Core view
The sales volume of new energy vehicle enterprises increased year-on-year in the first quarter, and Byd Company Limited(002594) officially stopped production of fuel vehicles
1. The sales volume of Byd Company Limited(002594) new energy is strong, and the fuel vehicles will be officially discontinued soon The sales volume of Byd Company Limited(002594) 3m22 / 1q22 new energy passenger vehicles was 104000 / 285000 respectively, with a year-on-year increase of + 346% / + 433% respectively. On April 4 Byd Company Limited(002594) announced that the production of complete fuel vehicles would be stopped from March 2022. In 2021 / 1q22, the sales volume of new energy vehicles of the company has reached 81.6% / 98.3% respectively. We believe that stopping the production of fuel vehicles is in line with the company’s strategy.
2. Tesla and new power auto enterprises had a good trend in the first quarter. 1) Tesla 1q22 delivered 310000 vehicles, with a month on month ratio of + 68% / + 0.5% respectively; 2) The delivery volume of Weilai 3m22 / 1q22 was 10000 / 26000 vehicles respectively, with a year-on-year increase of + 38% / + 29% respectively. The company has started to deliver et7 in March, and will release the new suves7 in May, and launch 2022 es8, ES6 and ec6 at the same time; 3) The delivery volume of Xiaopeng automobile 3m22 / 1q22 was 15000 / 35000 respectively, with a year-on-year increase of + 202% / + 159% respectively. The company completed the technical transformation of Zhaoqing factory during the Spring Festival, and the delivery capacity will be further improved in the second quarter; 4) The ideal delivery volume of 3m22 / 1q22 is 1.132000 vehicles respectively, with a year-on-year increase of + 125% / + 152% respectively. The company will release its flagship suvl9 on April 16; 5) The delivery volume of Nezha 3m22 / 1q22 was 12000 / 30000 vehicles respectively, with a year-on-year increase of + 270% / + 305% respectively; 6) The delivery volume of Zero run 3m22 / 1q22 was 10000 / 22000 vehicles respectively, and the sales volume of 1q22 was + 410% year-on-year; 7) GAC AEAN 3m22 / 1q22 delivered 2.0 / 45000 vehicles respectively, with a year-on-year increase of + 189% / + 154% respectively. Gac-e’an completed the employee stock ownership in March, started the a-round war, and will choose the opportunity to go public.
In March, the auto market was under pressure due to the impact of the epidemic, and the dealer inventory early warning index rose
1) the epidemic situation in the second half of March has a serious impact on the automobile market. According to the passenger Federation, in the first four weeks of March, the batch / retail sales of narrow passenger vehicles were 1.3 million / 1062000 respectively, with a year-on-year increase of – 12% / – 18% respectively; Due to the counterattack of the epidemic in many places across the country, the sales volume of passenger cars began to decline significantly in the third week of March. The retail sales volume in the third / fourth week was – 29% / – 29% year-on-year and – 25% / – 46% month on month compared with the same period in February; 2) Retail decline + replenishment at the end of the quarter led to a significant increase in the inventory early warning coefficient. According to the Automobile Circulation Association, the inventory early warning index in March was 63.6%, a year-on-year increase of + 8.1pct. According to the analysis of the association, the dealer early warning index rebounded significantly under the synchronous influence of retail decline and replenishment at the end of the quarter.
Investment suggestion: for the whole vehicle, it is suggested to pay attention to Saic Motor Corporation Limited(600104) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) . Suppliers of automotive electronic related parts are expected to realize domestic substitution and increase in price and volume in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Keboda Technology Co.Ltd(603786) (light control), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), etc.
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
