(Report Producer/Author: CITIC Construction Investment Securities)
One. Foreword: Looking at the car from the perspective of consumption, attaching importance to the consumption attribute of the automobile zero track
Core view: It is preferable to select tracks that bring continuous increase in the value of bicycles based on consumption attributes
The manufacturing attributes of the automotive industry have declined, the attributes of consumption and technology (electric & intelligent) have improved, there are bottlenecks in the short- and medium-term dimensions of scientific and technological attributes that cannot achieve obvious differentiation, and the consumption attributes currently play a significant role in increasing the share of downstream OEMs.
Why is it that there are bottlenecks in the medium-term dimension of scientific and technological attributes that cannot achieve obvious differentiation?
Electrification dimension, the core capabilities mainly include batteries, thermal management, electrification platforms, etc., batteries and thermal management core technologies or discourse rights are mainly mastered in the industrial chain, and the main engine factory can directly adopt it. From the perspective of electrification platform, at present, the mainstream OEMs basically have a new energy independent platform with comparable capabilities, and the electrified OEMs cannot make obvious differences; in the intelligent dimension, most OEMs are still in the stage of building basic capabilities (software full-stack self-development and hardware adaptation), and based on the current technical bottlenecks and regulatory restrictions, they cannot make significant differences.
Why is consumption attribute important?
In the macro dimension, China has gradually transitioned from the second consumption era to the third consumption era, and the main consumer has been transformed from the family to the individual, and the differences, self-pleasing, and customized attributes are prominent. Mesoscopic dimension, first, the main body of consumption in the automotive industry has changed, the proportion of post-95s has increased (the attention of new cars accounts for up to 38%), the group will enlarge the consumption characteristics of the third consumption era, while paying attention to the national tide; second, the degree of internal volume of the automotive industry has been strengthened, and the optional models in the subdivision field have increased significantly (the logic behind it is that everyone has completed the layout of the product lineage), and the user strategy based on the "wheelbase" dimension has gradually failed.
What are the consumption attributes included?
For automakers, first, fine user portraits and accurate matching product planning can ensure the final landing of products; second, maintain a leading edge in the arms race that continues to have incremental configurations based on consumption attributes. The second point can be mapped to the component investment logic.
Segment components based on the consumer attribute perspective
The consumption attributes of automobiles focus on scenes such as appearance, interaction, and experience. According to the directness of consumer feelings, we divide parts into three categories: explicit consumption attributes, implicit consumption attributes and industrial product attributes.
Components with display consumption attributes usually bring differentiated feelings to consumers in scenes such as appearance and interaction, and meet the personalized needs of touch, vision, and hearing to stimulate consumers' desire to buy a car.
Consumption attribute incremental scenario combing
The consumption attributes are highlighted, and the incremental track focuses on scenes such as appearance, interaction, and experience, such as lights, exterior parts, car machines, seats, etc.
Consumer attribute auto zero configuration review and outlook
2018: Headlights (LED headlights, adaptive telephoto lights, steering follower, etc.)
2019: Electric vehicle endurance, canopy glass (Tesla Model 3)
2020: Battery security (BYD blade battery), the rise of central control large screen / multi-screen, HUD (Volkswagen ID, Great Wall First Love)
2021: Audio (NIO ET7, Cadillac LYRIQ), Concealed Door Handles, Seats (Around Comfort), High Voltage Fast Charge (Electrification)
2022: Electric tail (Changan UNI-V), air suspension (Extreme Krypton 001), door (electric suction door, electric side), air suspension, etc
The value of each product/ penetration rate increases, and a high-quality track is built
The growth of consumer attribute track components can be summarized as:
First, the product upgrade brought about by technological innovation has driven the increase in the value of bicycles. Such as: automotive glass, lights, tires, seats, etc.;
Second, thanks to the decline in cost, the luxury car configuration is explored, and the penetration rate is improved. Such as: empty suspension, HUD, electric hidden door handle, etc.
