Matters:
On May 20, 2022, Byd Company Limited(002594) released the seal, a medium-sized car, with a selling price of RMB 2128289800, a range of 550700 kilometers and a 100 kilometer acceleration as low as 3.8 seconds. The seal is a masterpiece of Byd Company Limited(002594) E platform 3.0 technology. It is equipped with CTB battery body integration technology, ITAC technology, rear drive / 4WD power architecture and front double wishbone / rear five link chassis suspension for the first time. The seal has a high-efficiency eight in one electric powertrain and a wide temperature range high-efficiency heat pump system, with a wind drag coefficient as low as 0.219. In terms of intelligence, the seal has five cameras, six ultrasonic radars and three millimeter wave radars. The car is equipped with dilink car machine system, 15.6-inch rotatable LCD central control screen, high configuration version is equipped with HUD head up display, and multi-functional EC light sensing sky screen is optional.
Guoxin automobile view: Byd Company Limited(002594) seal is the first high-end car equipped with E platform 3.0, with a price of between 2128 and 289800 yuan. The main competitive products are Tesla Model 3, Xiaopeng P7, Weilai et5, Zero run C01, etc. We believe that compared with competing products, Byd Company Limited(002594) seal has comprehensive performance and outstanding cost performance, and is expected to become another popular model in the high-end pure electric car market, with steady-state monthly sales expected to reach more than 10000 units. From the logic of the main line, Byd Company Limited(002594) for the deep layout of the upstream industrial chain, the three power technology (battery, motor and electric control) has strong strength; The ability to grasp the downstream terminal market has been significantly improved. Pure electric plug-in hybrid two wheel drive has launched popular new cars one after another. The track has good growth + strong industrial chain strength + high market share, and the high-quality giants in the high-quality industry are gradually becoming clear. From the perspective of branch line logic, Byd Company Limited(002594) the blade battery has greatly improved the energy density of lithium iron phosphate battery by means of structural innovation, and has proved the safety of the battery pack through acupuncture test. It has advanced technical strength and has been equipped with FAW Hongqi e-qm5, Thalis sF5, Chang’an cs55, Dongfeng lantu free, Ford Mustang mach-e, Lincoln adventurer PHEV and many other models. In the future, the external supply customers of blade batteries are expected to be further expanded. With the rapid development of energy storage batteries, it will bring greater business increment to Byd Company Limited(002594) company.
At present, the automotive industry is similar to the era of the birth of smart phones. The press conference of core electric vehicles is just like the press conference of earlier models such as iPhone and Huawei, which is of great significance to the secondary market. Compared with mobile phones, the whole vehicle is more complex, has spatial attributes, and the internal configuration has completed the intelligent and motorized upgrading one after another. The “carrying goods” ability of new models of important electric brands can not be underestimated, As the first and second half of the year of China’s electric auto show, the evaluation of the new models of Beijing’s smart auto show, such as the first and second half of 2029 and the second half of 2022 will be improved, and the evaluation of the new models of Beijing’s smart auto show will be improved Byd Company Limited(002594) seals are popular in the market. Vehicle enterprises Byd Company Limited(002594) are recommended. It is recommended to pay attention to Byd Company Limited(002594) related industrial chains. The current valuation of the parts and components that are the core of the electric smart smart incremental parts and the current valuation of the current valuation of the parts and components that are part of the core of the electric smart smart incremental parts has been callback back to a reasonably low level. The current valuation of the current valuation of the current valuation of the current valuation of the parts and components that are part of the current callback callback back to a reasonably low level. The current valuation of the current valuation of the parts and components that are part of a reasonably low level, and it is highly recommended that ” Fuyao Glass Industry Group Co.Ltd(600660) 660660660of the following, which is the most highly recommended and highly recommend ‘ ” Fuyao Glass Industry Group Co.Ltd(600660) 660of the following, which is the most highly recommended and highly recommended, and the most highly recommended that the , and the most highly recommended , which is the most highly recommended and highly recommended , and highly recommended , and highly recommended , which is the most highly recommended and highly recommended, and highly recommended , and highly recommended , and highly recommended , and highly recommended , and highly recommended , and highly recommended , and highly recommended etc.
