Author 丨 Yang Yongping
Editor丨Yiou Auto
Core ideas
The digital economy has become a new driving force and new engine for China's economic take-off, and the new energy electric vehicle industry is one of its pillars;
Car companies are the core subjects of the realization of the double carbon goal of the automobile travel industry, and the carbon neutrality action of the entire industrial chain should be sooner rather than later;
"Specialized and specialized" is the key to supplementing and strengthening the independent and controllable supply chain of the automobile industry, and the industry calls for more "small giants";
Investment and financing in the field of automobile travel in the primary market are extremely active, autonomous driving and automobile intelligence are leading, and valuation logic is also being reconstructed;
Driven by high-end computing power, smart cars are becoming the birthplace of the next parent ecology and trillion-dollar market value companies;
The national autonomous driving demonstration area/pilot zone network has been formed, accelerating commercial landing, and the industrial chain has initially taken shape and has a scale.
Recently, Yang Yongping, executive general manager of Ego InteractiveOcean and president of Yiou Automobile, shared the 6 key moments of China's intelligent electric vehicle industry in 2021.
On December 21, 2021, the "Digital Reshaping the World - WIM 2021 World Innovators Annual Conference" hosted by EOU EquitOcean was officially opened in Shanghai, China. As a major component of the WIM2021 Summit, the GTM2021 Global Technology Mobility Forum was successfully held in Shanghai on December 21-22.
The event was created by Yiou Automobile, an innovation service platform for the technology travel industry under EgoEouEqualOcean. At the conference site, dozens of guests from the industry, such as heads of star enterprises, front-line entrepreneurs, investors, etc., gathered together to focus on hot topics such as "carbon neutrality", "new energy intelligent vehicles", "automatic driving", "intelligent cockpit", "flying cars", "automobile services and circulation", "investment in science and technology travel industry", etc., through theme sharing, high-end dialogues and other forms, focusing on industry development and drawing a common development path.
Yang Yongping, Executive General Manager of Ego InteractiveOcean and President of Yiou Automobile, shared the keynote speech of "Hitting the Water in the Middle Stream, Striving first - Insight into the "2021 Moments" of China's Intelligent Electric Vehicle Industry".
Yang Yongping mentioned in his speech that China's intelligent electric vehicle industry and its ecology have reached the "middle stream" moment, and the "2021 moment" that the industry has just experienced has a very great enlightenment significance.
The following is the original text of the speech for the reference of industry insiders.
Hello friends, welcome to WIM2021 - Global Technology Travel Forum, I am Yang Yongping of EqualOcean.
In the context of the epidemic, offline meeting has indeed become very rare, and the preparatory process for our event can also be described as a mixed bag, but we met with you as scheduled.
Today, I will briefly talk about some observations and views of Yiou Automobile on the automotive travel industry in 2021, and the theme of the speech is "Hitting the Water in the Middle Stream, Striving first - Insight into the 2021 moment of China's intelligent electric vehicle industry".
Why is the current stage of industry development defined as "mid-stream"?
We can see that whether it is the intelligent evolution of automotive products, the multiple growth of new energy vehicle production and sales, or the speed of commercial landing of autonomous driving, with the addition of new players, from the upstream of the industry to the downstream, it has reached a key node.
The above figure comes from the "2021 China Auto Travel Industry Investment and Financing Market Insight Report (including the list)" released on December 22, 2021, which basically lists the landmark events that occur in the industry in 2021 according to the five levels of capital, industry, market, brand and product.
The blue car sales curve that runs through it reflects the recovery of the industry in the end market to a certain extent.
Behind the industry, we cannot ignore the multiple impacts of geopolitics, the epidemic and the lack of "core" on the industry, which is undoubtedly complex and disorderly.
What are the keywords of the "2021 moment" observed by Yiou Auto below?
01The new energy electric vehicle industry is one of the pillars of the digital economy
Earlier mentioned the rapid development of the industry, what is behind it?
We're going to look at a series of strong policy signals for the importance of the digital economy in 2020 and early 2021 in the country's top-level design.
