Guosen Securities: Maintain Geely Automobile (00175) "Overweight" rating, intelligent electric hybrid car Galaxy L6 released, Galaxy L7 sales exceeded 10,000 in a row

Zhitong Finance APP learned that Guosen Securities released a research report saying that Geely Automobile (00175) "overweight" rating is maintained, and the profit forecast remains unchanged. It is expected that the net profit in 2023/2024/2025 will be 47/69/104 billion yuan. Geely Automobile is a car company that is good at late-mover. The era of new energy vehicles has arrived. Geely has actively transformed. It has successively launched heavy new products or new technologies such as geometric brand, extreme krypton brand, SEA vast architecture, and Raytheon hybrid. In the continuous efforts of trial and error, the complete set of underlying technologies and channel ecology have been improved. The transformation attitude is firm and the development path is clear. In 2023, Geely/extreme krypton/Lingke/Ruilan brands plan to launch 5/2/2/1 new cars respectively.

The report said that on September 16, 2023, Geely Galaxy’s new generation of intelligent hybrid sedan L6 was officially launched. The new car launched a total of 5 models, namely 60km pure electric battery life AIR version, 60km pure electric battery life PLUS version, 125km pure electric battery life PLUS version, 125km pure electric battery life MAX version and 125km pure electric battery life Starship version, the price range is 11.58-14 9,800 yuan. In terms of smart cockpit, Geely Galaxy L6 is combined with a full-stack self-developed full-scene AI model for the first time. The whole system is equipped with Qualcomm Snapdragon 8155 chip as standard, equipped with Galaxy NOS system, and matched with the standard 13.2-inch touch high definition central control vertical screen and 10.25-inch all-digital LCD instrument. At the same time, the car is equipped with external pickup microphones and speakers to realize innovative voice interaction outside the car. At the same time, it integrates functions such as induction unlocking, non-inductive start, and remote OTA upgrade. In terms of intelligent driving, Geely Galaxy L6 supports AEB automatic emergency braking, LKA lane keeping, and ICC intelligent pilotage system. The MAX version and the Starship version will be upgraded to "Galaxy Butler Sentinel Mode" through OTA at the end of the year, and the low power consumption will guard the body

The bank said that after the launch of Geely Galaxy L7 on May 31, 2023, the sales volume continued to rise. In July and August, the sales volume exceeded 10,000 in a row. In August, the sales volume reached 11,117 units, an increase of more than 10% compared with the previous month. The cumulative sales volume reached 30,848 units in the three months of listing. The release of Geely Galaxy L6 adopts a family language design similar to the L7 style, which further enriches the product matrix of the Galaxy series. It is a heavy product in the compact car market of the Galaxy series layout. The starting price of 115,800 yuan is also more sincere and cost-effective. At present, Geely has formed a comprehensive brand layout of Galaxy focusing on 10-200,000 mass market, Lynk & Co focusing on 20-300,000 mid-to-high-end market, and JK focusing on the intelligent high-end market above 300,000, covering a wide range of sub-segments, and the overall brand is fully new. The bank believes that Galaxy L7 has become another popular model after JK 001, which opened the prelude to Geely’s strong cycle. In the second half of the year, the company’s Galaxy series products launched powerful new products such as L6 (A-class plug-in hybrid car) and E8 (pure electric car). The JK brand launched the sedan JK 001FR, which promoted Geely Automobile’s new energy transformation to the next stage.

Jiang Ling, Secretary of Luoyang Municipal Party Committee, led a delegation to Xi’an City and Yan’an City, Shaanxi Province for inspection and study

  From June 8 to 10, Jiang Ling, a member of the Standing Committee of the Henan Provincial Party Committee and Secretary of the Luoyang Municipal Party Committee, led a team to Xi’an and Yan’an City, Shaanxi Province to inspect and study the protection and utilization of cultural heritage, the development of the new cultural tourism industry, and the improvement of urban quality, and paid tribute to the Yan’an Revolutionary Memorial Site. He stressed that it is necessary to deeply study the spirit of the important speech of the Supreme Leader General Secretary at the Cultural Inheritance and Development Symposium, give play to historical and cultural advantages, deepen regional mutual learning and mutual learning, and show greater responsibility in promoting cultural self-confidence and self-improvement and building a modern civilization of the Chinese nation.

