy high-end pure electric new cars of SAIC Zhiji and Feifan will also be launched in 2022; Gac-e’an has a large scale of production and sales, but the high-end and personalization need to be improved. In 2022, e’an will lay out a market of 200000 ~ 300000 yuan Chongqing Changan Automobile Company Limited(000625) 2022 launched a number of new models based on the new pure electric platform, focusing on the price range of 150000 ~ 200000, and the high-end pure electric vehicle avita 11 will also be listed in 2022 Byd Company Limited(002594) 2022: new energy products will be launched across the board, and the production and sales scale of new energy vehicles is expected to double; Compared with the models on sale, the new models in 2022 have made a big leap, which is expected to double the production and sales scale of the new forces in 2022.
Lower the sales forecast of A00 vehicles and maintain the sales forecast of 5.1 million new energy vehicles in 2022. Affected by the supply side, the A00 new energy market will be greatly impacted in 2022; Driven by star models such as good cat and dolphin, the A0 market is expected to remain high and long; In 2022, the oil price was high, and the independent vehicle enterprises led by Byd Company Limited(002594) launched a variety of hybrid products. The whole class a hybrid market showed a trend of booming supply and demand; Class B new energy vehicle market has more cost space to absorb the impact of upstream price rise, and users are also less sensitive to price. In 2022, class B new energy will become a competition field for vehicle enterprises. A variety of heavy new models will be delivered, and the abundance of models will further stimulate the continuous volume of the market. We expect the sales volume of A00 / A0 / A / b new energy passenger vehicles in 2022 to be Shanghai Pudong Development Bank Co.Ltd(600000) / 700000 / 1.8 million / 1.65 million respectively, with a year-on-year change of – 33% / 82% / 92% / 65% in 2021, maintaining the sales forecast of 5.1 million new energy vehicles in 2022.
Investment suggestion: in the environment of lack of core and less electricity in the industry, we are optimistic about the auto enterprises that have successfully created high-end new energy brands and achieved rapid implementation of intelligent products. We strongly recommend Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK), Xiaopeng automobile (9868. HK), Saic Motor Corporation Limited(600104) , and we suggest paying attention to Weilai and ideal; Recommend suppliers Fuyao Glass Industry Group Co.Ltd(600660) , Huayu Automotive Systems Company Limited(600741) , benefiting from the increasing penetration of electric smart vehicles; In terms of battery materials, we strongly recommend Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) ; 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 lack of core and power is higher than expected, resulting in lower sales of new energy vehicles than expected; 2) The high-end new energy brand building of automobile enterprises is not successful; 3) The penetration rate of high-end smart cars is lower than expected.
