标签归档 西安耍耍

Changan Automobile has made great achievements on the road of destroying foreign brands, which is really a great hero.

To say that foreign automobile brands enter the China market, they basically choose joint ventures (Tesla is the only special case), which is largely related to China’s access policy for foreign automobile brands, and is also conducive to the rapid integration of foreign automobile brands into the China market.

Basically, countless car-making enterprises in China are involved. The national team’s FAW, Dongfeng, SAIC, GAC, BAIC and private enterprises are represented by Geely, and the foreign automobile brands that cooperate with these enterprises are basically relatively moist, such as Volkswagen, Toyota, Honda and VOLVO. However, the car companies that cooperate with these foreign brands are basically in a mess. They have not had a famous brand for 30 years. The typical representative is Dongfeng, which can be said to have achieved others and sacrificed themselves.

However, there is a car-making enterprise in China that has gone out of a different way, that is, Changan Automobile. Basically, the car brands that cooperate with Changan have a bleak ending, while Changan’s own cars and SUVs have already delivered good transcripts in the market.

Let’s count the foreign brands that have been "spoiled":

The first one-Suzuki

Suzuki Motor is one of the top ten car companies in the world. It is also an automobile brand that entered the domestic market very early.

In 1993, Changan and Suzuki set up a joint venture brand, which was once all the rage in China. Its products such as Alto and Swift were also phenomenal, especially Alto, which was a typical representative of mini-cars in the market at that time, and also the first stop for China people to start their dream of changing from Alto to Audi. However, Suzuki may have underestimated that the timeline of Alto’s change in China market is so rapid that it has not kept pace with the demand of China automobile market from mini-cars to SUVs and high-end cars.

In 2018, Suzuki officially announced its withdrawal from the China market.

The second one-DS

In 1955, DS made its debut at the Paris Motor Show, which caused a sensation with its innovation in design and technology. It was known as the "presidential car". From Charles de Gaulle to Hollande, DS was the best choice for French presidents.

In 2011, Changan Peugeot Citroen Automobile Co., Ltd. was established. In 2012, DS brand officially landed in China.

However, not many people know what it’s like to drive a presidential car, because DS has been selling poorly since it entered the China market. In 2018, it only sold 3,867 cars, and it also set a record of selling 8 cars a month. It’s really worse than the worst.

The bleak situation of DS is largely attributed to the lack of experience of DS team in how to sell high-end cars in China market.

The third-Mazda.

The current situation is much better than the above two, because Mazda not only cooperates with Changan, but also cooperates with FAW. At the same time, it also has products that are well-known in the China market, such as Ma6, Angkor Sela and CX5, and its unique technology and handling have considerable appeal in young Li =, but just like this, the annual sales volume of 190,000 is not enough to become the profit growth point of Changan, and Mazda, which is too fond of technology and handling, has not understood the demand of China consumers for vehicle stability and space.

The fourth-Volvo

VOLVO really wants to thank Li Shufu for the acquisition, otherwise Volvo’s fate in China is really hard to say.

Changan can enter into a joint venture with VOLVO because Ford held the VOLVO brand at that time and handed over some VOLVO models to Changan for production.

However, with Geely’s acquisition of VOLVO in 2010, whatever the cooperation between VOLVO and Changan, all this came to an abrupt end. And the VOLVO brand has never quietly grown up in the China market, and we have to admit that the performance of VOLVO today is basically impossible in Changan’s hands.

The fifth-Ford

Ford is the most classic case of Changan Automobile’s tireless destruction. "A hundred years of Ford was destroyed in Changan".

But the situation was not bad at first, because as a world-famous and mainstream automobile brand, Ford also enjoys a reputation, and the Ford Focus and Ford Fiesta, which were initially launched in cooperation with Changan, still have a considerable market.

However, problems such as engine oil leakage, broken axle, vehicle spontaneous combustion, tire peeling, gearbox failure, engine room water leakage, car odor and so on have greatly affected Ford’s reputation in the China market, and the sales of Ford cars have been declining in recent years.

The problems exposed by Suzuki, DS, Mazda, VOLVO and Ford during their cooperation in Chang ‘an basically cover the changes of China’s automobile market in different times and the changes of consumers’ cognition of vehicles. Cars should be large, cost-effective, stable in quality and beautiful. Only by grasping these items, it is difficult to sell well in the China market. However, these brands have not been caught, which can’t blame Changan to a great extent.

Changan’s own independent brand. With the problems in the decline of these brands mentioned above, and constantly learning from the lessons, Changan Automobile has built more than 75 hot-selling models of changan CS35 and CS75, and its technical strength has also advanced by leaps and bounds. I hope Changan Automobile will get better and better.

