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　　As the 2024 Star Road impact high-end carry tripod, on April 15th, Star Era ET pure electric version and extended range version opened pre-sale, the new car set Chery Group spire technology, with super endurance, super safety, super comfort, super driving control, super intelligent five all-round product strength, to become the best electric SUV within 500,000 in the minds of consumers, and will help Star Road impact China’s first independent luxury brand, reshape the new energy high-end market new pattern.

　　After the Star Era Night and Star Era ET pre-sale conference, Dr. Gao Xinhua, executive deputy general manager of Chery Automobile joint stock company, CTO of Chery Automobile Engineering Technology Research and Development Institute, deputy general manager of Chery Automobile joint stock company, CEO of Dazhuo Intelligent Technology Co., Ltd. Dr. Gu Junli, assistant general manager of Chery Automobile joint stock company, general manager of Xingtu Marketing Center Huang Zhaogen, executive deputy general manager of Xingtu Marketing Center Jin Xin accepted an exclusive interview with the media, from the brand, market, technology, products and other aspects to discuss how to make the Xingtu brand a competitive luxury brand, leading the entire Chery Group brand upward, so as to bring super comfortable high-end new energy travel experience to global users.

　　Why benchmark Audi’s luxury

　　Dr. Gao Xinhua, executive deputy general manager of Chery Automobile joint stock company and CTO of Chery Automotive Engineering Technology Research and Development Institute, said that for the understanding of luxury, the luxury of Xingtu positioning is synonymous with the word "luxury", and the reason why Audi Q5L is selected for the benchmark is not "attack". Chery has said on many occasions that Xingtu is Chery’s high-end brand and "Chery’s Audi". Q5 is indeed a very good car. The sales volume has been very high in the past two years, and there are many things worth learning. We hope to build Star Era into a brand similar to Audi.

　　Star Era ET’s monthly sales target

　　Huang Zhaogen, general manager of Xingtu Marketing Center, said that in fact, every marketer is very sensitive to sales volume, especially in the current market situation, we always set the goal of selling 10,000 units of ET and ES per month, which is also an internal goal. As for how to achieve it, it is based on product power, price power, marketing power, and communication power. We set the goal of 10,000 units and keep improving, and the channel is also rapidly adjusting. I hope that ET will sell 5,000 units per month in the first half of the year. The confidence comes from the addition of extended range power, which further opens up the market. The opportunity is huge, and the extended range market is more in line with Chery users’ understanding of new energy and meets Chery users’ demand for new energy.

　　Moreover, the capacity of the extended range market will further increase, and Chery has a huge advantage in doing extended range. First, the extended range is done on the pure electric platform, and the starting point and technical foundation are higher than other companies. Secondly, the extended range mainly depends on the engine. Chery’s technology is world-leading, and the matching engine thermal efficiency has reached 44.5%. Star Era ET has two versions of extended range and pure electric, and it is believed that it can sell 10,000 units per month by the end of the year.

　　What are the differences between consumer groups?

　　Huang Zhaogen revealed that from the blind ordering of Star Era ET, it can be seen that consumers are very confident in this car, and the effect is relatively good. From the data point of view, there are three main categories of users now: the first category is users who want to buy electric vehicles in luxury brands, hoping to buy a reliable product produced by a big factory. Describing customer portraits is therefore very simple. They drive luxury cars over, and clothing looks inexpensive, but leather shoes and belts are very expensive. High-quality and low-key users are the first type of users.

　　The second group of people have a very high pursuit of comfort, and the comfort of Star Era ET is very good, especially the seat. The most common question asked by consumers after experiencing the seat is "What kind of technology does the seat use? What kind of leather? This micro-fleece seat is better than the leather seat, and at this stage, many new users have been generated based on the comfort of the product, accounting for 40% of the order ratio.

　　The third category is the joint venture brand customers who used to buy 150,000-250,000 models. When choosing new energy vehicles, they are more willing to choose traditional large factories like Chery. The manufacturing process is good and the performance is very reliable. Especially in terms of safety, Chery’s reputation is very good.

