Key investment points
Overall: last week (2022120227), the CSI 300 rose or fell by – 1.67%, the growth enterprise market rose or fell by + 1.03%, and the automotive industry rose or fell by – 0.18%, ranking 13th in 30 industries at the first level of CITIC.
Breakdown of industries: special purpose vehicles ranked first with a weekly increase or decrease of + 1.33%, and motorcycles and other industries ranked last with a weekly increase or decrease of – 3.41%.
Concept sector: lithium battery and Contemporary Amperex Technology Co.Limited(300750) industry chain index ranked first with weekly increase and decrease of + 3.60% and + 3.34% respectively, while smart parking and equity participation Contemporary Amperex Technology Co.Limited(300750) industry ranked last with weekly increase and decrease of – 2.51% and – 1.90% respectively.
Stocks: 93 stocks in the automotive industry (CITIC) achieved positive returns last week (2022120227). Among them, Zhejiang Yueling Co.Ltd(002725) ranked first with a rise and fall of + 13.48%, and Mingxin Automotive Leather Co.Ltd(605068) ranked last with a rise and fall of – 12.11%.
Valuation: as of February 25, 2022, the PE (TTM) of the automotive industry (CITIC class I) was 39.46 and the PE (TTM) of new energy vehicles was 60.11.
Industry highlights
1) Contemporary Amperex Technology Co.Limited(300750) plans to build a 100000 ton negative electrode material project with Hunan Zhongke Electric Co.Ltd(300035) jointly;
2) Sichuan Development Lomon Co.Ltd(002312) plans to invest 12 billion yuan in the construction of 200000 tons of lithium iron phosphate and 200000 tons of iron phosphate projects;
3) Faraday’s future FF 91 quasi mass production vehicle was officially unveiled;
4) increase the power battery supply chain. Ideal automobile invested 400 million yuan to participate in the capital increase of Sunwoda Electronic Co.Ltd(300207) battery.
Investment advice
As the quotation of some lithium battery materials continues to rise, the lithium battery raw materials sector is better than the overall performance. In the near future, it is suggested to pay attention to the raw materials of lithium battery cathode, the recovery of passenger vehicle enterprises greatly affected by chips in the early stage, and core parts enterprises, such as Guangzhou Automobile Group Co.Ltd(601238) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Beijing Easpring Material Technology Co.Ltd(300073) , Ganfeng Lithium Co.Ltd(002460) , Avic Jonhon Optronic Technology Co.Ltd(002179) .
Risk tips
Economic growth is lower than expected; Car sales are less than expected; Covid-19 pneumonia continued to spread.
