[? Billion euro guide? ]? Under the dual effects of market winter and capital winter, the head enterprises in most markets have been highlighted, and only a few areas such as autonomous driving, car networking and automobile aftermarket still have blue ocean opportunities.
Author Zhang Yuzhe
Editor Zhang Yan
In p>219, China's automobile market and capital market were experiencing a "cold winter".
according to the data of China Association of Automobile Manufacturers, in 219, the cumulative sales volume of automobiles in China was 25.769 million, down 8.2% year-on-year. Among them, the cumulative sales volume of passenger cars was 21.444 million, down 9.6% year-on-year.
at the same time, IT orange data shows that since 217, the global investment has been declining for two consecutive years. In 219, the investment amount also showed a double-digit decline. Returning to the automobile industry, since 218, the amount and quantity of investment in the industry have shown a clear downward trend.
The "cold winter" continues, and a large number of start-ups will die in 219. It is precisely because of this that by 22, in the entire automobile industry, the head enterprises in most market segments have become prominent, and the competition pattern is gradually becoming clear, such as the technology travel market and the new energy automobile market.
although the concentration of most markets is increasing, with the development of technology, there are still some market competition situations that are still unclear. Self-driving and automotive aftermarket are such blue ocean markets, and there are still new possibilities in the future.
So, for investors who focus on the automobile market, where should they put their money?
Capital continues to go to head enterprises
Recently, some investors in the automobile industry told Yiou Automobile that their investment direction in 22 will once again turn to some technology enterprises. Because after the reshuffle period in 218 and 219, many "impurities" have been washed out, and some powerful enterprises have been precipitated.
On December 17th, Terry De announced that its subsidiary TELD intends to introduce strategic investors through capital increase and share expansion. The total amount of this capital increase does not exceed 1.35 billion yuan, and the capital increase price is proposed to be 17.64 yuan per yuan of registered capital, and the post-investment valuation is about 7.8 billion yuan. Strategic investors such as CDH Investment and China State-owned Enterprise Structural Adjustment Fund Co., Ltd. will take shares in TELD.
in China's automobile industry in December 219, this financing by TELD is undoubtedly the one with the largest investment amount and the strongest employer background. In November, the highest amount of financing was $4 million from Xpeng Motors.
TELECOM is a leading enterprise in the charging pile market, ranking first in both market share and charging capacity. In the past two years, more than half of the players in this market have fallen, and most of the remaining players are in poor living conditions.
Similar to TELECOM, Xpeng Motors also belongs to the leading enterprise in its industry. In 219, the cumulative sales volume of Xpeng Motors ranked the third among the new forces of automobile manufacturing. In addition to Xpeng Motors, only about 1 new car-making forces obtained financing in 219. At the same time, the new tail-end car-making forces such as Zhidou, Yundu and Changjiang EV are all in a state of large losses, and whether they can survive will mainly depend on whether there is new capital to "take over".
(Xpeng Motors/Yiou. com)
In addition to the above two industries, there are many areas in the automobile industry that are monopolized by head enterprises.
In the field of power batteries, the market positions of Contemporary Amperex Technology Co., Limited and BYD still cannot be shaken. According to the data of China Energy Network, in 216, there were 217 power battery enterprises in China. By 219, this number has become 69. Some experts predict that by 22, the number of power battery enterprises in China will be less than 3.
In addition, the technology travel market is still dominated by Didi. Among auto e-commerce, there are only a lot of companies with a valuation of over 1 billion yuan.
in the above-mentioned fields, the market will undoubtedly continue to concentrate on the head enterprises, and only a few backward enterprises with creative and innovative ability will have the opportunity to gain the favor of capital.
There are still opportunities for enterprises that rely on big trees
Of course, in addition to market share, the advantages of the employer's background also enable some enterprises to show good market prospects. A strong or suitable employer will bring great support to the future development of the enterprise.
in the field of charging service, lasalle technology is an enterprise with a relatively strong background. The sponsors of the company are State Grid Electric, China Southern Power Grid, TELD and Star Charge respectively. The number of charging piles owned by the above four enterprises reached 335,, accounting for more than 7% of the country.
In addition, the reason why Baiteng can continue to attract investment is not only the internal factors such as technical strength and business model, but also the multi-round financing participation of FAW Group, which is the eldest son of the country. In the eyes of some insiders, if Baiteng can't be self-financing in the end, the outcome is likely to be acquired by FAW.
government relations are also crucial to the development of a start-up. The attraction of Chinese Express, which is a new force to build cars with Baiteng, comes not mainly from powerful employers, but from excellent government relations. At the press conference in October 218, in addition to Ding Lei and other well-known executives and fantastic visions, many heads of prefecture-level cities were present. In addition, an 8-kilometer "Zhilu" built in Yancheng has been selected as one of the top ten test roads of the Ministry of Industry and Information Technology. Although the name of the employer has not been published, its high-quality resource background is enough to attract investors' attention.
