北汽蓝谷: ARCFOX极狐——华为Inside赋能

（以下内容从天风证券《北汽蓝谷: ARCFOX极狐——华为Inside赋能》研报附件原文摘录）
　　BAIC BluePark New Energy Technology (600733 CH) ARCFOX极狐——华为Inside赋能 Initiating coverage: ArcFox with ‘Huawei Inside’ could kick off a new era for EVs TP: RMB18.20 ACCUMULATE (initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 北汽蓝谷——新能源汽车产业开拓者。 公司是国内首个获得新能源汽车生产资质的企业，经过多年发展，已成长为国内少数掌握纯电动汽车三电核心技术、集成匹配控制技术，同时兼具资产规模大、产业链完整、产品线丰富、产品市场应用广的新能源汽车龙头企业之一。公司旗下包括北汽新能源、蓝谷麦格纳等多家控股子公司，在售车型主要有BEIJING和ARCFOX极狐两大系列。 China’s NEV pioneer. BluePark was the first Chinese company that obtained approval to manufacture new energy vehicles (NEVs) and one of the few to the master core technologies and integrated control systems in purely electric vehicles. The asset-rich NEV leader’s business spans broad product lines and market applications. BluePark’s subsidiaries include BAIC New Energy and BAIC Magna. Its key brands are Beijing and and ArcFox. 制造能力全方位升级，产品布局由低到高，携手麦格纳等优秀伙伴，发力中高端智能电动车。 公司于2018年推出高性价比新能源汽车EC系列，售价在10万元以内；2019年陆续发布EU、EX系列，将价格带提升至10-20万区间；与麦格纳成立合资公司，共同打造高端智能汽车制造和研发基地，并与SK、西门子等多家外资企业开展深度合作，从电池、内置电机到整车制造全方位升级。2020年起公司发布高端车型极狐阿尔法系列，售价区间进一步提升至25-43万，逐步实现从高性价比车型向中高端智能汽车的转型覆盖。 Full range of EVs; product/process upgrades on effective partnerships. BluePark launched the EC series in 2018, cost-effective NEVs with a price range below RMB100,000; and EU and EX in 2019, which are priced within RMB100,000-200,000. Its JV with Magna will make high-end R&D-based smart cars. And collaborations with SK, Siemens and other foreign-funded companies will upgrade components and processes, including batteries, built-in motors and vehicle manufacturing. From 2020, BluePark launched the high-end ArcFox Alpha series, priced RMB250,000-430,000, which expanded its product coverage to include cost-effective and high-end smart cars. 华为inside赋能，极狐HI有望成为新一代智能电动车性能标杆。 华为经过多年累积，凭借其ICT及智能化方面的技术优势，进军智能汽车领域，定位汽车增量部件供应商。公司与华为合作开发的极狐HI（HUAWEI INSIDE）版车型中，公司负责车型定义、平台开发、量产制造等环节；华为提供全栈智能汽车解决方案，具体包括1个全新的计算与通信架构和5大智能系统，智能驾驶，智能座舱、智能电动、智能网联和智能车云，以及激光雷达、AR-HUD等全套智能化部件。极狐阿尔法S HI版将成为全球首款搭载鸿蒙OS的量产车型，“三电”及“三智”系统均拥有快速迭代和匹配能力。北汽作为新能源汽车行业的先行者，华为则是全球高端科技的领先者，两者合作的“ARCFOX”和“HI”联合品牌有望成为新一代电动车领域自动驾驶标杆。 Huawei Inside and ArcFox: benchmarks for a new generation of smart EVs. Huawei entered the smart car industry by way of its ICT and intelligentization advantages, positioning itself as a supplier of incremental automotive components. ArcFox HI models incorporate HI (Huawei Inside) solutions that have been jointly developed by both companies. BluePark is responsible for model definition, platform development, mass production and manufacturing. Huawei provides full-stack smart car solutions, including new computing/communication architecture and five major intelligent systems (driving, cockpit, electric, network and car cloud), as well as a full set of smart components such as lidars and AR-HUD. The ArcFox Alpha-S HI would be the first mass-produced model in the world to use Huawei’s Harmony OS. Their “three electric” and “three smart” systems have iteration and compatible capabilities. With BluePark a pioneer in the NEV industry and Huawei a high-end tech global leader, we believe their jointly established ArcFox and HI brands will become industry benchmarks for autonomous driving for the new generation of electric vehicles. 盈利预测与估值/valuation 投资建议：公司是国内新能源汽车产业的开拓者之一，近年来在“三电系统”、汽车智能化等领域与众多优势企业合作，造车实力不断增强。公司与华为合作推出的高端智能化车型极狐阿尔法S HI版，将于2021年底交付，有望开启汽车智能电动新时代。我们预计公司21-23年收入分别为73.9亿元，195.6亿元、650.0亿元。由于公司研发投入较大，同时处在销量的爬坡期，相关支出费用较多，预计公司21-23年归母净利润分别为-34.7亿元、-21.2亿元和0.9亿元。我们选取自主品牌车企比亚迪、长城汽车，以及造车新势力蔚来、理想、小鹏，以及特斯拉作为可比公司，考虑到公司新车型及产能爬坡周期，我们给予公司2023年1.2倍的PS目标，对应目标价18.2元。首次覆盖，给予“增持”评级。 As one of the pioneers in China’s NEV industry, BluePark’s strategic collaborations with other companies have strengthened its vehicle manufacturing profile considerably. We expect its Huawei-partnered high-end smart car, ArcFox Alpha S HI, to commence deliveries by the end of 2021, which would kickstart a new era in smart EVs. We expect BluePark’s revenue to arrive at RMB7.39bn/19.56bn/65bn in 2021/22/23E. Due to its large R&D investments and sales ramp-up, expenses would be high. We thus expect net profit to come in at RMB-3.47bn/-2.12bn/+90m in 2021/22/23E. To value the company, we selected as peers independent car companies (BYD and Great Wall Motors) and new energy car manufacturers (NIO, Li Auto, XPeng and Tesla). Taking into account BluePark’s new model launches and capacity ramp-up cycle, we assign a 1.2x PS for 2023E, which derives a price target of RMB18.2. We initiate coverage with an ACCUMULATE rating. 风险提示：销量增长不及预期、新车型推广不及预期、新能源汽车行业竞争加剧风险等、测算存在一定主观假设；不同市场估值差异偏差风险、公司未来2年可能持续亏损风险。 Risks include: weaker-than-expected sales growth; new models performing worse than expected; intensifying competition; our calculations are based on certain subjective assumptions; valuation variances across different markets; and risks related to potential losses over the next two years. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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