Market review: as of March 4, 2022, Shenwan auto sector fell 4.47% in the week, 2.78 percentage points lower than Shanghai and Shenzhen 300 index, ranking 31st among Shenwan 31 industries. All five sub sectors of Shenwan automobile industry fell, with the smallest decline in automobile service sector and the largest decline in auto parts sector. The specific performance is as follows: the automobile service sector fell 0.48%, the commercial vehicle sector fell 2.63%, the motorcycle and other sectors fell 4.24%, the passenger vehicle sector fell 4.75%, and the auto parts sector fell 4.80%. The top three companies with weekly growth were Hyunion Holding Co.Ltd(002537) , Zhonglu.Co.Ltd(600818) , Rayhoo Motor Dies Co.Ltd(002997) , up 22.17%, 15.52% and 13.36% respectively. The companies with the top three weekly declines were Anhui Zhongding Sealing Parts Co.Ltd(000887) , Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) , Wencan Group Co.Ltd(603348) , with declines of 20.11%, 19.41% and 18.91% respectively. In terms of valuation, as of March 4, the pettm of Shenwan automobile sector was 26 times, 68.63% in recent five years and 81.05% in recent ten years; In terms of sub sectors, the pettm of automobile service sector is 18 times, that of auto parts sector is 25 times, that of passenger car sector is 32 times, and that of commercial vehicle sector is 20 times.
Auto industry weekly view: the auto sector fell sharply this week under the negative impact of the conflict between Russia and Ukraine, with auto parts and passenger cars leading the decline. The situation in Russia and Ukraine escalated, and the West imposed sanctions on Russia. At the same time, the tension in the supply chain of the global automobile manufacturing industry was further exacerbated under the conflict between Russia and Ukraine. Due to the shortage of supply, many automobile manufacturers around the world announced the suspension of work and suspended some businesses in Russia, including automobile production and sales in Russia. The suspension of several automobile manufacturers in Japan, Europe and the United States will affect the overseas business of some Chinese auto parts manufacturers. Pay attention to avoiding risks before the situation in Russia and Ukraine is unclear. This year’s government work report proposed to continue to support the consumption of new energy vehicles. Expanding support for the new energy vehicle market and accelerating the construction of supporting infrastructure such as charging and changing electricity for new energy vehicles have attracted much attention. It is suggested to focus on the targets of the charging pile industry chain that is expected to usher in the tuyere under the catalysis of the two sessions: Shenzhen Kstar Science & Technology Co.Ltd(002518) ( Shenzhen Kstar Science & Technology Co.Ltd(002518) ), Shenzhen Sinexcel Electric Co.Ltd(300693) ( Shenzhen Sinexcel Electric Co.Ltd(300693) ), Suzhou Harmontronics Automation Technology Co.Ltd(688022) ( Suzhou Harmontronics Automation Technology Co.Ltd(688022) ), Shandong Weida Machinery Co.Ltd(002026) ( Shandong Weida Machinery Co.Ltd(002026) ).
Risk tip: the conflict between Russia and Ukraine has an impact on the global automobile manufacturing industry chain, the improvement of chip supply is less than expected, the production and sales of new energy vehicles are less than expected, and the safety risk of electric vehicles.
