Electric two-wheeler industry research

First, industry space: Domestic sales rely on endogenous growth, is expected to maintain more than 50 million vehicles

Electric two-wheeled vehicle application scenario: an important transportation tool for short and medium distance travel and logistics distribution

Electric two-wheelers cover a number of scenes in China, providing practicability and convenience for users in different living and working situations, and are one of the most important means of transportation to solve the needs of short and medium distance travel, with obvious properties of toughness.

Industry development history: Benefited from the ban, legalization, a price war, the new national standard accelerated clearance

Electric two-wheeler development history. The electric two-wheeler industry can be broadly divided into five stages of development: (1) 1995-2000 for the initial stage, electric bicycles have just completed the four-power (motor, electronic control, battery and charger) exploration stage, in 1999, the national standardization management issued a standard guide for electric bicycles - "electric bicycle general technical conditions". (2) From 2000 to early 2004, the scale of the industry standards were determined, and after 2000, the ban on motorcycle in various cities was successively issued, and electric bicycles ushered in development opportunities; The SARS epidemic in 2003 stimulated people's demand for safe travel. (3) Rapid development from 2004 to 2013, the 2004 Road Traffic Law clearly defines the identity of electric bicycles as non-motor vehicles in the form of laws, and is managed according to non-motor vehicles. (4) In the maturity period from 2014 to April 15, 2019, the development rate of the industry slowed down, the competition was fierce, the industrial concentration began to increase, and a large number of manufacturers gradually went out. (5) From April 15, 2019 to the present, on April 15, 2019, the "Electric bicycle Safety Technical Specification", that is, the "new national standard", is set up to rectify the past non-standard electric vehicles, require ccc qualification and electric motorcycle production qualification from the production end, clear small and medium-sized manufacturers with weak production capacity, and accelerate the industry to further concentrate on leading enterprises.

The classification of the product side of the new national standard is clear: standardize the product type and eliminate the overstandard car

The implementation of the new national standard standardizes product types. The new national standard "Safety Technical Specifications for Electric Bicycles" (GB17761-2018) was promulgated on May 15, 2018 and implemented on April 15, 2019. The classification of electric two-wheelers is clear, and the new national standard has standardized product management and standards at the production end. At the same time, the speed, quality, voltage and motor power of the electric two-wheeler are clearly specified. After the implementation of the new national standard, substandard enterprises will be eliminated, industry concentration will increase, and the head enterprises with production qualifications and product qualifications will benefit, and the industry will gradually achieve standardization.

Second, the industry business model: channel + product two-wheel drive

Channel nationwide layout, store distribution law and population, GDP, road conditions and so on are closely related

Channel to complete the national layout. Taking Emma Technology as an example, Emma Technology's prospectus disclosed that there will be 2,167 dealers and more than 20,000 exclusive stores in 2020, which will basically achieve full coverage in all administrative regions of the country. The distribution law of stores is closely related to the degree of population concentration, GDP, driving environment, policies, and advantageous areas. Populous provinces and economic provinces are widely used areas of electric two-wheeled vehicles, such as Guangdong, Shandong, Henan, Sichuan is both a large population province and a large GDP province; The long driving distance in the northwest is not suitable for the driving environment of electric two-wheeled vehicles; The advantages of Yadi Holding are mainly in the Yangtze River Delta region (headquarters in Wuxi, Jiangsu), and the advantages of Emma Technology are in the north (headquarters in Tianjin). Dealers and stores of different manufacturers have their own advantages.

The number of stores held by Yadi increased from 12,000 to 28,000, and sales maintained rapid growth

Yadi Holding offline stores entered a stage of rapid expansion. From 2016 to 2018, the number of offline stores of Yadi Holdings remained at about 9,000, and the annual sales increased steadily from 3.32 million in 2016 to 5.04 million in 2018, and the efficiency of single stores at this stage increased to 560 units/store/year. After the landing of the new national standard in 2019, superimposed by the outbreak of the epidemic in 2020, Yadi Holdings predicted the major changes in the industry, and actively expanded offline stores, rapidly expanding from 12,000 stores in 2019 to 28,000 in 2021, achieving a doubling of the number of stores. In 2021, Yadi's single store sales of 496 units were ahead of Emma's 418 units, and the single store sales were higher than Emma's (single store sales = total sales/total stores, without considering the proportion of online sales).