Ferrari – an enduring leader in ultra luxury sports cars From Guohai Securities

The following is the Ferrari – an enduring leader in ultra luxury sports cars From Guohai Securities recommended by recordtrend.com. And this article belongs to the classification: Automobile industry, research report.

Ferrari is rooted in the gene of the racing team and has evolved for a hundred years. It has become the leader of ultra luxury sports cars. Ferrari’s hundred year history can be divided into three stages: 1) 1929-1948: the prelude stage of car making, with team operation as the main stage; 2) 1948-1969: commercialization exploration stage, from selling reassembled racing cars to collectors to opening dealers to sell road vehicles; 3) Since 1969: collectivization and scale-up stage. Collectivization management began with Fiat Group holding in 1969, and scale-up began with the acceleration of sales growth after Ferrari’s listing. The annual sales growth experienced three stages of acceleration. From 2007 to 2013, the output was strictly controlled, and the CAGR was 1%; From 2014 to 2017, production restrictions were relaxed and limited models were increased, with a CAGR of 5%; From 2018 to 2021, the production restrictions were further relaxed, and the number of vehicle types and models in various categories jointly accelerated the growth of sales, with a CAGR of more than 10%. This reflects that Ferrari achieved a reasonable acceleration of sales growth through category expansion on the premise of controlling supply and maintaining brand tone. In addition to the expansion of vehicle types, Ferrari also tried to dress, peripheral, theme parks and other fields.

The demand for consumption upgrading is obvious, and the growth space of the industry is optimistic: from 2012 to 2021, the sales volume of highly practical generalized passenger cars is cagr1.5%, the sales volume of high value-added ultra luxury car brands is cagr5%, and the growth rate of Ultra Luxury Brands depends on high value-added. From 2017 to 2021, the CAGR of 10% increased from 32000 to 46000; According to the Knight Frank wealth report, the global high and ultra-high net worth population (net assets of US $1million and more than US $30million) will increase by 36.51 million and 170000 in the five years from 2021 to 2026. Driven by the continuous growth of core consumer groups in the market, the future market space of ultra luxury brands is worth looking forward to. Ferrari’s future incremental market will be driven by new SUVs and electric vehicles, and the growth of the stock market will be achieved by maintaining the high-end positioning of the brand in the industry.

Ferrari has an advantage in both scale and price in the super luxury brand market, and its leading position is stable: sales volume and revenue have increased steadily by 6% CAGR, with less fluctuation than the main indicators of competitors. 1) although Bentley makes Ferrari second in sales volume, its revenue scale is only 45-67% of Ferrari; 2) Rolls Royce is the only luxury brand in mass production whose price reaches the level of Ferrari, but its sales volume is less than 50% of Ferrari; 3) As the most direct competitor of Ferrari in the performance car market, Lamborghini’s sales volume is still slightly inferior when the price is low: the total sales volume before and after the launch of SUV is 40% or 80% of Ferrari’s.

In the competition of ultra luxury automobile industry, both brand image and technical strength are indispensable. Ferrari takes both into account and is the benchmark of the industry: the engine technology and vehicle performance of ultra luxury brands are far ahead of generalized passenger cars and ordinary luxury cars, and their brand image is associated with strong attractive labels such as royal family and racing cars. Product strength and high-end marketing are leading industries. 1) Brand image is the focus of Ferrari. From the sales restriction to maintain scarcity, to the fact that SUV sales are nearly 5 years later than peers to maintain strong sports positioning, and to the regulations on car owners’ purchase and use of Ferrari vehicles, Ferrari has shown its strict management of its brand image; 2) In terms of technical strength, Ferrari launched limited hybrid models in 2011, and applied this technology to mass-produced models in 2019, leading the industry: the performance vehicle market competitor Lamborghini hybrid technology is in the stage of test and limited production, and Ferrari has obvious advantages in technical strength.

The penetration of the Chinese market and the horizontal expansion of the product matrix have released more space for Ferrari’s sales growth: due to the audience’s preference for racing fans and the emphasis on performance in the model positioning, which is incompatible with the demand of the Chinese market, the sales volume in China is only one-third of Bentley, and the sales volume fluctuation in Greater China is greater than that in other regions. The Chinese market needs to be explored. 1) the entry of Chinese driver Zhou Guanyu in 2021 has brought considerable traffic to F1 events in China, It is expected that in the future, Chinese consumers will deepen their understanding of car racing, and alleviate the problem that Ferrari’s current attention in China is not as good as that in other regions and brands fail to give full play to their strength; 2) The launch of highly practical SUV models can better meet the needs and preferences of Chinese consumers than existing models, drive consumers to have a deeper understanding of the brand, improve brand potential and increase sales in the Chinese market.

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