  During his visit to Xi’an, Jiang Ling held talks with Fang Hongwei, member of the Standing Committee of the Shaanxi Provincial Party Committee and Secretary of the Xi’an Municipal Party Committee, to exchange views on deepening project cooperation. The two sides said that Xi’an and Luoyang are both famous historical and cultural cities of the country, with rich cultural heritage, rich natural resources, superior transportation location and good industrial foundation. They will further deepen practical cooperation in the protection of major heritage sites, the protection and activation of cultural relics, and the integration of culture and tourism, and jointly promote the creative transformation and innovative development of China’s excellent traditional culture, so as to contribute to the construction of modern Chinese civilization.

  Xi’an, like Luoyang, has a profound historical heritage and many cultural relics. Jiang Ling has successively visited Daming Palace National Heritage Park, Small Wild Goose Pagoda Historical and Cultural Area, Tang Chang’an City Anrenfang Inn, Xi’an City Wall Yongning Gate and other places to inspect the protection and utilization of cultural heritage. He pointed out that it is necessary to learn from the experience of Xi’an, put more effort into activation and utilization, strengthen the protection of cultural logos and the construction of immersive experience scenes, not only protect cultural relics and cultural heritage, but also display the texture of famous historical and cultural cities, and enhance tourists’ recognition and recognition of Luoyang’s ancient capital.

  In the past two years, Xi’an Datang Never Sleeps City, Datang Furong Garden and other cultural tourism projects have innovatively launched new experience scenes such as "Tumbler Miss", "Neon Clothes" and "Tang Secret Box", which have become the Internet celebrity clock in. Jiang Ling has a deep understanding of the project planning and operation, pointed out that he should learn the experience and practice of building a full-chain cultural tourism industry ecology in Xi’an, firmly "subversive creativity, immersive experience, young consumption, mobile end communication" concept, and do a solid job in business innovation, efficient drainage, traffic monetization and other work to create an immersive cultural tourism destination.

  The Yisushe Cultural Block is an important window and business card for Xi’an’s newly built city charm. Furong Xintiandi Characteristic Block, Qujiang Book City and other projects have also explored many experience and practices in the experience scene. Jiang Ling has a deep understanding of the construction and operation of cultural blocks, and pointed out that great efforts should be made to do a good job in the construction of urban characteristic blocks, introduce more youthful and international new formats and scenes, vigorously develop the night economy, enhance the city’s smoke and smoke, and continuously improve its attractiveness to young people.

  Yan’an Red Street is a large-scale themed cultural tourism project invested and built by Wanda Group. Jiang Ling and Wang Jianlin, chairperson of Wanda Group, jointly inspected the construction and operation of the Yan’an Red Street project, inspected some immersive experience projects, and held talks. The two sides said that the current cultural and tourism consumption demand is strong, and they will deepen cooperation and complement each other’s advantages. Relying on the Longmen tourist resort project, they will deeply explore Luoyang’s characteristic historical and cultural resources, and make a modern expression of traditional culture, so that more tourists can "return to the prosperous Tang Dynasty" in the immersive experience.

  Yan’an is the Holy Land of the Chinese Revolution and the cradle of New China. During the inspection, the delegation paid tribute to the Yan’an Revolutionary Memorial Site with reverence, revisited the glorious years of the Party Central Committee in Yan’an during the Revolutionary War, remembered the great achievements of the older generation of revolutionaries, and visited "The Great Course – The Thirteen-Year History Exhibition of the CPC Central Committee in Yan’an". Everyone expressed that it is necessary to deeply study and implement the spirit of the important speech of the Supreme Leader General Secretary leading the 20th CPC Central Committee Politburo Standing Committee to pay tribute to the Yan’an Revolutionary Memorial Site, continue the red blood, enhance the political position, and transform the achievements of promoting the great party founding spirit and the spirit of Yan’an into practical actions to do a good job in current work, and promote the modernization of Luoyang. New achievements in various undertakings.

  The delegation also inspected the advanced concepts and operation management models of Xi’an and Yan’an in combination with the construction of youth-friendly cities and the renovation of key areas.

  Xi’an Municipal Party Committee Standing Committee, Secretary-General He Wenquan, Xi’an Municipal Party Committee Standing Committee and Minister of Propaganda Department, Qujiang New District Party Working Committee Secretary Yao Lijun, Yan’an Municipal Party Committee Deputy Secretary and Political and Legal Committee Secretary Ma Yuefeng, Wanda Group Chief Vice President Liu Haibo, Luoyang City Leaders Wang Jun, Zhang Yujie, Wei Xianfeng, etc. participated in relevant activities respectively.

Can Xiaolong help Haval take off again?

Transfer from: Huaibei News Network

On May 15th, 2023, Haval’s "Xiaolong" was officially listed, which was praised by the industry. Its high popularity, although it has long been commonplace for Harvard, has been more than three years since the launch of the last explosive product-"Big Dog".