Is there a difference between different motors? Accelerated measurement of krypton 001

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Xuzhou Zhiji LS7 is on sale, with a maximum discount of 10,000! If you miss it, you won’t

In [car home Xuzhou Promotion Channel], we bring you preferential information about a luxury SUV—— that has attracted much attention. At present, Zhiji LS7 is under way in Xuzhou, with the highest discount of 10,000 yuan and the lowest starting price of 279,800 yuan. If you are interested in this model, you can click the "Check Car Price" button in the quotation form to get a higher discount and buy your favorite model.

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Zhiji LS7 is a stylish and dynamic large SUV with a unique front face design. The air intake grille adopts a unique diamond design, which highlights the sense of movement and technology of the vehicle. Overall style, Zhiji LS7 adopts a streamlined body design, with smooth lines and tension, showing a strong sporty atmosphere. The side of the car body adopts tough lines, which further highlights its luxurious atmosphere. In addition, Zhiji LS7 is also equipped with full LED headlight group, which makes the lighting effect of the vehicle more excellent, and also improves the safety of driving at night. In a word, the design of Zhiji LS7 is very attractive, and people can be attracted by its unique shape at a glance.

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Zhiji LS7 is a medium and large SUV with a body size of 5049*2002*1731mm, a wheelbase of 3060mm, and front and rear wheel tracks of 1700mm and 1715mm respectively. Viewed from the side, the lines of Zhiji LS7 are smooth and the whole vehicle looks very atmospheric. The front and rear wheels are equipped with 255/55 R20 and 275/50 R20 tires respectively, and the rim design is fashionable, showing a sporty style as a whole. The tyre size and rim style of the car provide a strong guarantee for the handling performance and driving stability of the vehicle.

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The interior design of Zhiji LS7 is simple and elegant, with high-quality materials and fine workmanship, creating a comfortable and luxurious driving experience. The steering wheel is made of leather and equipped with electric up and down+front and rear adjustment function, so that the driver can adjust according to his own needs and be more comfortable. The central control screen size is 26.3 inches, and it has advanced speech recognition control system, which can realize multimedia, navigation, telephone, air conditioning and other aspects of control. The seat is made of imitation leather or genuine leather. The main seat supports fore-and-aft adjustment, backrest adjustment, height adjustment (4-way) and lumbar support (4-way). The auxiliary seat supports fore-and-aft adjustment, backrest adjustment, height adjustment (2-way) and lumbar support (2-way). The front seat is also equipped with heating function. In addition, the rear seats support proportional tilting, providing passengers with more flexible spatial layout. Both the front row and the back row are equipped with Type-C interfaces, which is convenient for users to charge and transmit data. Overall, the interior design and configuration of Zhiji LS7 are excellent, providing drivers and passengers with a comfortable and convenient driving experience.

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The maximum power and torque of Zhiji LS7 engine are 250 kW and 475 N·m respectively. This engine can provide strong power output, so that drivers can feel excellent acceleration performance during driving. At the same time, the engine also has the characteristics of high efficiency and energy saving, which makes Zhiji LS7 perform well in fuel economy. Whether on urban roads or highways, Zhiji LS7 can easily meet various driving needs and provide users with a comfortable and safe driving experience.

In the evaluation of car home car owners, he mentioned that the appearance of Zhiji LS7 is very handsome, especially the front part, at least he thinks so. This shows that the design of Zhiji LS7 really left a deep impression on the owner. In addition, the owner also mentioned the design of the rear part, which is very beautiful. On the whole, the exterior design of Zhiji LS7 has been highly praised by car owners and has become one of the important factors to attract consumers.

Huawei cooperative distributor: the gross profit of one M5 is equivalent to 60 Huawei mobile phones.

Huawei’s mobile phone business has been sanctioned, and its shipments have plummeted. Even the previous Huawei dealers have been implicated, and they have closed their stores and transformed.But Huawei started to cooperate with Cyrus.After selling the car, someHuawei cooperative dealer, and found a new direction.

On September 2 nd, according to the interface news, one had worked withHuawei cooperationAccording to close dealers, many stores have closed in the past two years, and the remaining Huawei stores are not so profitable. On the other hand, selling cars has become a new hope for some Huawei offline stores, and the profit from selling a car is much higher than that of mobile phones. "

According to the dealer, the distribution company he works for can get a gross profit of eight points for an M5. Based on the transaction price of a car of 300 thousand, plus the income from car loan and insurance,Selling a car can earn nearly 30 thousand yuan, which is equivalent to selling.60 Huawei mobile phones.

