Source: Xiaomi Auto
On April 23, Lei Jun announced at the Xiaomi investor conference that as of the 20th, the number of locked orders for Xiaomi SU7 has exceeded 70,000 units, and the annual delivery target has been increased to more than 100,000 units. He also thanked suppliers for their support and expects gross margins to be between 5-10%.
Lei Jun further said: "The goal of Xiaomi Auto is not only to make a low level of profitability, but also to become one of the top five automakers in the world in the next 15-20 years, and to become a new generation of global hard-core technology leaders. ”
On April 24, Citi announced that it was optimistic about the outlook for Xiaomi Group's electric vehicle shipments and gross profit margin, and raised its profit estimate and target price.
Citi analyst Kyna Wong and others pointed out in the report that as of April 20, the non-refundable orders for Xiaomi SU7 electric vehicles have exceeded 70,000 units, and such orders are still growing rapidly, and the average selling price is also higher than expected.
Citi raised its 2024-26 adjusted earnings per share estimates by 25%, 37% and 32%, respectively, according to the report. Citi maintained a buy rating on Xiaomi shares and raised its target price on Hong Kong stocks to HK$21.9 from HK$19.6 in light of the better-than-expected outlook for Xiaomi's electric vehicle business.
There are many players in the automotive industry
Among the representative companies in the automotive industry, most of them are in the field of passenger cars, commercial vehicles and special vehicles, and only a few companies are involved, such as China National Heavy Duty Truck, NIO, Xpeng and Li Li.
From the comprehensive judgment of the company's core R&D technology, R&D investment and sales volume, SAIC Motor has the most core competitiveness in the industry, followed by BYD Automobile; The reasons are: SAIC has developed in an all-round way and has a good development status, and the fly in the ointment is that its R&D investment level is disclosed with other enterprises; BYD's advantage lies in its position at the forefront of new energy vehicles (including passenger cars, commercial vehicles and special vehicles), and its blades and other R&D technologies are at a high level.
Note (1): NIO is included in Jiangqi and Xpeng is included in Haima, which are not counted separately, the same below.
Note (2): ★ It is one star, ☆ is half a star, and the score is comprehensively evaluated according to the R&D investment and sales data collected by the prospect, as well as the technical keywords summarized by public information.
Xiaomi Auto has rapidly increased its technical weight through investment and mergers and acquisitions
In 2021, Xiaomi Group acquired Shendong Technology, an autonomous driving company, with a total transaction amount of about US$77.37 million, and in addition, Xiaomi has invested in a number of autonomous driving industry chain-related enterprises in the field of autonomous driving, such as Suteng Juchuang, Hesai Technology, Tudatong, Geometry Partners, and Black Sesame Chips, involving lidar, autonomous driving chips, autonomous driving solutions, optical perception and other aspects.
In 2025, new energy vehicle sales will account for 20% of total new vehicle sales
Overall, the overall trend of the automobile manufacturing industry in the short term is still new energy vehicles, including hydrogen fuel cell vehicles. According to the outlook of the "New Energy Vehicle Industry Development Plan (2021-2035)", by 2025, the competitiveness of China's new energy vehicle market will be significantly enhanced, and major breakthroughs will be made in the key technologies of its core components, and the safety level will be comprehensively improved; The sales volume of new energy vehicles has reached about 20% of the total sales of new vehicles, and highly autonomous vehicles have been commercialized in limited areas and specific scenarios, and the convenience of charging and swapping services has been significantly improved.
By 2035, pure electric vehicles will become the mainstream of new sales vehicles, public vehicles will be fully electrified, fuel cell vehicles will be commercialized, highly autonomous vehicles will be applied on a large scale, the charging and swapping service network will be convenient and efficient, and the construction of a hydrogen fuel supply system will be steadily promoted, effectively promoting the level of energy conservation and emission reduction and the improvement of social operation efficiency
From the perspective of the field of new energy vehicles, new energy vehicles will gradually replace the traditional fuel vehicles on the market and lead the automobile manufacturing industry in the future; At present, smart cars are still limited by the technical level, but with the continuous investment in mainland technology research and development, after overcoming technical difficulties, smart cars will gradually enter the growth period, but this is a relatively long-term process, referring to the development speed of new energy vehicles, or it will take at least 10 years to form the initial marketization.
From the perspective of automobile manufacturing enterprises, automobile manufacturing enterprises may choose to go overseas and make up for their own shortcomings in the industrial chain to form a solid industrial position. To sum up, the prospect believes that with the development of new energy and intelligent vehicles, as well as the localization of vehicles and parts, the original automobile pattern will usher in great changes and reshape the existing pattern.
Prospective Economist APP Information Group
For more research and analysis of this industry, please refer to the "Analysis Report on the Demand Prospect Forecast and Investment Strategic Planning of China's Automobile Manufacturing Industry" by the Prospective Industry Research Institute.
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