　　These three types of customers are typical customers, currently accounting for 50% of sales. Nationwide, 60% of users choose to extend their range, and 40% of users order pure electricity. However, in Beijing, Shanghai, Guangzhou and Shenzhen megacities, 60% of users choose pure electricity, and more than 30% of users choose to extend their range. In third- and fourth-tier cities, 80% of customers choose to extend their range, and 20% of users choose pure electricity.

　　How to Build a Brand in Star Era　

　　Jin Xin, executive deputy general manager of Xingtu Marketing Center, said that it is meaningless to talk about brands, and the core is to have the connection between brands and users. Without the user’s mental strategy, talking about technical routes or brands is actually worthless. So for Xingtu or Star Era, the core now is to create mental connection points. From the luxury point of view, it is a luxury brand of humanities and technology, and it is most concerned about safety related to people. The same is true for intelligent driving, such as scenes and experiences. The brand tone pays attention to the details of every tiny individual, which is also transformed from the original functional sensuality to emotional feelings. This may be the branding path of Star Era in the future.

　　The new experience of Shenxing battery

　　Gao Xinhua introduced that the divine battery provided by Ningde Times has many advantages: the first is that the charging speed is very fast, the second is that the low temperature resistance is particularly good, the lithium iron phosphate battery decays less in the low temperature environment, and the output power is very large. The third is that the safety is relatively good, and we use an 800 volt battery. Give users a relatively good experience from fast charging, low temperature resistance, and multi-dimensional safety.

　　How long will it take to catch up and lead?

　　Dr. Gu Junli, CEO of Dazhuo Intelligent Technology Co., Ltd., said that creating the ultimate product does not mean the most expensive technology, but the most suitable price, the best experience, and the ability to penetrate around these:

　　The first is how to quickly develop Product Research & Development with the help of ecological power. It is not about full-stack self-research, but self-research controllable.

　　The second is platformization. In the past few years, it has been very difficult for all Tier1 and autonomous driving startups to do productization. Now the advantage is that they are market-driven and go back to the market to complete a complete chain from product definition to product platformization to technology research and development and integration.

　　The third is that the industry has already cultivated good companies, and in the future, whether it is algorithms, maps, or computing platforms, they can all be shared. Making laptops now will never say that we have finished making chips and keyboards, and we have finished making keyboards and screens. So we are now in the industrialization period, which is how to lead autonomous driving into the Z era. The Z era must have different value propositions, pleasing ourselves, rich experiences, and around this is our "golden window".

　　At present, Chery has a unique track, which is to take the road of internationalization, hoping to lead the international intelligent high-end as soon as possible. At present, the sensitivity and demand of international and domestic users for intelligence are about 3-4 years behind, which is also a window for strength. "For science and technology workers, a very important understanding I learned in Chery is that cars must rely on ecology. There is an ecological chain and ecological value, but there is also a core logic, which is the logic of whose user experience. Dazhuo Intelligent Driving is a Chery intelligent brand, with nearly 1,000 R & D employees. Focusing on the mission of formulating the most suitable and best price intelligent driving experience for users, we will master the three forces of the product in our own hands."

　　Product mental definition capabilities, including experience, product system definition capabilities, including the entire platform planning for the next five years, including technical KPI application capabilities. Different product lines are very rich based on market models, so it is impossible to do all the projects by yourself. In fact, the project is no longer the most critical at this stage, but the three forces of the product, but the user always has to keep this force, so different product lines are now doing ecological partners. A week later, the Beijing Auto Show announced the brand strategic partner of Dazhuo Smart Driving. Chery has a very good ecological traction, and many partners also realize that it is ultimately market-driven. Some are jointly developed products, some are accompanied by products, and some are jointly delivered. Only in this way can we reflect the demeanor of a large enterprise and quickly deliver cost-effective products to users, which is also the key to success. (Text: Wu Yue, Photo: Chery)

　　Great Wall Motors

　　July Production and Sales Express Comments: Production and sales continue to recover, globalization accelerates

　　Event overview: On August 8, 2022, () released the July production and sales express: July automobile production 102,200 vehicles, + 15.02% year-on-year; automobile sales 101,900 vehicles, + 11.32% year-on-year.

