In 2020, covid-19 pneumonia caused the decline of automobile production and sales in China; In 2021, the automobile consumption promotion policy and export were improved, which promoted the release of demand in China’s automobile market, and the annual production and sales volume increased year-on-year; It is expected that China’s automobile consumption promotion measures will continue in 2022, and automobile production and sales may further recover, but factors such as chip supply, local epidemic and early consumption overdraft of commercial vehicles will restrict its growth.
In 2020, affected by covid-19 pneumonia, the passenger car market showed a trend of low before and high after, with a decline higher than the overall level of the industry; In 2021, the overall sales of passenger car market rebounded. Although affected by the shortage of chips, the annual sales volume has returned to the pre epidemic level. The market of various models and brands is divided, and the SUV market shows good growth; The market share of independent brands fluctuated. In 2021, the declining trend for many years was reversed, and the market share increased significantly. The consumption of the automobile industry continues to upgrade, and the sales volume of luxury brands continues to rise.
In 2020, with the epidemic situation under control, enterprises resumed work and production, major engineering projects started one after another, accelerated the expansion of transport capacity demand, and the truck sales reached a historical peak. However, due to the switching of emission regulations and early consumption overdraft, the truck sales fell year-on-year in 2021; The passenger car market also fluctuated. In 2021, light passenger cars became the main driving force for the growth of the overall passenger car market; It is expected that the early consumption overdraft and the formal implementation of the new regulations for blue light trucks will continue to decline the sales of commercial vehicles in 2022.
Driven by the extension of the subsidy period, the stimulation of consumption promotion policies and the change of consumption concept, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) automobile in China continues to recover, the sales volume and market penetration will increase significantly in 2021, and the independent brand will occupy the dominant position in the market. In the long run, the Shanxi Guoxin Energy Corporation Limited(600617) automobile market will maintain a large development space.
In 2020, due to the multiple impacts of the epidemic and policies, the profitability of automobile enterprises has been differentiated, the overall profitability of passenger cars has declined, the profitability of truck enterprises has increased, and large state-owned automobile groups have maintained strong profitability; In 2021, the overall profit of automobile enterprises rebounded, but the profit of passenger vehicle enterprises was better than that of commercial vehicle enterprises; The overall debt scale of auto enterprises increased, and the leverage level and solvency continued to show a differentiation trend.
