2021 is an extraordinary year for the automobile industry: Although the automobile industry is affected by core shortage and epidemic, it still shows strong vitality; This year, driven by a number of favorable policies, new energy vehicles entered a new stage of explosive growth; This year, intelligent electrification has become a general trend, and independent brands have risen strongly. Driven by these factors, automobile listed companies have also attracted much attention in the capital market.
According to incomplete statistics by the reporter of the daily economic news, in 2021, of the 77 automobile listed companies (including 19 multinational vehicle enterprises, 28 Chinese vehicle enterprises, 19 Chinese parts companies and 11 Chinese automobile dealer groups), the market value of 49 listed companies increased, accounting for more than 60%. Specifically, more than 60% of the market value of international auto enterprises has increased compared with 2020. Among them, Ford Motor and Tata motor performed well, with an annual market value increase of more than 100% and a growth rate of more than Tesla. However, with a year-on-year increase of 58.66% in its annual market value, Tesla continues to be the champion of the market value of international auto enterprises.
In 2021, 28 Chinese auto companies performed “mixed” in the capital market, with a total year-on-year increase in market value of more than 106 billion yuan (hereinafter referred to as billion yuan), and 14 companies with growth and decline in market value respectively. Among them, the commercial vehicle sector performed poorly, and the annual market value of Yutong Bus Co.Ltd(600066) , Xiamen King Long Motor Group Co.Ltd(600686) , Zhongtong Bus Co.Ltd(000957) evaporated by more than 20%.
The auto parts sector performed well as a whole in 2021. The market value of 19 listed parts companies increased by more than 931.8 billion yuan year-on-year in 2021, of which 16 companies showed an increasing trend, Tianqi Lithium Corporation(002466) , Gotion High-Tech Co.Ltd(002074) and other power batteries and lithium related concept stocks showed eye-catching performance. In terms of automobile dealer group, although it was affected by the shortage of chips in 2021, the overall performance of the sector was commendable.
Tesla firmly holds the title of market value champion
In 2021, more than 60% of the 19 international auto companies achieved “red” market value, and only Nissan, Suzuki and Renault saw a decline in market value. Among the enterprises with “red market value”, the market value of Ford Motor and Tata motor doubled, with an increase of 137.35% and 197.82% respectively.
The rise in the market value of Ford has something to do with Jim Farley’s new strategy for the company. In the past 15 months, Jim Farley launched the “Ford +” restructuring plan, greatly changed the management team of Ford, and recruited new executives from apple and other companies. At the same time, he devoted more resources to the R & D and manufacturing of electric vehicles. Under Jim Farley’s series of measures, Ford’s profitability has been improved and has also been concerned and favored by investors. According to public data, since Jim Farley took the helm in October 2020, Ford’s share price has increased by 228.37% (as of January 3, 2022).
Tata Motors also achieved a significant increase in market value. According to the data of companies market cap, Tata motor’s market value increased significantly in the fourth quarter of 2021. In October 2021, Tata Motors and TPG rise climate signed a binding agreement. According to the agreement, TPG rise climate and its joint investor ADQ will invest in Tata Motors to establish a new subsidiary.
The new company will also make use of the existing investment and capacity of Tata Motors to increase investment in electric vehicles, special pure electric vehicle platforms, charging infrastructure and battery technology. It is reported that in the next five years, the company will launch 10 new electric vehicles and cooperate with Tata Power Co., Ltd. to build a wide range of charging infrastructure and promote the rapid adoption of electric vehicles in India.
Tesla ranked third in the market value increase list of automobile companies in 2021 with a year-on-year increase of 58.66%. In 2021, Tesla’s market value exceeded the $trillion mark. After apple, Amazon, Microsoft and Google, it has become another listed company with a market value of more than US $trillion in the United States and the first automobile manufacturer to achieve this performance. This performance also enables Tesla to continue to sit firmly in the market value champion of global automobile companies, and continuously widen the market value gap with the second Toyota, close to the total market value of the other 18 international automobile enterprises.
In addition, Volkswagen Group, rivian, a new force in American car making, and General Motors ranked third to fifth in the market value list of international car enterprises in 2021.
In terms of Chinese automobile enterprises, 28 Chinese automobile enterprises (including 19 passenger car companies and 9 commercial vehicle companies) have “mixed performance” in the capital market, 14 enterprises have a “red” market value, 14 enterprises have a decline in market value, and the total market value of 28 listed companies has increased by more than 106 billion yuan year-on-year in 2021.
Specifically, in 2021, the market value of Zotye Automobile Co.Ltd(000980) increased by 1076.07% year-on-year, and its share price also increased from 1.35 yuan / share at the beginning of the year to 6.35 yuan / share at the end of the year. During the year, 92 limit boards were harvested, once becoming a “Bull Stock” in a shares.
Although Zotye Automobile Co.Ltd(000980) share price and market value soared, there were a lot of bad news in 2021. Not only is it facing huge losses, its subordinate automobile production bases are basically in the state of shutdown, and the production and sales of finished vehicles are also extremely bleak. It has been subject to the key monitoring and attention of the stock exchange for many times during the year.
