Byd Company Limited(002594) CTB technology was launched in the world, and the heavy model seal was launched to face the competition of model 3. In order to meet the demand of power density, the technology trend of “battery body integration” is becoming more and more obvious Byd Company Limited(002594) released CTB (cell to body) technology closely arranges the blade batteries to form a honeycomb array, and combines the upper cover of the battery with the body floor, simplifying the body structure and production process and improving the safety of the whole vehicle. The first e-platform 3.0 model equipped with CTB technology, seal, was released on May 20, and the pre-sale order reached 22637 vehicles in only 7 hours. With the support of CTB technology, seal and model 3 face the competition directly, with obvious advantages in power, torque, battery capacity and NEDC pure electric range, which is expected to drive the sales of Byd Company Limited(002594) pure electric vehicles to further rise.
The automobile supply chain was gradually restored, and the prosperity of new energy was further improved. In the second week of may (5.9-5.15), 254400 passenger cars were licensed in China, with a year-on-year rate of – 29% / month on month rate of – 3%. The decline in the number of licensed cars narrowed month on month, and the automobile supply chain gradually recovered. In the second week of May, the sales volume of new energy recovered significantly compared with last week, and the chain growth rate of car enterprises such as Xiaopeng, ideal, Nezha and Weilai was more than 50%; However, Tesla was affected by the shutdown of anbofu harness, and only 1609 vehicles were licensed weekly, with a month on month ratio of – 49.72%.
The normalization of production logistics is imminent, the delayed release of pent up demand accelerates the recovery of 22h2 industry, and the short-term epidemic has led to the interruption of the supply chain. The production and sales of passenger cars are under short-term pressure. In April, the wholesale sales volume was – 46% year-on-year, down 52.4pct from the 6.4% expected at the beginning of the year. In terms of factorial decomposition, the core shortage and epidemic contributed – 5.3pct and – 47.1pct respectively. The resumption of production and work in Shanghai and Jilin has been gradually promoted. At present, Jilin has been fully socialized, FAW has fully started to resume work, and the resumption of supply chain production and work has been steadily promoted; Shanghai auto enterprises are steadily promoting the resumption plan. The pent up demand during the epidemic will be released successively after returning to work. The delayed release after short-term inhibition of automobile demand will accelerate the recovery of a new round of 22h2 automobile cycle and enter the time zone of sector configuration.
Investment suggestion: 2022 will be an important turning point for the long and short cycle resonance of the automotive industry. We believe that 2h2022 is expected to start a new round of industry cycle recovery. The short-term epidemic has put pressure on the sales volume of the industry in April. Under the expectation of resumption of production and work, the auto sector is expected to start an oversold rebound based on the recovery expectation, accompanied by the normalization of supply and the downward revision of the earnings of the newspaper industry, The focus of follow-up tracking is whether there is a similar “rush” on the demand side after the epidemic in 2020 This determines the space and sustainability of the rebound after the rebound of the car sector’s oversfalls, which determines the rebound space and sustainability of the rebound after the rebound of the car sector. It is recommended to focus on the opportunities for systematic configuration of the passenger car sector before and after the confirmation of the recovery period. It is recommended to focus on the systematic configuration opportunities of the passenger car sector before and after the confirmation of the recovery period. It is recommended that 601 Guangzhou Automobile Group Co.Ltd(601238) \ \anddomain controller core track. Recommend leading companies Anhui Zhongding Sealing Parts Co.Ltd(000887) , Zhejiang Asia-Pacific Mechanical & Electronic Co.Ltd(002284) , Ningbo Tuopu Group Co.Ltd(601689) and Huizhou Desay Sv Automotive Co.Ltd(002920) , and pay attention to Jingwei Hengrun, Foryou Corporation(002906) , Shanghai Baolong Automotive Corporation(603197) and Bethel Automotive Safety Systems Co.Ltd(603596) .
Risk warning: business risk and market risk caused by epidemic situation; Risk that the cost of upstream raw materials rises more than expected; Policy risk; The risk that the technology development process is not as good as expected; Chip supply mitigates the risk of falling short of expectations.