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Seals are listed, and the pre-sale order exceeds 20000 in 7 hours
On May 20, 2022, Byd Company Limited(002594) released the seal, a medium-sized car, with a selling price of RMB 2128289800, a range of 550700 kilometers and a 100 kilometer acceleration as low as 3.8 seconds. The seal is a masterpiece of Byd Company Limited(002594) E platform 3.0 technology. It is equipped with CTB battery body integration technology, ITAC technology, rear drive / 4WD power architecture and front double wishbone / rear five link chassis suspension for the first time. The seal has a high-efficiency eight in one electric powertrain and a wide temperature range high-efficiency heat pump system, with a wind drag coefficient as low as 0.219. In terms of intelligence, the seal has five cameras, six ultrasonic radars and three millimeter wave radars. The car is equipped with dilink car machine system, 15.6-inch rotatable LCD central control screen, high configuration version is equipped with HUD head up display, and multi-functional EC light sensing sky screen is optional.
The seal has an ultra-low center of mass of 467 mm, a 50:50 golden axial load ratio, and an ultra-low inertia. The torsional stiffness of the body reaches 40500n M / °, excellent safety performance. Dolphin consumes 12.7kwh per hundred kilometers, adopts high-voltage electric drive boost charging scheme, and the charging mileage exceeds 300km in 15 minutes Byd Company Limited(002594) seal is the first high-end car equipped with E platform 3.0. The price ranges from 2128 to 289800 yuan. The main competitive products are Tesla Model 3, Xiaopeng P7, Weilai et5, Zero run C01, etc. We believe that compared with competing products, Byd Company Limited(002594) seal has comprehensive performance and outstanding cost performance, and is expected to become another popular model in the high-end pure electric car market, with steady-state monthly sales expected to reach more than 10000 units. According to the information on the company’s official website, the pre-sale order of seals reached 22637 within 7 hours from 3 p.m. to 10 p.m. on May 20.
E platform 3.0 has excellent performance, safety + efficiency + intelligence + aesthetics
Byd Company Limited(002594) the earliest E platform 1.0 emphasizes the platformization of the key components of the three electricity system, which is composed of core components such as bidirectional inverter charge discharge motor controller, high voltage architecture, high safety and high energy power battery, high power and high speed motor, etc. Byd Company Limited(002594) E6 is built on this platform. E platform 2.0 goes further, emphasizes the modularization of key systems of the whole vehicle, and applies the so-called “33111” technology, that is, high-voltage 3-in-1, drive 3-in-1, one multi-in-1 controller, one smart screen and one high-performance battery.
E platform 3.0 is a pure electric exclusive platform built by Byd Company Limited(002594) and emphasizes the platformization of the whole vehicle architecture. The wheelbase covers 2.5m to 3.5m, which can meet the development needs from compact vehicles to medium and large vehicles and has excellent high bandwidth characteristics. Safety: Byd Company Limited(002594) E platform 3.0 is equipped with blade battery as standard. It is the only power battery that has passed the battery test of “Mount Everest”. It does not cause fire and smoke, and the surface temperature is only 30-60 ℃, which solves the problem of natural battery. At the same time, the battery body is integrated, and the exclusive force transmission path of the pure electric platform is designed. The stiffness of the whole vehicle is doubled to meet the safety standard of “super five stars”.
Efficiency: Byd Company Limited(002594) E platform 3.0 is equipped with the world’s first mass-produced eight in one electric powertrain as standard, with an overall efficiency of 89%, which can accelerate up to 2.9s per 100 kilometers, with a maximum range of more than 1000km, and cover the whole driving scene. The platform is equipped with high-efficiency flat wire motor and high-performance SiC electric control, and adopts 800V high-voltage charging technology. It is the world’s first to use the topology reuse of motor electric control to realize charging for 5 minutes and maximum endurance of 150km. At the same time, the whole system of the platform is equipped with a wide temperature range and high-efficiency heat pump system as standard, which adopts the world’s first refrigerant direct cooling and direct heating technology, which can reduce the heat exchange loss by 20% at most, and has a wide temperature range working capacity of – 30 to + 60 ℃. One kilowatt hour of electricity can bring 2-4 kilowatts of electricity, and the low-temperature endurance mileage can be increased by 20% at most.
