In December, the delivery volume of most new power auto enterprises hit a record high, and the impact of chip shortage gradually subsided. 9 key passenger car enterprises (6 new forces + ea’an + krypton + Volkswagen ID) delivered a total of 97830 new energy vehicles in December, with a year-on-year increase of + 177.93% and a month on month increase of + 7.05%. The impact of chip shortage gradually subsided and the terminal demand was strong. In 2021, 637305 vehicles were delivered in total, a year-on-year increase of + 202.85%. In December, among the 9 key auto enterprises, the sales volume exceeded 10000, including Xiaopeng + ideal + Weilai + ai’an + Nezha + ID series.
Front line new power car enterprises: 1) Xiaopeng: Xiaopeng sold 16000 cars in December, ranking first among the new power car enterprises. Xiaopeng automobile’s delivery in December was + 2.48% month on month, with a year-on-year increase of + 181%. The actual delivery volume of Q4 was better than the guidance of Q3 quarterly report. Accelerate the layout of charging and sales service network. By the end of November 2021, Xiaopeng automobile has launched 661 brand overcharge stations across the country, covering 228 cities; There are 311 Xiaopeng sales stores nationwide, covering 121 cities. 2) Ideal: delivery in December is the highest in a single month. Ideal cars delivered 14087 ideal one in December, with a year-on-year increase of + 130.0% and a month on month increase of + 4.5%. The actual delivery of Q4 was better than the guidance of Q3 quarterly report. In terms of intelligence, it is ideal to push ota3 in December 0 vehicle and aircraft software and Noh high-speed pilot assisted driving. In addition, ideal automobile continues to expand its sales network and achieve the goal of expanding 200 stores in 2021. 3) Weilai: Weilai’s delivery continued to exceed 10000 in December. Weilai delivered 10489 new cars in December, with a year-on-year increase of + 49.7% and a month on month increase of – 3.6%. A total of 25034 cars were delivered in Q4, and the actual delivery volume of Q4 was better than the guidance of Q3 quarterly report. The medium-sized intelligent electric sedan et5 was officially released in December. According to Weilai’s own prediction, et7 / et5 will be officially opened and delivered on March 2022 and September 2020 respectively. In December, Weilai added 99 replacement stations, 89 overcharge stations, 28 destination replacement stations, and more than 20000 third-party charging piles.
Other new forces car enterprises: 1) Nezha cars: 10127 Nezha cars were delivered in December, with a year-on-year increase of + 235.89% and a month on month increase of + 1.14%. In 2021, the cumulative total delivery volume was 69674 vehicles, a year-on-year increase of + 362%. By the end of December, Nezha had 326 service outlets nationwide; In terms of energy supplement system, Nezha power on covers 150 cities, 1637 intelligent charging stations and 19663 fast charging piles. In terms of financing process, Nezha signed a strategic cooperation agreement with Bank Of Shanghai Co.Ltd(601229) on December 9. 2) Zero running cars: 7807 zero running cars were actually delivered in December, with a year-on-year increase of + 368% and a month on month increase of + 39%. 43121 vehicles were delivered in the whole year, a year-on-year increase of + 326.05%. 3) Weima automobile: Weima automobile delivered 5062 vehicles in December, a month on month increase of + 0.7% and a year-on-year increase of + 95.6%; 44157 vehicles were delivered in the whole year, a year-on-year increase of + 96.3%.
Others: 1) gac-e’an: in December, the terminal sales volume was 16675, with a year-on-year increase of + 119% and a month on month increase of + 14.48%. In 2021, the annual cumulative terminal sales volume was 123660, a year-on-year increase of + 119%. In terms of capacity, the capacity construction project of gac-e’an No. 2 plant has been approved, with a planned capacity of 200000 vehicles / year, which will be completed and put into operation in December 2022. 2) Geely krypton: Geely krypton delivers 3796 vehicles per month, and the supporting system is gradually improved. In December, Geely reached a cooperation with waymo, a world-famous driverless technology company, and jikrypton will develop exclusive vehicles for waymoone driverless fleet. 3) Volkswagen ID series: in December, 13787 ID series models were delivered, with a chain comparison of – 2.68%.
Investment suggestion: still optimistic about investment opportunities in the automobile sector. Core supporting logic: 1) the epidemic has been effectively controlled, the chip shortage has been alleviated, which brings the demand for replenishment of passenger cars, and the production and marketing data is expected to enter the improvement cycle. 2) At the Guangzhou auto show, a new wave of new cars of independent brands were launched to further promote the higher quality of independent market share. The whole vehicle sector recommends new forces [Xiaopeng automobile + ideal automobile] & mainstream independent brand [ Great Wall Motor Company Limited(601633) + Byd Company Limited(002594) + Geely Automobile + Saic Motor Corporation Limited(600104) ] & Huawei cooperation [ Guangzhou Automobile Group Co.Ltd(601238) + Chongqing Changan Automobile Company Limited(000625) ], and pays attention to [Weilai automobile + Chongqing Sokon Industry Group Stock Co.Ltd(601127) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ]. Parts and components recommend [ Huizhou Desay Sv Automotive Co.Ltd(002920) + Foryou Corporation(002906) + Bethel Automotive Safety Systems Co.Ltd(603596) + Ningbo Tuopu Group Co.Ltd(601689) + Fuyao Glass Industry Group Co.Ltd(600660) + China Automotive Engineering Research Institute Co.Ltd(601965) + Ikd Co.Ltd(600933) + Huayu Automotive Systems Company Limited(600741) ], and pay attention to [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) + Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
Risk warning: downstream demand recovery is lower than expected; Epidemic control was lower than expected.
