Top down dimension: three conditions for the formation of explosive Funds – timing (in line with the consumption habits of the times) & geographical advantage (born in innovative organizations) & human harmony (clear positioning and continuous iteration). Tianshi: the attribute characteristics of popular products are in line with the user group tendency in the consumption era. At present, China is the user’s pursuit of perceptual consumption of personality differentiation in the transition stage from the second to the third consumption society. Geographical advantage: organizational characteristics of the birth of popular funds: 1) flat organization has no big enterprise disease. 2) Systematic engineering is also the number one project. 3) Science and art can be well combined. Good product managers are very scarce. To some extent, good product managers cannot be copied. 4) The technology has a strong ability of continuous iteration. Renhe: the popular products must have clear product positioning and target population planning to ensure effective product competition; And constantly carry out iterative upgrading of products to ensure vigorous vitality.
Bottom up dimension: there are three stages for the cultivation of popular Funds – basicity (determining the price range and initially positioning the product market) & pertinence (clarifying the segmentation and positioning and basically locking the user group) & sublimation (increasing different configurations and sublimating the highlights of product differentiation). The three stages present a pyramid structure and gradually focus on the core circle users accurately. The first stage is to compare the basis and focus on the target price range of the product; The second stage is relatively more critical, which investigates the understanding of the host plant on products, markets and users. People below 100000 yuan pay more attention to cost performance, while those between 100000 and 200000 yuan pay more attention to cost performance & space; 200000 ~ 300000 yuan, pay more attention to appearance & space; More attention should be paid to appearance & Space & intelligence, etc. The third stage is to show the maturity of players’ input in the market, that is, the degree of hard competition in the market.
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 brought about 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. The whole vehicle segment recommends [ideal car + Byd Company Limited(002594) + Xiaopeng Car + Great Wall Motor Company Limited(601633) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ], and pays attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) ]. 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 tip: the recovery of chip shortage is not as expected; The progress of electric / intelligent technology is lower than expected.