　　The order of production and sales has been restored smoothly, and the sales performance in the second half of the year is expected to continue to improve. Great Wall’s automobile sales in July 101,900 units, + 11.32% year-on-year/month-on-month + 0.73%, positive year-on-year growth for two consecutive months, and positive month-on-month in July, the company’s production and sales continued to recover. In terms of sub-brands, Haval/Tank/Euler/WEY/pickup truck sales were 6.13/1 25/0.88/0.30/1 6,300 units, respectively, + 7.14%/+ 128.03%/+ 21.76%/-24.26%/-7.53% year-on-year, of which tanks performed well in the same month-on-month, mainly driven by tank 300 and 500 series sales. In the first half of the year, the supply chain restricted the release of production and sales. With the recovery of the supply chain after the epidemic and the gradual supply of ESP With the second half of the year, policies such as the introduction of automobiles to the countryside and the reduction of purchase taxes will stimulate consumer demand; supply and demand will quickly resume the cycle of stacking new products, and the company’s sales are expected to continue to improve.

　　Brand differentiation strategy highlights the effect, product structure optimization to promote the brand upward. sub-brand point of view. 1) Haval: Haval H6 sales 27,600 vehicles, + 7.35% year-on-year; new Haval big dog hunting version sales 10,000 vehicles, + 19.36% year-on-year; Kugou will be listed in August, priced 12.58-14 9,800 yuan, intelligent configuration leading, positioning young client base is expected to bring new volume. 2) Wey: Latte DHT has been listed in ****, further improving the WEY brand product structure, the follow-up dream and other series of new cars are expected to gradually drive brand sales; 3) Euler: Ballet Cat officially listed in July, the second half of the Lightning Cat/Punk Cat will also be listed one after another; 4) ****: **** 300 has been listed so far, the cumulative delivery volume has exceeded 130,000, and the high-end product **** 500 has sold 2,518 monthly. Orders are currently abundant, and the high-end model **** 700/800 is expected to drive the brand volume and price. By optimizing the product matrix, the company’s sales volume of models above 200,000 yuan in July increased to 21% month-on-month. The strong product cycle continues in the second half of the year, and Haval Kugou, Latte DHT, Dream, Lightning Cat, Punk Cat and other models are expected to be launched in the second half of the year. With the intensive launch of blockbuster new cars of various brands, the company is expected to usher in a new situation of rising volume and price.

　　The intelligent transformation is advancing steadily, and the globalization strategy is accelerating. Through the establishment of the Coffee Smart Ecological Alliance, the company has fully integrated the core resources of the upstream, midstream and downstream industrial chain. It has full-stack self-research capabilities in core technologies in the field of full-dimensional intelligence such as intelligent driving, intelligent cockpit, and intelligent services. It is able to provide users with leading intelligent products and digital services, and accelerate the company’s transformation into a global intelligent enterprise. In July, the sales volume of intelligent models accounted for 88.32%, and it is expected to further increase in the future. At present, the company’s overseas cumulative sales have exceeded one million, and it has been exported to more than 170 countries and regions around the world, with nearly 700 overseas sales channels. In July, Great Wall Motor announced that its Brazilian factory produces intelligent new energy models and Great Wall Motor Malaysia Sales Co., Ltd. was officially established. In August, Great Wall Motor signed a contract with EmilFrey to jointly market Wei brand Mocha PHEV and Euler Good Cat. The new car will be officially delivered in the fourth quarter of this year. The company accelerated its expansion into the European market and accelerated the implementation of its globalization strategy.

