[key points of investment]
State owned auto enterprises actively develop new energy, mix reform to stimulate vitality, and independent brand operation has become a trend. Gac-e’an plans to implement employee equity incentive through capital increase through non-public agreement. The capital increase parties include GAC AIAN employee equity incentive platform, GAC Research Institute scientific and technological personnel shareholding platform, and strategic investors (Chengtong Group, Nanwang kinetic energy, Guangzhou AIAN). Among them, the total shareholding of internal employees is 4.55%, and the total shareholding of war investment cooperation is about 2%. According to the newly increased financing of 2.566 billion yuan and the total equity of 6.55%, it can be estimated that the post investment value of gac-ea is 39.176 billion yuan. After the completion of employee equity incentive, the a-round war and share restructuring will be launched in time, and market-oriented strategic investors with strategic synergy, policy guidance and market influence will be introduced.
EV + ICV technology continues to iterate and steadily build a pure electric vehicle matrix with strong product power. 1) Product level: the pure electric platform will evolve to the third generation gep3 next year 0. Car cloud integrated electronic and electrical architecture eea3 0 fully realize the plug and play of hardware and the constant updating of software. Zhijia L4 self research and cooperation are carried out in parallel. It is expected to achieve mass production this year; 2) Supply chain & Manufacturing: focus on independent R & D, joint venture and cooperation of core components, and form extensive cooperation with Contemporary Amperex Technology Co.Limited(300750) , Qingtao, dianchan, CRRC, Huawei, Baidu and Tencent to form a leading, stable and independently controllable industrial chain layout. In addition, guangfeike factory will be transformed to make full use of existing resources and expand production efficiently and steadily; 3) Channel operation: app becomes the only ordering channel, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration, using big data to support market forecast and empower dealers. Through multi-level accumulation, innovation and operation, we have created a powerful pure electric vehicle matrix with aion s / Y Series as the main force and aion V / LX series to explore the high-end market.
Benchmarking the new forces of car making, and independently accelerating the incubation of the rise of electric smart brands. In 2021, the cumulative penetration rate of China’s retail new energy passenger vehicles was 14.9%. The penetration rate is expected to continue to increase rapidly in 2022, and the independent brand development path of high-end electric intelligent independent operation leading the brand upward has been confirmed. Gac-e’an may benefit from Guangzhou Automobile Group Co.Ltd(601238) state-owned assets background and joint venture experience, accelerate the integration of the supply chain of electric intelligent core parts, quickly accumulate experience in technology development and mass production through self-research, joint venture and cooperation, and use mixed reform to boost the qualitative change of operation efficiency, so as to form the competitiveness of electric intelligent head echelon, or it can benchmark new forces, and consider the valuation at about 5x PS or 30x PG.
[investment suggestions]
Independent operation of high-end smart electric brands has become the only way for independent brands to move forward. It is suggested to pay attention to the target of electric smart industry chain with high growth and long-term value: 1) passenger car sector: it is suggested to pay attention to the independent car enterprises that have the ability to vertically integrate the core parts resources of new energy, actively transform the independent operation of high-end smart electric brands, cautiously value Byd Company Limited(002594) , Chongqing Changan Automobile Company Limited(000625) , and Guangzhou Automobile Group Co.Ltd(601238) ; 2) Parts sector: it is recommended to pay attention to gradually accumulating and iterating and establishing independent enterprises of electric intelligent core incremental parts with positive development ability from 0 to 1. They are optimistic about Tianrun Industry Technology Co.Ltd(002283) . It is recommended to pay attention to Keboda Technology Co.Ltd(603786) , Shanghai Baolong Automotive Corporation(603197) , longitude and latitude Hengrun.
[risk tips]
The supply shortage of chips has intensified; The cost of upstream price rise is under pressure; The implementation of stimulus policies for electric intelligent industry was less than expected; The epidemic control was not as expected; The progress of new product development and mass production of automobile enterprises is less than expected.
