According to the passenger Federation, the wholesale sales of new energy passenger vehicles reached 317000 in February, with a year-on-year increase of 189.1% and a month on month decrease of 24.1%, which is less than that in previous years. In February, the retail sales volume of new energy passenger vehicles reached 272000, with a year-on-year increase of 180.5% and a month on month decrease of 22.6%. The month on month decrease is smaller than the trend in February over the years. The association said that at present, the growth of China’s auto market is facing great environmental pressure. The wholesale penetration rate of new energy vehicles was 19% in January, but the sales volume of new energy vehicles still reached 320000 in February, with a year-on-year increase of 190% and a penetration rate of 21.8%. The reason is also the growth differentiation of the auto market. Traditional oil-fired vehicles grew steadily, but new energy vehicles grew at a high speed.
Anxin Securities pointed out that passenger car sales in February were excellent, and the penetration rate of new energy reached 21.8%. New energy vehicles are expected to maintain high growth and traditional vehicles usher in recovery. In terms of new energy vehicles, the decline in subsidies and the rise in raw material prices have led to the rise in the prices of some models. At present, the overall terminal demand continues to be strong. It is estimated that the sales volume of new energy passenger vehicles is expected to reach 5.65 million in 22 years (including 4.18 million pure electric vehicles and 1.47 million plug-in hybrid vehicles). In terms of traditional cars, the shortage of chips has eased compared with last year. With the continuous launch of new products by car enterprises, the demand has ushered in the release, the inventory cycle is expected to continue to improve, and the traditional passenger cars are expected to usher in a recovery.
Recently, the price of raw materials has continued to rise Everbright Securities Company Limited(601788) pointed out that it is optimistic about the prospect of continuous release of electric vehicle 2C demand. It is expected that auto enterprises are still expected to hedge policy fluctuations and rising cost pressure by retaining orders, time limit price protection, and comprehensive adjustment of price and equity, so as to drive the steady release of new orders; Among them, high-end pure electric vehicles, plug-in hybrid or market segments with strong certainty of sales growth, it is expected that production capacity, supply chain and logistics are still the leading factors affecting the climbing. According to the agency, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars is expected to be 5-5.5 million in 2022e, and it is optimistic about car companies with strong model product cycle (chip supply mitigation, strong sales volume and profit elasticity), continuous increase of new energy penetration / clear and clear promotion path of intelligent electrification. In the passenger car sector, traditional car companies recommend Great Wall Motor Company Limited(601633) , Geely Automobile, suggest paying attention to Byd Company Limited(002594) , new forces recommend Tesla, and suggest paying attention to the ideal for a long time.