　　Investment advice: It is expected that the company’s net profit returned to the parent in 2022-2024 will be 95.49/156/18.878 billion yuan respectively, corresponding to 31/19/16 times the current share price PE. It is expected that the company will fully benefit from the industrial policy, optimistic about the company’s electric intelligent development and multi-brand Strategy and Development, and maintain the "recommended" rating.

　　Risk warning: raw material prices fluctuate, chip supply is less than expected, and epidemic control is less than expected.

　　Changan Automobile

　　Independent sales continue to improve, and the dark blue SL03 and Avita 11 are expected to promote the growth of new energy vehicle brands

　　The overall sales volume of Changan Automobile increased steadily. The overall sales volume of Changan Automobile in July was 200,900, an increase of 12.9% year-on-year; the overall sales volume from January to July was 1.3267 million, a decrease of 3.8% year-on-year. Under the superposition of the continuous improvement of the domestic supply chain and the stimulus policy of car purchase, the overall sales volume of Changan in July achieved steady growth.

　　Changan independent sales continue to improve, deep blue SL03 and Avita 11 is expected to drive the independent new energy brand upward. Changan independent brand sales in July 128,300, an increase of 35.6%, an increase of 8.5% month-on-month; 1-July cumulative sales of 757,500 vehicles, a slight increase of 0.4% year-on-year, Changan independent brand sales in July with the same month to maintain growth trend. Changan independent brand new energy sales in July 23,400 vehicles, an increase of 84.2%; 1-July cumulative sales of 108,400 vehicles, an increase of 116.3%. In July, Changan Lumin sales 7,400 vehicles, Benben E-star sales 10,100 vehicles, CS75 sales 21,400 vehicles, Yidong sales 17,800 vehicles, UNI-V sales 15,600 vehicles. The first model SL03 of Changan new pure electric brand dark blue was officially launched on July 25, 515 pure electric version/705 pure electric version/1200 extended range version/730 hydrogen electric version priced at 18.39/21 59/16.89/699,900 yuan, dark blue SL03 cockpit system is equipped with "Changan Smart Core" vehicle domain controller and cockpit domain controller based on Qualcomm 8155 chip, standard 14.6-inch intelligent rotating sunflower screen, 10.2-inch full LCD instrument, 1.9m2 star panoramic canopy system and other high-end hardware, support gesture recognition, 3D holographic face login, Bluetooth/NFC digital key and other humanized functions; deep blue SL03 intelligent driving system comes standard with 6 ultrasonic radars, 3 millimeter wave radars and 6 cameras, which can realize active emergency braking, lane departure warning, lane departure warning L2-level auxiliary driving functions such as hold and reverse lateral warning, and a high-level smart driving system equipped with 28 sensors is available. The cockpit and smart driving configuration are more outstanding among models at the same price. In addition, the Avita 11 jointly built by Changan, Huawei and () was officially launched on August 8, priced 34.99-40 9,900 yuan, with a cruising range of 555km/680km, the fastest 100-kilometer acceleration of 3.98s, and good power and battery life. Avita 11 will be fully equipped with Huawei HI full-stack smart car solutions and advanced battery technology in Ningde Times. It is expected that Avita 11 and dark blue SL03 will have strong product competitiveness, which is expected to drive Changan’s independent new energy brand to continue to rise.

　　Changfu and Changma sales are slightly under pressure in the short term. Changan Ford sold 23,600 vehicles in July, down 9.4% year-on-year; the cumulative sales volume from January to July was 147,000 vehicles, down 7.3% year-on-year. Changan Mazda sold 8,000 vehicles in July, down 20.0% year-on-year; the cumulative sales volume from January to July was 71,700 vehicles, an increase of 1.9% year-on-year. In terms of new cars, the new Mondeo and new Focus models have been listed recently, and the new Explorer will also be launched in August. It is expected that the launch of new cars will help the sales of joint venture brands to gradually improve.

