In Q1, the retail sales of new energy passenger vehicles increased by 135.8% year-on-year and decreased by 11.4% month on month. In March, 445000 new energy passenger vehicles were retailed, with a year-on-year increase of 138.4% and a month on month increase of 80.6%; Q1 retail sales of 1.005 million new energy passenger vehicles, with a year-on-year increase of 135.8% and a month on month decrease of 11.4%. In March, 360000 pure electric vehicles were retailed, with a year-on-year increase of 127.2% and a month on month increase of 92.4%; Retail sales of 787000 vehicles in Q1 increased by 120.7% year-on-year and decreased by 15.0% month on month. In March, 85000 plug-in hybrid cars were retailed, with a year-on-year increase of 201.2% and a month on month increase of 43.3%; The retail sales of 219000 vehicles in Q1 increased by 212.9% year-on-year and 4.6% month on month, showing excellent performance.
The penetration rate of new energy in cities with purchase restrictions reached 42.3%. In March, the new energy penetration rate increased by 9.4pct to 31.6% month on month, and the new energy penetration rate in Q1 increased by 0.8pct to 21.4% month on month. In March, the penetration rate of restricted cities reached 42.3%, and the penetration rate of new energy in non restricted cities and restricted cities were 28.7% and 31.2% respectively, a record high. In March, the penetration rates of new energy in first tier, second tier, third tier, fourth tier and lower tier cities were 42.3%, 33.9%, 30.6%, 23.6% and 17.9% respectively.
Byd Company Limited(002594) won the championship of automobile enterprises for a long time, and Hongguang miniev ranked first in the model. In March, the top 5 enterprises of new energy passenger vehicles were Byd Company Limited(002594) , Tesla, SAIC GM Wuling, Chery and GAC AIAN, with sales of 104408, 65086, 47488, 22512 and 18737 respectively; The top 5 models are Wuling Hongguang miniev, Tesla modely, Tesla Model3, Byd Company Limited(002594) song plusdm, Byd Company Limited(002594) Qin plusdm, with sales of 42544, 39353, 25733, 16944 and 13443 respectively.
Byd Company Limited(002594) pure electric and plug-in hybrid electric sales reached a new high Byd Company Limited(002594) 3 month sales of new energy passenger vehicles 104408, an increase of 488.5% year on year and 57.1% month on month. Among them, there are 56839 pure electric vehicles and 47569 plug-in hybrid electric vehicles. Qin plusdm, song plusdm and song prodm sold 13443, 16944 and 6056 vehicles respectively, with a month on month increase of 4.7%, 28.1% and 71.9% respectively; Han EV, dolphin and Yuan plusev sold 11128, 10202 and 7438 vehicles respectively, with month on month growth of 119.9%, 65.0% and 252.3% respectively.
The sales volume of gac-e'an reached a new high. In March, GAC ea'an sold 18737 vehicles, a record high, with a year-on-year increase of 157.6% and a month on month increase of 154.8%. The sales volume of ai'an s, ai'an y and ai'an V are 7715, 7473 and 3285 respectively.
Tesla sells 65000 vehicles. In March, Tesla sold 65086 vehicles, an increase of 87.9% year-on-year and 169.0% month on month. Among them, the sales of model 3 and model y are 25733 and 39353 respectively. The total proportion of these two vehicles in cities with no traffic restrictions and purchase restrictions has increased from 21.9% in 2020 to 41.0%; The proportion of sales in first tier cities decreased from 49.8% in 2020 to 23.3%.
Euler sells 14000 vehicles. In March, Great Wall Euler brand sold 13783 vehicles, with a year-on-year increase of 6.7% and a month on month increase of 90.7%. Among them, the sales of Euler black cat and good cat (including GT) were 6996 and 5875 respectively. In March, the proportion of sales volume of Euler good cat in non restricted cities increased from 33.1% in 2020 to 57.4%, and the proportion in non first tier cities continued to increase from 66.3% in 2020 to 91.7%.
The sales volume of new forces is excellent. In March, the ideal One1 sold 11077 vehicles, with a year-on-year increase of 119.0% and a month on month increase of 32.3%. Nezha sold 10596 cars in March, with a year-on-year increase of 337.7% and a month on month increase of 63.8% (including 3944, 6635 and 17 cars sold by Nezha u, Nezha V and Nezha N01 respectively). Xiaopeng sold 15484 vehicles (year-on-year + 226.1%, month on month + 151.5%); Weilai sold 9829 vehicles (YoY + 42.2%, mom + 73.5%); Sales of 7747 vehicles in Zero run (year-on-year + 281.1%, month on month + 124.1%); Weima sold 5516 vehicles (an increase of + 211.3% year-on-year and + 66.6% month on month); Enjie M5 sold 2875 vehicles (a month on month increase of 235.9%).
Investment suggestions: focus on recommending excellent independent vehicle enterprises Byd Company Limited(002594) , Guangzhou Automobile Group Co.Ltd(601238) , Great Wall Motor Company Limited(601633) and parts enterprises Zhejiang Founder Motor Co.Ltd(002196) , Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Mingxin Automotive Leather Co.Ltd(605068) .
Risk tip: the subsidy has declined sharply; Chip shortage; The sales volume of new models is lower than expected
