Abstract: 2022 is only a desperate fight (welcome to pay attention to the leverage game)
Written by | Zhang Yinyin & Editor| was pleased
The circle of automobile capital is vibrating.
On January 17, 2022, the market rumors that Chen Long, former chief strategist of Zhongtai Securities Research Institute, and Jin Fangyi, former quantitative director of a public fund, were both arrested or suspected of manipulating securities and insider trading.
There are even two Huawei employees.
On the evening of January 17, Jin Fangyi himself responded exclusively, saying, "At present, my work and life are normal, thank you for your concern." ”。
The rumored stock is a car company that works closely with Huawei.
Xiaokang shares urgently issued a clarification announcement saying:
Xiaokang shares are not aware of the above matters and have not participated in the relevant violations of laws and regulations.
The company has always adhered to the legal compliance operation is the basis for sustained, stable and healthy development, paying attention to compliance with various laws and regulations, and paying attention to protecting the rights and interests of all investors. The cooperation between Xiaokang and Huawei is normal, and the company will, as always, do a good job in production and operation and industrial layout, continue to focus on the main business, and continuously enhance the company's core competitiveness and operating performance.
The core is two points, the first is not aware of or involved in relevant violations of laws and regulations, and the second is that the cooperation with Huawei is normal.
On January 18, Xiaokang shares rose and fell, and the market feedback was good.
As a representative enterprise of traditional non-first-line automobile brands transforming new energy vehicles, Xiaokang has received great attention since its cooperation with Huawei in 2021.
The transformation has not yet been successful, and it is being tackled, and it is hoped that as Xiaokang shares said, it is not aware of and has not participated in violations of laws and regulations.
Taking this opportunity, the leverage game this week's "leverage viewing car" to make a summary of the well-off shares in 2021.
1. Xiaokang shares, whether it is a new energy vehicle or a full range of vehicles, production and sales have outperformed the market
Let's start with production and marketing.
According to Xiaokang's December 2021 production and sales express, Xiaokang produced 6248 new energy vehicles in December, an increase of 162.19% year-on-year. In 2021, the company will produce 41,700 units, an increase of 115.43% year-on-year.
The source of the chart | Xiaokang shares announcement
According to data released by the China Association of Automobile Manufacturers, in December, 518,000 new energy vehicles were produced, an increase of 1.2 times year-on-year. Xiaokang shares 12 new energy production outperformed the market.
However, in the whole year of 2021, Lever Game noted that the production of new energy vehicles in the mainland completed 3.545 million units, an increase of 1.6 times year-on-year. Xiaokang shares outperformed the broader market.
In terms of sales of new energy vehicles, Xiaokang sold 6,150 units in December 2021, an increase of 88.71% year-on-year.
In December, the mainland sold 531,000 new energy vehicles, up 113.9% year-on-year. As shown in the chart below, Well-off lost the market.
In the whole year of 2021, Xiaokang New Energy sold 41,400 units, an increase of 104.39% year-on-year.
Throughout the year, the sales of new energy vehicles in the mainland reached 3.521 million units, an increase of 157.5% year-on-year, and the market share reached 13.4%, 8 percentage points higher than that of the previous year.
Chart source| China Association of Automobile Manufacturers (thanks)
Xiaokang shares' new energy sales in 2021 outperformed the market.
It is worth noting that Xiaokang shares new energy vehicles include commercial vehicles, including passenger cars, and the production and sales data of new energy vehicles released by the China Association of Automobile Manufacturers are also included, and the data is comparable.
In December 2021, Xiaokang co., Ltd. produced 29,100 vehicles, an increase of 0.53% year-on-year.
According to the China Association of Automobile Manufacturers, in the same month, China's automobile production completed 2.907 million units, an increase of 12.5% month-on-month and 2.4% year-on-year. Xiaokang shares outperformed the broader market.
For the whole year of 2021, leveraged game noted that Xiaokang co., Ltd. produced 277,200 cars, down 0.25% year-on-year.
In the same period, Continental's automobile production reached 26.082 million units, an increase of 3.4% year-on-year. Xiaokang shares outperformed the broader market.