Another advantage of selling a car is that you don’t have to overstock inventory like a mobile phone, and you can easily press tens of thousands of yuan of goods. The main cost is to buy a prototype car. A Huawei authorized experience store in a shopping mall wants to sell the car, and the renovation cost is acceptable.

In addition, Huawei’s sales consultants selling cars have a higher commission profit level than ordinary brands.

The dealer also said that in first-tier cities such as Beijing and Shenzhen, the single order that each consultant can get is divided into more than 1,000 yuan.The traditional car companies are basically divided into several hundred yuan. This is also an important reason for AITO’s sweet mouth and diligent sales.

(reporting)

2023 Volvo XC60 arrived at the store with the same appearance and a small upgrade.

  [Pacific Auto Network New Car Channel] Recently, we photographed the real car picture of the 2023 Volvo XC60 (parameter picture) (inquiry base price | check and match) from the dealer. As an annual redesigned model, the appearance of the new car has not changed much, but it has been improved in terms of configuration, and the new car will be listed in the near future.

  Appearance, the new car still uses the design of the current model, the front of the car also uses a polygonal grille, and with the straight waterfall design of the middle net, the classic Raytheon hammer headlights on both sides are still sharp. The overall design still retains the steady atmosphere of XC60. The rear of the new car is not much different from the cash, and it still retains the gas field that the tough urban SUV should have.

  In terms of interior, the new car adopts a full LCD instrument panel and a three-spoke multi-function steering wheel. The central control is equipped with a longitudinal multimedia touch screen and an electronic gear shifting mechanism. The entire central control layout is as simple as ever.

  In terms of configuration, referring to the 2023 XC60 T8 model, laminated glass will be added to the new car. In addition, the new car may be equipped with a brand-new intelligent infotainment system, and the safety configuration will re-match the functions of automatic braking, emergency parking assistance, crystal lever, remote control and automatic parking of some models.

  In terms of power, the real shot model is the 2023 B5 four-wheel drive Zhiyi Deluxe Edition, which is equipped with a 2.0T turbocharged engine and a 48V light mixing system. In terms of data, its maximum power is 184kW(250PS) and its maximum torque is 350N·m, which matches the automatic gearbox of 8AT and is also equipped with a four-wheel drive system. (Photo/Text: Pacific Auto Network Ke Kaiwen)

On November 9 th, the news was counted.

  The three major indexes oscillated and sorted out the coal and photovoltaic sectors, with the top gains.

  Up by 0.03%,Down 0.2%,It fell by 0.23%. The turnover exceeded 960 billion, and coal, photovoltaic,The plate was among the top gainers, and the media,The automobile sector was among the top losers.

  More than 100 funds rose more than 10% and medicine became a big winner!But was urgently warned.

  Since the CSRC issued a package of policies and measures on "activating the capital market and boosting investors’ confidence" on August 18th, a large number of equity funds have recovered strongly in the rebound market. As of November 8th, the highest rate of return of some funds exceeded 20%. Many funds have even increased more than the increase in the past year, restoring the high elasticity of the past and successfully countering the previous market query that "initiative is not as good as passivity". View the original > > >

  Results released: the second batch of science and technology innovation 100Total fundraising is 5.5 billion yuan!

  In the fund market at the end of the year, Kechuang 100ETF "rolled up to fly". The second batch of science and technology innovation 100ETF, which has received much attention, has been freshly released.It shows that the total fundraising scale of the second batch of three science and technology 100ETFs exceeds 5.5 billion, of which the highest fundraising scale of a single one is close to 3.9 billion yuan, which is the highest fundraising record of the current science and technology 100ETF and the best equity fund raised in this fourth quarter.View the original > > >

  Approaching 2 trillion! How to become a "smart" investor when ETF continues to be hot?

  Since 2023, especially since the fourth quarter, the market’s attention to ETFs has continued to heat up. On the occasion of the market-wide ETF approaching 2 trillion, November 6,uniteWaiting for 9 familiesTogether, launch "Insight: 2023 ETF Investor Behavior Trend Report. The Report publicly solicited relevant questions from investors in the form of questionnaires. Through in-depth analysis of over 6,500 valid questionnaires, it revealed the current investors’ cognition of ETF and the behavioral characteristics in ETF trading.View the original > > >

  Full coverage, heavy punches and no blind spots. The CSRC will promote the standardized operation of private equity funds throughout the process.

  ShanghaiThe reporter was informed that the CSRC is comprehensively revising the Interim Measures for the Supervision and Management of Private Equity Funds, formulating supporting normative documents, clarifying the entry threshold and continuous normative requirements for private equity fund managers, strengthening risk source control, delineating the regulatory bottom line, and promoting the standardized operation of private equity funds throughout the process.View the original > > >

  Shanghai and Shenzhen Stock Exchanges issued five measures to regulate refinancing investment bankers: It is expected that a large number of refinancing plans will be limited.