In the following three years, due to the "mask problem", the automobile market environment changed, which brought opportunities and challenges to many OEMs. For Harvard, which once dominated the home SUV market, it brought more challenges.

"Xiaolong" has seen the growth point of sales for the Harvard brand, just like "a long drought meets sweet rain"; rightGenerally speaking, it is regarded as a powerful medicine to reverse the current decline.

In the view of "Great Wall People", the significance of Xiaolong is particularly important.

How important is Xiaolong? Is it a strategic vehicle that continues to write the brilliant brand of Haval, or is it a passer-by in the process of brand development? In response to these questions, the author recently communicated with Qiao Xinyu, Executive Deputy General Manager of Harvard Brand Marketing.

Interviewee:Qiao Xinyu, Executive Deputy General Manager of Haval Brand Marketing of Great Wall Motor

Interviewer:Netcom Huo Hongwei

Interview time:2023.05.24

Interview location:Beijing Yizhuang

In the domestic passenger car market, SUV products have enjoyed a 45% share for many years, and the sales of compact and intermediate SUVs account for half of the overall SUV market. It can be said that whoever can dominate this market segment will have the absolute right to speak in the new car market.

Haval H6, which has been the top seller in the same market for 9 years in a row, has created the dominant position in this market segment, and Haval has become synonymous with and guarantee for hot-selling SUVs.

In the second half of 2020, another explosion of Haval was born, and "Big Dog" became another divine car after H6. The tough appearance and a certain degree of cross-country ability make the big dog fill the gaps and shortcomings in Haval’s "H series", thus forming a pattern of "H6 and the big dog" fighting the world with two guns. It is this strategy that has made the highlight moment of Harvard brand.

However, the success of Xiao He also played havoc.When the "H Series" and "Dog Series" were promoted at a high speed, the shortcomings of Haval’s product line were exposed, that is, excessive dependence on the fuel technology route. In the post-epidemic era, competing products were given an opportunity, ending Haval H6′ s record of dominating the list for 100 consecutive months.

In this regard, Qiao Xinyu said, "The Harvard brand has two key tasks this year, one is the transformation of new energy; The other is the universalization of core technologies. "

There are two products listed this time, Xiaolong and Xiaolong MAX, and the price covers the range of 130,000-170,000 yuan. Among them, Xiaolong MAX, which is the first product of Haval to adopt Hi4 electric four-wheel drive technology, is equipped with a coffee intelligent driving system and a coffee OS intelligent cockpit, presenting an all-round new feeling for drivers and passengers from the indoor environment, driving safety to driving experience.

This is of course due to the technical advantages provided by the new energy platform, and it is also a state that traditional fuel vehicles can’t reach.

"It is no exaggeration to say that it is now’ to lift the power of the group and help Xiaolong’." Qiao Xinyu introduced to the author.

This seems to have some feelings when Wei WEY brand was founded, but it is not the same. For Wei WEY, at that time, only the brand itself was rushing forward, but now the Xiaolong series is working hard from top to bottom.

Hi4 is only launched now, and there is a certain time interval with competing products. Is it because the Great Wall has no new energy technology reserve?

Of course not. It’s just that the strategy adopted before is to hold high and fight high, which is quite a bit "high and low", but it ignores that arming its own product base is the key point to win the current battle. Due to the delay in making up his mind on the new energy strategy, Harvard suffered a bitter fruit.

"And now is to putGood technology+good price+good quality control, decentralized to Harvard’s main sales and hot-selling products, really benefiting more consumers. "Qiao Xinyu said very frankly, and I believe this is also the consensus of Harvard and even Great Wall Company.

In addition, the Great Wall is famous for its involution, which can be confirmed by looking at the previous product lineup. Only in the Haval system, there are more than 10 compact SUV products. Such a fine division can not provide accurate solutions for users’ diversified car needs, but more is to test consumers’ professionalism in product cognition. This is of course not the original intention of formulating strategies, but it is indeed a good intention to do bad things.

In fact, this situation has also occurred in other business lines of Great Wall Motor, not only in the Haval system.

For the planning of Harvard products later, Qiao Xinyu gave an accurate reply.Do subtraction”。

Haval will insist on walking on two legs, one of which is the fuel product line, mainly focusing on the "H series+big dog series" with H6 as the main part; The other is the "Dragon Series" new energy product line with Xiaolong as the main force. Fuel vehicles mainly focus on the range of 90,000-130,000 yuan, while the new energy product line will cover the range of 130,000-200,000 yuan. At the same time, in order to avoid fighting within the product, we should also make a clear distinction in product style and tonality, and promote it in the same price range and market segment with the combination of "urban SUV+ hard off-road", which really benefits consumers with different car needs.

