Matters:
In April 2022, a number of new car manufacturers released sales data for March. In March 2022, the sales volume of ai'an / Xiaopeng / Nezha / ideal / Zero run / Weilai / extreme krypton was 20317 / 15414 / 12026 / 11034 / 10059 / 9985 / 1795 respectively, with a year-on-year increase of + 190% / + 202% / + 270% / + 125% / + 247% / 38% /, 218% / 148% / 69% / 31% / 193% / 63% / - 38% respectively. In 2022q1, the sales volume of ea'an / Xiaopeng / ideal / Nezha / Weilai / Zero run / extreme krypton was 44874 / 34561 / 31716 / 30152 / 25768 / 21544 / 8241, with a year-on-year increase of + 155% / + 159% / + 152% / + 305% / + 28% / + 410% /, respectively + 4% / - 17% / - 10% / + 7% / + 3% / + 26% / + 37%. Ai'an and Xiaopeng took the lead in delivery, while Nezha and Zero run maintained rapid growth.
Guoxin automobile's view: This article is the eighth of the series of new forces of car making. Following the in-depth report "one of the series of new forces of car making - analyzing the four key points of the advanced race" in October 2020, comments on Q3 quarterly report of new forces of car making: bright production and sales data, positive gross profit and focus on automatic driving technology in November 2020, and comments on Q4 quarterly report & annual report of new forces of car making: positive gross profit margin, 2021 is expected to be the first year of popular electric models, In January 2022, the delivery volume of the new forces of car making reached a new high in December, and the penetration of intelligent electric vehicles was accelerated; in February 2022, the sales volume of the new forces of car making remained bright in January, and the market share continued to increase; in March 2022, the delivery was under pressure in the off-season, and Nezha the dark horse deserves attention; in March 2022, the eighth series of reports of the new forces of car making was published after "imagine that L9 will be listed soon, and pay attention to the investment opportunities in the industrial chain". According to the data of the passenger Federation, from March 1 to 27, 2022, China wholesale 48000 passenger cars per day, with a month on month ratio of - 12% / - 6% respectively. It is estimated that about 1.49 million passenger cars will be wholesale in March. The delivery performance of the new force of car making generally outperforms the industry.
We believe that the core advantages of the new forces of car making lie in the flat and flexible organizational structure, innovative and enterprising corporate culture, personalized high-end brand image and R & D advantages of software and hardware collaborative layout. The sales growth and new product polishing in 2021 have preliminarily proved their market competitiveness. The core focus in 2022 and the next few years lies in delivery volume, product matrix, brand barriers and profit and loss balance. The important challenges lie in supply chain management, organization expansion, channel laying and user demand. In addition to "Wei Xiaoli", ai'an broke through the pain point of new energy vehicles and grasped the opportunity of market structure transformation of new energy vehicles. Nezha automobile is backed by 360 group. With channel sinking and differentiated positioning, it has a good development momentum and deserves attention.
Under the influence of the epidemic, geopolitics and other comprehensive factors, the global commodity prices continued to rise, the prices of important raw materials for automobile production, such as aluminum, magnesium, lithium, steel, petroleum, rubber and chips, continued to rise, and the costs of complete vehicles and parts continued to be under pressure. Some complete vehicle enterprises officially announced price increases since February. We believe that the price trend of raw materials is difficult to predict in the short term, but the electric and intelligent upgrading trend of the automotive industry remains unchanged, which is still the main logic of the dimension in the next 5-10 years. We recommend hybrid ( Byd Company Limited(002594) / Great Wall / Geely) / Xiaopeng automobile and other new forces / Tesla / gac-e'an and its industrial chain in the direction of independent rise, and 1) data flow direction in the direction of incremental parts: pay attention to sensors, domain controllers, brake by wire, air suspension, lights, glass, car machine, HUD, car audio and other links. 2) Direction of energy flow: pay attention to power battery, electric drive system, electric control of small and medium-sized micro motors, IGBT, high-voltage harness cable connector and other links. Recommendations for the subject matter include recommendations for 's Fuyao Glass Industry Group Co.Ltd(600660) \ , Shandong Linglong Tyre Co.Ltd(601966) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Suzhou Sonavox Electronics Co.Ltd(688533) , etc.
