China Auto Supply Chain: Breaking up the whole into parts: who could be the suppliers for Xiaomi SKYNOMAD?

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China Auto Supply Chain: Breaking up the whole into parts: who could be the suppliers for Xiaomi SKYNOMAD?

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China Auto Supply Chain Equities

ChinaBreaking up the whole into parts: who could be

the suppliers for Xiaomi SKYNOMAD? Auto Parts

Nora Min

Analyst

nora.min@ubs.com

Xiaomi SKYNOMAD: new vehicle series built on the Kunlun architecture +86-21-3866 8905

Xiaomi will hold a technology launch event tonight, where it will officially introduce its Paul Gong

Kunlun architecture and unveil two SKYNOMAD models: N90 and N70. SKYNOMAD is Analyst

Xiaomi's second vehicle series, positioned as an “intelligent, reconfigurable, large-space paul.gong@ubs.com

EREV SUV”. +852-2971 7868

Jenny Wang

Which auto parts firms under coverage could benefit? Analyst

Based on available information about the SKYNOMAD models and our channel checks, S1460523110001

we believe the following auto parts firms under our coverage could be the potential jenny-zb.wang@ubs.com

suppliers for the model (Figure 1): 1) Foryou’s contribution is likely mainly in the +86-21-3866 8837

instrument display, second-row entertainment screen, and motion mechanism,

representing over Rmb2,000 per vehicle; 2) Fuyao could supply automotive glass, at

cRmb2,000 per vehicle; 3) Nexteer could provide REPS, translating into cRmb2,000 of

content value per vehicle; 4) Yinlun could participate through front-end modules, oil

coolers, and water-to-air intercoolers, with value content estimated at Rmb1,000–2,000

per vehicle; 5) Hesai could remain as the exclusive LiDAR supplier, with cRmb1,000

content value per vehicle; 6) Sanhua’s exposure likely comes from thermal

management products, at cRmb1,000 per vehicle; 7) Shuanghuan could involve via