Core view
Byd Company Limited(002594) : the seal of E platform 3.0 model was launched for pre-sale, focusing on CTB technology. On May 20, Byd Company Limited(002594) released CTB battery body integration technology and the first E platform 3.0 model “seal” equipped with CTB technology. The car is the second pure electric car of the Marine Biology Series under the Ocean network. The pre-sale price is 2128289800 yuan. As of 10 p.m. on May 20, the reservation volume exceeds 22000 yuan.
1. Focus on CTB Technology: further improve the structural compactness and chassis performance of electric vehicles Byd Company Limited(002594) ctb (cellto body) technology benchmarking Tesla CTC (cellto chasis) combines the upper cover of the battery with the floor of the vehicle body, and arranges the blade batteries in a honeycomb structure, which further realizes lightweight while ensuring the structural strength, and improves the space, safety, maneuverability and other aspects. 1) Safety: the structural strength of frontal collision / side collision of vehicles equipped with CTB technology is increased by 50% / 45% respectively; 2) 10mm space for the interior of the CTB: it not only frees up space for the chassis upgrade, but also provides space for the CTB technology. 3) Handling and comfort: CTB technology greatly improves the steering stiffness of the vehicle (the steering stiffness of the seal exceeds 40000 N.m / °), which makes the vehicle more stable during steering and reduces body shaking under bumpy conditions.
2. Seal benchmarking: compared with model 3, it has advantages in size and price. 1) Size: the length / wheelbase of seal is 4800mm / 2920mm respectively, significantly exceeding 4694mm / 2875mm of model 3; 2) Performance & Pricing: the price of the entry-level model of the seal (rear drive + 550km range) is 212800, and the price of the top model (4WD + 650km range) is 289800. The whole series of seals will form a misplaced competition against the entry-level model of Tesla Model3 (rear drive + 556km range, pricing 279900). The product positioning of the seal is relatively clear. According to the company’s plan, the second half of this year E3 0 platform is also expected to launch an A00 car “Seagull” and a B-class SUV “sea lion”. We are optimistic that Byd Company Limited(002594) will continue to realize its technical and brand advantages in the field of electric vehicles.
Car market: the car market improved month on month in the second week of May, and Shanghai made clear the timetable for resumption of work and production
1. The sales volume of passenger cars improved month on month in the second week of May. Based on the weekly data of the Travel Association, the retail sales in the second week of may (5.9 – 5.15) were – 22% / + 26% respectively; The cumulative retail sales in the first two weeks of May were – 21% / + 27% month on month, respectively. On the whole, the improvement trend in the first half of May was confirmed.
2. On May 20, the covid-19 epidemic prevention and control working group of Shanghai issued the implementation plan on the orderly resumption of work and production in our city to continuously consolidate the achievements of epidemic prevention and control, which made it clear that Shanghai will promote the resumption of work and production in three stages: 1) concentrate on restoring the industrial chain and supply chain before May 21; 2) From May 22 to May 31, expand the resumption of work and production; 3) After June 1, speed up the full resumption of work and production.
Investment suggestion: it is recommended to pay attention to Chongqing Changan Automobile Company Limited(000625) , Great Wall Motor Company Limited(601633) , Byd Company Limited(002594) , Saic Motor Corporation Limited(600104) . Suppliers of automotive electronic related parts are expected to realize domestic substitution and increase in price and volume in the acceleration of the industry. It is suggested to pay attention to: Ningbo Tuopu Group Co.Ltd(601689) , Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Keboda Technology Co.Ltd(603786) (lamp control).
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