Comments:
Ai'an and Xiaopeng took the lead in delivery, while Nezha and Zero run maintained rapid growth
In April 2022, a number of new car manufacturers released sales data for March. In March 2022, the sales volume of ai'an / Xiaopeng / Nezha / ideal / Zero run / Weilai / extreme krypton was 20317 / 15414 / 12026 / 11034 / 10059 / 9985 / 1795 respectively, with a year-on-year increase of + 190% / + 202% / + 270% / + 125% / + 247% / 38% /, 218% / 148% / 69% / 31% / 193% / 63% / - 38% respectively. In 2022q1, the sales volume of ea'an / Xiaopeng / ideal / Nezha / Weilai / Zero run / extreme krypton was 44874 / 34561 / 31716 / 30152 / 25768 / 21544 / 8241, with a year-on-year increase of + 155% / + 159% / + 152% / + 305% / + 28% / + 410% /, respectively + 4% / - 17% / - 10% / + 7% / + 3% / + 26% / + 37%. Ai'an and Xiaopeng took the lead in delivery, while Nezha and Zero run maintained rapid growth.
According to the data of the passenger Federation, from March 1 to 27, 2022, China wholesale an average of 48000 passenger cars per day, with a month on month ratio of - 12% / - 6% respectively. It is estimated that about 1.49 million cars will be wholesale in March. The delivery performance of the new force of car making is better than that of the industry in general. According to the prediction of the passenger Federation, in the new energy market, affected by the recurrence of the epidemic, the decline of subsidies and the general price rise of new energy vehicle enterprises, the market support is insufficient in the first four weeks of March, but consumers have a good acceptance of the price rise, and the impact is relatively limited. In addition, manufacturers face the target pressure at the end of the quarter, the wholesale sales of manufacturers are expected to rebound significantly in the next week.
Ai'an breaks through the pain point of new energy vehicles and seizes the opportunity of market structure transformation of new energy vehicles
Ai'an's sales volume remains at the forefront among the new power auto enterprises, and aiony's delivery reaches the top of the market segment. In 2022q1, GAC ea'an's sales volume was 16031, 8526 and 20317 vehicles respectively, with a year-on-year increase of 117% / 166% / 189%. It ranked first among the new forces of independent brand car making for three consecutive months, and became the new force car enterprise with a monthly sales volume of more than 20000 vehicles. The sales volume of many SUV models, including A00 and Suy models, continued to rise against the pressure of the epidemic situation in March, and achieved excellent performance in spite of the repeated rise in the price of many SUV models, including A00 and Suy models.
We will promote the mixed reform of equity incentives and start IPO at an appropriate time next year. Gac-ea was founded on July 28, 2017 and is wholly-owned by Guangzhou Automobile Group Co.Ltd(601238) directly and indirectly. On March 17, 2022, gac-e'an raised 2.566 billion yuan by means of non-public agreement, implemented equity incentive for 679 employees, and 115 scientific and technological personnel of GAC Research Institute held the equity of gac-e'an "from top to bottom", and simultaneously introduced Chengtong Group, China Southern Power Grid and Guangzhou ai'an as strategic investors.
2022h2 will introduce round B war investment and fully complete the mixed reform within the year. It will be listed in 2023, and it is planned to raise 50 billion yuan for R & D investment.
The market of 15 Shenzhen Tellus Holding Co.Ltd(000025) 0000 yuan of accurate card space complies with the transformation of market structure of new energy vehicles. The models on sale of gac-e'an include aions, aiony, aionv and aionlx. Except aionlx, the official guidance price of other main models does not exceed 250000 yuan. In 2021, the sales volume of A00 grade pure electric vehicles accounted for about 30.1%, and that of B grade pure electric vehicles accounted for about 20.6%. The new energy passenger vehicle market showed a "dumbbell" sales structure. With the improvement of consumers' recognition of new energy vehicles and the enhancement of the product power of new energy models positioned by the mainstream public, the sales volume of A0 and A-class new energy vehicles will gradually increase in the future, and the new energy vehicle market will accelerate the optimization to the "spindle" market of mature fuel vehicles. The main models of gac-e'an are facing the "sweet spot" of 15 Shenzhen Tellus Holding Co.Ltd(000025) 0000 yuan market, and seize the opportunity of market structure transformation of new energy vehicles.