In terms of product planning, there will be three fuel vehicles worth looking forward to this year, one is the new H5 and the other is the new H9. In addition, the H6, which has been redesigned in the middle period, will be launched in the third quarter of this year, and the new car has been greatly adjusted and upgraded in appearance, interior and power.

For Haval, H6 has the experience and advantages of being a champion, so this model will continue. As for the naming rules, Qiao Xinyu also gave a clear answer that H series products will not be renamed easily in the future. "The product sequence is inherited. Some of the new names once seemed to win traffic in the short term, but in fact they lost their brand value, which was not worth the candle. "

Qiao Xinyu said that Harvard has been combing and adjusting the product line of oil trucks so far this year. In the future, each market segment will be controlled in two models, and the two models should have very obvious category differences.

At the level of new energy products, a hard-core off-road product will be released in the follow-up of the "Dragon Series" model. The whole vehicle has a tough shape, which is obviously different from the Xiaolong series. However, Hi4, coffee intelligence and intelligent driving are the standard of Harvard’s new energy products in the future, which is worth looking forward to.

Will consumers in the future see both oil vehicles and new energy vehicles in a Haval 4S shop?

The answer is no.

Qiao Xinyu’s explanation is that Harvard should be built separately.Network, mainly "4S+2S", mainly sells "Dragon Series" models. "It is a proven truth that a store does not sell two products (fuel vehicles and new energy vehicles are not mixed). The location of the new energy store will be controlled at a linear distance of about 5 kilometers from the traditional oil car store. This is also to avoid internal consumption. "

"Will you consider the city exhibition hall?" I asked.

"At least not this year. We have calculated an account. Take Shangchao Store as an example. The initial investment of a store is at least 10 million yuan. Assuming that the gross profit of a dealer’s car is 10,000 yuan, then this store needs to sell 1,000 cars a year, and it is almost impossible to sell more than 80 cars every month. " Qiao Xinyu said, "The market situation is very severe this year. It is better to do product research and development with this money, and it will be more practical to give back to consumers."

It is estimated that by the end of this month, the number of distributors of Haval New Energy Network will exceed 200. At the same time, this year, the Haval brand will also expand its previous sales blank market.

Qiao Xinyu said that this year’s "new energy vehicles going to the countryside policy" is an opportunity for some car companies, especially products in the range of 100,000-200,000 yuan. Consumers in this part of the region are more "buy-and-buy" users, and the further down the market, the more users buy-and-buy. For Harvard new energy products represented by "Xiaolong", it provides opportunities for the brand to take off again.

Another point, Qiao Xinyu knows very well, is the professional ability of automobile terminal sales. They are brand spokespersons who face consumers directly, and their performance is a key factor in users’ final purchase decision. After all, the "arms race" between brands makes the product strength at a relatively high level, and the final competition is the professionalism of communication with consumers.

In the second half of this year, Haval will focus on the professional ability and operational ability of terminal distributors. Start the "decisive terminal" project, and conduct an all-round "big contest" on the improvement of sales process, the assessment of process indicators, and the practice of sales speech.

Qiao Xinyu said that in this era, the living environment of dealers has changed. In the past, it was "the best way to make money is to lie down, and it is too tired to bend over to make money, but not to stand up to make money"; Now the competition is intensifying, which is a great challenge for the first-line dealers. If you can’t do well in one brand before, you can choose to try your luck in other brands, maybe it’s ok. But now is the era of product hard-core competition, and consumers who enter the store know technology and products everywhere. Therefore, salespeople who are fighting in the front line are required to improve their competitiveness in order to keep up with the rhythm of the times.

Write at the end:

When the author asked whether the current order of Xiaolong series met the manufacturer’s expectations, Qiao Xinyu replied: "At present, there are many opponents, and consumers are also waiting to see. The four-wheel drive performance, two-wheel drive energy consumption and natural safety of four-wheel drive brought by Hi4 will help consumers tend to Xiaolong series in repeated comparisons. "

Haval’s previous glory was based on no rivals, but now it has entered the field of new energy and become rivals everywhere. After equal rights in technology, what the market finally presents is "fighting for products, fighting for prices and fighting for services".

Thanks to the Hi4 technology of the Great Wall, Xiaolong series products will bring the performance of "four-wheel drive performance and two-wheel drive fuel consumption", which also breaks the pain point of vehicles that have been plaguing four-wheel drive models.

Can Xiaolong lead Harvard to take off again? It depends not only on the strength of one’s own internal strength, but also on the overall environment of the market. At least for now, we see that it is on the runway and ready to take off.