Last week’s market
In the last five trading days, the CSI 300 fell 0.67%, and the SW auto sector fell 0.14%, outperforming the market by 0.53 percentage points. Among them, the passenger car sector fell 4.81%; The commercial bus sector rose 0.84%; The commercial truck sector rose 2.78%; The auto parts sector rose 2.86%; The auto service sector fell 0.88%.
In terms of individual stocks, the top gainers are Suzhou Sonavox Electronics Co.Ltd(688533) , Shanghai Yanpu Metal Products Co.Ltd(605128) , Yunnan Xiyi Industrial Co.Ltd(002265) , Hainan Drinda Automotive Trim Co.Ltd(002865) , Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) ; The largest declines were Zhejiang Yueling Co.Ltd(002725) , Guangdong Dcenti Auto-Parts Stock Limited Company(603335) , Shanghai Lisheng Racing Co.Ltd(002858) , Zotye Automobile Co.Ltd(000980) , Jiangsu Yueda Investment Co.Ltd(600805) .
Industry news
1) Ministry of industry and information technology: the strategy of “increasing varieties, improving quality and creating brands” should be implemented in 2022 to expand the consumption of new energy vehicles; 2) Ministry of industry and information technology: officially launched the pilot city of comprehensive electrification of vehicles in the public domain; 3) The construction standard of passenger car power exchange station is released, and the power exchange facilities are expected to be universal; 4) Zhongkehai sodium announced to build the world’s first large-scale production line of sodium ion batteries with China Three Gorges Renewables (Group) Co.Ltd(600905) ; 5) The “14th five year plan” for the development of digital transportation: promote the research and formulation of standards related to vehicle road coordination and automatic driving.
Company news
1) Ningbo Tuopu Group Co.Ltd(601689) : it is planned to build production bases for various product lines of new energy vehicles in Chongqing by stages with 1.5 billion yuan; 2) Qingdao Sentury Tire Co.Ltd(002984) : it is planned to invest in the production base of high-performance car and light truck radial tire project in Spain; 3) Anhui Zhongding Sealing Parts Co.Ltd(000887) : obtained the fixed-point letter of air suspension system product project of a new energy brand main engine factory in China; 4) Zhejiang Changhua Auto Parts Co.Ltd(605018) : the construction project of automobile stamping and welding parts (Wuhan) production base was officially put into operation; 5) Contemporary Amperex Technology Co.Limited(300750) agreed to pay an advance payment of 850 million yuan to Yunnan Energy New Material Co.Ltd(002812) subsidiary.
Industry strategy and individual stock recommendation this week
According to the data of the passenger Federation, the wholesale / retail in the third week of December increased by 21% / 38% compared with the same period in November, and increased by 16% / 27% compared with last week. The industry recovery is continuing. With the continuous improvement of chip supply and the decline of the high price of main raw materials, China’s strict prevention and control makes the epidemic free from the risk of large-scale spread, and the good trend of industry recovery remains unchanged. It is recommended to pay attention to the industry recovery opportunities under the continuous verification of data. In terms of new energy vehicles, under the expectation of double score assessment and the decline of subsidies next year, it is expected that the production and sales of new energy vehicles will continue to reach a new high by the end of the year. At the same time, the orders delayed due to chip shortage this year are expected to be delivered successively next year, and the overall sales expectation for next year is not pessimistic; Meanwhile, if the tax credit policy of up to US $12500 for electric vehicles and bicycles in the United States is subsequently passed in the Senate, it will significantly boost the sales expectation of electric vehicles in the United States. It is recommended to continue to pay attention to the latest progress. To sum up, we are optimistic about: 1) China’s entry into and binding with Tesla, Volkswagen and other international automobile enterprises, as well as companies with new forces in car manufacturing and strong independent brand supply chain, For example, Ningbo Tuopu Group Co.Ltd(601689) (601689), Ningbo Xusheng Auto Technology Co.Ltd(603305) (603305), Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (002050), Contemporary Amperex Technology Co.Limited(300750) (300750), Huayu Automotive Systems Company Limited(600741) (600741), Anhui Zhongding Sealing Parts Co.Ltd(000887) (000887), Zhejiang Yinlun Machinery Co.Ltd(002126) (002126), Wencan Group Co.Ltd(603348) (603348); 2) enterprises entering the supply chain of Chinese foreign Longtou battery manufacturers such as Panasonic, LG Chemical, Contemporary Amperex Technology Co.Limited(300750) and ferdi batteries, such as Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450), Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659), Yunnan Energy New Material Co.Ltd(002812) (002812). In addition, we are optimistic about independent auto enterprises that continuously improve their technology and stand out in the fierce competition, such as Byd Company Limited(002594) (002594), Yutong Bus Co.Ltd(600066) (600066).
In terms of smart cars, the current cooperation between technology giants and car enterprises continues to advance, and China’s smart electric vehicle market will present a diversified competition pattern in the future, With the subsequent significant increase in the supply of intelligent vehicles in China (such as aionvplus, Xiaopeng P5 / G9, Great Wall salon mechatron, etc.), the industrial development shows an accelerated trend. It is suggested to pay attention to two main lines: 1) thematic opportunities in Huawei’s automobile industry chain, such as Chongqing Changan Automobile Company Limited(000625) (000625), Guangzhou Automobile Group Co.Ltd(601238) (601238) and Baic Bluepark New Energy Technology Co.Ltd(600733) (600733); 2) the demand for cameras, millimeter wave radar, lidar and other sensors will continue to increase, and the penetration rate of intelligent lamps / intelligent cockpit / air suspension will continue to increase. It is recommended to pay attention to Huizhou Desay Sv Automotive Co.Ltd(002920) (002920), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (601799), Keboda Technology Co.Ltd(603786) (603786), Shanghai Baolong Automotive Corporation(603197) (603197), Ningbo Tuopu Group Co.Ltd(601689) (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.
