Contemporary Amperex Technology Co.Limited(300750) released the power exchange brand evogo to form two wheel drive with CTC. On January 18, 2022, Contemporary Amperex Technology Co.Limited(300750) officially released the new power exchange brand evogo (Le hang power exchange) and the overall solution of combined power exchange. Evogo adopts the latest CTP technology of Contemporary Amperex Technology Co.Limited(300750) . The weight energy density of “chocolate power exchange block” exceeds 160wh / kg, and the volume energy density exceeds 325wh / L. a single battery can provide a endurance of about 200km, and can adapt to 80% of the models developed by pure level platforms that have been listed in the world and will be listed in the next three years. We believe that as a leading enterprise in the new energy vehicle industry chain, Contemporary Amperex Technology Co.Limited(300750) entering the power exchange field will attract more main engine manufacturers to participate and jointly promote the development of battery system generalization. At the same time, on the charging route, we discussed in the report Tesla manufacturing Revolution: 4680 CTC that CTC will be the inevitable direction of the evolution of power battery system. Contemporary Amperex Technology Co.Limited(300750) as the leader of the industry, has long been laid out in advance and has successively established technology subsidiaries for forward-looking technology research and development in Shanghai. The release of evogo shows that Contemporary Amperex Technology Co.Limited(300750) will work together on changing circuit lines and charging routes with CTC as the development direction, “walking on two legs” to give play to its stronger competitive advantage.
Weilai et7 opens the lock order and the lidar accelerates the volume. On January 20, 2022, Weilai et7 officially opened the lock list and will open for delivery on March 28. In 2021, Xiaopeng P5 will become the first mass-produced model with lidar in the industry. In 2022, more models with lidar will be listed, and lidar will gradually become standard configuration. Weilai et7, salon machine Jialong, aion LX plus, Nezha s, extreme fox alpha s hi version and Weima M7 are equipped with 1, 4, 3, 3, 3 and 3 lidars respectively. Lidar is accelerating in volume.
Byd Company Limited(002594) the official announced that the price was increased, and the excellent product strength ensured the confidence of price adjustment. On January 21, 2022, Byd Company Limited(002594) auto officially announced that it would adjust the official guidance price of new energy models related to dynasty.com and ocean.com from February 1, with an increase range of 1000-7000 yuan, which would involve all its new energy models. In fact, since July 2021, the discount rate of automobile terminal has gradually narrowed. On the one hand, it is due to the lack of core, on the other hand, it is due to the sharp rise in the price of power battery materials. We believe that Byd Company Limited(002594) with its outstanding product power of new energy vehicles (especially DM-I hybrid models), it can better cope with the impact of price adjustment on downstream demand. Therefore, the short-term sales volume may fluctuate slightly, but it will not be under too much pressure in the medium and long term.
Industry rating and investment strategy: the of industrial transformation α， The tide of the times β。 In December 2021, the penetration rate of new energy vehicles increased to 19%, the automotive industry changed, the gross profit margin of Tesla and new forces continued to increase, and the performance of Tesla’s domestic suppliers generally increased rapidly; Tesla wave brings vehicle valuation revaluation, NOA function redefines, smart cars trigger an arms race, hardware stacking, and there is a large space for domestic substitution. Maintain the “recommended” rating of the automotive industry.
Three main lines are recommended:
1. Intelligent driving & Automotive Electronics: intelligent definition of automobile, arms race, hardware stacking and domestic substitution usher in historical opportunities. Recommend Bethel Automotive Safety Systems Co.Ltd(603596) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Keboda Technology Co.Ltd(603786) , Foryou Corporation(002906) , Thunder Software Technology Co.Ltd(300496) , Xiamen Faratronic Co.Ltd(600563) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , and pay attention to Shanghai Baolong Automotive Corporation(603197) , Xi’An Sinofuse Electric Co.Ltd(301031) , Anhui Tongfeng Electronics Company Limited(600237) .
2. Tesla industrial chain & parts: Tesla manufacturing Revolution: 4680ctc + integrated die casting. Recommend Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) , Ikd Co.Ltd(600933) , Huayu Automotive Systems Company Limited(600741) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Fuyao Glass Industry Group Co.Ltd(600660) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Ningbo Joyson Electronic Corp(600699) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , and pay attention to Wencan Group Co.Ltd(603348) , Huada Automotive Technology Corp.Ltd(603358) .
3. Complete vehicle: Tesla wave brings the revaluation of complete vehicle valuation & strong model cycle OEM, recommend Byd Company Limited(002594) , Saic Motor Corporation Limited(600104) , Great Wall Motor Company Limited(601633) , and pay attention to Xiaopeng automobile, ideal automobile, Weilai, Yutong Bus Co.Ltd(600066) , Guangzhou Automobile Group Co.Ltd(601238) , Chongqing Changan Automobile Company Limited(000625) , Geely Automobile.
Risk warning: the recovery of the epidemic situation is lower than expected; The price of raw materials and freight continue to rise; The demand growth of new energy vehicles is lower than expected; Subsidies for terminal price increases; The development progress of automobile intellectualization is less than expected; The high-end process of independent brands is blocked; The replacement progress of domestic parts is less than expected; The performance of the recommended company fails to meet the expectations; The situation outside China is not completely comparable, and the relevant materials and data of the benchmarking are for reference only.
