In April, the sales volume of key new energy vehicle enterprises fell month on month due to the impact of the epidemic. Seven key new energy passenger vehicle enterprises delivered a total of 48492 new energy vehicles in April, with a month on month ratio of + 47.49% / – 39.86% respectively. The epidemic situation in the Yangtze River Delta affected the whole vehicle supply chain, logistics and production. At the same time, the closure of stores in some regions affected terminal retail. The sales volume of new energy vehicle enterprises generally fell month on month in April.
First line new power car enterprises: 1) ideal: the epidemic affects the delivery of new cars, with 4200 vehicles delivered in April. The same month on month ratio was – 24.77% / – 62.23% respectively. In Q1, 31716 vehicles were delivered, a year-on-year increase of + 152.1%. As of April 30, 2022, ideal automobile has 225 retail centers nationwide, with a month on month increase of + 8, covering 106 cities in total; 292 after-sales maintenance centers and authorized B & P centers, up from + 5 in March, covering 211 cities. In April, the single store efficiency of the ideal retail center was 19 vehicles / home, with a chain comparison of – 61.17%. 2) Xiao Peng: 90000 vehicles were delivered in April, and the European market is advancing smoothly. Xiaopeng automobile delivered 9002 vehicles in March, with a month on month ratio of + 74.90% / – 41.60% respectively. Zhaoqing base, Xiaopeng’s main production base, is less directly impacted by the epidemic than the vehicle factories in the Yangtze River Delta, but it is still affected in terms of supply chain, production, logistics and transportation. In terms of capital operation, Xiaopeng obtained a comprehensive credit line of Agricultural Bank Of China Limited(601288) 7.5 billion yuan in April. In terms of globalization strategy, Xiaopeng’s direct experience store in Denmark was officially opened, which is the third brand direct experience store in Europe. 3) Weilai: the delivery in April declined due to the impact of the epidemic, and the layout of energy supplement + channels continued to be improved. Weilai delivered a total of 5074 new cars in April, with a month on month ratio of – 28.56% / – 49.18% respectively. In terms of new models, on April 29, the first batch of full process production line trial production vehicles of medium-sized intelligent electric sedan et5 were officially offline in Weilai No. 2 production base in the park. In terms of energy supplement system, as of the end of March, a total of 915 power exchange stations (241 of which are Expressway power exchange stations) had been arranged in China.
Other new forces car enterprises: 1) Nezha: 8813 vehicles were delivered in April, with a month on month ratio of + 119.50% / – 26.72% respectively. 2) Zero running cars: 9087 cars were actually delivered in April, with a month on month ratio of + 228.05% / – 9.66% respectively. 3) GAC ea’an: the terminal sales volume in April was 10212, with a month on month ratio of + 22.96% / – 49.74% respectively. As of the end of April, the in store coefficient was as low as 0.16. In terms of energy supplement system, in April, the world’s first overcharged capital (Guangzhou) was launched and the ai’an overcharge and power exchange center was completed, equipped with A480 overcharge piles to realize 5-minute overcharge endurance of more than 200km and 2.5-minute battery quick replacement. 4) Krypton: 2137 vehicles were delivered in April, a month on month increase of + 19.05%. In terms of service system, krypton added 1 delivery center + 6 space stores in April. In April, 35 self built charging stations were added, and a total of 22 national key cities have been laid out. In terms of intelligence, zeekr OS 2.0 completed the full push in April.
Investment suggestion: resume work and production in an orderly manner. Q2 is an important time window for configuring the automobile sector. Eight major gold stocks in 2022: complete vehicle [ Byd Company Limited(002594) + ideal car + Xiaopeng Car + Great Wall Motor Company Limited(601633) ], parts [ Huizhou Desay Sv Automotive Co.Ltd(002920) + Ningbo Tuopu Group Co.Ltd(601689) + Bethel Automotive Safety Systems Co.Ltd(603596) + Foryou Corporation(002906) ]. The second is the whole vehicle [ China Pacific Insurance (Group) Co.Ltd(601601) followingthe 238 + China Automotive Engineering Research Institute Co.Ltd(601965) + Huayu Automotive Systems Company Limited(600741) ], follow [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) ].
Risk tip: the recovery of downstream demand is lower than expected, and the impact of chip shortage & raw material price rise is higher than expected.