Overcome the three pain points of "safety, endurance and charging". In terms of safety, GAC AIAN launched the safety technology of magazine battery system, and successively proved its high safety through acupuncture thermal runaway experiment. In terms of endurance, aionlx equipped with sponge silicon negative electrode battery technology has measured a comprehensive endurance mileage of 904km, leading other vehicle enterprises to make an important breakthrough in endurance mileage. In terms of charging, after seven years of research and development, gac-e'an officially released the super speed battery technology and A480 overcharge pile with charging power up to 480kw, which can realize "charging for 5 minutes and endurance of 200 kilometers", and announced the plan to build an overcharge network at the same time. At present, aionvplus, the first vehicle equipped with super speed battery technology, can support 6C and 3C charging speeds.
Backed by 360 group, the channel sinks, and Nezha automobile deserves attention
Delivery performance: Nezha automobile has a good development momentum in recent years. From November 2021 to January 2022, Nezha automobile has achieved a monthly delivery volume of more than 10000 for three consecutive months, and 12026 vehicles were delivered in March 2022, a record high. Among the new forces of car manufacturing of major independent brands such as Weilai / Xiaopeng / ideal / Nezha / Zero run / extreme krypton, Nezha's monthly delivery volume has repeatedly squeezed into the top three. From the perspective of delivery volume alone, the gap between Nezha automobile and the first echelon of new car building forces represented by "Wei Xiaoli" has become smaller and smaller.
Market positioning: Nezha's strategic positioning tends to become vivo in cars, and the product audience tends to be young people in third, fourth and fifth tier towns. According to the data of auto home, there are three main models of Nezha cars on sale at present, Nezha U (compact SUV, guidance price of 102800179800 yuan), Nezha V (small SUV, guidance price of 629 Hunan Valin Wire&Cable Co.Ltd(001208) 00 yuan) and Nezha N01 (small SUV, guidance price of 66800139800 yuan).
The average selling price of Nezha's main models is less than 150000 yuan. It focuses on high cost performance, locates in the middle and low-end market, and competes differentially with "Wei Xiaoli" and other front-line car building new forces. From the dealer recruitment materials downloaded from Nezha's official website, we can see that in the direct competition of Nezha's benchmarking, BAIC, Chery, JAC, Dongfeng Fengshen and other car enterprises have higher priority, while Weima, Xiaopeng, Weilai and other new car making forces with relatively medium and high-end positioning lag behind.
Channel construction: in 2018, the company proposed the "Nezha automobile cloud sea plan" to fully sink the channel to one county and one store that can be reached in a light asset mode. "Nezha car cloud sea plan" includes two parts: Nezha SaaS cloud system platform and Nezha store. Nezha SaaS cloud system platform covers different mobile business terminals such as car sales, online shopping and owner service. It is connected to offline Nezha stores, city partners and new retail strategic alliance partners (such as JD Auto Mall) through the cloud, so as to realize the channel sinking under the asset light mode. Nezha store is a low investment and high coverage entrepreneurship platform, including center, small store and small station. Among them, the "center" is mainly responsible for experience, delivery, service, storage and other functions, and will be mainly located in the first and second tier cities in the future; "Small stores" focus on the third, fourth and fifth tier markets. They do not do warehousing and capital reserves, but only test drive and sales; The "small station" is a service station responsible for repair and maintenance services.
In 2019, the company further put forward the "extreme cloud sea plan", and proposed that the channel construction (i.e. channel construction) should be light of assets and heavy on experience, realize the deep sinking to the local and county-level market with Nezha small store, and realize the simultaneous development of channels from top to bottom with various modes of "direct operation, joint operation and franchise". Strive to achieve 3000 stores in three years, reaching one store in one county.
As of August 2021, from the perspective of provinces, there were 223 offline stores (official website data, including direct sales and dealers) of Nezha automobile. Among them, there are 47 Direct stores, accounting for 21%; 176 dealer stores, accounting for 79%. The provinces with the most stores are Shandong / Zhejiang / Jiangsu, with 24 / 23 / 22 stores respectively, accounting for 11% / 10% / 10%. The overall layout takes the Yangtze River Delta as the core and radiates to the outside world.
From the perspective of city dimension, the 223 stores of Nezha automobile are distributed in 149 cities in China, with the largest number of stores in Beijing / Shanghai / Jiujiang / Qingdao / Hangzhou / Xi'an, accounting for 11 / 8 / 6 / 6 / 5 / 5 respectively, accounting for 5% / 4% / 3% / 3% / 2% / 2% respectively. The total number of stores in the four first tier cities of Beijing / Shanghai / Guangzhou / Shenzhen is 26, accounting for only 12%. Among the top ten cities with the largest number of stores, there are only six first tier cities / provincial capitals, and a large number of third and fourth tier small cities rank at the forefront.