In December 2021, Xiaokang sold 28,500 vehicles, down 18.24% year-on-year.
In the same month, mainland automobile sales reached 2.786 million units, up 10.5% month-on-month and 1.6% year-on-year. Xiaokang shares once again outperformed the broader market.
In the whole year of 2021, Xiaokang co., Ltd. sold 266,600 vehicles, down 2.55% year-on-year.
In the same period, mainland automobile sales reached 26.275 million units, an increase of 3.8% year-on-year, ending a three-year decline since 2018. Xiaokang shares continued to outperform the broader market.
Xiaokang shares have both passenger cars and commercial vehicles, and the overall production and sales data of mainland automobiles released by the China Association of Automobile Manufacturers also includes the above two aspects, and the data is comparable.
2, Xiaokang shares, Huawei cooperation in the initial battle performance is average, rushing new cars were questioned to cut leeks
In the spring and summer of 2021, Xilis Huawei's Smart SF5 topped huawei aura, coupled with Huawei's sales stores and sales channels, gained unprecedented attention for a while.
At that time, the media reported that the order volume of SF5 exceeded 3,000 units in only 2 days, and the order volume exceeded 6,000 vehicles in a week.
Booking to final closing and delivery are two different things.
At the end of 2021, Lever Games quoted the data of the Connecting Travel Comparison Association when writing "There is not much time left for Huawei and Xiaokang", and from April to November 2021, the sales of the Cyrus SF5 were 129, 204, 1097, 507, 715, 1117, 2205 and 1446 (some reported data are different).
Chart source| Wired Travel (thanks)
Objectively speaking, this performance, the leverage game has not been bad.
On the issue that the delivery of the SF5 of Xilix was less than expected, Xiaokang executives said that only about 8,000 SF5 units were delivered in 2021, and the reason for the small delivery volume was mainly because of chip delivery problems.
According to reports, the SF5 car is mainly developed in the United States, so it uses more American electronic materials, so it has been greatly affected.
The cooperation with Huawei has made the stock price of Xiaokang shares soar, and the concept of new energy vehicles itself has benefited greatly. The market value of Xiaokang shares once exceeded 100 billion yuan.
Although the stock price is good (it is not excluded that there are rumors behind the institutions suspected of manipulating securities and insider trading), the sales are very realistic.
Xiaokang shares and Huawei are in a hurry.
On December 2, 2021, after Cyris released the AITO brand in cooperation with Huawei, on December 23, the AITO brand officially released the first car, the AITO Q&A M5.
This is a smart luxury SUV - and the first mass production model jointly released by Xiaokang and Huawei, Cyrus Huawei Smart SF5, the price is not low. More than 200,000 yuan at any time, and even this time the top allocation exceeded 300,000 yuan.
Such good news, in exchange for the decline of well-off shares.
A few days later, coupled with the previous unbanning factors of fixed increase in stocks, the market value of 20 to 30 billion yuan of Xiaokang shares evaporated...
Below, the stock price chart at that time.
If we compare the latest stock price performance at the beginning of the article, the stock price of Xiaokang shares has actually been under obvious pressure for more than 10 days.
Xiaokang shares, Huawei's new car AITO, the English "Adding Intelligence to Auto", means to bring wisdom into the car. In the expectations of Huawei and Xiaokang, AITO will not only make smart cars, but also "enter the first echelon within five years and become the world's top brand of new energy vehicles".
I don't know if I can make this dream come true.
After the launch of the AITO Q&A M5, many messages show that the booth of Huawei stores does not seem to be much SF5, ready to change the M5. Some people even said that SF5 is about to stop production, and then sell M5, Xiaokang shares later responded that it is production capacity pressure, temporarily on M5 mainly.
And that's not all.
The article on wired travel even quoted new energy vehicle industry insiders and analysts as saying that M5 and SF5 have not changed much, in other words, the M5 can be seen as a "redesign" version of Huawei's smart SF5.
