Talk every Monday: the sales volume of new energy vehicles continued to grow rapidly in January
According to the data of the passenger Federation, the sales volume of passenger cars in January is expected to be 2.09 million, a year-on-year decrease of 4% and a month on month decrease of 1%, which is mainly affected by the advance of the Spring Festival holiday. The overall sales volume of mainstream auto enterprises has steadily improved and ushered in a good start. The sales of new energy vehicles continued the high growth trend in 2021.
Saic Motor Corporation Limited(600104) : the sales volume of joint venture brands stabilized and rebounded; In terms of independent brands, SAIC passenger cars have also ushered in a new product cycle. With the listing of Feifan R7 and Zhiji L7, SAIC independent brands are expected to increase both product volume and price.
Geely Automobile: new energy has reached a record high. The performance of high-end models and the sales of new energy models are the key to Geely's ability to keep its independent brother this year.
Guangzhou Automobile Group Co.Ltd(601238) : "Liangtian" takes the lead, ai'an reappears multiple growth, and various brand matrices continue to blossom and break through under the precise layout of "one enterprise and one policy". With the accelerated penetration of independent brands and the new product cycle of joint venture brands, Guangzhou Automobile Group Co.Ltd(601238) will challenge the target of 15% growth in production and sales this year.
Byd Company Limited(002594) : the leading position of new energy vehicles is stable. Adhering to the strategic layout of EV pure electricity and DM hybrid, the customer unit price has exceeded 150000 yuan, becoming the benchmark of independent new energy brands and even independent brands. The sales volume and customer unit price have increased steadily, and the performance is expected to make further breakthroughs.
New forces of car making: the reshuffle of the industry has intensified. Xiaopeng automobile, ideal automobile and Nezha automobile continue to deliver more than 10000, followed by Weilai automobile and Zero run automobile. The monthly delivery of more than 10000 yuan will become the norm of new energy brands in the near future.
Chip mitigation brings the demand for replenishment in the passenger car industry, and the industry production and sales data is expected to continue to improve in 2022. With the gradual transformation of enterprises to electric intelligence, the increase of the share of independent brands and the growth opportunities brought by entering the global market, we are optimistic about the opportunities of head vehicle enterprises for a long time. It is suggested to pay attention to: Byd Company Limited(002594) , Guangzhou Automobile Group Co.Ltd(601238) , Xiaopeng automobile, ideal automobile, etc.
Market review:
As of the closing on February 11, the auto sector was - 1.1%, and the CSI 300 index was 0.8%. The increase of the auto sector lagged behind the CSI 300 index by 1.9 percentage points. From the sector ranking, the auto industry ranked 25th among the 28 sectors of Shenwan last week, with poor performance in the week. Since the beginning of the year, the automobile sector has been - 12.6%, ranking 24th among the 28 sectors of Shenwan.
Weekly rise and fall of sub sectors: passenger cars (0.7%), commercial trucks (0.9%), commercial buses (1.9%), auto parts (- 2.6%), and auto services (1.5%).
The top five in price range: Shenzhen Roadrover Technology Co.Ltd(002813) , Guizhou Guihang Automotive Components Co.Ltd(600523) , Zhejiang Zomax Transmission Co.Ltd(603767) , Jiangsu Nanfang Bearing Co.Ltd(002553) , Guangdong Dcenti Auto-Parts Stock Limited Company(603335) .
The top five in terms of rise and fall: Zhejiang Wanliyang Co.Ltd(002434) , Keboda Technology Co.Ltd(603786) , Zhuhai Enpower Electric Co.Ltd(300681) , Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Foryou Corporation(002906) .
Investment strategy and key recommendations this week:
The automobile sector should pay more attention to the companies whose profits are determined to grow and the companies whose valuation center is improved. At the same time, it is suggested to pay attention to the problem of core shortage and the opportunities for vehicle and traditional parts enterprises in the improvement stage. Therefore, we suggest paying attention to the competitive Vehicle Enterprises: Great Wall Motor Company Limited(601633) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Byd Company Limited(002594) . High quality enterprises in the parts sector with reasonable valuation at present: Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Mingxin Automotive Leather Co.Ltd(605068) , Bethel Automotive Safety Systems Co.Ltd(603596) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Hunan Oil Pump Co.Ltd(603319) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) ; Technical service enterprises that are not significantly affected by the fluctuation of production and sales and have strong growth certainty: China Automotive Engineering Research Institute Co.Ltd(601965) etc.
Recommended combination this week: Byd Company Limited(002594) 20%, Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) 20%, Zhejiang Shuanghuan Driveline Co.Ltd(002472) 20%, China Automotive Engineering Research Institute Co.Ltd(601965) 20% and Mingxin Automotive Leather Co.Ltd(605068) 20%.
Risk tip: the car sales volume is lower than expected; The implementation of stimulus policies for the automobile industry was less than expected; The risk of intensified market competition; Risk of shortage of key raw materials such as chips and rising cost of raw materials; The epidemic control was less than expected
