The "Tesla effect" is stirring up a lot of spring water in China's new energy vehicle market. Recently, Ganfeng Lithium responded to the question "whether Tesla is visiting the company in the near future" on the investor interaction platform and said that the news is true and Tesla has sent personnel to visit the company. Analysts believe that Tesla is a representative leading company in the global new energy field. If the products of listed companies smoothly enter its supply chain system, the rapid increase in the number of new energy vehicle companies in the future is expected to contribute considerable performance flexibility to the company.
The performance of auto parts companies soared
With the implementation of the model 3 mass production plan, the news of Tesla's China plant construction and industrial chain layout in China continues to affect the nerves of the A-share market. At present, my country's listed companies mainly enter the Tesla industry chain in two ways: one is to directly support them as a first-tier supplier, such as Xusheng, Tianqi Model, Guangdong Hongtu, Ningbo Huaxiang, Yian Technology, etc.; One is to provide indirect support for Tier 1 suppliers, such as high-quality motors, pilot intelligence, and Xinzhoubang.
Among the directly supporting suppliers, Xusheng shares the highest value of a single vehicle, reaching about 3,400 yuan. The company began to cooperate with Tesla in 2013, which directly drove the surge in its auto parts business. The company supplies related components for Tesla's mass production, and gradually expands from the supply of ordinary components to core components such as transmission systems and battery systems. From 2014 to 2016, Xusheng's sales to Tesla accounted for 15.41%, 50.27%, and 56.61%, respectively. In the future, due to Model 3 mass production, performance is expected to increase significantly.
In addition, as a first-tier supplier of mold design and manufacturing services, Tianqi Mould has provided Tesla with a mold revenue of over 50 million yuan in the past two years, and Model 3 matching is also under discussion.
Industry insiders believe that Tesla's mass production has brought huge demand for parts and components, and domestic companies are willing to enter Tesla's localized industrial chain to share scale dividends and brand effects.
However, some analysts believe that although there are not a few domestic companies that have entered Tesla's supply chain system, most of them have not yet launched actual cooperation with Tesla, or the scale of cooperation is small. However, due to Tesla's "catfish effect" in the new energy vehicle industry, listed companies that have obtained Tesla's certification will gain an advantage in the supply of domestic new energy vehicle industry chains, thereby achieving performance improvements.
Substitution of foreign parts and components is expected to be localized
Industry insiders believe that, as a global leader in new energy vehicles, after Tesla enters China, the supply chain may shift to the Chinese market, and listed companies that directly or indirectly enter the Tesla supply chain system are expected to benefit.
From the perspective of supply chain business, most of Tesla's core technology suppliers come from companies in Japan, the United States and the European Union, and most Chinese companies enter the system as secondary raw material suppliers. For example, in the lithium battery supply chain, there is currently no A-share listed company that directly supplies Tesla. Domestic listed companies mainly enter the supply chain system indirectly by supplying Tesla's "queen" battery supplier Panasonic panasonic. Such as Xinzhoubang, China Baoan subsidiary Beterui, Pioneer Intelligence and so on. From the perspective of battery management system, Joyson Electronics' subsidiary German Preh and Sanhua Intelligent Control are Tesla component suppliers.
At present, China's Tesla suppliers are mainly concentrated in the body and parts links. For example, Guangdong Hongtu and Tianqi Mould are suppliers of body and mold links; Tuopu Group, as the core supplier of aluminum alloy chassis structural parts, is expected to increase its performance by supporting Model 3.
In addition, in the in-vehicle infotainment system, NavInfo is used as a map component, and Dafu Technology and Chunxingjing are used as antenna components, both of which are model 3 suppliers.
Essence Securities believes that despite the globalization of Tesla parts procurement, currently only some domestic auto parts manufacturers have entered the Tesla supply chain system, but after Tesla’s localization, domestic auto parts manufacturers are expected to achieve Tesla's comprehensive replacement of foreign parts and components will usher in rapid growth in performance.
