In January 2022, the retail sales volume of passenger cars was 2.092 million, with a chain comparison of – 0.6%, and the performance of independent brands was excellent
According to the production and sales data of the national passenger car market in January 2022 released by the passenger Federation, the output of passenger cars in January 2022 was 2.059 million, with a year-on-year increase of + 10.4% and a month on month increase of – 16.5%; In January 2022, the retail sales volume of passenger cars was 2.092 million, with a year-on-year increase of – 4.4% and a month on month increase of – 0.6%; The wholesale sales volume of passenger cars was 2.172 million, up + 6.8% year-on-year and – 8.2% month on month. In January, the retail sales of independent brands were 940000, with a year-on-year increase of + 11% and a month on month increase of + 1%, which was better than that of the industry as a whole. In January, the retail share of independent brands in China was 45.5%, with a year-on-year increase of + 6.4pcts; + 4.5pcts compared with the whole year of 2021. In January, the wholesale market share of independent brands was 46.4%, with a year-on-year increase of + 4.3pcts; + 2.4pcts compared with the whole year of 2021. The leading enterprises of independent brands such as Byd Company Limited(002594) and Chery have performed well and achieved significant growth in the new energy market.
In January 2022, the monthly penetration rate of new energy vehicles was 16.6%, an increase of 1.8 PCTs over the whole year of 2021
According to the statistics of the passenger Federation, the retail sales of new energy passenger vehicles in January 2022 was 347000, with a year-on-year increase of + 132.0%, including 269000 BEVS, with a year-on-year increase of + 116.7%, and 77000 PHEVs, with a year-on-year increase of + 207.5%. The monthly penetration rate of new energy vehicles in January 2022 was 16.6%, up from + 9.8pcts in January 2021; + 1.8pcts compared with the whole year of 2021; Compared with December 2021 -6pcts. By brand, the penetration rate of new energy vehicles among independent brands in January 2022 was 31.4%; The penetration rate of new energy vehicles in luxury vehicles is 10.2%; The penetration rate of new energy vehicles in mainstream joint venture brands is 2.5%. In 2022, the popularity of ordinary hybrid vehicles continued. In January, the wholesale of ordinary hybrid passenger vehicles was 67000, with a year-on-year increase of 58%, of which Japanese brands still occupied the mainstream. The sales of Toyota / Honda / Dongfeng Nissan / great wall were 38741 / 18516 / 5424 / 1890 respectively.
In January 2022, the export performance of passenger cars was strong, and new energy vehicles accounted for 30% of the total export
According to the statistics of the passenger Federation, in January 2022, the export of passenger vehicles (including complete vehicles and CKD) was 169000, a year-on-year increase of + 91%, and new energy vehicles accounted for 30% of the total export. Among them, the export of independent brands reached 107000, a year-on-year increase of + 56%, and the export of joint ventures and luxury brands reached 61000. The export volume of new energy vehicles was 52000, maintaining a strong growth. The export volume of Tesla China / SAIC passenger cars / Dongfeng Yijie was 40499 / 4814 / 4267 respectively. The new energy vehicles of other vehicle enterprises were mainly in the Chinese market.
Investment suggestion: grasp the investment opportunities of high-quality automobile enterprises and parts suppliers under the general trend of electrification
With the acceleration of electrification and intelligence, the automotive industry has ushered in a long-term upward cycle. In terms of vehicle manufacturers, the beneficiaries include Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) and new forces Weilai automobile, Xiaopeng automobile, ideal automobile, etc. In terms of parts and components, the beneficiary objects include Wuxi Best Precision Machinery Co.Ltd(300580) , Ling Yun Industrial Corporation Limited(600480) , Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Bethel Automotive Safety Systems Co.Ltd(603596) , Shinry Technologies Co.Ltd(300745) , Fuyao Glass Industry Group Co.Ltd(600660) , Tianrun Industry Technology Co.Ltd(002283) , Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) , Keboda Technology Co.Ltd(603786) , Hengdian Group Tospo Lighting Co.Ltd(603303) , China Automotive Engineering Research Institute Co.Ltd(601965) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Wencan Group Co.Ltd(603348) , Camel Group Co.Ltd(601311) , Shanghai Daimay Automotive Interior Co.Ltd(603730) , Shanghai Baolong Automotive Corporation(603197) , Iat Automobile Technology Co.Ltd(300825) , Huayu Automotive Systems Company Limited(600741) , Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , etc.
Risk tip: the macroeconomic recovery is less than expected, the demand for automobiles at home and abroad is less than expected, and the promotion of electrification is less than expected