Intelligence: the electronic and electrical architecture of E platform 3.0 is domain control architecture, which is divided into intelligent power domain, intelligent vehicle control domain, intelligent cockpit domain and intelligent driving domain. Equipped with highly integrated domain controller, it realizes the leap forward improvement of computing power, shortens the corresponding interaction time and improves the control efficiency by 50%. Among them, the power domain controller has been carried on the dolphin model, and the controllers of intelligent cockpit domain and intelligent vehicle control domain have been mass produced. In addition, Byd Company Limited(002594) independently developed the vehicle operating system BYD OS, with layered decoupling of software and hardware, which can flexibly configure the world’s top intelligent driving schemes, open software and hardware interfaces, and give full play to the advantages of electric vehicle control and response.
Byd Company Limited(002594) CTB technology is the world’s first, and the body battery is integrated
The traditional composition process of power battery is to design the cell into a module, and then install it into a battery pack to form a three-level structure, namely cell module battery pack. CTP Technology (cell to pack) cancels the module design and forms a two-level structure of cell battery pack.
CTC battery integration scheme is to directly integrate the battery cell into the floor frame, and take the upper and lower sectors of the floor as the battery shell. It is a further integration of CTP scheme. The upper and lower sectors of the floor are completely used to replace the battery shell and cover sector. It is integrated with the body floor and chassis, which fundamentally changes the installation form of the battery. CTC realizes a higher degree of integration, simplifies the final assembly process and reduces costs. It is estimated that the manufacturing time will be reduced by about 10% and the mileage can be increased by about 15%.
CTB technology first used the structural battery technology from Tesla. Structural battery released by Musk on Tesla battery day in September 2020. Tesla built the battery into the body, laid the battery flat on the chassis and combined it with the upper cover of the battery pack. As an e-platform 3.0 model equipped with CTB technology, seal has achieved new breakthroughs in safety, handling, efficiency and aesthetics. From CTP technology to CTB technology, the most prominent feature is the integration of battery cover and body floor.
The “sandwich” structure of the battery evolved into the “sandwich” structure of the whole vehicle. The upper cover of the battery is integrated into the body floor. Through the combination of adhesive, Dianxin and tray, the honeycomb structure strengthens the safety performance, realizes the breakthrough of the structural strength of the battery system, and can withstand the crushing of 50 tons of heavy trucks Byd Company Limited(002594) the CTB technology is based on the development of high safety blade battery. The blade battery has intrinsic safety and can easily pass the needle test.
CTB technology makes the blade battery more closely combined with the vehicle body. As a structural part, the battery participates in the force transmission and stress of the whole vehicle. The side impact intrusion of the whole vehicle is reduced by 45%, and the torsional stiffness of the whole vehicle is doubled, exceeding 40000 n M/°。 The mass center of the whole vehicle is lower and more balanced, realizing 50:50 golden axle load, lower inertia, and the whole vehicle follows faster. Elk test results are 83.5km/h, single line shifting test is 133km / h, and fixed circle rotation is 1.05g.
Dimming glass takes over the sky curtain, and the development prospect is promising
In terms of the details of the sky curtain, the top of the car body is equipped with an integrated panoramic sky curtain without partition ( Fuyao Glass Industry Group Co.Ltd(600660) supply), with a size of 1236 1656MM. The 4WD performance version (pre price of 289800 yuan after subsidy) can be equipped with the light sensing sky curtain of EC flexible solid-state film technology path (Fuyao purchases the dimming film of Guangyi Technology), or it will become the largest EC light sensing sky curtain (optional 8600 yuan), The high-grade transparent texture and the interior full of marine elements are mutually connected to fill the atmosphere of the whole vehicle.