　　Forecast 2022-2024 net profit to the parent 85.54, 94.08, 11.431 billion yuan, comparable to the company’s 22-year average PE26 times, give the company 22 years PE26 times valuation, target price 22.36 yuan, maintain buy rating.

　　Risk warning

　　Changan Ford sales are lower than expected, Changan Mazda sales are lower than expected, and Changan independent brand sales are lower than expected.

　　Kweichow Moutai

　　2022 Semi-Annual Report Comments: Q2 Potential Energy Remains, Reform Dividends Continue to Release

　　Event: () released the 2022 semi-annual report, 22H1 operating income 59.444 billion yuan, an increase of 17.20%, net profit to the parent 29.794 billion yuan, an increase of 20.85%. Q2 single quarter total revenue 26.256 billion yuan, an increase of 15.89%, net profit to the parent 12.549 billion yuan, an increase of 17.29%.

　　Q2 series of wine growth is higher, the proportion of direct sales has increased significantly, and the contribution of e-commerce platforms has increased. Although the epidemic has been repeated in the second quarter, Moutai’s demand toughness is more prominent, and mobile sales have not been greatly affected. Q2 single-quarter revenue achieved a year-on-year growth rate of nearly 16%, in line with previous market expectations. 1) By product, 22Q2 Moutai/series wine revenue 211.05/41 70 million yuan, an increase of 14.97%/22.02% year-on-year. Moutai’s performance is solid, and the growth rate of series wine is relatively prominent. It is estimated that Moutai 1935 contributed a higher increase. 2) By channel, 22Q2 direct sales/wholesale channel revenue 100.62/152 13 million yuan, an increase of 112.87%/a decrease of 10.76%, sales channels continue to optimize, direct sales channel revenue significantly improved, accounting for 39.81% of the main business income, year-on-year/month increase 18.1/6 pct, the end of March e-commerce platform "i Moutai" on-line trial operation, Q2 contribution is higher, to achieve alcohol tax-free income 4.416 billion yuan, of which Moutai 1935, Xiaomao 100ML in the e-commerce platform performance is better, the traditional wholesale channel revenue continued to decline after Q1. 3) As of the end of Q2, the company’s total number of dealers 2188, compared with the end of Q1 decreased by 2.

　　Profitability has increased steadily, and cash flow has been disturbed in stages. 1) 22Q2 gross profit margin is 91.78%, a slight increase of 0.77pct year-on-year. The estimated average price has increased under the optimization of channel structure. In addition, the proportion of series wine has increased, or there is a certain impact on the gross profit margin. 2) 22Q2 sales expense rate is 3.72%, a slight increase of 0.53pct year-on-year, management and R & D expense rate is 5.86%, a decrease of 1.72pct year-on-year. Taxes and add-ons account for 16.66% of total revenue, an increase of 2.86pct year-on-year, and a comprehensive net profit rate of 47.79% to the mother, an increase of 0.57pct. 3) 22Q2 sales cash return is 29.669 billion yuan, an increase of 6.08% year-on-year. Combined with Q1 cash return, an increase of 41.20% year-on-year, the estimated rhythm has been adjusted. Net cash flow from operating activities in Q2 was 6.865 billion yuan, a decrease of 70.42% year-on-year. Net cash flow from operating activities in the first half of the year was negative, mainly due to the decrease in the net increase in customer deposits and inter-bank deposits of holding subsidiary finance company and the increase in the net increase in deposits with the central bank and inter-bank deposits. Contract liabilities as of the end of Q2 were 9.669 billion yuan, an increase of 1.347 billion yuan from the end of Q1.

