Shulou(Shulou.com)11/24 Report--

On October 27, Beijing Auto Blue Valley (SH.600733) released its third-quarter report that operating revenue in the first three quarters of 2023 was 9.308 billion yuan, up 63% from a year earlier. In terms of sales volume, in the first three quarters of 2023, the company's sales reached 54753 units in an environment of general price reduction and fierce market competition, an increase of 91% over the same period last year.

Throughout the first three quarters of 2023, the production and marketing scale of the new energy vehicle industry has expanded orderly, the level of technological innovation has been continuously improved, and models that meet the individual needs of users have emerged to effectively fill the gap in the market. On September 20, the "polar fox koala" created by BAIC Blue Valley went on sale, attracting the attention of many household consumers. This is the world's first smart parent-child car, which has created a new benchmark in terms of health, safety and convenience, and the parent-child travel track has suddenly warmed up.

In addition, BAIC Langu has also launched the extreme Fox Alpha S and T Forest Edition, which shows the ultimate insight into user needs and the accurate development of application scenarios. In addition, the smooth listing of the advance version of Polar Fox Alpha S has strengthened BAIC's advantage in high-level smart driving.

At the same time, BAIC Blue Valley continues to deepen industrial chain cooperation and actively promote innovation to explore at sea, so as to lay a solid foundation for the development of the fourth quarter of 2023 and 2024.

Build cars on the scene and open up a "golden track"

As the world's first smart parent-child car focusing on the needs of parent-child travel scenarios, the Jihu koala strives to create a parent-child travel solution that integrates appearance, safety, health and convenience. This new model, which is praised by netizens as "the strongest child-walking artifact on the surface", also helped BAIC Langu successfully open up a new category of "smart parent-child car" SPV (Smart Parenting Vehicle).

Since the pre-sale of the Chengdu auto show in August this year, the polar fox koala has received 5206 orders in less than a month, which can be described as a "rapid hit". This stems from the in-depth research conducted by the polar fox automobile team on the needs of family travel, especially the needs of mothers in the new era during the product development stage.

At the beginning of the design, BAIC Langu team paid great attention to the health of mother and baby. Centering on the mother-child level safety and health requirements of parent-child travel, Jihu koala took the lead in responding to the group standard of "mother-child friendly car" issued by China Maternal and Child Health Association, and carried out exclusive development and design of cockpit materials, baby seats, functional configuration, etc., with more stringent material selection and safety indicators to create an extremely safe and healthy baby cockpit, setting a new industry standard for parent-child travel. To this end, the polar fox koala has won the "mother-to-child friendly car" five-star authority certification, becoming the first car in the industry to win this honor.

The reason why the polar fox koala is able to take the lead in the parent-child travel market is due to the "third space" concept focused by BAIC Blue Valley. According to this concept, in the era of intelligence and electrification, the connotation of automobile has long been not limited to the means of transportation, but has become a third space juxtaposed with home and office. The application of this concept has created an advanced car-building model from "product-centered" to "user-centered", so that polar fox can better understand users and more accurately meet the individual needs of users.

Double promotion of product channels, polar fox expands market boundary

At present, the competition pattern of the new energy vehicle market has not yet been finalized. As a high-end intelligent electric vehicle brand built by BAIC Blue Valley, Jihu Automobile will pay close attention to the key window period of the domestic high-end brand racetrack and rapidly enhance the brand awareness of Jihu. Continue to deepen product layout, strengthen channel distribution, enhance brand image, and enhance user stickiness.

In line with the idea of "scene car building", Jihu Automobile provides "a good car + crowd segmentation experience solution" to the market to create a new species of intelligent network, achieve a breakthrough in the ultimate single product, and drive the establishment of a new model and a new strategic system. Build a new industrial ecology.

Based on the core competitiveness of vehicle integration, three-electricity system and intelligence, BAIC Langu will promote the landing of more high-end electric technology, as a result, polar fox can quickly change models such as polar fox alpha S and T forest version, polar fox koala and so on. According to the plan, in 2023 and 2024, Polar Fox will successively launch seven new products based on the concept of scene-building, and gradually realize the complete transformation of product strategy from competitive bidding to scene-based application.

In the long run, Jihu Motor will broaden the target population, rely on the rapid development advantages of the skateboard platform, create more cost-effective and distinctive scene products, add personalized versions, and cover a wider product range.

Fundamentally, polar fox will jump out of the red sea of hardware homogenization competition and take the lead in building the next generation of intelligent mobile terminals for subdivided groups.

In terms of marketing, Jihu Motor will take "dimension promotion", "optimization" and "sinking" as the key words of channel construction, add new Pop channels on the basis of Center store + Space store in 2022, and open up the third and fourth line blank market according to the corresponding product characteristics.

By the end of September 2023, there were 112 polar fox dealers and 214 operating stores, including 81 Center stores, 111Space stores and 22 Pop stores, covering 67 cities, with a coverage rate of 100% in first-tier cities, 79% in second-tier cities and 70% in third-tier cities. In the future, Jihu Motor will continue to improve the channel layout, keep up with the pace of the market, and provide users with a more comprehensive service experience.

