Key investment points
Overall: last week (20211220-20211226), CSI 300 rose or fell by – 0.67%, gem rose or fell by – 4.00%, and the automotive industry rose or fell by 0.12%, ranking 12th among 30 industries at the first level of CITIC.
Industry segmentation: Auto Parts ranked first with a weekly increase or decrease of 4.86%, and passenger car industry ranked last with a weekly increase or decrease of – 4.52%.
Concept sector: ethanol gasoline and Geely concept ranked first with weekly increases and decreases of 3.40% and 2.68% respectively, and lithium battery and charging pile industries ranked last with weekly increases and decreases of – 6.71% and – 6.59% respectively.
Stocks: 85 stocks in the automotive industry (CITIC) achieved positive returns last week (20211220-20211226). Among them, Suzhou Sonavox Electronics Co.Ltd(688533) ranked first with a rise and fall of 35.25% and Zhejiang Yueling Co.Ltd(002725) ranked last with a rise and fall of – 23.43%.
Valuation: as of December 24, 2021, the PE (TTM) of the automotive industry (CITIC class I) was 46.28 and the PE (TTM) of new energy vehicles was 69.60.
Industry highlights
1) Ministry of industry and information technology: to expand the consumption of new energy vehicles in 2022
2) Chip shortage is now the inflection point, and the global production of 10.27 million units has been reduced due to lack of core
3) Ignition operation of China’s first commercial vehicle hydrogen engine
4) The ideal one monthly sales volume exceeds the sum of all cars at the same level of Volkswagen
5) Contemporary Amperex Technology Co.Limited(300750) the world’s largest single project was officially put into operation
Investment advice
In the industry, the technology of new energy vehicles is gradually mature, and intelligence gives new energy vehicles more premium space. The price of new energy vehicles has a certain cost performance compared with fuel vehicles. Therefore, the penetration rate of new energy vehicles will gradually increase by the end of this year and 2022. The sales volume of new energy vehicles is expected to reach more than 5 million in 2022, among which the high-end new energy and plug-in hybrid market have great potential, It is suggested to pay attention to the new energy parts industry chain and vehicle companies, such as: Beijing Easpring Material Technology Co.Ltd(300073) , Sunwoda Electronic Co.Ltd(300207) , Xiamen Faratronic Co.Ltd(600563) , Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Ningbo Shanshan Co.Ltd(600884) .
Risk statement
Economic growth is lower than expected; Car sales are lower than expected; Covid-19 pneumonia continued to spread.
