Key investment points:
Last week’s market
In the last five trading days, the CSI 300 fell 1.67%, and the SW auto sector fell 0.24%, outperforming the market by 1.43 percentage points. Among them, the passenger car sector rose slightly by 0.08%; The commercial bus sector fell 1.46%; The commercial truck sector fell 2.98%; The auto parts sector rose slightly by 0.05%; The auto service sector fell 1.63%.
In terms of individual stocks, the top gainers are Zhejiang Yueling Co.Ltd(002725) , Changchun Zhiyuan New Energy Equipment Co.Ltd(300985) , Hainan Drinda Automotive Trim Co.Ltd(002865) , Haxc Holdings (Beijing) Co.Ltd(300928) , Zhejiang Changhua Auto Parts Co.Ltd(605018) ; Among the top decliners are C neutag, Shenzhen Anche Technologies Co.Ltd(300572) , Mingxin Automotive Leather Co.Ltd(605068) , advertised shares, Wuxi Zhenhua Auto Parts Co.Ltd(605319) .
Industry news
1) Shanghai: by 2025, the city’s charging piles will meet the charging demand of 1.25 million electric vehicles; 2) Shandong: build two highlands of hydrogen energy industry: China hydrogen Valley (Jinan) and Dongfang hydrogen Island (Qingdao); 3) Shiyan, Hubei Province: focus on the development of lithium-ion battery materials such as lithium iron phosphate and lithium nickel cobalt manganate; 4) Anhui Volkswagen New body building workshop completed; 5) Nissan invested $500 million to transform the factory to produce pure electric vehicle models.
Company news
1) Jiangsu Olive Sensors High-Tech Co.Ltd(300507) received the letter of acceptance of Xiaopeng automobile; 2) Vt Industrial Technology Co.Ltd(300707) performance express: in 2021, the net profit attributable to the parent company was 51 million yuan, with a year-on-year increase of 60.61%; 3) Shanghai Baolong Automotive Corporation(603197) plans to acquire 55.74% equity of Longgan technology and lay out speed and position sensors for vehicles; 4) Anhui Zhongding Sealing Parts Co.Ltd(000887) obtain the fixed point certificate of air suspension system product project; 5) Shanghai Baolong Automotive Corporation(603197) obtain the notice of fixed point of ADAS project.
Industry strategy and individual stock recommendation this week
According to the preliminary calculation of the passenger Federation, the retail sales volume of narrow passenger cars in February was about 1.3 million, with a year-on-year increase of 11.2%. When the chip supply is still tight, it has achieved rapid growth, indicating that there is a foundation for terminal demand. We insist that with the support of replenishment and demand replenishment, the recovery trend of the industry this year is expected to continue. At the same time, China’s demand for steady growth is becoming more and more obvious. Under the strategic requirements of expanding domestic demand, automobile consumption is expected to become an important driving force, and the necessity of stabilizing automobile consumption is rising. In terms of new energy vehicles, although the price of models has been raised due to the decline of subsidies and the price adjustment of power batteries since the beginning of the year, and the expectation of rapid growth of the industry is facing certain pressure, we believe that the logic of supply stimulating demand this year will continue to be deduced, and the undelivered orders accumulated for the best-selling models last year will be delivered in the first half of the year. Therefore, we are not pessimistic about the sales forecast of this year, This year, class a vehicles and hybrid vehicles will effectively supplement the model product line, which is expected to contribute to the main increment. The global new energy vehicle market will continue to grow rapidly under the leadership of China, Europe and the United States. To sum up, we’re looking at: 1) 1) China enters and binds international car companies like Tesla and Volkswagen, and international car companies like Tesla and Volkswagen, and international car companies like Tesla, Volkswagen and Volkswagen, as well as companies with new forces for car making, and companies with strong self brand supply chains, such as Tianjin You Fa Steel Pipe Group Stock Co.Ltd(601686) 89 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ ( Zhejiang Yinlun Machinery Co.Ltd(002126) ) Wencan Group Co.Ltd(603348) Wencan Group Co.Ltd(603348) ）； 2) Enterprises that enter the supply chain of leading battery manufacturers at home and abroad, such as Panasonic, lgenergysolution, Contemporary Amperex Technology Co.Limited(300750) and Freddie battery, such as Wuxi Lead Intelligent Equipment Co.Ltd(300450) ( Wuxi Lead Intelligent Equipment Co.Ltd(300450) ), Shanghai Putailai New Energy Technology Co.Ltd(603659) ( Shanghai Putailai New Energy Technology Co.Ltd(603659) ), Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) ). In addition, we are optimistic about independent automobile enterprises that continuously improve their technology and stand out in the fierce competition, such as Byd Company Limited(002594) ( Byd Company Limited(002594) ) and Yutong Bus Co.Ltd(600066) ( Yutong Bus Co.Ltd(600066) ).
In terms of smart cars, the current cooperation between technology giants and car enterprises continues to advance. In the future, China’s smart electric vehicle market will present a diversified competition pattern. With the subsequent significant increase in the supply of smart cars in China (a number of smart new models are expected to appear at this year’s Beijing auto show), the industrial development will accelerate, It is suggested to focus on two main lines: 1) thematic opportunities in Huawei’s automobile industry chain, such as Chongqing Changan Automobile Company Limited(000625) ( Chongqing Changan Automobile Company Limited(000625) ), Guangzhou Automobile Group Co.Ltd(601238) ( Guangzhou Automobile Group Co.Ltd(601238) ) and Baic Bluepark New Energy Technology Co.Ltd(600733) ( Baic Bluepark New Energy Technology Co.Ltd(600733) ); 2) The demand for cameras, millimeter wave radar, lidar and other sensors will continue to increase, and the penetration rate of smart lights / smart cockpit / air suspension will continue to increase. It is recommended to pay attention to Huizhou Desay Sv Automotive Co.Ltd(002920) ( Huizhou Desay Sv Automotive Co.Ltd(002920) ), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) ( Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) ), Keboda Technology Co.Ltd(603786) ( Keboda Technology Co.Ltd(603786) ), Shanghai Baolong Automotive Corporation(603197) ( Shanghai Baolong Automotive Corporation(603197) ), Ningbo Tuopu Group Co.Ltd(601689) ( Ningbo Tuopu Group Co.Ltd(601689) ).
Risk warning: policy fluctuation risk; Risk of chip shortage; The global covid-19 pneumonia epidemic control was less than expected; The electric transformation of Chinese and international car enterprises is less than expected; The promotion of new energy and intelligent networked vehicles was lower than expected.