Deepen the cooperation of industrial chain and anchor world-class quality car-building

As the forerunner of the new energy vehicle industry, BAIC Langu on the one hand vigorously strengthen independent research and development, on the other hand, in-depth cooperation with the leading enterprises in the industrial chain, constantly break through technical barriers, and lay the foundation for the next high-quality development.

This year, BAIC Langu's cooperation with its old partner Huawei has been deepened. On August 14, BAIC New Energy, a subsidiary of BAIC Blue Valley, announced a smart cooperation with Huawei on the basis of the existing strategic cooperation, with the first model positioned as a high-end intelligent pure electric car. In order to meet the needs of new model design and production, the company will upgrade the existing BE22 platform in an all-round way to create a new generation of BAIC new energy high-end pure electric intelligent network connected vehicle platform, and the upgraded BE22 platform products will be produced by Beijing high-end intelligent ecological factory.

BAIC New Energy is the first car company to cooperate with Huawei. In 2017, the two sides signed a cooperation agreement to put forward the common vision of "two striver partners, a world-class car". The two sides jointly set up a project team codenamed HBT, and many engineers of Huawei project team are based in BAIC New Energy Blue Valley headquarters. Since then, the two sides have signed cooperation agreements on deepening and upgrading twice in a row.

In the field of power batteries, the cooperation between BAIC New Energy and the leading brand Ningde era has ushered in key progress in the near future. On October 17, the two sides signed an agreement that polar fox will be equipped with Shenxing overcharge battery, which can achieve a range of more than 700 kilometers and full temperature fast charging, meaning that polar fox will be the first to enter the era of new energy vehicle overcharge. In addition to cooperation at the product level, the two sides also plan to tackle all-round technical problems such as overcharging and heating, ultra-fast charging at the battery pack level, long life and lightweight.

BAIC New Energy has a long history of cooperation with Ningde era, which can be traced back to 2009. During this period, the two sides have deepened cooperation in supply, technology development, standard setting and after-sales service, and led the development of China's new energy vehicle industry through a series of high-level and deep integration achievements. This time, the joint achievements of the two sides in the field of 4C overcharged batteries will help the electric vehicle industry to fundamentally improve the user experience and break through the bottleneck of charging anxiety, thus promoting the industry to enter a new era of overcharging.

In terms of smart driving, BAIC New Energy and Bosch's high-level intelligent driving project was officially launched in October. According to the strategic cooperation framework previously signed by BAIC and Bosch, the two sides will mass-produce and develop high-and medium-computing platforms to achieve high-speed NOA / urban NOA high-level intelligent driving functions, and will maintain the market competitiveness of polar fox brand products in 2025 and 2026, and continue to lead the leading position of high-level intelligent driving.

Explore going out to sea and open up a new channel for growth

In 2023, BAIC Blue Valley opened a new territory in overseas markets, taking the lead in breaking through and opening up a new growth channel.

On October 8, BAIC New Energy and Japan's TURING officially signed a letter of intent for high-end intelligent driving products. TURING will make intelligent changes to meet the needs of the Japanese market based on the polar fox Alpha S model, and the first cooperative model is scheduled to enter the Japanese market in 2024. In addition, the two sides will also explore the commercial landing of self-driving technology in the Japanese market in the future.

On October 9, Jihu signed a cooperation agreement with Ben Aumir Holdings Group Co., Ltd. (hereinafter referred to as "Ben Aumir Group") from the United Arab Emirates, and the two sides plan to jointly develop the two major Middle East markets in the United Arab Emirates and Saudi Arabia. Polar Fox models will become the main products of this sea. According to the contents of this agreement, the Omeer Group will purchase polar fox models to complete the Gulf area certification, develop the Gulf emergency call system and verify the adaptability to the high temperature environment, so as to make preparations for the formal introduction of polar fox products.

Looking back at the way for BAIC's new energy to go to sea, it was not achieved overnight. As early as ten years ago, BAIC launched the international strategic layout. In the past ten years, with carbon reduction and sustainable development becoming a global issue, the development of new energy vehicles in the global market has brought a steady stream of opportunities for BAIC New Energy to go to sea. Today, BAIC New Energy is taking advantage of the opportunity to open up overseas high-quality partners, through the export of complete vehicles and innovative cooperation and other ways to smooth the way to the sea.

As early as the beginning of this year, some professionals predicted that the sales of new energy vehicles are expected to maintain a growth rate of 30% to 40%. As a result, China is expected to become the first country in the world to sell 10 million new energy vehicles annually. According to the Ministry of Industry and Information Technology, in the first three quarters of this year, the production and sales of new energy vehicles in China reached 631.3 million and 6.278 million respectively, an increase of 33.7% and 37.5% respectively over the same period last year.

However, the current external environment is still complex, structural problems are still prominent, consumer demand still has huge room to expand, and the overall operation of the industry is still under great pressure. In the face of challenges, BAIC Langu chooses to focus on product quality, accurate insight and meet the individual needs of users, continuous layout, and expand the market with a "persevering" mentality.

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