  On the evening of November 8, the responsible persons of Shanghai Stock Exchange and Shenzhen Stock Exchange respectively answered questions from reporters on optimizing the refinancing supervision arrangements. Among them, the Shanghai and Shenzhen stock exchanges have introduced five specific measures to optimize the refinancing supervision arrangements, including strictly restricting the refinancing of listed companies in the case of breaking the net; Strictly control the financing interval of continuous loss-making enterprises; Pay attention to refinancing with a high proportion of financial investment; Strictly control the use of funds raised before; Strictly check the relevant requirements that the funds raised by refinancing are mainly invested in the main business.View the original > > >

  Starting todayWhat is the truth about the limited scale of DMA and OTC stock securities lending? Look at three interpretations

  Many securities firms have received the regulatory notice, requiring that starting from November 9th (today), the "nominal principal scale =max (long and short portfolio, short portfolio)+non-long and short portfolio" of DMA business should be quantified at the end of each day according to the manager’s dimension, and the quota can be adjusted between different products under the manager.

  At the same time, the scale of quantitative DMA business is also limited. The notice shows that from November 9, the nominal principal scale of OTC stock short selling at the end of each day according to the manager’s dimension (ETF will not be affected for the time being, and subsequent caliber updates will be notified separately) cannot exceed the nominal principal scale at the end of November 8, and the quota can be adjusted between different products under the manager.View the original > > >

  Bureau of Statistics: OctoberDown 0.2% year-on-year Down 2.6% year-on-year

  In October 2023, the national consumer price dropped by 0.2% year-on-year. Among them, the city decreased by 0.1% and the rural area decreased by 0.5%; Food prices fell by 4.0% and non-food prices rose by 0.7%; Consumer goods prices fell by 1.1%, and service prices rose by 1.2%. From January to October, the national consumer price rose by 0.4% over the same period of last year. In October 2023, the ex-factory price of industrial producers nationwide decreased by 2.6% year-on-year, which was the same as the previous month. The purchase price of industrial producers decreased by 3.7% year-on-year and increased by 0.2% quarter-on-quarter.View the original > > >

  concentrateThe proportion of equity assets of listed companies is still low, and some insurance funds will take the opportunity to increase their positions.

  Recently, the pace of insurance research on A-share listed companies has accelerated. The data shows that since October, as of November 8,Institutions (including companies and asset management companies) have investigated A-share listed companies for more than 4,000 times.View the original > > >

  Or the latest improved version for China will be launched.

  According to the sources in the industrial chain, the latest improved series of chips have been developed for China: HGX H20, L20 PCle and L2 PCle. According to people familiar with the matter, the latest three chips are improved from H100, and will be announced as soon as possible after the 16th of this month, and domestic manufacturers will get the products in these days at the earliest. As of press time, there is no response from NVIDIA.View the original > > >

  Huawei big news! After asking the boundary, the intellectual boundary came.

  Following the "asking the world", the "intellectual world" has also come. The reporter of Times E Company was informed that asThe second brand under the smart car selection mode is also the high-end created by Huawei and Chery.The car brand, Zhijie S7 (pure electric coupe), the first model of Zhijie, will be officially released and pre-sold in Shenzhen tonight (November 9), which is also the first car under Huawei’s smart car selection mode.View the original > > >

  Open source: the media sector is expected to usher in againAnd estimate upward resonance.

  Open source securitiesIt is pointed out that after the media sector reached the high point of valuation in June 2023, the valuation has dropped significantly since the third quarter. In terms of performance, Q3 is stable and positive, Q3 for film and television is greatly improved, Q3 for publishing continues to be stable, and Q3 for advertising is under pressure. However, with the arrival of e-commerce consumption peak season, Q4 is expected to start to improve. With the continuous release of content supply, as well as the continuous upgrading of large-scale models and multimodal applications, the media sector is expected to once again usher in the upward resonance of performance and valuation.View the original > > >

  Hao Miao: Medical valuation has reached the bottom to pay attention to industrial investment opportunities.

  Hao Miao said that after more than two years of decline, the pharmaceutical sector has fallen to a very low position in the historical valuation range, and the space for the whole sector is really limited. Although the policy has a great influence on the pharmaceutical industry, the direction of policy care, support and encouragement for the industry has not changed. Judging from the situation in the past year or so, there have been obvious changes and improvements in the policy.View the original > > >

  Investment strategy of real estate sector in 2024: recommend four types of targets.

  The research report on the investment strategy of the real estate sector in 2024 is released, and it is believed that the road of butterfly change of housing enterprises in the future has been clear, and the optimization of business model and return performance will naturally drive the valuation center to rise. The suppression of the long and short dimension valuation of high-quality targets is now reversed. The four types of targets are in the key window of short-term valuation suppression and slow release, and the prospect of long-term central uplift is becoming clearer.View the original > > >

  : high-quality housing enterprises in high-energy cities are expected to benefit first.

  On November 9 th, the research newspaper pointed out that the decline in real estate sales narrowed in October, and second-tier cities performed outstandingly. In October, the A-share financing of housing enterprises fell again, the scale of bond financing stabilized, and the financing cost decreased to 3.59%. Four single-consumption REITs were audited in Shanghai and Shenzhen Stock Exchanges.View the original > > >

  

"Far ahead" Tan Sir’s experience: Thoughts on M5 Zhijia Edition

   When intelligent driving covers complex urban roads from expressways and loops, high-precision maps are far from being used. Facing the changing road conditions every day or even every hour, it is necessary to get rid of high-precision maps, which is also the key for manufacturers to win.

  So, there is such a dialogue — —

  "You don’t pay attention to the traffic lights when driving, so what do you pay attention to?" "You said that he didn’t pay attention to the head shape, but he didn’t pay attention to safety, which would be wrong!" Sir Tan, an old traffic policeman who has served the police force for more than 30 years, has always broken his heart for everyone’s driving safety. The good news is that Mr. Tan’s heart disease for many years has been completely cured! What is the panacea so effective? The answer is the "double wisdom ceiling" that has just been officially listed — — AITO asks the world M5 Huawei Advanced Intelligent Driving Edition.

  HUAWEI ADS 2.0, the high-level intelligent driving level of zero takeover impressed Tan Sir.

  In the actual test drive experience in Shanghai, Yu Chengdong personally drove the M5 version of Zhijie, carrying Mr. Tan to experience HUAWEI ADS&ensp in the most prosperous and complicated urban area of Magic Capital Shanghai;   2.0 advanced intelligent driving system, the perfect performance of the M5 intelligent driving version shocked the safety experience officer Tan Sir. Tan Sir was deeply impressed by the high-level intelligent driving level of zero takeover, and even shouted the classic golden sentence — — "Far ahead".

  At the intersection where people and vehicles are mixed, the M5 Intelligent Driving Edition will automatically recognize the traffic lights, and can read the remaining time information of the traffic lights to start and stop autonomously. When vehicles in other lanes intrude, take the initiative to yield to ensure safety. After the high-order intelligent driving pilot is started, the M5 intelligent driving version can easily realize unprotected left turn, U-turn and road avoidance in urban areas, the steering control is very linear, and the details are quite in place.

  Excellent hardware and software blessing, excellent actual performance.

  Tan Qiao and Yu Chengdong talked about the safety topic of intelligent driving during the test drive, and Tan Sir felt sorry for HUAWEI ADS    2.0 is like an old driver with millions of kilometers of driving experience. He is completely autonomous and has delicate and steady driving skills, which can always ensure driving safety. Yu Chengdong said that the excellent performance of the M5 Intelligent Driving Edition is the foundation of excellent software and hardware and the blessing behind Huawei’s self-developed algorithm.

  Based on the fusion of BEV(Bird Eye View) network to identify white list obstacles such as cars and people, GOD(General Obstacle    Detection general obstacle detection) network, which can identify a variety of objects outside the general obstacle white list. Based on multi-sensor fusion perception system, combined with road prediction neural network, it can realize traffic element association, road topology reasoning, navigation map matching with real road, etc., and realize that cars can "see" complex road conditions and drive with or without maps.

  When vehicles enter and leave the tunnel, they can identify the special obstacles inside and outside the tunnel, and they can not be afraid of light and shade changes. According to the actual road conditions, they can give early warning and make deceleration or avoidance actions, effectively preventing accidents and greatly improving safety.

  It is worth mentioning that with the continuous increase of the mileage of high-level intelligent driving, Wenjie M5 Intelligent Driving Edition continues to learn advanced with cloud big data AI training, and the ability of high-level intelligent driving will become stronger and stronger, which can cope with more complicated road conditions.

  Huawei’s first intelligent driving interactive game algorithm perfectly solves the problem that intelligent driving encounters difficult road conditions in complex scenes where people and vehicles are mixed, solves the problem of taking over more than 70% of interactive scenes, shortens the transit time by 40%, and makes intelligent driving behave more like an "old driver".

  The perfect high-level intelligent driving performance of the M5 intelligent driving version in the world conquered the safety experience officer, Sir Tan. Before the test drive is over, Mr. Tan said that he has put the M5 version of the intellectual drive in the shopping cart, which is enough to show that Mr. Tan is interested in the M5 version of the intellectual drive and HUAWEI    Absolute recognition and full trust of ADS 2.0 advanced intelligent driving.

British hackers will be extradited to the United States for trial if they invade US military computers (Figure)


Mckinnon, a 42-year-old unemployed computer worker, invaded the US military computer.


  BEIJING, July 31 (Xinhua)-A British computer hacker is suspected of illegally invading the computer systems of the US Navy, Army and Air Force and the Ministry of National Defense in his London apartment, causing damage. The British authorities wanted to extradite him to the United States for trial. He appealed, but the London court ruled that he lost the case on the 30th. It is expected that he will be taken to the United States in a short time.


  According to Sing Tao Global Network, McKinnon, a 42-year-old unemployed computer practitioner, was accused of successfully hacking into 97 computers of the US military and the Ministry of National Defense from 2001 to 2002. Some people described this as the largest hacking incident into the military computer system in history, which made the US authorities extremely embarrassed.


  The chief prosecutor pointed out that the invasion paralyzed the military region responsible for protecting the capital Washington and the New Jersey Naval Ammunition Station. In addition to the military and the Ministry of National Defense, the computer systems of NASA and several private institutions were also invaded by him. The authorities estimate that the financial losses caused by these actions amount to 900,000 dollars.


  Mckinnon will face eight counts of computer fraud in New Jersey and Virginia. If convicted, he will be sentenced to a maximum of 10 years in prison and a fine of $250,000.


  Mckinnon, whose net name is "SOLO", defended himself in the British court, claiming that he was only trying to expose the loopholes in the computer security system of these departments and looking for evidence about UFOs.


  Mckinnon wrote on the website of the British newspaper The Guardian last year: "I am an possessed man." He claimed that he spent a year sitting in front of the computer for an average of eight hours every day, invading the computer system of the US military, not washing and grooming every day, and binge drinking beer and smoking marijuana. He claimed that he had successfully found some photographic evidence to prove the existence of alien spaceships and the names and ranks of "non-human officers".


  The prosecution accused him of deliberately using these actions to try to blackmail the US government. Mckinnon once left a message in a computer of the U.S. military, accusing the U.S. government of pursuing a foreign policy similar to government-sponsored terrorism.


  He was arrested in 2002, and the defense lawyer asked for a trial in Britain, because if he was extradited to the United States, he might be taken to a military court for trial, or even be held at the US military base in Guantanamo, Cuba.

Editor: Lu Wei

The performance continued to increase, and the smart driving business ushered in overseas breakthroughs.

  Desai Siwei (002920)

  Event overview

  Desai Siwei recently released its 2023 annual report. In 2023, the company achieved an operating income of 21.908 billion yuan, a year-on-year increase of 46.71%, a net profit of 1.547 billion yuan, a year-on-year increase of 30.57%, and a net profit of 1.467 billion yuan, a year-on-year increase of 41.47%.

  Intelligent cockpit and intelligent driving with two-wheel drive, single Q4 gross profit margin was repaired from the previous month.

  On the revenue side, thanks to the two-wheel drive of intelligent cockpit and intelligent driving business, the company achieved revenue of 21.908 billion yuan, a year-on-year increase of 46.71%. Among them, 1) the intelligent cockpit business realized revenue of 15.8 billion yuan, up 34% year-on-year, higher than the industry level. We believe that the continuous high growth of cockpit business is mainly due to the volume of new products such as domain controllers and the expansion of overseas customers. 2) The smart driving business realized a revenue of 4.5 billion yuan, a year-on-year increase of 74%, mainly due to the large-scale volume of high-end smart driving.

  On the profit side, the company realized a net profit of 1.547 billion yuan, up 30.57% year-on-year, slightly lower than the growth rate of the income side, mainly due to the downstream price pressure transmission and the low gross profit margin (16.2%) of the smart driving business. However, in Q4 alone, the company’s gross profit margin was 21.54%, an increase of 2.83pcts from the previous month, showing an obvious recovery trend. In addition, the scale effect of the company began to appear. Specifically, the company’s management/sales/R&D expense ratio in 2023 was 2.3%/1.4%/9.1%, respectively, which was 0.3pcts/0.2pcts/1.8pcts lower than that in the same period of last year, indicating that the company has passed this expansion stage and started to enter the harvest period.

  The annualized sales of new project orders totaled over 24.5 billion, and the smart driving business ushered in an overseas breakthrough.

  According to the annual report, the annual sales of new project orders exceeded 24.5 billion yuan in 2023, of which the annual sales orders of new cockpit business projects exceeded 15 billion yuan, and new products such as the fourth-generation cockpit HUD and LCD instruments were designated by the project; The intelligent driving business exceeds 8 billion yuan, and the high-end intelligent driving platform has won new project orders from more than ten car companies, such as Ideality, Guangzhou Automobile Ai ‘an, Geely, Great Wall, Lotus, and Extreme Krypton, which is a strong guarantee for sustained growth in the next year. In addition, the company’s overseas business is progressing smoothly, with revenue of 1.64 billion yuan in 2023, up 48.1% year-on-year, higher than the overall level. It is worth noting that in addition to the cockpit business continuing to receive new orders, the company also obtained the smart driving business project designation of overseas core customers for the first time, and the smart driving business ushered in overseas breakthroughs, and the growth space was further opened.

  Investment advice:

  The company is the core target of automobile intelligence, with obvious advantages of card position and clear logic of subsequent growth. We are optimistic about its expansion from intelligent cockpit to intelligent driving, and its transformation from automotive electronics supplier to automotive intelligent enabler. We estimate that the company’s revenue in 2024-2026 will be 283.9/354.1/42.26 billion yuan, and the net profit attributable to the mother will be 2141/2860/3782 million yuan, respectively, maintaining the Buy -A investment rating. Due to the company’s leading position in the industry and the long-term space for automotive intelligence, we will give a net profit of 40 times PE in 2024, corresponding to a target price of 154.4 yuan in June.

  Risk warning: 1) The risk that the smart car market will not develop as expected; 2) The risk that the supply chain repair is less than expected due to the intensification of the epidemic; 3) The risk of increasing upstream chip shortage; 4) The risk that the company’s intelligent driving business is not progressing as expected; 5) Risk of intensified market competition.

Interpretation of listed car companies’ financial reports in the first half of the year; Car companies at home and abroad face profit challenges together.

  In the first half of 2019, car companies at home and abroad had a hard time. According to the semi-annual/second-quarter financial reports published by listed car companies, many car companies have experienced performance decline and even losses due to multiple factors such as declining sales and high R&D investment. In order to stop loss in time, some car companies also try to control costs by laying off employees, closing factories or reducing R&D investment to reverse the situation.

  ■ Reduce the annual sales target with a view to stable development.

  In the first half of the year, the word "decline" in the domestic auto market was the first, which was reflected in the financial reports of listed auto companies, that is, everyone’s life was generally difficult.

  Geely Automobile, which has made great strides in the past two years, is quite ambitious to be an "independent brother". However, since the end of 2018, Geely has also fallen into the dilemma of declining sales growth. According to public data, from January to July 2019, the cumulative total sales volume of Geely Automobile was 743,000 units, down 16% year-on-year. Earlier, Geely Automobile also announced that its annual sales target for 2019 will be lowered by 10% from 1.51 million units to 1.36 million units.

  According to the group profit warning issued by Geely Automobile recently, as of June 30, 2019, Geely Automobile’s net profit in the first half of the year decreased by about 40% year-on-year, far lower than the net profit of 6.67 billion yuan in the same period last year. For the decline in profit, Geely believes that this is mainly due to the fact that the overall sales volume of the group’s automobiles fell beyond expectations and actively reduced dealer inventory.

  Changan Automobile, which is also affected by the decline in sales, still cannot escape the "fate" of performance loss this quarter. According to official data, in the first half of 2019, the net profit loss of Changan Automobile was 1.9 billion to 2.6 billion yuan, which was as high as 218.04%-261.53% compared with the same period of last year. In the first half of the year, Changan’s joint venture and independent sectors all performed poorly, and the cumulative sales volume decreased by 31.65% year-on-year to 825,000 units.

  Compared with Geely and Changan, whose sales declined, Great Wall Motor, which achieved a contrarian growth in sales in the first half of the year, also faced a profit problem.

  In the first half of 2019, Great Wall Motor sold a total of 493,500 new cars, a year-on-year increase of 4.7%. Despite this, Great Wall Motor still experienced a double decline in operating income and net profit in the first half of the year. According to the 2019 interim results forecast of Great Wall Motor, in the first half of this year, Great Wall Motor achieved operating income of about 41.38 billion yuan, down about 15% year-on-year; The net profit was about RMB 1.57 billion, down about 58% year-on-year; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was about RMB 1.24 billion, down about 65% year-on-year.

  In this regard, Great Wall Motor said: "During the reporting period, the company increased the product preferential quota to benefit consumers, and continued to increase brand promotion and R&D investment, resulting in a year-on-year decline in net profit attributable to shareholders of listed companies." Based on the market environment in the first half of the year, Great Wall Motor also lowered its sales target for 2019 from 1.2 million to 1.07 million to keep the overall sales healthy, stable and sustainable.

  In the first half of this year, Haima Automobile, jiangling motors and FAW Car also suffered a sharp year-on-year decline in net profit.

  ■ The profitability of overseas car companies has been greatly tightened.

  The downturn in China’s auto market has also greatly tightened the global revenue of many multinational auto companies.

  Daimler, which is famous for making money, has suffered a "long-lost" profit loss. According to public reports, in the first half of this year, Daimler’s revenue increased by 2% year-on-year to 82.35 billion euros, but its net profit fell by 78% year-on-year to 907 million euros. The report shows that Daimler’s expenditure on special projects increased significantly in the first half of this year, mainly for further disposal of diesel vehicle exhaust emissions and recall of Mercedes-Benz cars equipped with defective airbags produced by Takada Company of Japan. In the second quarter of this year, Daimler’s special project expenditure reached 4.2 billion euros, which directly affected the company’s performance — — In the second quarter, earnings before interest and tax lost 1.6 billion euros, which was the first quarterly performance loss of Daimler in nine years.

  The decline in sales has further affected Daimler’s profitability. In the second quarter of this year, the overall sales volume of Daimler’s passenger car sector decreased by 3% to 575,000 units. To this end, Daimler has repeatedly issued profit warnings; He also said that in order to improve the profitability, the research and development costs of Mercedes-Benz cars will be greatly reduced by 2025, and the alliance with competitors will be strengthened.

  Under the tide of the new four modernizations of automobiles, large automobile groups don’t want to fall behind in the above fields. This directly brings about the overweight of R&D investment.

  Thanks to the steady performance of the China market, in the second quarter of this year, BMW achieved a cumulative sales increase of 1.5% to 647,000 vehicles, and its revenue also increased by 3% to 25.715 billion euros. Despite this, the company’s earnings before interest and tax fell by 28.4%, from 2.866 billion euros to 2.053 billion euros.

  In this regard, BMW Group said that the company has been expanding its investment in pure electric vehicles and plug-in hybrid vehicles, and continues to optimize internal combustion engines. The reason for the decline in profits is that the increase in expenditure on electric vehicles has lowered the profit margin.

  Also suffering from the decline in performance is Ford Motor Company. The nearly "Waterloo" sales performance in the China market has made this century-old automobile brand a little less spirited. According to the public financial report of Ford Motor Company, in the second quarter of this year, Ford’s total revenue was $38.85 billion, down from $38.92 billion in the same period last year. Net income fell to $148 million, down 86% year on year. Among them, Ford’s loss in China market reached $155 million. In addition, Ford Motor Company also said that its net income plummeted in the second quarter and was also affected by its business restructuring in Europe and South America.

  ■ Controlling cost and improving bicycle profit are the keys.

  Several families are happy and worried. In a downward trend, there are always many strong players who are growing against the trend.

  In the first fiscal quarter of fiscal year 2020 (April-June), Toyota Motor’s net profit attributable to ordinary shareholders was 682.974 billion yen, a year-on-year increase of 3.91%; Operating income was 7.65 trillion yen, a year-on-year increase of 3.85%. 

  The increase in profit is mainly due to Toyota’s good sales performance at home and abroad in the first half of the year. In the first half of this year, Toyota’s sales in Japan increased by 3.6% year-on-year to 1.212 million units, and overseas sales increased by 1.5% year-on-year to 4.1 million units.

  At the same time, cost control and high bicycle profit have also become effective ways for car companies to achieve profitability.

  In the first half of this year, the cumulative global sales volume of Volkswagen Group was 5,365,300 vehicles, down 2.8% year-on-year. Despite the decline in overall car sales, Volkswagen Group still achieved a substantial increase in profit value, driven by the SUV with higher profit margin of Volkswagen brand and the increase in sales of Porsche brand. The report shows that the sales revenue of the Volkswagen Group in the first half of the year reached 125.2 billion euros, a year-on-year increase of 4.9%; Operating profit was 9 billion euros, a year-on-year increase of 10.3%.

  GM, on the other hand, relied on cost control to achieve a steady performance in the second quarter. With the strong performance of the North American market and effective cost control, GM achieved steady performance in the second quarter: the company’s net income reached $36.1 billion during the reporting period; Among them, the net profit reached 2.4 billion US dollars, up 1.6% year-on-year; Diluted earnings per share was $1.66. In addition, GM said that the measures to improve cost efficiency through transformation have been effective and have achieved cost savings of $1.1 billion.

  In fact, domestic car companies also try to control costs to achieve light travel. According to a recent report by Reuters, Shenlong Automobile is planning to sell its first and second factories in Wuhan, and gradually start to lay off employees, so as to put more funds into marketing. (Hong Hanqi)