Two. Ideal brand: accurate user research and rich and meticulous scene definition capabilities
Ideal brand concept: to create a mobile and happy home
Ideal car concept: Ideal insists on starting from user needs, Ideal Car takes "creating products and services that make users satisfied and proud of themselves" as the core value of the brand, "building a community of mutual respect and stimulating everyone's creativity" as the brand relationship, and ultimately the brand mission comes down to "creating a mobile and happy home".
The first product ideal ONE: A C-class luxury SUV positioned in family travel, which defines the car needs through family segmentation scenarios, meets the 6-seat hard requirements of the two-child family, provides a better intelligent experience at the same time, and uses range extenders to solve the anxiety and pain points of endurance, in order to achieve the most economical choice for users.
Li Xiang's automotive ideal: top strategy experts & product managers & team leaders
Internet background, automotive professional product manager: Internet background, early founding of "car and home", like Jobs, "want to grow into a top CEO." Is a top strategy expert, is a top product manager, is a top team leader. ”
The positioning of the extender product coincides with the right time: "90% of the families in the United States have the conditions to install charging piles, 80% of the owners in China do not even have fixed parking spaces, Tesla and Weilai choose to solve this problem by establishing huge charging facilities (fast charging, power exchange, charging cars, etc.), we choose the product itself, using technology to more conveniently solve the problem of mileage anxiety." ”
One car multi-purpose, scene carrier: "Most Chinese consumers must ultimately want to meet as many demands as possible through a car." It can drive pure electric in the city, it is a perfect electric car, it can also go out and play, no less than any fuel car, it is smarter and smoother; it can drive to work, pick up customers with a lot of face, and take a family out to play at the end of the week."
Core Competencies: Deep user research and rich and detailed scenario definition
Profound user research skills under the thinking of professional "product managers" in the automotive field
Ideal ONE and L9 users are positioned in the early stage of family users ("Daddy"), its scale for user research is not like more automakers to "wheelbase (level) - type" as the underlying framework, the ideal of the first 2 product positioning of the first or second child family, so that the vast majority of people will become their target users in a certain period of their lives, and the ideal ONE and L9 will be in the field of user research and scene definition to the extreme, as long as the economic matching user, its products may become their first choice. From the positioning of the ideal ONE and L9, it can be reflected that the ideal brand has a deep and solid user research foundation as a professional "product manager" of the car.
The attributes of the third space of the car gradually highlight the rich and detailed scene definition ability displayed in the background
In view of the mileage anxiety and space problems in the process of family electric travel, in terms of mileage, seat configuration, rear space, trunk, etc., pain point solutions have been made for the elderly, children and various scenarios in the process of family travel, rather than blindly pursuing the stacking of non-essential parameters such as 100-mile acceleration, and truly creating a "mobile and happy home". Through the definition of various subdivision scenarios and the relevant details of the design, users can feel the all-round convenience in the use of products. Taking the ideal one as an example, the corresponding detailed design can be found for scenarios such as the elderly and children sitting, long-distance driving, and family trips and camping, so as to achieve full coverage of user scenarios.
Ideal ONE positioning: "Tianji horse racing" type differentiation, there are always multiple leading edges
Ideal ONE positioning: Medium and large luxury SUVs for family travel, defining car needs through family segmentation scenarios.
Differentiated selling points: "6 seats" meet the hard requirements of two-child families or the elderly at home; "extended range new energy" is the most economical choice to solve the pain point of endurance anxiety while conveniently meeting the car purchase policy (80% of car owners in China do not have fixed parking spaces).
Competing models: Fuel vehicles at the same price: Toyota Highlander and Volkswagen Tuon SUV; Medium and large MPV Honda Alexon, Buick GL8 New energy vehicles of the same price: Nio ES6, Tesla Model Y.
Compared with the same price point of fuel vehicles: space, intelligence, configuration and economy (fuel consumption) advantages are outstanding.
Compared with new energy vehicles at the same price point: mileage (range extender), size, and 6-seater non-competitive.
What scenarios does the ideal ONE define?