In the automotive field, there are three main types of dimming glass. According to the order of mass production time, they are PDLC (polymer dispersed liquid crystal), SPD (suspended particle) and EC (electrochromic). They all belong to electronically controlled dimming glass, but there are differences in principle and effect.
In contrast, 1) in terms of dimming effect, PDLC has two basic states: transparent and atomized. Even if the glass is atomized, a large amount of light will pass through, that is, transparent but opaque, while EC and SPD can continuously adjust the light passing rate between transparent and colored states; 2) In terms of aesthetic effect, PDLC can produce changeable transparent or atomized graphic effect on glass, which has good design and expansion properties, while EC and SPD cannot design graphic effect; 3) In terms of thermal insulation effect, PDLC has limited thermal insulation effect. Improving the thermal insulation effect can add a layer of Low-E glass, while SPD and EC technology have good thermal insulation effect; 4) In terms of privacy effect, PDLC has good privacy protection effect. It can block objects 10cm away from the glass, and only the fuzzy shadow of objects can be seen within 10cm. However, the privacy function of EC or SPD glass is relatively limited. Taking architectural dimming glass as an example, in some cases, for example, when you look indoors through the glass at night, you can still see the fuzzy shadow of the interior.
Overall, PDLC is the earliest, the most advanced and mature technology and the lowest cost. The vast majority of dimming glass manufacturers in China use this scheme; EC has low haze, low energy consumption, good heat insulation effect, continuous dimming and medium cost. This scheme is used by electric intelligent vehicles represented by extreme helium 001 and aion s plus; Due to its high power consumption and high cost, SPD is mainly used in high-end vehicles represented by Mercedes Benz.
Quantitatively measure the market scale of panoramic sky curtain and panoramic sky curtain glass with dimming function:
1) panoramic sky glass: benefiting from electric intelligence, the volume and price of panoramic sky glass have increased. At present, the penetration rate of panoramic sky glass is 5%. The continuous penetration of new energy passenger vehicles drives the upward penetration rate of panoramic sky glass. In addition, it will gradually become a trend for traditional vehicles to carry panoramic sky glass. It is expected that the penetration rate of panoramic sky glass will be 25% in 2025. In addition, the panoramic sky glass with more functions (coating, dimming, etc.) drives the growth of ASP. Under the trend of double increase in volume and price, it is expected that the global market scale of panoramic sky curtain glass will increase from 3.68 billion yuan in 2021 to 28.5 billion yuan in 2025, with a CAGR of 67%; China’s market size will increase from 1.38 billion yuan in 2021 to 11.21 billion yuan in 2025, with a CAGR of 69%. 2) Panoramic skyline glass with dimming function: benefiting from the continuous penetration in the panoramic skyline, the dimming glass will contribute an important increment. Considering that the current market models equipped with panoramic skyline glass with dimming function are concentrated in electric intelligent vehicles represented by Jihe 001, Landu free and aion s plus, the current dimming glass is expected to account for about 5% of panoramic skyline glass models (it is expected that the sales of dimming glass models in 2021 will be less than 50000, and the sales of dimming glass models in 2022 will be about 150000), considering the subsequent carrying willingness of the main engine plant, It is estimated that the proportion is expected to reach 30% in 2025, and the corresponding global market scale will increase from 430 million yuan in 2021 to 14.81 billion yuan in 2025, with a CAGR of 143%; China’s market size will increase from 160 million yuan in 2021 to 5.83 billion yuan in 2025, with a CAGR of 145%.
Investment suggestions:
From the logic of the main line, Byd Company Limited(002594) for the deep layout of the upstream industrial chain, the three power technology (battery, motor and electric control) has strong strength; The ability to grasp the downstream terminal market has been significantly improved. Pure electric plug-in hybrid two wheel drive has launched popular new cars one after another. The track has good growth + strong industrial chain strength + high market share, and the high-quality giants in the high-quality industry are gradually becoming clear. From the perspective of branch line logic, Byd Company Limited(002594)