　　Profit forecast, valuation and rating: Under the Q2 epidemic, the company’s operating resilience and performance certainty are strong. At present, most regions have completed the July payment and arrived one after another. It is estimated that the payment progress is 60% +. The batch price of Feitian Moutai bulk bottles is 2750-2800 yuan/bottle, and the batch price of whole boxes is about 3,100 yuan, which is relatively stable. The company will continue to reform its marketing. The follow-up "i Moutai" is conducive to enriching direct sales channels and strengthening () coordination. In addition, since the end of last year, it has launched rare Moutai, Year of the Tiger Zodiac Wine, Moutai 1935, 100ML Feitian Moutai, etc., to optimize the product structure. Continuous reform releases dividends, 22-year growth is expected to accelerate, maintaining the 2022-24 EPS forecast of 49.21/57 29/65.84 yuan, and the current stock price corresponds to 39/33/29 times P/E, maintaining the "buy" rating.

　　Risk warning: high-end Baijiu demand is weak, channel reform is less than expected, and domestic epidemics are repeated.

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The Cadillac XT5 is a luxury SUV, its exterior design is full of power and elegance. The car series adopts the iconic front face design of the Cadillac family, and the air intake grille adopts chrome decoration, highlighting the luxury and nobility of the brand. The overall style is very fashionable. The body lines are smooth and hard, showing the dynamic and power of the Cadillac XT5. The body lines are smooth and the lines are hard, showing the dynamic and power of the Cadillac XT5. The headlights of the car series use LED light sources, and the lighting effect is excellent, providing a clear and bright vision. The rear design of the car series is also very exquisite. The tail lights use LED light sources to create a fashionable and dynamic atmosphere. The exterior design of the Cadillac XT5 is not only full of power and elegance, but also highly recognizable, making it an excellent luxury SUV.

The Cadillac XT5 is a medium-sized SUV with a body length of 4813mm, a width of 1903mm, a height of 1682mm and a wheelbase of 2857mm. Its side lines are smooth, the lines are concise, and the overall shape is stylish and atmospheric. The car is equipped with 235/65 R18 tires of the same specification as the front and rear. The tire specifications are larger, providing better handling and comfort. The wheels are made of 18-inch aluminum alloy wheels, which are full of sports and add a sense of movement to the vehicle. The front and rear wheels are 1645mm, ensuring the stability and handling of the vehicle.

The Cadillac XT5’s interior design is luxurious and atmospheric, using high-quality imitation leather and genuine leather materials to create a high-texture driving experience. The steering wheel is made of genuine leather, which supports manual up, down and front and rear adjustments, allowing drivers to easily find a comfortable driving position. The central control screen is 8 inches in size and is equipped with automatic speech recognition control system, which can control functions such as multimedia system, navigation, telephone and air conditioning. The front seat supports heating and power seat memory functions. The driver’s seat can be adjusted high and low, backrest adjustment and lumbar support adjustment. The passenger seat also supports high and low adjustment, backrest adjustment and lumbar support adjustment. Both the front and rear rows are equipped with USB and Type-C ports, which are convenient for passengers to charge and connect devices. The rear seats can be reclined proportionally to provide more storage space. The overall interior design is simple and elegant, full of technology, creating a luxurious and comfortable driving environment.

The Cadillac XT5 is equipped with a 2.0T 237 horsepower L4 engine with a maximum power of 174kW and a maximum torque of 350N · m. This engine is paired with a 9-speed automatic transmission to provide a smooth driving experience and strong power output. At the same time, the engine also adopts advanced fuel injection technology, with high fuel economy and low emissions, in line with modern environmental requirements.

In the word-of-mouth evaluation of the owner of Autohome, we can see that he has given high praise to the appearance, power, comfort and space of the Cadillac XT5. The appearance of the atmosphere, the sense of heaviness and power are in line with his aesthetic, while the power output is strong, especially at high speeds. In addition, the sound insulation effect of the car is also quite good, the driving feeling is very comfortable and smooth, and the space is also very large, and the riding comfort is high. Finally, the sound effect has also been recognized by the owner. Overall, the Cadillac XT5 not only performs well in terms of appearance, power and comfort, but also has a good performance in space and sound effects. These advantages will undoubtedly allow the owner to enjoy a more comfortable and enjoyable driving experience.