In view of the mileage anxiety and space problems in the process of family electric travel, in terms of mileage, seat configuration, rear space, trunk, etc., pain point solutions have been made for the elderly, children and various scenarios in the process of family travel, without blindly pursuing the stacking of non-essential parameters such as 100-kilometer acceleration, and truly creating a "mobile and happy home".
Scene definition: Through the definition of various subdivision scenarios, targeted design related details, so that users feel a full range of convenience in the use of products. Taking the ideal one as an example, the corresponding detailed design can be found for scenarios such as the elderly and children riding, long-distance driving, and family travel camping, so as to achieve full coverage of user scenarios.
Ideal L9: Positioned as a full-size flagship SUV, an upgraded version of the "Daddy" car
Ideal L9: Full-size flagship SUV
Ideal second model "Ideal L9", positioned full-size extender SUV (length 5200mm, wheelbase 3100mm), the main space of the family car demand, the official pre-price of 45-50 million yuan, is the ideal car once again with the ideal product thinking to create a new car, with a full range of product experience for family needs to consider. A comprehensive upgrade to the ideal ONE in terms of size, power performance, endurance, configuration, and autonomous driving level.
Ideal L9: The scene is upgraded to meet the needs of the whole family to watch movies and travel with children
L9 defines family games, movies, etc. during travel, as well as new parent-child scenes such as baby travel
The ideal scene definition ability is further reflected in the L9 design, making the positioning of the "Daddy Car" more accurate. Equipped with three 15.6-inch OLED screens (with Type-C connector) +220V power (HDMI-Type-C adapter cable) + comfortable seat + flagship sound system, the L9 defines the interior of the car as an entertainment space for the whole family to play and watch movies together every day and when traveling.
L9 positioning is where it is: to create a "hexagonal warrior" and seek differentiation in cross-markets
Competing models: Fuel vehicles of the same class: full-size luxury car Range Rover, Mercedes-Benz GLS, BMW X7, Lincoln Navigator.
Fuel cars at the same price: luxury B-class SUV Mercedes-Benz GRC, BMW X3, Audi Q5L.
New energy vehicles at the same price: NIO ES8, Cadillac LYRIQ, Hongqi E-HS9.
MPV models at the same price: Buick GL8 and Mercedes-Benz V-Class.
Ideal L9: Through the saturation design of various indicators, highlight the highlights in the cross market and form a differentiated competitive pattern.
Competitive product analysis: benchmarking the same level of oil vehicles - price, intelligence, power performance is the advantage
Competing models of fuel vehicles in the same class: full-size luxury cars such as Range Rover, Mercedes-Benz GLS, BMW X7, Lincoln Navigator, etc.
Compared with the same level of fuel vehicles: the same is full-size, the price is less than 50%, and the advantages of intelligence are obvious.
Size configuration: L9 positioning large SUV, in the appearance, interior configuration have reached the level of million-class luxury cars. Degree of intelligence: L9 is compatible with L4 level automatic driving, equipped with five-screen interaction, three-dimensional space interaction and other intelligent technologies, to achieve dimensionality reduction blows on the same level of fuel vehicles. Price: L9 is priced at 45-50W, and the price of the same level of fuel vehicles is 100W+, which has a full price advantage.
Competitive product analysis: the same price point of the oil car - size configuration fuel consumption and intelligence is the advantage
Fuel car competitors at the same price: The fuel vehicle competitors in the price band of 450,000-500,000 are mainly B-class SUV Mercedes-Benz GLC, BMW X3, audi Q5L
Compared with the same price point fuel vehicle: win in size, configuration, fuel consumption, intelligence level
Compared with the same price with fuel vehicle SUV, the L9 overall size crushing + 6 seats can better meet the needs of the second-child family. The L9 also has absolute advantages in power performance and fuel consumption with its self-developed powertrain. L9 has a top-level in-car configuration, three-dimensional interactive space + five-screen interaction + flagship audio + multi-functional and comfortable seats, making the passenger experience of the whole car better, the application scenarios are more abundant (such as five screens + flagship audio to create a travel home theater), which reflects the positioning of its family car and attaches importance to the needs of the whole family.
Excerpts from the report:
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank].