Analysis of new car manufacturing forces From Soochow Securities

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The following is the Analysis of new car manufacturing forces From Soochow Securities recommended by recordtrend.com. And this article belongs to the classification: Brokerage Report, Automobile industry.

The new car making force has become a climate. Compared with the traditional automobile enterprises, the power of new cars has no historical burden, and the progress of automobile electronic and electrical architecture and intellectualization is faster. Compared with Tesla, we think that the success of the new car manufacturing force needs several conditions: continuous financing ability, strong R & D team, Internet vehicle making ideas, differentiated product competitiveness, continuous product iteration ability, industrial chain integration ability, etc. From the perspective of sales volume, the sales volume of several new car makers will reach 20000-40000 vehicles this year, and the new models will be launched next year, which has leaped from survival problem to growth problem. It is estimated that when the sales volume reaches 70000-100000 vehicles, the profit will be basically realized, and the free cash flow of 150000-200000 vehicles will be basically realized, which will form a force that can not be underestimated in the electric vehicle market!

From a multi-dimensional perspective, we think that Weilai and Xiaopeng have more advantages, while ideal, Weima and Nezha also have certain competitiveness in their respective market segments

Weilai: the main product positioning luxury cars, the main service system (NiO community, life-long warranty, life-long road rescue, service carefree 2.0, etc.), and the technology and intelligent new cars of the three electric are more advanced. The sales volume has exceeded 10000 vehicles / quarter. The sales volume is expected to reach 40000 vehicles this year and 80000 vehicles next year. The reserve of follow-up models includes SUVs and cars. The sales volume of one new car is expected to continue to grow. We expect the sales volume to reach 250000-300000 vehicles in 25 years. The company has been listed, and strengthen the cooperation with the state owned assets supervision and Administration Commission of Anhui Province. With the increase of sales volume, Weilai is expected to make profits in about 23 years.

Xiaopeng: it is the most cost-effective intelligent car. Its electronic and electrical architecture is the closest to Tesla. Its P7 Zhizun version can realize L3 automatic driving. It is equipped with Xavier chip and has a computing power of 30tops, which is better than Mobileye Q4 is more than 10 times higher; in terms of intelligent interaction and interconnection, with its back to Alibaba, it can import relevant small programs more quickly and create intelligent application scenarios. This year, the flagship model P7 is on the market to improve sales volume and reputation. A new model will be introduced every year in the future. The company adopts the mode of direct marketing and franchise. There are more than 170 4S stores with wide sales channels and large growth space.

Ideal, Weima, Nezha: the ideal is to increase the program route to solve the anxiety of electric vehicle mileage. At the beginning of the year, the first car one went on the market, and the sales volume in the first half of the year reached 10000, second only to Weilai. The company has a strong cost control ability. Q2 has realized the cash flow normalization, and the US stock IPO is imminent, so the follow-up financing ability is strong. However, in the short term, due to the completion of one seed user orders, only 21 Direct stores, and the company’s next car will be launched in 22 years (still a large SUV), we think that it is difficult to increase sales significantly in the next 1-2 years. Weima and Nezha are more close to traditional cars. Weima has a high cost performance ratio in the range of 100000-200000, and Nezha aims at electric vehicles within 100000-200000.

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