▍Event: In January 2024, key new energy vehicle companies announced the release of deliveries, according to the data disclosed by each company: 32,943 units, +637 year-on-year8%, +348%；Ideal 31,165 units, +105 year-on-year8%, -381%；ZEEKR 12,537 units, +302 year-on-year3%, -70%；Leap 12,277 units, +977 year-on-year9%, -341%；NIO 10,055 units, +182%, -442%；Xpeng 8,250 units, +58 year-on-year1%, -590%；Zhiji 5,305 units, +946 year-on-year4%, -490%；
Seasonal changes in the auto market in January The trend of new energy penetration is stable
Sales increased year-on-year, and new forces continued to rise. According to the data of the Passenger Car Association, the retail sales of narrow passenger cars in January are expected to be 22000,000 units, -65%, affected by the ultra-low base at the beginning of last year, +70 year-on-year2%。New Energy Retail 8000,000 units, -153%, up 466%, with a penetration rate of about 364%。In January, various car companies continued the policy at the end of last year, and the market maintained high discounts, which continued to drive consumers' willingness to buy, which was conducive to the early release of car purchase demand before the Spring Festival. At the beginning of January, the overall discount rate for passenger cars was around 204%, and there is still no sign of preferential treatment in the overall market. A total of 112,562 units were delivered by the 7 sample new power OEMs, +195 year-on-year5%, -276%。In terms of new forces, the ideal monthly delivery is 310,000 units, +105 month-on-month8%, -381%。Nearly 330,000 units, +637 m/m8%, +348%, the first time to win the new force monthly sales champion.
A number of new sales hit new highs, and new forces reached new heights
Ideal:According to the company's announcement, 31,165 units were delivered in January 2024, +105 year-on-year8%, -381%。To date, Li Auto has delivered 664,529 vehicles. In terms of intelligence, Ideal released the automotive intelligent software OTA50, re-architect the algorithm model from ad20 upgrade to ad30;All-scenario intelligent driving (NOA) can achieve full coverage of high-speed, urban ring roads, and urban roads; All-Scenario Assisted Driving (LCC), which can realize the centering of the basic lane, initiate lane changes in response to turn signal commands, etc.; Smart parking function and active safety function. In terms of new cars, in March this year, the home technology flagship MPV Ideal Mega will be launched and delivered, and the Ideal L7, Ideal L8 and Ideal L9 will also usher in the 2024 model.
Xpeng:According to the company's announcement, 8,250 units were delivered in January 2024, a year-on-year increase of +581%, -590%。In terms of intelligence, Xpeng's XNGP urban intelligent driving function has been released in 52 cities, and will cover 191 new cities from January 1, with a total coverage of 243 cities. Xpeng XNGP has been fully opened to users in 243 cities across the country, and the mass-produced version of the software has the largest urban road network coverage in the industry. The monthly active user penetration rate of XNGP urban smart driving exceeds 85%, and the active user scale, user experience and mileage penetration rate of urban smart driving are the first in the industry. In terms of new products, Xpeng X9 has started large-scale deliveries in more than 100 cities across the country, with a total of 2,478 units delivered, of which nearly 70% have purchased the MAX version. Xpeng Motors is currently stepping up its production capacity for the Xpeng X9 to accelerate the delivery of orders in hand.
NIO:According to the company's announcement, 10,055 units were delivered in January 2024, a year-on-year increase of +182%, -442%；To date, NIO has delivered a total of 459,649 new vehicles. In terms of intelligence, Banyan Banyan 24.Version 0 brings more than 50 new features and optimizations, including the addition of 4D Comfort Navigation, GOA Universal Obstacle Warning and Assist, Omnidirectional AEB, NOMI Cabin Memory, Microphone-free Karaoke, Track Mode and other important features. In terms of global navigation assistance, it covers 606 cities and has an urban mileage of more than 650,000 kilometers. In terms of new products, the NIO ET9 was officially released, with a pre-sale price of 800,000 yuan, using a 900V high-performance intelligent electric drive system, equipped with NIO's first self-developed intelligent driving chip, the Shenji NX9031.
Q Boundary:According to the company's announcement, 32,973 units were delivered in January 2024, a year-on-year increase of +6378%, +348%；Among them, the single-day delivery exceeded 1,000 in 24 days, becoming the monthly sales champion of a new brand in the Chinese market for the first time. The delivery of the new M7 reached a new high, with 31,253 new vehicles delivered in a single month, exceeding 30,000 units in a single month for the first time, opening a new chapter in delivery speed. In terms of intelligence, since January 31, the M5 and the new M7 intelligent driving version have been upgraded to the high-end OTA version, which can realize high-end NCA intelligent driving in urban areas that does not rely on high-precision maps across the country. In terms of new products, the M9 will be delivered on a large scale on February 26, with a price range of 4698-56.$980,000. In terms of intelligent cockpit, the top configuration of the M9 is equipped with the industry's first automotive-grade 32-inch projection giant screen; At the same time, it is equipped with Huawei XHUD, which can realize AR real-world fusion display. In terms of intelligent driving, the M9 uses Huawei's high-end intelligent driving system, ADS 20, which can support high-speed, city-fast, and city-fast assisted driving. In terms of orders, the M9 has accumulated more than 30,000 units in the first seven days of its launch.
