北汽蓝谷20241113

Summary of Conference Call Notes Company and Industry - The discussion revolves around the electric vehicle (EV) market, specifically focusing on the performance and sales of the "响戒之酒" (Xiangjie) and "响觉S9" (Xiangjue S9) models, which are associated with Huawei and the broader EV industry in China. Key Points and Arguments Sales Performance and Expectations - The sales of the Xiangjue S9 have not met expectations, primarily due to high pre-launch order numbers that did not translate into actual sales. The company received around 8,000 orders within 20 days of the M7 Pro launch, but the actual sales figures have been lower than anticipated [1][2]. - The current market trend shows that range-extended vehicles are performing better than pure electric models, which may affect the sales of the Xiangjue S9, as it is currently only available in a pure electric version [2][3]. - The company is planning to launch a range-extended version of the S9 in the first half of next year, which is expected to improve sales [2][3]. Competitive Landscape - The Xiangjue S9 is positioned to compete with models priced around 5-6 million, and it is noted that competitors like DBA have engaged in price wars to attract customers [2][3]. - The target demographic for the S9 is described as older, conservative individuals who may have concerns about transitioning from traditional vehicles to electric ones, particularly regarding range anxiety [3][4]. Profitability and Cost Structure - The company indicates that the S9 is not currently losing money on a per-vehicle basis, as the revenue is more aligned with gross profit rather than net profit, which includes costs related to factory operations and R&D amortization [4][5]. - The company is not planning to directly compete with lower-priced SUVs in the market, as those segments are already covered by competitors like赛里斯 (Sailisi) and 奇瑞 (Chery) [5]. Future Models and Market Strategy - The company has plans for new models, including a large SUV and other vehicles, with a new model expected to launch by the end of next year or early the following year [5][6]. - The company is focusing on maintaining a balance between its various brands and models, ensuring that the Xiangjue brand does not conflict with other offerings [12][13]. Marketing and Sales Channels - Huawei's sales strategy includes incentivizing sales personnel to promote the S9, with higher commission rates compared to the M9 model [11][36]. - The sales channels are divided into direct and dealer models, with direct stores having more flexibility in selling various models, including the S9 [10][36]. Challenges and Risks - There are concerns about the potential decline in brand interest if sales do not improve, especially during the traditional off-peak season in early next year [8][9]. - The company is aware of the competitive pressures and is actively seeking ways to enhance the S9's market presence through various promotional strategies [11][34]. Overall Market Outlook - The company anticipates that the overall sales volume will increase in the coming year, supported by a robust product lineup and improved distribution channels [25][26]. - The management team has undergone changes that are believed to have positively impacted sales strategies and execution [25][26]. Other Important but Overlooked Content - The company is exploring various marketing strategies to maintain interest in the S9, including potential pre-launch activities to build anticipation [15][34]. - The management emphasizes the importance of product quality and customer satisfaction, particularly for the S9, which is seen as a flagship model for the brand [33][34]. - The company is also considering the implications of Huawei's broader strategic partnerships and market positioning, which could influence the future of the Xiangjue brand [29][30].