In February 2022, the retail sales volume of passenger cars was 1.246 million, a year-on-year increase of + 4.2%, and the performance of independent brands was strong
According to the production and sales data of the national passenger car market in February 2022 released by the passenger Federation, the output of passenger cars in February 2022 was 1.492 million, with a year-on-year increase of + 31.4% and a month on month increase of - 27.0%; In February 2022, the retail sales volume of passenger cars was 1.246 million, with a year-on-year increase of + 4.2% and a month on month increase of - 40.0%; The wholesale sales volume of passenger cars was 1.455 million, up + 26.9% year-on-year and - 32.6% month on month. In February, 540000 self owned brands were retailed, with a year-on-year increase of + 14% and a month on month increase of - 42%. In February, the retail share of independent brands in China was 44%, with a year-on-year increase of + 4.3pcts; The cumulative share from January to February was 44%, with a year-on-year increase of + 4.7pcts. In February, the wholesale market share of independent brands was 43.4%, with a year-on-year increase of + 1.1pcts; The cumulative share from January to February was 45%, with a year-on-year increase of + 2.8pcts Byd Company Limited(002594) and other leading enterprises of independent brands performed well and gained significant growth in the new energy market.
In February 2022, the penetration rate of new energy passenger vehicles was 21.8%, up 5.2pcts month on month
According to the statistics of the passenger Federation, the retail sales of new energy passenger vehicles in February 2022 was 272000, with a year-on-year increase of + 180.5%, including 206000 BEVS, with a year-on-year increase of + 148.5%, and 66000 PHEVs, with a year-on-year increase of + 367.2%. In February 2022, the monthly penetration rate of new energy vehicles was 21.8%, with a year-on-year increase of + 13.7 PCTs and a month on month increase of + 5.2 PCTs; + 7.0pcts compared with the whole year of 2021; - 0.8pcts compared with December 2021. By brand, in February 2022, the retail penetration rate of independent brand new energy vehicles was 41.9%, that of luxury brand new energy vehicles was 17.4%, and that of mainstream joint venture brand new energy vehicles was 3.5%. The popularity of ordinary hybrid vehicles continued in 2022. In February, the wholesale of ordinary hybrid passenger vehicles was 56000, with a year-on-year increase of 116%, of which Japanese brands still occupied the mainstream. The sales of Toyota / Honda / Dongfeng Nissan / GAC passenger vehicles were 35750 / 16225 / 1389 / 617 respectively.
In February 2022, the new energy passenger vehicle market showed diversified development
In February 2022, the new energy passenger vehicle market was diversified, and Byd Company Limited(002594) pure electric and plug-in hybrid two wheel drive consolidated the leading position of the independent brand of new energy. The traditional vehicle enterprises represented by Saic Motor Corporation Limited(600104) and Guangzhou Automobile Group Co.Ltd(601238) performed prominently in the field of new energy. In terms of new forces, ideal, Nezha, Xiaopeng, Weilai, Zero run and Weima performed well month on month, and the monthly sales of second tier manufacturers such as Zero run increased 10 times year-on-year. North South Volkswagen wholesale 11916 new energy vehicles, accounting for 58% of the mainstream joint venture brand new energy.
Investment suggestion: grasp the investment opportunities of high-quality automobile enterprises and parts suppliers under the general trend of electrification
With the acceleration of electrification and intelligence, the automotive industry has ushered in a long-term upward cycle. In terms of vehicle manufacturers, the beneficiaries include Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) as well as new forces Weilai automobile, Xiaopeng automobile, ideal automobile, etc. In terms of parts and components, the beneficiary targets include parts and components that have been part of the parts and components that include the Wuxi Best Precision Machinery Co.Ltd(300580) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Huayu Automotive Systems Company Limited(600741) , Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) Ningbo Xusheng Auto Technology Co.Ltd(603305) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , etc.
Risk tip: the macroeconomic recovery is less than expected, the demand for automobiles at home and abroad is less than expected, and the promotion of electrification is less than expected.
