Key investment points
Overall: last week (20207-20213), the CSI 300 rose or fell by + 0.82%, the gem rose or fell by – 5.59%, and the automotive industry rose or fell by – 1.37%, ranking 26th in 30 industries at the first level of CITIC.
Industry segments: auto sales and services ranked first with a weekly increase or decrease of + 2.73%, and auto parts industry ranked last with a weekly increase or decrease of – 3.90%.
Concept sector: smart parking and ethanol gasoline ranked first with weekly increases and decreases of + 6.53% and + 3.33% respectively, and Contemporary Amperex Technology Co.Limited(300750) industry chain index and Tesla industry ranked last with weekly increases and decreases of – 4.39% and – 2.62% respectively.
Stocks: 97 stocks in the automotive industry (CITIC) achieved positive returns last week (20207-20213). Among them, Guizhou Guihang Automotive Components Co.Ltd(600523) ranked first with a rise and fall of + 17.23%, and Zhejiang Wanliyang Co.Ltd(002434) ranked last with a rise and fall of – 20.87%.
Valuation: as of February 11, 2022, the PE (TTM) of the automotive industry (CITIC class I) was 39.94 and the PE (TTM) of new energy vehicles was 59.03.
Industry highlights
1) by the end of 2021, the capacity utilization rate of passenger cars in China was only 52.47%;
2) Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) it is proposed to raise no more than 4.6 billion yuan to invest in the construction of lithium hydroxide project;
3) the EU has introduced the chip act;
4) Faraday will produce the second car in Korea in 2024.
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) , 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.