(Chinese Express "Zhilu" test system/Chinese Express official)
The leading enterprises in the new energy vehicle market are still unclear, and the big pattern of the upstream power battery market has taken shape, and Contemporary Amperex Technology Co., Limited is undoubtedly the absolute overlord in this market. The biggest helper for its status today is BMW. Because its products are favored by BMW, and the cooperation has been able to continue, it has laid a good reputation in the industry, and finally it has been quickly recognized and recognized by more car companies.
in a word, whether through capital or cooperation, the development prospects of those enterprises that have already bound strong partners will undoubtedly have an extra layer of protection. Not surprisingly, in 22, enterprises with such advantages will be more likely to be favored by capital.
New Blue Ocean Opportunities
As the above-mentioned markets have entered the knockout stage, the halo effect of dominant enterprises has already appeared, and the main capital will undoubtedly move closer to the star enterprises. However, at the moment when the overall automobile market in China is in a shrinking stage, some markets are still in the blue ocean market, and investment opportunities still exist.
Intelligent networking is one of the hottest topic markets in automobile industry in recent years, and it is also one of the most favored markets by capital.
IT orange data shows that in the past two years, the global investment and financing amount of the autonomous driving industry exceeded 4 billion yuan, ranking second in the automobile transportation industry. Although a large number of entrepreneurs have flooded into the market since 214, there has never been a high-grade autonomous driving project that can really be commercialized. Even the head players have begun to explore the scene road.
(self-driving vehicle road test/Yiou. com)
In addition to autonomous driving, there are also new opportunities in vehicle networking. At the Shanghai Auto Show in 219, Huawei participated in the exhibition for the first time, and announced that it would position itself as a Tier1 manufacturer of smart cars with a target revenue of 5 billion US dollars. In addition to Huawei, there are many smaller technology companies also eyeing this cake and being recognized by the capital market. In 219, a number of enterprises, such as Shanghai Botai, an Internet of Vehicles enterprise, Tianzhu Weishi, an intelligent driving system supplier, and Mushroom Car Federation, an Internet of Vehicles technology enterprise, were all recognized by capital.
At the end of December p>218, the Ministry of Industry and Information Technology issued the "Action Plan for the Industrial Development of the Internet of Vehicles (Intelligent Networked Vehicles)", aiming to achieve a penetration rate of 3% in 22. According to the latest data released by the Ministry of Public Security, the number of cars reserved in China in 219 is 26 million.
this means that even if users who need to upgrade the existing car networking system are not included, at least 7% of the vehicles will have the opportunity to be connected to the network after loading, that is, 1.82 billion vehicles. These 1.82 billion vehicles, even if the average aftermarket price of each vehicle is 1 yuan RMB, can reach the trillion-dollar market scale. In-vehicle infotainment system, streaming media central rearview mirror, head-up display system HUD, all-LCD instrument, car networking module and other networked aftermarket have not yet emerged a monopoly phenomenon, and related enterprises also have certain investment opportunities.
In addition to the Internet of Vehicles, the 26 million car ownership and longer and longer car age have enabled investors to see opportunities in the automotive aftermarket. According to the White Paper on the Post-219 Market released by Deloitte, the average age of vehicles in China has reached 4.9 years, compared with 3.3 years three years ago.
With the increase of vehicle age, although the auto parts market, which used to focus on collision parts and wearing parts, has entered the Red Sea, the blue ocean opportunity of medium and slow damaged parts is approaching quietly. In 219, at least 1 auto parts supply chain enterprises in China received financing, including not only established enterprises such as Xinkangzhong and Kaisi, but also new players such as Party A, Party B, Party D, and Three Heads and Six Arms. Unlike the United States, where the automobile aftermarket is divided by big players, there are still opportunities in China's automobile aftermarket.
in p>22, in the fields of automobile manufacturing and new energy, it is expected that the capital market will be closed, and the main funds will continue to flow to the head enterprises. The new opportunities mainly exist in autonomous driving, front and rear loading networking and enterprises that can reconstruct the value based on relevant data. In addition, the auto parts field is expected to become the most favored position in the automobile aftermarket.
although there are still investment opportunities in the automobile market, the overall imagination space is far less than that of the previous two years. It is predicted that in 22, the capital market will be more pragmatic, and those projects with only good ideas and no rigorous commercialization logic will probably be very sad.
Editor: Zhang Yan
This article comes from the author Chejia, car home, and does not represent car home's standpoint.