Key investment points
Overall: last week (20211206-20211212), CSI 300 rose or fell by 3.14%, gem rose or fell by – 0.34%, and the automotive industry rose or fell by – 0.77%, ranking 27th among 30 industries at the first level of CITIC.
Industry segments: auto sales and services ranked first with a weekly increase or decrease of 2.11%, and the special purpose vehicle industry ranked last with a weekly increase or decrease of – 6.93%.
Concept sector: the automotive aftermarket and ethanol gasoline ranked first with weekly increases and decreases of 2.20% and 1.58% respectively, and the charging pile and lithium battery industry ranked last with weekly increases and decreases of – 4.64% and – 2.59% respectively.
Stocks: 70 stocks in the automotive industry (CITIC) achieved positive returns last week (20211206-20211212). Among them, Yunnan Xiyi Industrial Co.Ltd(002265) ranked first with a rise and fall of 61.18%, and Changchun Faway Automobile Components Co.Ltd(600742) ranked last with a rise and fall of – 23.18%.
Valuation: as of December 10, 2021, the PE (TTM) of the automotive industry (CITIC class I) was 46.90 and the PE (TTM) of new energy vehicles was 73.36.
Industry highlights
1) Ministry of Public Security: on December 10, the country launched second-hand car off-site trading
2) Contemporary Amperex Technology Co.Limited(300750) cooperate with Suzhou municipal government to implement projects such as electric energy efficiency optimization scheme
3) Weilai automobile announced that the flexible battery upgrade service was fully opened
4) The general manager apologized. Following the “core change” of Euler good cat 5) Saibo tank 300 will be officially delivered on December 27
Investment advice
In terms of industry, on December 10, the China Automobile Association announced that the automobile sales volume in November was 2.522 million, a year-on-year decrease of 9.1%, but a month on month increase of 8.1%, which has a certain recovery. The sales volume in the previous November increased by 4.5% year-on-year. In terms of new energy vehicles, the sales volume of new energy vehicles increased by more than 1.2 times year-on-year in November, breaking the record high of 400000 vehicles for the first time, and the sales volume in the previous November increased by 166.8% year-on-year. At present, the selection of new energy vehicles in cities with relatively complete infrastructure has a high cost performance, so the penetration rate of new energy vehicles will gradually increase by the end of this year. It is suggested to pay attention to the new energy industry chain, such as: Beijing Easpring Material Technology Co.Ltd(300073) , Sunwoda Electronic Co.Ltd(300207) , Xiamen Faratronic Co.Ltd(600563) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) .
Risk statement
Economic growth is lower than expected; Car sales are lower than expected; Covid-19 pneumonia continued to spread.
