Key investment points
The resumption of work and production was promoted in an orderly manner, and China’s electric vehicle index rebounded. This week, some vehicle manufacturers and parts manufacturers successively resumed work and production, driving the recovery of electric vehicle index. This week, it rose by 0.7%, outperforming the Shanghai and Shenzhen 300 index by 4.9%; The smart car index fell 4.1% and outperformed the CSI 300 index by 0.1%. Overseas, the NYSE global electric smart car index fell 1.2% this week, outperforming the S & P 500 index by 1.6%; Tesla‘s Shanghai factory resumed work in an orderly manner this week, and the first quarter report was bright, and the company’s share price rebounded slightly.
Auto industry chain resumption tracking: this week, many complete vehicle factories in Shanghai such as SAIC passenger car, SAIC Volkswagen, SAIC GM and Tesla resumed production smoothly, and the resumption process of Contemporary Amperex Technology Co.Limited(300750) and other parts manufacturers was also promoted in an orderly manner. Weilai Hefei factory and great wall tank 300 Chongqing factory in non Shanghai areas have also resumed production. Among the first batch of “white list” enterprises to resume work and production, there are more than 250 enterprises in the automobile industry chain. As of April 22, 70% of the “white list” enterprises have resumed work and production, and the operation of the automobile industry chain is expected to gradually improve.
Price increase tracking of new energy vehicle enterprises: this week, the prices of M5 and Chang’an new energy vehicles in the world increased. The polar krypton and polar fox that previously announced the price increase will also announce the specific adjustment plan next week. The previous price increase plans of lantu, jikrypton, Jihu, Chongqing Changan Automobile Company Limited(000625) , AITO automobile and Weilai will take effect in early May.
Tesla’s first quarterly report was brilliant, and horizon and Byd Company Limited(002594) reached fixed-point cooperation. 1) Electrification: Tesla released its first quarter results, with a total revenue of US $18.756 billion, a year-on-year increase of + 81%, of which the automobile revenue was US $16.861 billion, a year-on-year increase of + 87%, and the automobile gross profit margin was 32.90%; Mercedes Benz’s new EQs, BMW i7 and Lexus R7 will be launched in the world; Honda will launch three electric vehicle platforms before 2030, one of which will be jointly developed with general motors; Gac-e’an’s first super charging and switching center was built in Guangzhou. 2) Intellectualization: horizon and Byd Company Limited(002594) reach fixed-point cooperation Thunder Software Technology Co.Ltd(300496) and horizon set up a joint venture to focus on intelligent driving; Jidu automobile has entered the stage of 2.0 and is equipped with dual lidar to realize real redundancy; Xiaoma Zhixing became the first automatic driving company in China to obtain a taxi business license.
Follow up catalyst: in terms of new cars, Mercedes Benz’s new EQS and BMW i7 were officially released on April 19 and 20 respectively; The new model ES7 of Weilai will be released at the end of May. In terms of exhibitions, Munich optical Expo and Guangzhou international new energy auto show will be held as scheduled this week.
It is suggested to pay attention to the core target of Automotive Electric Intelligence and grasp the two main lines of “vehicle content” and “domestic substitution”:
1) intelligent driving: Will Semiconductor Co.Ltd.Shanghai(603501) , Shunyu optics, Lianchuang Electronic Technology Co.Ltd(002036) , Ningbo Yong Xin Optics Co.Ltd(603297) , Zhejiang Lante Optics Co.Ltd(688127) , Changguang Huaxin, etc
2) intelligent cockpit: Foryou Corporation(002906) , Wuhu Token Sciences Co.Ltd(300088) , Shenzhen Longli Technology Co.Ltd(300752) , Zhejiang Crystal-Optech Co.Ltd(002273) , etc
3) Electrification: Zhuzhou Crrc Times Electric Co.Ltd(688187) , Starpower Semiconductor Ltd(603290) , Yangzhou Yangjie Electronic Technology Co.Ltd(300373) , Hangzhou Silan Microelectronics Co.Ltd(600460) , Olympic Circuit Technology Co.Ltd(603920) , Electric Connector Technology Co.Ltd(300679) , etc
Risk warning: the penetration rate of electric vehicles is lower than the expected risk; The development of automobile intelligence is less than the expected risk; Risk of not updating the information used in the research report in time
