Sales volume and comments:
In January, the automobile sales volume was yoy + 0.9%, with a positive year-on-year growth. According to the data released by China Automobile Association, the automobile sales volume in January was 2.531 million, mom-9.2%, yoy + 0.9%. Thanks to the good performance of passenger cars, the overall car sales this month still increased in the high base period last year.
In January, the sales volume of passenger cars was 2.186 million, mom-9.7% and yoy + 6.7%, including 1.057 million SUVs, mom-7.4% and yoy + 8.7%. The monthly sales of cars are 1018000, mom-9.6%, yoy + 4.1%. Among them, Chinese brand passenger cars accounted for 45.9%, up 3.7 percentage points year-on-year, maintaining a high level.
Due to the impact of the epidemic and renewal cycle, the demand for commercial vehicles is still in the adjustment period.
In January, the monthly sales of commercial vehicles were 344000, mom-5.5% and yoy-25%. The sales volume of trucks was 314000, mom + 1%, yoy-25.8%. The sales volume of passenger cars was 30000, mom-43.3% and yoy-15.8%.
At the end of January, the inventory of automobile enterprises decreased by 12.6% to 741000 units, which is at a relatively low level. Automobile production is still affected by the shortage of chip supply.
In January, the sales volume of new energy vehicles maintained a high growth rate, with yoy + 135.8%. The sales volume of new energy vehicles in January was 431000, mom-18.6%, yoy + 135.8%. The market penetration rate in a single month reached 17%, down 2 percentage points from the previous month. Among them, the sales volume of pure electric vehicles is 347000 and that of hybrid electric vehicles is 85000.
Among key auto enterprises, Tesla and Wuling Hongguang delivered 59845 and 36762 EVs respectively, down – 15.5% and – 34% month on month respectively; Byd Company Limited(002594) Qin plus sold 25536 vehicles, an increase of 5.1% month on month. Among the new forces of car making, Xiaopeng has the lead in delivery, with 16000 vehicles, mom + 2.5%. Ideal delivery: 12268 vehicles, mom-12.9%; Nezha delivered 11009 vehicles, mom + 8.7%; Weilai delivered 9652 vehicles, mom-8.0%.
Although the decline of subsidies has disturbed the market, we expect the sales of new energy vehicles to maintain a rapid growth rate in 2022 because new energy vehicles still have the advantage of license sectors and the penetration rate of relevant infrastructure continues to increase. In addition to a number of new models that independent brands will continue to launch this year, joint venture brands such as Toyota, Honda and Cadillac will also have new platforms for electric vehicles to appear on the market. Diversified products will better meet consumer demand and stimulate the sales of electric vehicles.
Although the problem of supply chain shortage still exists, it is expected to gradually improve. We expect the overall sales volume of the automobile industry to grow steadily in 2022. In terms of passenger cars, under the trend of energy conservation and emission reduction, several independent brands have begun to launch fuel hybrid vehicles, which have low fuel consumption and competitive pricing, and are expected to challenge the mainstream fuel vehicle market; The penetration of new energy vehicles continues to accelerate, and the sales volume is expected to exceed 5 million this year. Under the background that the global epidemic has not been controlled, the sales volume of commercial vehicles is expected to remain under pressure. At present, the uncertainty of economic environment and epidemic development, insufficient production capacity of automobile chips, acceleration of electrification process and other challenges put forward higher requirements for enterprise management. Automobile enterprises with strong product competitiveness are expected to further improve their market share. Great Wall Motor Company Limited(601633) , Byd Company Limited(002594) and Geely Automobile are recommended.
