2023年 賽力斯 問界以價(jià)換量提升性價(jià)比和客戶體驗(yàn)賽力斯與華為共創(chuàng)雙贏未來

aimer告網(wǎng)17Jan2023問界以價(jià)換量提升性價(jià)比和客戶體驗(yàn)，賽力斯與華為共創(chuàng)雙贏未來AITOPriceCutStrategyImprovedCost-effectivenessandCustomerExperience,SeresandHuaweiCreateaWin-winFutureaohtiseccomanganghtiseccom熱點(diǎn)速評FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)1月13日，AITO官宣旗下M5EV、M7兩款產(chǎn)品的部分車型降價(jià)。華為表示，AITO問界2022年交付超7.5萬輛，是成長最快的新能源汽車品牌，為答謝廣大用戶，AITO問界系列帶來了力度最大的新年福利，優(yōu)惠力度高達(dá)3萬元，對部分車型推出新年感恩回饋活動(dòng)：問界M5全系贈(zèng)送2年基礎(chǔ)保養(yǎng)；為M5EV全系、M7舒適版、豪華版首任車主提供預(yù)估總價(jià)值3.3-3.5萬元的權(quán)益，整車質(zhì)保延長至8年/16萬公里，并贈(zèng)送12萬AITO積分，積分可在AITO商城內(nèi)選購產(chǎn)品；為問界M7旗艦版首任車主延長整車質(zhì)保至8年/16萬公里，預(yù)估價(jià)值2.3萬元。問界熱銷車型降價(jià)，以價(jià)換量提升性價(jià)比和客戶體驗(yàn)。據(jù)AITO品牌公布的交付數(shù)據(jù)，問界系列8月首次過萬之后，連續(xù)三個(gè)月穩(wěn)定在一萬輛以上，但11月份月交付量僅為8,260輛，環(huán)比下滑31.3%，最新12月份交付量為10,143輛。據(jù)乘聯(lián)會(huì)數(shù)據(jù)，2022年問界M5增程版銷量近4.9萬輛，問界M7超過2.1萬輛，但是和ModelY正面競爭的M5EV不足1萬輛，與華為方面10萬-20萬輛的交付目標(biāo)，還有不小的差距。問界品牌作為賽力斯與華為深度合作的結(jié)晶，誕生之初就被市場認(rèn)為是含金量極高的新造車模式。問界在鴻蒙座艙、核心部件、產(chǎn)品定義、車輛調(diào)教、渠道銷售、品牌營銷等方面獲得華為的獨(dú)家賦能，得益于“含華量”最高，問界M5、M7上市后，賽力斯在短短數(shù)月內(nèi)一躍成為月銷破萬的新能源汽車品牌。正因其品牌價(jià)值擁有華為強(qiáng)大的資源加持，問界本次不惜延后盈虧平衡的降價(jià)策略，將客戶體驗(yàn)和產(chǎn)品價(jià)值放在首位，主動(dòng)杜絕了如特斯拉降價(jià)后可能出現(xiàn)的老車主維權(quán)現(xiàn)象，是讓新老車主均可滿意的最優(yōu)解。華為的千店級門店渠道具有強(qiáng)大的乘數(shù)效應(yīng)，我們認(rèn)為問界有望依靠華為銷售網(wǎng)絡(luò)迅速搶占市場，通過規(guī)?；?yīng)抵消降價(jià)對盈利的負(fù)面效果。而作為國內(nèi)首家跟降特斯拉的競品車企，問界有望快速以價(jià)換量，有效提升產(chǎn)品性價(jià)比和客戶體驗(yàn)，以助進(jìn)一步提振銷量和市場份額。源自問界高于問界，賽力斯與華為共創(chuàng)雙贏未來。華為2022年12月內(nèi)部會(huì)議中提出要在2025年實(shí)現(xiàn)盈利，而汽車是華為唯一虧損的業(yè)務(wù)，華為目前每年僅在智能汽車業(yè)務(wù)就投入了十幾億美元的研發(fā)費(fèi)用。華為汽車BU確立的轉(zhuǎn)型方向?yàn)椋褐悄芷嚱鉀Q方案減少科研預(yù)算，加強(qiáng)商業(yè)閉環(huán)，研發(fā)走模塊化的道路，聚焦在幾個(gè)關(guān)鍵部件建立競爭優(yōu)勢，從追求規(guī)模轉(zhuǎn)向追求利潤和現(xiàn)金流。因此華為并不滿足于和賽力斯的智選合作模式，正與更多車企實(shí)現(xiàn)不同程度的綁定，扮演供應(yīng)商、經(jīng)銷商等多重角色，成功建立造車生態(tài)體系并不斷壯大。對于賽力斯而言，問界品牌是其在國內(nèi)新能源汽車市場站穩(wěn)腳跟、快速搶灘的開端和關(guān)鍵，而僅從銷量來看，問界僅占賽力斯集團(tuán)整體銷量的30%。1月2日，賽力斯公告2022年汽車總銷量26.72萬輛，其中問界品牌銷量8萬輛。在與華為的合作逐漸褪去獨(dú)特排他性的情況下，賽力斯也不斷強(qiáng)調(diào)其自主產(chǎn)品和自研技術(shù)足以應(yīng)對不斷加劇的新能源汽車競爭；賽力斯的當(dāng)務(wù)之急是扭轉(zhuǎn)其虧損擴(kuò)大的趨勢，并盡快實(shí)現(xiàn)盈虧平衡。我們認(rèn)為，2023年賽力斯和華為的深化合作有望為問界品牌帶來更多驚喜，而追求各自目標(biāo)帶來的協(xié)同效應(yīng)有望幫助賽力斯和華為實(shí)現(xiàn)雙贏的局面。賽力斯戰(zhàn)略布局全球化，SERES5新車訂單超2萬臺(tái)。1月13日，賽力斯集團(tuán)攜SERES5亮相比利時(shí)布魯塞爾車展，與20余家合作伙伴完成簽約。賽力斯經(jīng)過5年時(shí)間的研發(fā)、設(shè)計(jì)和驗(yàn)證，形成了“中國領(lǐng)先，世界先進(jìn)”的高性能純電驅(qū)動(dòng)技術(shù)和智能增程電驅(qū)技術(shù)。此次在歐洲正式推出SERES5旗下三款新能源車型，其中純電版車型將分別搭載90KWh半固態(tài)電池和80KWh磷酸鐵鋰電池，WLTP續(xù)航里程達(dá)530km，公司預(yù)計(jì)于3月開始交付。