As you can see, the entire government work report has the goal path of "digital +" for accelerating digital development, building a digital economy, creating a good digital ecology, and improving the construction level of digital government, including industrial digitalization and industrial collaborative transformation of industrial digitalization.
According to relevant institutions, the digital economy will account for more than 40% of the total GDP in 2021, with an added value of nearly 50 trillion yuan.
Among them, the entire Chinese new energy vehicle market will be an important part of the digital economy.
The industry innovation initiated from the supply side has been transmitted from top to bottom to the entire automotive industry chain, and the digital opportunity of the automotive industry is the long-tail value of the traditional manufacturing industry in the upgrading of science and technology.
So, what is the digitalization process in the automotive industry? We probably did such a structural combing: from the lowest level of digital technology to the digitization of the entire industry to digital governance, these stages are constantly a process of rebuilding, reconstructing and reshaping the entire automotive industry.
Of course, when looking at the digital penetration curve, the depression part is the manufacturing and procurement links, the traditional automobile value chain is being reconstructed; the downstream of the industry is also ushering in a high degree of digital empowerment.
02 The carbon neutrality action of the industrial chain, car companies should be early and not late
There is also a very important topic after talking about the digital economy, there are a number of policy instructions and guidance in 2021, and a point that includes a lot of enterprises to pay attention to is carbon neutrality, about the "3060" double carbon target.
The following figure comes from the "2021 China Primary Market Carbon Neutrality Investment Research Report" of Yiou Think Tank, in the past decade, the investment scale of the entire carbon neutrality in each realization path, energy substitution, energy conservation and efficiency improvement, recycling, including negative carbon technology, especially in 2021, the change is still relatively obvious.
The attention of the capital market to the overall carbon neutral project is also very high.
In the past decade, it can be found that the investment frequency of China's carbon neutrality realization path is mainly due to the relatively high proportion of energy substitution, and the development of new energy industry is the top priority.
In mid-2021, Yiou Think Tank released the "2021 China Science and Technology Travel "Carbon Neutral" Development Research Report", which made an evaluation model for the current carbon neutral response speed of Chinese car companies, quantitatively analyzed the action force of car companies in the Chinese market under the dual carbon target, and found that it can be roughly divided into four echelons:
The first echelon is some car companies represented by Volvo and BYD, who are relatively leading in response speed and have a clearer path to realization;
The second echelon is Tesla, Weilai and other brands, although the performance in the actual terminal sales market is very good, the company itself has also proposed energy conservation and carbon reduction earlier, but some specific time nodes have not been clearly proposed, at least at present, there is no systematic path and planning;
In the third echelon, enterprises have responded, but no action, and have not seen the implementation of actions at present;
In the fourth echelon, there are many companies that have not made the time node of carbon neutrality promoted public.
In the process of achieving the "3060" double carbon target in China, car companies are unshirkable, as a high-end manufacturing industry, the industrial cluster is huge, a car company has thousands of supply chain companies, suppliers, to achieve full-link carbon neutrality needs to start from the supply chain early.
From carbon footprint, carbon reduction, carbon asset retention, carbon trading to the final carbon neutrality, action should be sooner rather than later.
On the afternoon of December 21, in our main venue of WIM2021, EOU EqualOcean also released a series of actions on carbon neutrality, including the output of some methodologies from carbon reduction and carbon assets to trading and finally carbon neutrality, and we have obtained the qualification assessment of relevant authoritative institutions and are also doing low-carbon and carbon reduction path planning projects for some large customers.
What is certain is that carbon neutrality has undoubtedly brought a new wave of industrial opportunities, and low-carbon technology will be integrated into the blood of the industry, which will further promote the sustainable green and healthy development of the industry.
03 "Specialized special new" to replenish the automobile industry, the industry will give birth to more "little giants"
In addition to carbon neutrality, one of the more important points to watch in 2021 is to specialize and be new. The state's support for specialized new enterprises is all-round.
