Key points:
High growth in Shanxi Guoxin Energy Corporation Limited(600617) automobile sales
According to the data of China Automobile Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in mid December 2021 was 531000 (+ 114%), an increase of 11.1% month on month, and the monthly sales volume corresponds to the penetration rate of new energy vehicles of 19.1%; From January to December, the cumulative sales volume was 3.521 million (+ 158%), and the cumulative sales volume corresponds to the penetration rate of new energy vehicles 13.4%.
In mid December 2021, Shanxi Guoxin Energy Corporation Limited(600617) vehicle sales continued to rise, mainly due to the year-end impulse, superimposed with the recovery of Tesla sales. The following January February 2022 will be the off-season of the new energy vehicle market. At present, the market has great differences on the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in 2022. According to the official prediction of China Automobile Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in 2022 will be 5 million (+ 42.0%), and will still maintain high-speed growth.
The sinking of high-end models and the upgrading of low-end models in the Chinese market have filled the gap of 100000-200000 middle-end markets
We have noticed that there is a trend of sinking high-end models and upgrading low-end models in the Chinese market. For example, Byd Company Limited(002594) launched Byd Company Limited(002594) Qin plus DM-I on the basis of the success of Byd Company Limited(002594) Han in the early stage; Xiaopeng launched P5 on the basis of the success of P7 in the early stage; On the basis of the success of Euler’s black cat in the early stage, great wall mainly promotes Euler’s good cat, which is filling the gap of 100000-200000 middle-end market. There is still a lot of room to expand the middle-end market in the future. The mid market is a blue ocean, Byd Company Limited(002594) Qin plus DM-I is hot on the market. Euler’s good cat was listed for the first time in October, Byd Company Limited(002594) dolphin and Euler’s good cat are close in positioning, and it was listed for the first time in November and Xiaopeng P5 in December.
The sales volume of Xiaopeng P5 is climbing rapidly. Xiaopeng released that G9 adopts 800V high-voltage architecture + silicon carbide, and Weilai released that et5 is equipped with a maximum 150 degree battery pack
Xiaopeng’s monthly sales volume rose to a higher level, mainly due to the rapid rise in the sales volume of the new G3 and new P5. In December, Xiaopeng P5 delivered 5030 vehicles. Recently, Xiaopeng also released the new G9, positioned the flagship SUV, adopted 800V high-voltage architecture + silicon carbide semiconductor, and cooperated with Xiaopeng 480kw high-voltage overcharge to achieve overcharge for 5 minutes and endurance of 200km. It is planned to start delivery in 2022q3.
Weilai has released a new car et5, which is positioned as a medium-sized intelligent sedan with a charging capacity of 75, 100 and 150 degrees. It can support CLTC with a range of 550, 700 and 1000 kilometers respectively, with a starting price of RMB 328000. It is planned to start delivery in September 2022.
Investment advice
The Shanxi Guoxin Energy Corporation Limited(600617) automobile production and sales are booming, and the industrial chain is booming. In addition, it should also be noted that the foreign new energy vehicle market has a huge space, and the growth rate is also very fast in recent years: European car companies have stepped up the transformation of new energy vehicles under the world’s most stringent vehicle emission standards, and Biden’s attitude towards new energy is earth shaking compared with his predecessor, and the U.S. Shanxi Guoxin Energy Corporation Limited(600617) auto industry has ushered in a long lost policy dividend. It is suggested to pay attention to the leading companies of power batteries and lithium battery materials that can enter the international supply chain. These companies can benefit from the large volume of foreign markets. Maintain the “overweight” rating of the industry.
Risk tips
The new energy vehicle industry is greatly affected by the policy and the boom fluctuates violently;
Intensified competition in new energy vehicle industry