我們認(rèn)為SERES5新車型的發(fā)布，象征著賽力斯全球化戰(zhàn)略布局更進(jìn)一步，海外市場拓展有助賽力斯加速實(shí)現(xiàn)規(guī)模效應(yīng)。車型升級迭代不及預(yù)期；上游原材料成本波動(dòng)風(fēng)險(xiǎn)；市場競爭加劇風(fēng)險(xiǎn)等。217Jan20232告網(wǎng)調(diào)整后車輛起售價(jià)萬元起萬元起24.98萬元~31.98萬元0萬元起萬元起98萬元0OAITO問界準(zhǔn)版版00優(yōu)惠后價(jià)格(元)準(zhǔn)版優(yōu)惠后價(jià)格(元)準(zhǔn)版317Jan20233告網(wǎng)417Jan20234告網(wǎng)APPENDIX1SummaryOnJanuary13,AITOofficiallyannouncedpricecutsforsomemodelsofM5EVandM7.HuaweistatedthatAITOdeliveredmorethan75,000vehiclesin2022andisthefastestgrowingEVbrand.Tothanktheexistingusers,AITOseriesbringsthestrongestNewYearbenefits,withdiscountsofuptoRmb30,000,andNewYearthanksgivingrebateactivitiesforsomemodels:AITOM5fullseriesisgiven2yearsofbasicmaintenance;theownersoftheM5EV,M7FWDandRWDmodelsareofferedatotalestimatedvalueofRmb33,000-35,000,extendingthewarrantyto8years/160,000kmand120,000AITOpoints,whichcanbeusedtopurchaseproductsintheAITOMall;extendthewarrantyto8years/160,000kmfortheownersoftheM7LRmodel,withanestimatedvalueofRmb23,000.sAITO'shot-sellingmodelsunderwentpricecutstoimprovecosteffectivenessandcustomerexperienceandpromotesalevolume.AccordingtothedeliveryresultsreleasedbytheAITObrand,theAITO’ssalevolumehasremainedstableatover10,000vehiclesforthreeconsecutivemonthsafterpassingthe10,000vehicle-milestoneforthefirsttimeinAugust2022,butmonthlydeliveriesinNovemberwereonly8,260vehicles,down31.3%MoM,andthelatestDecemberdeliverieswere10,143vehicles.AccordingtotheCPCA,AITOdeliverednearly49,000M5EREVsandmorethan21,000AITOM7sin2022,buttheM5EV,whichcompeteshead-to-headwiththeModelY,weredeliveredlessthan10,000vehicles,stillasignificantgapwithHuawei'stargetof100,000-200,000deliveries.Asaresultofthein-depthcooperationbetweenSeresandHuawei,theAITObrandwasconsideredbythemarkettobeanewhigh-valuemodeofcarmanufacturing.Thankstothe"HUAWEIsmartselection",Sereshasbecomeanewenergyvehiclebrandwithmonthlysalesofover10,000injustafewmonthsafterthelaunchoftheM5andM7.BecauseitsbrandvalueisbackedbyHuawei'sresources,AITO'spricecutstrategy,whichislikelytodelaybreak-evenpace,putscustomerexperienceandproductvalueinthefirstplace,andactivelyeliminatesthephenomenonofexistingownersdefendingtheirrightsthatmayoccurafterTesla'spricecut,whichistheoptimalsolutionforbothnewandoldownerstobesatisfied.Huawei's1,000-store-levelretailcenterchannelhasastrongmultipliereffect,andwebelievethatAITOisexpectedtorelyonHuawei'ssalesnetworktoquicklycapturemarketsharesandoffsetthenegativeeffectsofpricecutsonearningsthroughthescaleeffect.AsthefirstdomesticcompetitortofollowTesla'spricecut,AITOisexpectedtoquicklyexchangepriceforvolumeandeffectivelyimproveproductcostperformanceandcustomerexperiencetohelpfurtherboostsalesandmarketshare.OriginatingfromAITOandgoingbeyongAITO,SeresandHuaweiiscreatingawin-winfuturetogether.Huawei'sinternalmeetinginDecember2022proposedtoachieveprofitabilityin2025,andautomotivebusinessisHuawei'sonlyloss-makingbusiness,HuaweicurrentlyinvestsmorethanabilliondollarsayearinR&Dinthesmartcarbusinessalone.ThetransformationdirectionestablishedbyHuawei'sautomotiveBUistoreducetheresearchbudgetforsmartcarsolutions,strengthenthecommercialclosedloop,takeamodularpathforR&D,focusonafewkeycomponentstobuildcompetitiveadvantage,andshiftfrompursuingscaletopursuingprofitabilityandcashflow.Therefore,HuaweiisnotsatisfiedwiththesmartselectioncooperationmodelwithSeres,isachievingdifferentdegreesofbindingwithmoreOEMs,playingmultiplerolessuchassuppliersanddistributors,successfullyestablishingthecar-makingecosystemandgrowthmode.ForSeres,theAITObrandisthebeginningandthekeytogainingafirmfootholdinthedomesticnewenergyvehiclemarket.Whileintermsofsales,AITOonlyaccountsfor30%ofSeresGroup'soverallsales.OnJanuary2,Seresannouncedtotalvehiclesalesof267,200vehiclesin2022,ofwhich80,000weresoldundertheAITObrand.WiththeuniqueexclusivityofitspartnershipwithHuaweigraduallyfading,Sereshasalsocontinuedtoemphasizethatitsownproductsandself-developedtechnologyaresufficienttocopewiththeintensifyingNEVcompetitions.Seres'immediatepriorityistoreversethetrendofitswideninglossesandachievebreak-evenassoonaspossible.WebelievethatthedeepeningcooperationbetweenSeresandHuaweiin2023isexpectedtobringmoresurprisesfortheAITObrand,andthesynergybroughtbythepursuitoftheirrespectivegoalsisexpectedtohelpSeresandHuaweiachieveawin-winsituation.GlobalizationofSeres'strategiclayoutandordersfornewSERES5vehiclesexceed20,000units.On13January,SeresGrouppresentedSERES5attheBrusselsMotorShowinBelgiumandsignedcontractswithmorethan20partners.After5yearsofresearchanddevelopment,designandvalidation,SEREShasdevelopedahigh-performancepureelectricdrivetechnologyandintelligentextendedrangeelectricdrivetechnologythatis"leadinginChinaandadvancedintheworld".ThethreenewenergymodelsofSERES5willbeofficiallylaunchedinEurope,amongwhichtheBEVwillbeequippedwith90KWhsemi-solid-statebatteryand80KWhLFPbatteryrespectively,withaWLTPrangeof530km,anddeliveryisexpectedtostartinMarch.WebelievethatthelaunchofthenewSERES5modelssymbolizesafurtherstepintheglobalizationstrategyofSERES,andtheexpansionofoverseasmarketswillhelpSEREStoaccelerateitsscaleeffect.Theupgradeanditerationofmajormodelsisnotasexpected;theriskofupstreamrawmaterialcostfluctuation;theriskofintensifiedmarketcompetition.5告網(wǎng)下下m6告網(wǎng)7告網(wǎng)8告網(wǎng)9告網(wǎng)