Especially in the secondary market, the Rapidly Opened North Stock Exchange provides another financing channel for it, guiding a part of the flow of funds to the entire high-quality science and technology innovation project, the entire specialization is to make up for the strengthening of China's automotive industry chain or the independent control of each supply chain link, and the industry is also calling for more hidden champions and the birth of small giants.
In the "2021 China Automotive Science and Technology Specialization New "Little Giant" 100 Enterprise Research Report" released by Yiou Think Tank, a set of data processing and analysis was done.
From the 4922 specialized new "little giant" enterprises announced by the Ministry of Industry and Information Technology, we have screened out nearly 1,000 technology companies related to the automotive industry, and from them, we have added screening and data analysis to find 100 automotive technology specialization and new "little giant" enterprises.
The core business of these 100 companies is based on new energy and intelligent network connection business, which belongs to the key links in the automotive supply chain, involving software and hardware, services, etc.
The new "Little Giant" of the entire specialization has continuously upgraded its assistance to the automotive industry, and there are Original Chinese Technology Companies in every link.
The state's support for specialized special new companies, strong chains, and supplementary chain companies is very obvious, and a large number of small giant enterprises are on the way to declaration, and in 2022 we will see the emergence of more specialized new small giant enterprises.
So why is it worth paying attention to the new enterprise of specialization?
A potential company that looks not only at the number of technological innovations and intellectual property rights, but also at the revenue level and scale of the enterprise, the commercialization concept, and the ability of the enterprise to operate are all potential companies that have been verified in the early stage of the market, and the hidden "singles champion".
04 Autonomous driving and car intelligence, valuation logic has been reconstructed
The above figure is the "2021 China Auto Travel Industry Investment and Financing Market Insight Report (including the list)" released by our Think Tank on December 22, 2021, and we can see that there will be some relatively high financing in the field of autonomous driving and automotive intelligence, of course, including some IPO companies.
In 2021, there will be about 40 billion yuan flowing to the field of automatic driving, and some new car-making companies have also carried out some equity financing, which is not much but everyone is large. We see that the entire energy power (mainly refers to the power battery, hydrogen fuel cell, etc.), key intelligent components, financing frequency and volume are still very impressive. A number of investment institutions have taken automotive technology as the key track of layout in recent years, and they have also seen the huge development potential of the industry.
In many institutions, we have seen two major figures, in addition to the VC with a very high degree of marketization, we have also seen industrial capital such as SAIC, millet production and investment, and many local industrial guidance funds, which are also quite frequent and have better results.
Why do we keep talking about investing?
In the process of paying attention to the strong chain replenishment of China's automotive industry chain, for most science and technology innovation projects, it takes a certain period of time to do research and development and market cultivation, and needs to have stable cash flow support.
Financing is very important in the absence of order revenue. Then your financing speed and financing scale should rise to a very high priority. At least there is a way to make money and raise money. Through the analysis of the current financing events and market concentration, we find that China's technology investment in the auto travel industry is undergoing a restructuring of valuation logic.
We divide the car travel technology company into three stages: value, money, and money.
The value is to make the company a higher valuation, in the entire primary market I value to do 1 billion US dollars or 10 billion US dollars, what kind of strategy to adopt to make the company's premium higher.
At this stage, enterprises will usher in three more suitable financing window periods, and investment institutions will have different focus points on investment targets in different window periods.
For example, the first window period mainly focuses on the dimensions of the founding team and technical leadership;
In the second window period, we will focus on the understanding of policies, the scale of technology and R&D investment, and product landing attempts;
In the third window period, market strategy, competition pattern, commercialization landing, etc. have become very important reference points.
When it comes to making money, it means that the company has invested in a maximum loss point and then began to rebound, at this time we will find that your cash flow has changed from continuous negative to gradual growth.
There is a largest bottom of financing, your investment in a certain stage, this time to start to receive positive growth, this stage may become a profitable company, through their own reserves "have money" after the industry can do horizontal expansion.
This logic is that when many institutions invest in some projects, they will also judge the basis for making decisions. Now that financing has become very concentrated and difficult, institutions are now looking not only at technological innovation but also at commercialization, as well as ecological construction.
