Key investment points
Overall: from 20220124 to 20220128, the rise and fall of CSI 300 was – 4.51%, the rise and fall of gem was – 4.14%, and the rise and fall of automobile industry was – 6.26%, ranking 23rd among 30 industries at the first level of CITIC.
Industry segments: Automobile sales and services ranked first with a weekly increase or decrease of – 2.83%, while motorcycles and other industries ranked last with a weekly increase or decrease of – 7.74%.
Concept sector: ethanol gasoline and lithium battery ranked first with weekly increases and decreases of – 3.15% and – 3.18% respectively, and smart parking and Geely concept industries ranked last with weekly increases and decreases of – 7.47% and – 7.45% respectively.
Individual stocks: in the automotive industry (CITIC), 12 stocks achieved positive returns. Among them, Hainan Drinda Automotive Trim Co.Ltd(002865) ranked first with a rise and fall of + 14.47%, and Guizhou Guihang Automotive Components Co.Ltd(600523) ranked last with a rise and fall of – 19.92%.
Valuation: as of January 28, 2022, the PE (TTM) of the automotive industry (CITIC class I) is 40.00 and that of new energy vehicles is 61.57.
Industry highlights
1) Chang’an new energy has completed the round B financing of RMB 4.977 billion, and five models have been planned;
2) Ministry of transport: accelerate the compliance of online car Hailing;
3) Great Wall Motor Company Limited(601633) plans to invest US $1.86 billion in Brazil by 2032.
Investment advice
In the industry, automobile production and sales began to pick up, output began to exceed sales, and the shortage of chip supply gradually eased. In the market, the rise in raw material prices superimposed the end of the annual cycle of new energy at the end of the year, and the recent decline in the new energy sector with high valuation was more obvious. In the near future, it is suggested to pay attention to the recovery of passenger vehicle enterprises greatly affected by chips in the early stage and core parts enterprises, such as: Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) , Huayu Automotive Systems Company Limited(600741) , Weichai Power Co.Ltd(000338) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Xiamen Faratronic Co.Ltd(600563) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Avic Jonhon Optronic Technology Co.Ltd(002179) .
Risk tips
Economic growth is lower than expected; Car sales are less than expected; Covid-19 pneumonia continued to spread.
