Great Wall Motor (601633): New I Era Powertrain Seamlessly Connects to New Double Points Policy

Great Wall Motor (601633): New I Era Powertrain Seamlessly Connects to New Double Points Policy
Event: The recent release of the new double-points comments draft has aroused widespread concern in the market. In the early stage, Great Wall Motors also released its new I-epoch powertrain. We have studied the technical details of the I-epoch in detail, such as all used as the newFor vehicles, Great Wall should have no worries about the new double-point policy.  The new double-point policy particularly highlights the reduction in consumption of traditional fuel powertrains, and the Epoch Powertrain will be seamlessly connected in both areas: First, the traditional fuel powertrain aspect1, the new 4N20 engine platform adoptedThe Miller cycle is one of the engines of the independent brand that earlier adopted the Miller cycle technology. The Miller cycle is one of the tools to improve the fuel economy of the engine. At present, it is mainly used by Japanese manufacturers on some models.  2. The long-term version of the new 4N20 engine can reach a maximum thermal efficiency of 50%.Improving thermal efficiency is the basis for reducing engine fuel consumption. Through lean combustion, EGR, lean combustion and other technologies, the 4N20-EY26 engine will reach 50% thermal efficiency, and it will also be one of the highest thermal efficiency engines in the world.  3, 9DCT with higher transmission efficiency.Great Wall Motor is an independent brand enterprise that produces automatic transmissions on a preliminary scale in China. The current 7DCT transmission efficiency is relatively leading. In the future, 9DCT will reduce the fuel consumption of the entire vehicle to a lower level. At the same time, the lower gear has a higher load capacity 北京夜生活网 and betterDynamic performance.  Second, the hybrid system aspect 1, high-performance P2 + P4 hybrid powertrain system, the front axle uses a high-performance fuel engine and P2 module motor, the rear axle uses an e-axis electric bridge motor, 100 kilometers acceleration below 5S at the same timeTo reduce fuel consumption.  Third, pure electric and fuel cell vehicles1. In terms of pure electric, the company ‘s current ME platform is a brand-new pure electric platform, which has a significant advantage in power consumption. The main model R1 has a power consumption of less than 10 kilometers per 100 kilometers.  2. In terms of fuel cell powertrain, Great Wall Motor Reserve is preliminary. At present, each core technology of fuel cell has been transformed into an independent technology reserve.  Investment suggestion: The company’s new generation of powertrain reserves will become a weapon to respond to the double-point policy and provide support for future long-term development.We estimate that the company’s net profit attributable to the parent in 19/20 will be 50.07 ppm / 57.37 billion.At present, although the wholesale sales of the automotive industry is still sluggish due to the impact of inventory, the retail volume has improved in June. After the industry has truly built up, demand will gradually change in the second half of the year.Reversing the trend and strengthening market share, the industry will reach a higher elasticity during the recovery period. We will continue to make strategic recommendations and maintain a “Buy” rating.  Risk warning: Passenger car sales fall short of expectations, price cuts are larger than expected