Key investment points
In March, the sales volume of key new energy vehicle enterprises rebounded significantly on a month on month basis. Seven key new energy passenger vehicle enterprises delivered a total of 80630 new energy vehicles in March, with a month on month ratio of + 165.40% / + 88.55% respectively. Gac-e’an delivered 20300 vehicles in March, a record high, ranking first among key new energy vehicle enterprises; Zero run car delivery broke 10000 for the first time, reaching a record high.
First line new power auto enterprises: 1) ideal: 11000 vehicles will be delivered in March, and the efficiency of single store will rise. Ideal cars delivered 11034 ideal one in March, with a month on month ratio of + 125.18% / + 31.14% respectively. In Q1, 31716 vehicles were delivered, a year-on-year increase of + 152.1%. Since delivery, the cumulative delivery volume of ideal one has reached 155804. As of March 2022, ideal automobile has 217 retail centers in China, covering 102 cities, with a single store efficiency of 50 vehicles / home, a month on month increase of + 31.14%. Affected by the continuous sharp rise of upstream raw materials, the ideal one retail price has increased by 11800 yuan since April 1, 2022. 2) Xiao Peng: the technical transformation of the production base was completed, the delivery was fully accelerated in March, and the European market was promoted smoothly. Xiaopeng delivered 15414 cars in March, with a month on month ratio of + 202.12% / + 147.61% respectively. In Q1, 34561 vehicles were delivered, a year-on-year increase of + 159.08%. Xiaopeng carried out technical transformation of Zhaoqing base during the Spring Festival. Production has been fully resumed in mid February and delivery has been fully accelerated in March. In March, the price rise of Xiaopeng model partially offset the pressure of price rise of raw materials. Xiaopeng officially opened its P5 Direct stores in the Netherlands and Sweden, and officially opened its P5 Direct stores in Europe and Sweden. 3) Weilai: the delivery picked up month on month in March, and the energy supplement + service system continued to improve. Weilai delivered 9985 new cars in March, with a month on month ratio of + 37.59% / + 62.86% respectively. The company expects to release 2022 models of es8, ES6 and ec6 equipped with the latest intelligent cockpit hardware and the new model ES7 in late May. In terms of energy supplement system, by the end of March, a total of 884 power exchange stations had been arranged in China (265 of which were Expressway power exchange stations).
Other new forces car enterprises: 1) Nezha: delivery hit a record high in March. 12026 vehicles were delivered in March, with a month on month ratio of + 270.49% / + 68.98% respectively. Affected by the rising price of upstream raw materials and other factors, Nezha raised the price of models on sale by Dingli Corp.Ltd(300050) 00 yuan on March 18. 2) Zero running car: delivery in March hit a record high. In March, 10059 vehicles were actually delivered, with a month on month ratio of + 251.34% / + 192.84% respectively. Also affected by the rising pressure of raw materials, Zero run automobile raised the guidance prices of T03 and C11 official websites in March. 3) GAC ea’an: the sales volume reached a record high in March, and the mixed reform was carried out smoothly. In March, the terminal sales volume was 20317, with a month on month ratio of + 189.70% / + 138.29% respectively. The process of mixed reform in ea’an was carried out smoothly. In March, the equity incentive of employees and the equity of gac’an held by the scientific and technological personnel of GAC Research Institute were completed. 4) Extreme krypton: affected by the epidemic and chip supply, 1795 vehicles were delivered in March, with a month on month ratio of – 38.44%; Up to now, 14248 vehicles have been delivered. In terms of intelligence, on March 23, the official version of zeekr OS 2.0 was launched one after another, adding the first batch of ZAD krypton intelligent driving assistance system functions, including accqa adaptive cruise with queuing function.
Investment suggestion: the automobile sector may have bottomed out. 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 car traffic compulsory insurance data is expected to be positive in Q2 and Q3. 2) The demand impact of the price increase of new energy vehicles is relatively limited. 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) ]. Recommendation for parts and components sector recommendation [ Ningbo Tuopu Group Co.Ltd(601689) \ + Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) ].
Risk tip: the recovery of downstream demand is lower than expected, and the impact of chip shortage & raw material price rise is higher than expected.
