Since this year, the new energy sector has experienced a short-term correction. Data show that as of the closing of the 6th, the new energy vehicle concept index fell 1.43%, down more than 20% this year. With the first quarter production and sales data of Byd Company Limited(002594) , new forces of car making and other auto enterprises coming out one after another, the organization believes that the sales volume of new energy vehicles is expected to be better in 2022 and is optimistic about the medium and long-term opportunities of the sector.
On the morning of June 6, Byd Company Limited(002594) released the production and sales express in March 2022. The company achieved 104878 new energy vehicles in that month, compared with 24218 in the same period last year; The cumulative sales volume of new energy vehicles this year was 286329, with a year-on-year increase of 422.97%. It is worth mentioning that the production and sales data of Byd Company Limited(002594) fuel vehicles in March were zero. In the announcement, the company said that it would stop the whole vehicle production of fuel vehicles from March 2022 and focus on pure electric and plug-in hybrid vehicles in the automotive sector in the future.
In addition, the new forces of car making recently successively released the transcripts of March and the first quarter. Compared with the slowdown in February due to the impact of the Spring Festival holiday, the delivery volume in March improved significantly month on month. Among them, 15414 Xiaopeng cars were delivered in March, with a month on month increase of 148% and a year-on-year increase of 202%. The cumulative delivery volume in the first quarter reached 34561 vehicles, 2.6 times that of the same period last year. Ideal car delivered 11034 ideal one in March, with a year-on-year increase of 125.2%. In the first quarter, 31716 vehicles were delivered, a year-on-year increase of 152.1%. Weilai delivered 9985 new cars in March, a year-on-year increase of 37.6%. The delivery of new cars increased by 257688% in a quarter, a year-on-year increase.
In the first quarter, many auto companies successively raised the price of their new energy vehicles to cope with the pressure of rising costs, generally in the range of 5% – 15%, of which Tesla adjusted the price most frequently. In this regard, the agency believes that the price rise will not affect the general trend of new energy development. The recent research report of Puyin international pointed out that although several auto enterprises passed the pressure of price rise of upstream materials and raised the price of cars, it had a limited impact on the demand of the new energy vehicle industry. Since the beginning of the year, the increase in the retail price of new energy vehicles is a common behavior in the industry, mainly to alleviate the rapid rise in the price of upstream raw materials. From the perspective of industry demand, price is not the only reason for consumers to choose new energy vehicles. Lower use cost and intelligent experience are important advantages of new energy vehicles. Therefore, the price adjustment will cause short-term order fluctuations of auto enterprises, but it will not change the medium and long-term demand growth.
According to the data of China Automobile Industry Association, in 2021, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 3521000, with a year-on-year increase of 157.57%, ranking first in the world for seven consecutive years. It is predicted that the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to exceed 5 million in the middle of 2022, and the sales target of new energy vehicles in 2025 will be completed ahead of schedule. Open source Securities believes that with the accelerated growth of new energy vehicles, application scenarios such as lithium batteries deserve attention.
Puyin International believes that China Shanxi Guoxin Energy Corporation Limited(600617) automobile penetration curve is currently in the accelerated upward stage of “s” curve, and the industry has been clearly supported on the demand side, supply side and policy side. The new energy vehicle enterprises represented by the new forces of vehicle manufacturing will fully benefit from the rapid growth of China’s and overseas new energy vehicle industry. It is expected that the vehicle sales of Weilai, Xiaopeng and ideal will increase by 60%, 79% and 78% year-on-year respectively in 2022.
Guosen Securities Co.Ltd(002736) released the investment strategy of the automobile industry in April, which pointed out that the automobile industry has ushered in the era of science and technology. The century old automobile technology reform combined with the overall growth has promoted the transition of the industry to a mature stage, and the development of electrification, intelligence and networking has accelerated. Among them, electrification is upgraded in the direction of high energy density battery, multi in one electric drive system and high voltage of vehicle platform; In terms of intellectualization, with the application of 5g technology, the intelligent transportation off road and new infrastructure have entered the demonstration, and the overall level of automobile intellectualization has been improved. In 2022, the agency expects that the reform of automobiles will accelerate, and electric, intelligent and Internet technologies will promote the upgrading of automobiles from traditional means of transportation to intelligent mobile terminals, create more demand and lead to the revaluation of the industry valuation system. The new forces of automobile manufacturing and other relevant automobile enterprises are expected to usher in the valuation improvement.