If we look at the parameters, in terms of size, the M5 is only 70mm longer than the SF5, and there is no difference in width and height; in terms of wheelbase, the former is only 5mm longer than the latter; in terms of appearance, the M5 is fine-tuned compared to the Huawei Smart SF5, and the other aspects of the two cars are basically the same.
Wired Travel also believes that on the interior, both cars have adopted a simple style, through the experience can be found that the original central control vertical screen on the Cyrus Huawei Smart SF5 was changed to a horizontal screen on the Q&A M5, and the overall screen size has become larger; the center console has also made a slight modification, adding a cup carrier, in addition to this highlight, there is no obvious highlight.
Other dual-motor designs, the front axle is equipped with an asynchronous AC motor, the rear axle is equipped with a permanent magnet synchronous motor; in terms of range extender, it is equipped with a 1.5T four-cylinder range extender from Xilis, the maximum power of which is only 10kW higher than the former; the fastest acceleration of zero to 100 kilometers, the latter is only 0.28 seconds shorter than the former.
Then this price is not cheap!
The cooperation between Xiaokang and Huawei claims to have moved from a single level of technology to a deep cooperation of the whole chain. The two sides are no longer a simple technical superposition, but in the research and development, manufacturing, sales and service of AITO, Huawei is deeply involved - but this hasty launch of new cars, such as the leverage game quoted above, is not new, the upgrade is not much, the key price is more than tens of thousands?
I think for half a day, always feel a little leek flavor.
In the end, whether it works or not, whether it is good or not, let it be handed over to the market.
3. Xiaokang shares have only one fight to the death in 2022
As mentioned above in the leverage game, the overall sales of all the cars of Xiaokang shares will decline in 2021, and the performance of new energy vehicles will not be satisfactory overall.
Following the net profit loss of 1.729 billion yuan in 2020, the currently disclosed first three quarters of 2021, Xiaokang shares continued to lose 1.083 billion yuan. If there are no surprises, Xiaokang shares will continue to lose money in 2021.
Chart source| Oriental Fortune Network (thanks)
The new car-making forces can do this at the beginning, and traditional car companies can also introduce investors, but no one can do it in the long run.
Moreover, whether it is the new forces of car manufacturing, or the sales and financial performance of new energy vehicles of traditional large manufacturers, the overall performance is improving.
So the leverage game says that there is not much time left for the well-off shares.
As mentioned above, the initial battle of Xilis has not been successful for the time being, Huawei and Xiaokang shares continue to deepen cooperation to launch the AITO brand, and the first range extended electric vehicle asks whether the M5 can play a beautiful battle, which is crucial.
Xiaokang bets on new energy, especially cooperation with Huawei, and the integration of the company's internal resources and payments are also very huge, and there is a great posture of a decisive battle.
Whether this choice is right or not, the leverage game cannot judge.
I wrote before that not long ago I was in Chongqing High-tech Zone, passing by the power center of Jinkang (Xiaokang Shares), which was very shocking visual.
The efforts of Xiaokang shares are obvious.
A motorcycle start-up, after a lot of hardships, I don't know how many times it was rejected, only to cooperate with Dongfeng to get the qualification to make a van, a car company that has long shown the impression of a low-end car, and poured all its strength into a high-end model in just a few years.
If this time, if you don't make some noise, will the market still believe in the car of Xiaokang shares?
There is only one fight to the death.
It's just that the fierce competition in the market in 2022, I can't dare to think about it, and all the new and old friends are betting.
By the way, the leverage game must be said, the joint venture equity restrictions will be released in 2022, and other foreign mainstream car companies, including Tesla, and Apple in the future, who are not eager to try...
The good news is that the dividend of a significant increase in the penetration rate of new energy vehicles in 2021 is likely to continue to 2022.
Chart source| Shanghai Securities (thanks)
The Ministry of Industry and Information Technology said that it will expand the consumption of new energy vehicles in 2022.
Many industry institutions and studies have expressed that the sales of new energy vehicles are expected to reach more than 5 million in 2022.
This is the benefit of all car companies, and of course there are opportunities for well-off shares. Good luck.
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