Key investment points
Overall: last week (20211227-20220102), the CSI 300 rose or fell by 0.39%, the growth enterprise market rose or fell by 0.78%, and the automotive industry rose or fell by – 1.52%, ranking 28th among 30 industries at the first level of CITIC.
Breakdown of industries: special purpose vehicles ranked first with a weekly increase or decrease of 3.81%, and the auto parts industry ranked last with a weekly increase or decrease of – 2.42%.
Concept sector: smart parking and lithium battery ranked first with weekly increases and decreases of 5.61% and 3.82% respectively, and charging pile and intelligent automobile industry ranked last with weekly increases and decreases of – 1.16% and – 1.12% respectively.
Stocks: 95 stocks in the automotive industry (CITIC) achieved positive returns last week (20211227-20220102). Among them, Ningbo Heli Technology Co.Ltd(603917) ranked first with an increase or decrease of 18.17%, and Winbo-Dongjian Automotive Technology Co.Ltd(300978) ranked last with an increase or decrease of – 13.38%.
Valuation: as of December 31, 2021, the PE (TTM) of the automotive industry (CITIC class I) was 44.15 and that of new energy vehicles was 67.36.
Industry highlights
1) From 2022, the restriction on the proportion of foreign shares in passenger car manufacturing will be cancelled
2) Chongqing Changan Automobile Company Limited(000625) reach strategic cooperation with Zongmu Technology
3) The exclusive insurance of new energy vehicles is launched, or the premium of more than 20% of the insurance policy may rise
4) The IPO market value of Shangtang technology in Hong Kong exceeded HK $140 billion
5) “Ningwang” is big! Investment and construction of power battery manufacturing base of no more than 24 billion yuan
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 in 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. In addition, the upstream supply of automobiles has been gradually alleviated, and the sales of fuel vehicles have a warming trend. It is recommended to pay attention to the new energy parts industry chain and vehicle companies, such as Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Sunwoda Electronic Co.Ltd(300207) , Xiamen Faratronic Co.Ltd(600563) , Avic Jonhon Optronic Technology Co.Ltd(002179) , 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.
