Weekly resumption: the rise and fall of this week ranked 25th, and SW passenger car PE was in the historical quantile of 99%. SW auto fell 0.8%, underperforming the market by 2.0pct. Among the automobile sub sectors, SW passenger cars continued to rise. Among the 28 industries in Shenwan level, the automobile sector ranked 25th this week, ranking lower. In terms of valuation, since 2011, the PE / Pb of SW passenger cars have been in the historical 99% / 99% quantile respectively, and the quantile is flat month on month compared with last week; PE / Pb of SW parts were in the historical 81% / 83% quantile respectively, and the quantile was – 1PCT / – 2pct compared with last week. Horizontal comparison, the valuation of passenger car plates in PE and PB is higher than that of white appliances than baijiu. The valuation of auto parts sector is lower than that of computer and higher than that of media in terms of PE and Pb. (this week specifically refers to 2021.12.06 ~ 2021.12.11, the same below. If the year is not indicated before the month / quarter in the text, it is the current year of 2021 by default)
Business tracking: the shortage of chips continued to improve, and the production, wholesale and retail were up month on month; Enterprise & Channel replenishment. According to the caliber of the passenger Federation, the output of narrow passenger cars in November was 2.229 million, with a year-on-year increase of – 2.1% and a month on month increase of + 13.9%; The retail sales volume was 1.816 million units, with a year-on-year increase of – 12.7% and a month on month increase of + 6.0%; Wholesale sales volume was 2.15 million vehicles, with a year-on-year increase of – 5.1% and a month on month increase of + 8.9%. According to the standard of traffic compulsory insurance, the retail sales of passenger cars in November were 1.697 million, a year-on-year increase of – 12.30% and a month on month increase of + 4.67%. Inventory: in November, the inventory of traditional car enterprises was + 79000. After considering the impact of export, the channel inventory was + 283000.
Focus: the price of raw materials rose slightly. According to our self built passenger car raw material price index model, weighted by the five raw material price indexes of glass, aluminum, plastic, natural rubber and steel, the overall raw material price index of passenger cars in the second week of December (12.06-12.11) was + 1.59% month on month (11.29-12.04), and the price indexes of glass, aluminum, plastic, natural rubber and steel were – 2.40% / – 0.77% / + 0.11% / – 3.23% / + 2.29% month on month respectively.
Investment suggestion: still optimistic about investment opportunities in the automobile sector. The triple cycle resonance in 2022, the golden age of autonomy: 1) chip mitigation brings the demand for replenishment in the passenger car industry, and 2021q4-2022q3 enters the cycle of continuous improvement of production and sales data year-on-year. 2) Intelligent + electric + hybrid, a new round of new cars of independent brands are listed one after another, and the penetration rate of new energy vehicles continues to rise, driving the market share of independent brands to achieve higher quality. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. The whole vehicle segment recommends [ Great Wall Motor Company Limited(601633) + ideal car + Xiaopeng Car + Byd Company Limited(002594) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) ], and pays attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ]. Parts and components recommend [ Huizhou Desay Sv Automotive Co.Ltd(002920) + Foryou Corporation(002906) + Bethel Automotive Safety Systems Co.Ltd(603596) + Ningbo Tuopu Group Co.Ltd(601689) + Fuyao Glass Industry Group Co.Ltd(600660) + China Automotive Engineering Research Institute Co.Ltd(601965) + Ikd Co.Ltd(600933) + Huayu Automotive Systems Company Limited(600741) ], and pay attention to [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) + Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
Risk tip: the impact of chip shortage exceeded expectations, and the price war of passenger cars exceeded expectations.