ZEEKR:According to the company's announcement, 12,537 units were delivered in January 2024, a year-on-year increase of +3023%, -70%。In terms of new products, ZEEKR's pure sedan ZEEKR 007 officially started delivery on January 1, 2024, which was not only popular in the domestic market, but also quickly became a benchmark for B-class pure electric cars in China. On January 10, the 2024 Zeekr X was officially launched, with an official retail price starting at 200,000 yuan. In terms of intelligence, the intelligent driving and cockpit are equipped with NVIDIA Orin-X chips and Qualcomm 8295 platforms as computing power support, respectively. The latest generation of intelligent cockpit system Zeekr 007 OS 60 and Haohan Intelligent Driving Intelligent Driving System has also achieved catch-up and overtaking of the intelligent head echelon.
Zero Run:According to the company's announcement, 12,277 units were delivered in January 2024, a year-on-year increase of +9779%, -341%；More than 23,500 units of the Leapmotor C10 were booked. In terms of new products, on January 10, 2024, the first product with a four-leaf clover architecture, the C10, officially opened for pre-sale, and Leaprun's pioneering technologies include the four-leaf clover** integrated electronic and electrical architecture, the in-depth development of 8295 chip technology, and the industry's first CTC20 battery + oil-cooled electric drive of new energy, better steel-aluminum hybrid body structure in the same class + 2000MPa high-strength steel, 42500N·m high torsional rigid body, and few lidar hardware in the same level are equipped with C10 among them.
New forces have opened the first year of intelligence, and the application scenarios of assisted driving have been broadened
Huawei and Xpeng help accelerate the implementation of intelligent driving. Xpeng has officially pushed the new version of OTA XMART OS 4 to G9, G6 and P7i users since December 235.0 And after announcing that it will cover 243 cities on January 2 this year, it is hoped that point-to-point intelligent driving will be realized nationwide this year, that is, the intelligent driving function will run in extreme scenarios such as alleys, parking lots, and internal roads. Huawei was originally scheduled to launch the nationwide urban intelligent driving function at the end of last year, but it was postponed until before the Spring Festival. In 2024, the competition of intelligent driving and the implementation of urban NOA will be further accelerated, and in addition to Huawei and Wei Xiaoli, Xiaomi has also set a goal of opening urban NOA functions in 100 cities by the end of this year. The era of standard intelligent driving has come, and the leading car companies that can identify differentiated selling points and lead intelligent driving technology will form differentiation and enjoy valuation premiums in 2024-2025.
Investment Strategies & Recommendations:
The intelligent singularity has come, and independent technology exports incubation opportunities. Intelligent capabilities will become an important factor in the competition of car companies. With the emergence of the inflection point of Tesla's FSD usage rate, the implementation of urban assisted driving by independent new forces has accelerated and Xpeng has opened a new business model. We judge that intelligent driving is gradually ushering in a triple inflection point in technology, user acceptance and business model, and we are optimistic about high-quality independent car companies with relatively leading intelligent layout, product cycle and brand cycle. It is recommended to pay attention to [Changan Automobile, Li Auto H, BYD, Xpeng Motors H, Celis, Geely Automobile H, Great Wall Motor].
The medium-term growth of parts and components continues to strengthen, and we are optimistic about the new power industry chain + intelligent electric increment. Electric intelligence reshapes the order, high-quality independent parts and components manufacturers get more supporting facilities with cost performance and rapid response ability, and at the same time, the neck technology takes the opportunity to achieve a 0-1 breakthrough, accelerate the globalization process, and break the monopoly pattern of foreign capital.
It is recommended to pay attention to: 1. New power industrial chain: It is recommended to pay attention to the T chain - [Tuopu Group, Xinquan Shares, Xusheng Group, Shuanghuan Transmission, iKedi, Daimei Shares]; Huawei industrial chain - [Huguang Co., Ltd., Rayhoo Mold, Guangfeng Technology, Xingyu Co., Ltd., Shangsheng Electronics, Shanghai Yanpu, Wencan Co., Ltd.]; 2. Intelligent core main line: It is recommended to pay attention to intelligent driving - [Bethel, Desay SV, Jingwei Hengrun-W, Keboda] + intelligent cockpit - [Shangsheng Electronics, Guangfeng Technology, Jifeng Shares].
Risk Warning:
The market is risky, and investors need to be cautious. Shanghai Huizheng Financial Consultant is an investment consulting company approved by the China Securities Regulatory Commission, with a unified credit code of 91310107MA1G0KQW5N. This article is for investor education purposes only and does not constitute any investment advice, and investors act accordingly at their own risk. The information referred to in this article is accurate and reliable, but does not make any guarantee for its accuracy, completeness and timeliness, and does not assume any responsibility for all losses caused by investors' investment based on it.