Event: on March 5, the fifth session of the 13th National People’s Congress opened. Premier Li Keqiang delivered a government work report on behalf of the State Council.
New energy vehicles are listed as the key direction to boost consumption in 2022. 1) the government work report proposes to continue to support the consumption of new energy vehicles. Premier Li Keqiang pointed out that this year, we will firmly implement the strategy of expanding domestic demand and continue to support the consumption of new energy vehicles; 2) Xiao Yaqing, Minister of industry and information technology, expressed optimism about the sales of new energy vehicles this year. According to the China Securities News, on March 5, Xiao Yaqing, Minister of industry and information technology, said that the sales of Shanxi Guoxin Energy Corporation Limited(600617) cars in January and mid February this year were very good, more than doubling. It is expected that the expected target will be achieved this year, and may even significantly exceed the expected target (the expected number of cars by the China Automobile Association is 5 million). At the press conference of the state information office in February, the Ministry of industry and information technology also said that it would continue to implement policies such as subsidies for the purchase of new energy vehicles, awards and subsidies for charging facilities, vehicle and vessel tax reduction and exemption.
In February, the sales volume of passenger cars fell month on month due to the influence of the Spring Festival, and the sales volume of new energy vehicles continued to grow at a high growth rate year-on-year. 1. This week, a number of car enterprises released production and sales data in February, and the sales volume of new energy vehicles maintained a year-on-year growth trend. 1) Byd Company Limited(002594) February sales volume of automobiles / new energy vehicles was 91100 / 88200 respectively, with a year-on-year increase of + 335% / + 753% respectively, and the cumulative year-on-year increase from January to February was + 195% / + 494% respectively; 2) Saic Motor Corporation Limited(600104) February sales of vehicles / new energy vehicles were 322000 / 45300 respectively, with a year-on-year increase of + 31% / + 48% respectively, and the cumulative year-on-year increase from January to February was + 20% / + 34% respectively; 3) Weilai sold 6131 units in February, with a year-on-year increase of + 10% and a cumulative year-on-year increase of + 23% from January to February; 4) The ideal sales volume in February is 8414, the same score is + 266%, and the cumulative year-on-year from January to February is + 169%; 5) Xiaopeng sold 6225 units in February, with a year-on-year increase of + 180%, and a cumulative year-on-year increase of + 132% from January to February; 6) GAC ea’an sold 8526 units in February, with a year-on-year increase of + 163%, and a cumulative year-on-year increase of + 132% from January to February; 7) Chongqing Sokon Industry Group Stock Co.Ltd(601127) in February, 3229 new energy vehicles were sold, with a year-on-year increase of + 510%, and a cumulative year-on-year increase of + 274% from January to February.
2. Passenger car sales in February rose year-on-year, and fell month on month due to the influence of the Spring Festival. 1) Retail sales. According to the data of the passenger Federation, the retail sales volume of passenger cars in February was 1312000, with a month on month ratio of + 10% / – 37% respectively. Affected by the Spring Festival in the first two weeks of February (February 1-February 13), the retail sales of passenger cars performed weakly, with a year-on-year increase of – 33%. After the Spring Festival two weeks after February (February 14-february 28), the car market recovered significantly, and the retail sales of passenger cars increased by 42% year-on-year; 2) Wholesale sales. According to the data of the passenger Federation, the wholesale sales volume of Chinese cars in February was 1.502 million, with a month on month ratio of + 31% / – 30% respectively; 3) Inventory. According to the Automobile Circulation Association, the inventory early warning coefficient in February was 56.1%, up year-on-year (the first year-on-year increase in nearly 13 months).
Investment suggestion: for the whole vehicle, it is suggested to pay attention to Saic Motor Corporation Limited(600104) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) . Suppliers of automotive electronic related parts are expected to realize domestic substitution and increase in price and volume in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Keboda Technology Co.Ltd(603786) (light control), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), etc.
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
