It took 16 people and took 3 months. The research team of this brokerage dealer disassembled a BYD!Just for a research report?Hot discussion in the industry

In the morning today, a report entitled "Haitong Automobile Research Office -BYD" Yuan "Refined Disassembly" issued by Haitong International has aroused heated discussions in the industry.

The difference between this report is that in order to study BYD's "Yuan" components, the team members really went to remove a BYD "Yuan".

It is understood that in order to dismantle the car, 16 team members took 3 months before and after. It is understood that the related team of Haitong Securities will also hold a telephone meeting on this research report on Thursday.

Some people in the industry believe that the dismantling of cars, like past analysts, dismantling Apple mobile phones, is to study the supply chain. However, because the cost of dismantling the car is obviously higher than that of mobile phones, the institutes and analysts of small and medium -sized brokers may not be able to afford it. There are also opinions that the current "point seasons" are now available, and the release of this "hard core" report is also relatively view, which can reflect the competitive intensity of the current seller industry from one side.

Photo source: Photo Network-500665943

In this regard, there are different voices. During the interview, the chief of the automotive industry of a securities firm had questioned the purpose and logic of Haitong International's research.

"BYD" Yuan "refined disassembly" report is released

In the morning today, Haitong International released a report entitled "Haitong Automobile Research Office -BYD" Yuan "Refined Disassembly".

Picture source: Haitong International Research Report

In view of the outstanding performance of BYD's stock price in recent stages, related special research reports have not accounted for a minority. The difference between Haitong International's report is that in order to study the components of BYD's "Yuan", the members of Haitong International Metal+Auto Team (the main research areas are metal and automobiles) really demolished a BYD "Yuan".

Picture source: Haitong International Research Report

The report is more than 80 pages, and the content generally revolves around a BYD "Yuan" EV360 disassembly process. The report first introduced the various technical characteristics of the model for nearly 10 pages.

According to the report, as of April 2022, the cumulative sales volume of BYD's "Yuan" EV models had exceeded 174,000 units. Judging from the report, the "Yuan" demolished this time is not a new car. The manufacturing of the car was September 2018. It was originally purchased to meet the daily commuting needs, and the mileage has reached 78,000 kilometers.

A car owner in Hangzhou told reporters that "only 78,000 kilometers in 4 years, which is a normal usage."

Picture source: Haitong International Research Report

The main lengths of the subsequent reports are all around the disassembly process of "Yuan", and the picture and text describing almost every removed parts. Related descriptions include information such as size, weight, working principle, dealer quotation, and even manufacturers of each component.

Picture source: Haitong International Research Report

The biggest space is the detailed dismantling of the battery system.

From the perspective of the overall development, a large number of components of this "meta" are made by BYD, such as battery systems, electrical drive assembly core components, air conditioning, etc. However, some chips come from external procurement.

Picture source: network screenshot

After the report was released, the chief of Haitong Securities' metal+automobile team thanked the team members for their hard work in the circle of friends.

According to him, the report was completed by 16 team members, and it took 3 months before and after the disassembly. The parts of the report are filmed by the team members on the spot, and the detailed details of the car parts are displayed with one -handed data.

It is understood that the main methodological theory of this car removal report includes:

1) Refined vehicle parts are removed.

2) Measurement length, width, height, and weight: manual accurate measurement+scaled degree.

3) Find parts: label supplier.

4) Price: Consult the dealer offer one by one.

It is understood that in the early morning of this Thursday, Haitong Securities Metal+Auto Team will also hold a telephone meeting for this research report to introduce each part of the dismantling.

Research Report releases on the "Point Season"

Judging from the statement of Haitong Securities' metal+car team, the above report is the first time the car removal series was demolished. This means that there may be more reports of car demolition in the future.

However, in the interview, the chief of the automotive industry of a large securities firm (a few times has obtained the best analyst of the new wealth) questioned the purpose and logic of Haitong International's research.

Judging from the above research report, in the length of more than 80 pages, although the process of dismantling the "Yuan" is described in detail, the content of the analysis and summary is relatively small, and the core view is not clear. Go up a little "flowing account".

The chief of the construction industry in a securities firms joked in the circle of friends, "Writing such a reported waste car, there are said that there is a removal of Tesla. Whether the military industry analyst can also disassemble the physical object, can the liquor researcher also yourself or not. Best wine, can the architectural researcher also build a house yourself? "

In addition, there are also opinions that at the end of the quarter, the seller's research industry is a "point season", and now it is the "point season". From the time of the release, this "hard core" report Compared with the scenery.

Although this report has certain controversy in the industry, its attention is still high.

Mr. Xu, an investor who had experienced his own experience in large securities firms for many years, told reporters, "Today I saw a number of reports from investment related to investment. It is said that the dismantling of a car, like the past analysts, disassembled the Apple mobile phone, is to study the supply chain of popular industries. However, compared to a mobile phone with a maximum of about 10,000 yuan, a car, even low -end models, the price is much higher than the mobile phone. In addition, the costs, time, and venue costs spent by the disassembly of the car are incomparable to disassembling mobile phones. Therefore, for the research institutes and analysts of some small and medium -sized securities firms, to obtain the first -hand information of the supply chain, it is facing the question of whether it can be "affordable."

It is worth mentioning that the Haitong Securities Metal+Auto Team was demolished by BYD a relatively older model. If you want to disassemble new models, it will definitely cost higher.

After reading the above report, the dean of a small and medium -sized brokerage research institute said that in the era of competing commission points, sellers were not easy to do.

In recent years, with the continuous growth of public funds, the cakes of the securities firms have become larger, but more and more people cut cakes. If you want to "out of the circle", it is not easy to "out of the circle".

According to CHOICE statistics, in 2015, there were a total of 20 brokerage firms with more than 200 million warehouse commission, most of which were old -fashioned institutions in the domestic securities industry. In 2021, there were as many as 30 brokers with more than 200 million warehouse commission income. In addition to some old -fashioned institutions, many sellers studied the newly rising brokerage firms also joined the ranks of market share.

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