In April, all brands fell month on month, with over 10000 delivery from ai’an taking the lead, with a year-on-year increase of more than 200% in a single month.
On May 1, 2022, seven main engine plants, Weilai, ideal, Xiaopeng, Nezha, Zero run, extreme krypton and gac-e’an, announced the terminal delivery data in April. Xiaopeng delivered 9002 vehicles in April, with a month on month decrease of 41.60% and a year-on-year increase of 74.90%, including 3714 vehicles delivered by P7, 3564 vehicles delivered by P5 and 1724 vehicles delivered by G3 / g3i. 43563 vehicles were delivered in 2022, with a year-on-year increase of 135.64%. Weilai automobile delivered 5074 vehicles in April, with a month on month decrease of 49.18% and a year-on-year decrease of 28.56%, including 1251 vehicles delivered by es8, 1878 vehicles delivered by ES6, 1252 vehicles delivered by ec6 and 693 vehicles delivered by et7. In 2022, 30842 vehicles were delivered, with a year-on-year increase of 13.55%. 4167 ideal cars were delivered in April, down 62.23% month on month and 24.77% year-on-year. In 2022, 35883 vehicles were delivered, with a year-on-year increase of 98.05%. Nezha delivered 8813 vehicles in April, with a month on month decrease of 26.72% and a year-on-year increase of 119.50%. A total of 38965 vehicles were delivered in 2022, with a year-on-year increase of 240.07%. Zero run delivered 9087 vehicles in April, with a month on month decrease of 9.66% and a year-on-year increase of 228.05%. A total of 30666 vehicles were delivered in 2022, with a year-on-year increase of 418.97%. Since October 2021, the cumulative delivery of 10378 krypton vehicles has increased by 2137% compared with October 2022. Gac-e’an delivered 10212 vehicles in April, with a month on month decrease of 49.74% and a year-on-year increase of 22.96%. A total of 55086 vehicles were delivered in 2022, with a year-on-year increase of 112.24%. On the whole, in April 2022, the seven delivered 48492 vehicles in total, with a month on month decrease of 39.86% and a year-on-year increase of 47.49%. Gac-e’an took the lead with the delivery volume of 10212 vehicles, with zero running cars gaining the first year-on-year increase in a single month, while polar krypton is the only brand among the seven with positive growth month on month.
The epidemic put pressure on the production end and delivery end, resulting in a decline in delivery.
In March 2022, the epidemic occurred repeatedly in China. Shanghai, Jilin and other places, as the gathering places of automobile and parts companies, were affected by local epidemic control measures, and some of them stopped production. Weilai automobile announced on April 9 that due to the suspension of supply chain partners due to the epidemic, Weilai’s vehicle production was suspended and the delivery was delayed. According to the calculation of the production capacity of Weilai agent factory, the output of about 2000 units will be lost every week of shutdown. We believe that the supply chain of the new power of car making is relatively fragile compared with the traditional main engine factory. The inventory level of the new forces of car making is relatively low. In the face of the shortage of parts supply, its inventory is difficult to maintain normal production for a long time. In addition, compared with the traditional main engine factory, the models of the new forces of car making are relatively single, so it is less likely to allocate parts between different models. To sum up, the new forces of car manufacturing are greatly affected by the shutdown of supply chain partners, and the production end is under pressure. In terms of delivery end, affected by local epidemic control measures, some national roads are impassable, which also brings challenges to logistics and transportation and affects delivery.
With the orderly progress of resumption of work and production, production and sales are expected to pick up, and the follow-up performance of the new energy market is expected.
In the “white list” of 666 key enterprises released by Shanghai recently, there are 251 enterprises in the automobile and automobile industry chain. At present, 70% of the key enterprises have resumed work and production. We believe that as the epidemic situation in Shanghai and other regions is gradually controlled, vehicle and parts enterprises return to work one after another, the production capacity is gradually restored, the shortage of parts supply is expected to be alleviated, and the production and delivery volume of each company is expected to pick up in May. Looking back on the first quarter, China Shanxi Guoxin Energy Corporation Limited(600617) automobile continued its rapid growth momentum, with production and sales exceeding one million. In the first quarter, China Shanxi Guoxin Energy Corporation Limited(600617) automobile production and sales completed 1293000 and 1257000 respectively, an increase of 1.4 times year-on-year. In mid March, the production and sales of Shanxi Guoxin Energy Corporation Limited(600617) automobiles were 465000 and 484000 respectively, with a year-on-year increase of 1.1 times. The market share of new energy vehicles reached 19.3%. Previously, according to our calculation, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles is expected to exceed 5.3 million in the middle of 2022. We believe that the impact of the epidemic on the supply chain and vehicle manufacturers is relatively short-term. When the epidemic is further controlled, the Chinese Shanxi Guoxin Energy Corporation Limited(600617) market is expected to make efforts in the second half, and the follow-up performance is expected.
Risk tip: the company’s new car delivery is less than expected, the penetration growth of new energy vehicles is less than expected, the supply of chips, power batteries and other parts is unstable, the epidemic situation is less than expected, affecting vehicle production and sales, and the launch of new products is less than expected.