If you can't get an order or don't have the ability to commercialize it, the team's survival will face a huge adjustment.
When the enterprise from the "value" to the "make money" stage of the transition process, a little rhythm disorder will face a situation that can not be passed, the company may die, this is very cruel.
Startups should pay attention to and be aware of the node stage they are in, and after the company reaches a certain scale, it will generate positive cash flow and then advance to the next stage.
05 Intelligent cars will become the next parent ecology, the birthplace of trillion-dollar market capitalization companies
In 2021, we saw the third wave of car-making tide, and caused a phenomenon-level cross-border discussion, and the market almost formed a kind of technology company "every family can build a car" ridicule - there are two kinds of technology Internet companies in the world, one car,one that does not build cars.
No matter what kind of identity you build a car, there is a very important point in this is the computing power. But computing power-defined cars and software-defined cars are not enough to summarize the vitality of smart cars.
Each era includes the Internet, mobile Internet, there are different computing power networks to support, these two ecosystems have grown PC ecology and smart phone ecology, the birth of Apple, Samsung, Intel, Nvidia and other technology giants.
It is foreseeable that the more important application of the third generation of computing network is in the IoT ecology, and the most important terminal form in this ecology is the intelligent car.
Recently, everyone has talked a lot about the metaverse, and the requirements for computing power are relatively high, but the smart car is a new mobile space that iterates on the transportation vehicle, and is a mother ecological carrier that integrates technology.
At present, Tesla is already a trillion-dollar market value company, and the Ningde era is a trillion-dollar market value company, and we can boldly predict that there will be more trillion-dollar market value industry giants in this parent ecology.
What is his basic support point for becoming a trillion-dollar company with a market capitalization?
We look at 2020 to the future of 2025, 1 these 4 years, support it is the multiple growth of new energy vehicles, in 2021 we predict that China's new energy vehicles will reach 3.4 million, this data is already very amazing.
The scale of China's intelligent networked car market will have a growth rate of 130% in 2021, in fact, its entire scale will reach more than 300 billion yuan. With such a large number of industries, it is enough to feed many specialized and specialized new companies, and it is enough to promote the rapid development of China's digital economy.
06 Automatic driving has accelerated the commercial landing, and the industrial chain has initially taken shape and has a scale
Our team has done a lot of research and observation on the commercial application of China's autonomous driving industry in 2021, including trunk logistics, unmanned taxis/buses, terminal distribution, ports/mines, clean sanitation and other scenarios, and the current national industrial layout of autonomous driving, including the establishment of demonstration areas, has begun to take shape.
At present, there are 16 intelligent networking and automatic driving test demonstration areas in our country, and the policy support and network distribution for this industry have been accelerating the large-scale commercialization of the industry.
According to the data of 2020, from the data of the issuance of road test licenses, first-tier cities such as Shanghai and Beijing are absolutely leading.
Although the autonomous driving industry has developed for many years, the integrity of the industrial chain has also tended to be formed in recent years.
From the core technology group of software and hardware composed of the perception layer, decision-making layer, execution layer and network layer, to the deep participation of main engine factories, automotive technology companies, travel companies, intelligent transportation companies, Internet companies and other entities, and then to the diversified application of closed scenes, semi-closed scenarios and open scenarios, the ecological construction of automatic driving has also been ripened by the market.
In this new industrial system, we can imagine many possibilities, the development and growth of new forces crisscrossing each other, and the industry is about to usher in a thriving scene.
Yiou Auto: From value mining to value dissemination to value services, we will be the most professional research and content organization in the field of intelligent electric vehicles and automatic driving.
In recent years, Yiou Automobile has actually done a lot of industry research, enterprise research, investment value research, including around automatic driving, intelligent cars and many hot directions in the field of automobile travel, you can go to the official website of Yiou to download our research reports and read to understand our industry views.
Finally, I would like to express that Yiou Automobile should become the most professional research and content institution in the field of automatic driving and intelligent electric vehicles, from value mining, value dissemination to value services, which can bring some help to the industry, and hope to build China's intelligent automobile industry ecology and automatic driving ecology with everyone.