In 2021, the Chinese auto companies that ranked behind Zotye Automobile Co.Ltd(000980) in market value growth were Chongqing Sokon Industry Group Stock Co.Ltd(601127) on Huawei’s “express”. In this year, Chongqing Sokon Industry Group Stock Co.Ltd(601127) deeply cooperated with Huawei to build the first model M5 of xilis Huawei smart sF5 and the new brand AITO. During the year, it harvested 28 limit boards and boarded the dragon and tiger list several times. The share price increased by about 248.65% during the year, and the market value increased by about 270.87% during the year, ranking second in the list.
In terms of decline, Evergrande automobile, Zhongtong Bus Co.Ltd(000957) and Weilai lost a lot of market value. In 2021, Evergrande’s share price experienced ups and downs, and the market value evaporated by more than 190 billion yuan. In April 2021, Evergrande’s stock price showed an overall upward trend. In April, the market value increased by 20.415 billion yuan month on month to 488.695 billion yuan, surpassing Byd Company Limited(002594) to the top of the market value list of Chinese auto enterprises.
However, since May 2021, Evergrande motor’s share price has gradually dropped. Until October, Evergrande automobile, whose share price had fallen for several months, stopped its decline, and the market value of the company rebounded to 30.019 billion yuan, an increase of 22.14% month on month. It is understood that the decline of Evergrande’s share price in 2021 is related to the mass production of no models, the company’s long-term losses and the performance of the whole Evergrande system. It is noteworthy that at the end of 2021, hengchi 5, the first mass-produced model of Evergrande automobile, went offline in its Tianjin factory. Whether this car can change the current state of Evergrande automobile’s stock price remains to be seen.
In 2021, the market value of Weilai automobile, with a delivery volume of nearly 100000 new cars, will not rise but fall, with an evaporation of about 164.209 billion yuan. Edison Yu, an analyst at Deutsche Bank, said in the Research Report: “Due to the obvious poor performance of the stock in recent months, we think 2022 will be a good buying point. Although investor sentiment has been depressed due to the lack of new cars and supply chain constraints, we believe that the company’s plan to launch three new models in the next 12 months and increase the production capacity from 120000 to 600000 will make these adverse factors in the next 12 months Turn it all around in a month. ”
In terms of market value ranking, Byd Company Limited(002594) ranked first among Chinese auto enterprises. At the end of 2021, the market value was 780.536 billion yuan, a year-on-year increase of 47.25%. In 2021, Byd Company Limited(002594) passenger cars sold 730000 units, with a year-on-year increase of 75.4%. Among them, Byd Company Limited(002594) annual sales of new energy passenger vehicles reached 593700, with a year-on-year increase of 231.6%.
Great Wall Motor Company Limited(601633) and Weilai ranked second and third in the market value list of Chinese auto enterprises in 2021. In 2021, Xiaopeng automobile and ideal automobile, which successively listed in Hong Kong stocks, also appeared in the top 10 of the list. The market value of Hong Kong stocks was 260.885 billion yuan and 207.232 billion yuan respectively, and the value of US stock market was 274.802 billion yuan and 211.385 billion yuan respectively.
the overall performance of the parts sector is excellent
In 2021, the overall performance of China’s auto parts sector was excellent. Among the 19 listed parts companies, only Huayu Automotive Systems Company Limited(600741) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , Ningbo Joyson Electronic Corp(600699) showed a year-on-year decline in market value, while the market value of the other 16 companies showed an increasing trend. The total market value of the 19 listed companies increased by more than 931.8 billion yuan year-on-year in 2021.
In the parts sector, power batteries and lithium related concept stocks became the biggest winners. In 2021, the lithium station is on the air outlet, and the price continues to rise. At the end of 2021, lithium enterprises received a lithium salt quotation of 300000 yuan / ton. In addition, driven by downstream demand, lithium salt supply is insufficient, and upstream enterprises basically do not execute long orders. Some lithium salt enterprises predict that the concentrate will be in the most shortage in 2022.
In terms of demand, the demand in the terminal market continues to be high, and the production and sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles hit a new high from January to November 2021. Institutional analysis said that under the background of continuous expansion of production and sales of new energy vehicles, the lithium salt market and power battery demand continued to improve. In this context, power battery and lithium related concept stocks rose sharply.
In 2021, the market value of Tianqi Lithium Corporation(002466) will double. By the end of 2021, Tianqi Lithium Corporation(002466) shares had closed at 107.00 yuan / share, up 172.47% from 39.27 yuan / share at the end of 2020. On April 12, 2021, Tianqi Lithium Corporation(002466) had an intraday low of 32.99 yuan / share, and the share price hit the lowest point of the whole year. On August 30, 2021, the highest point of the share price was 143.17 yuan / share, with a maximum increase of 264.58% compared with the beginning of the year. In 2021, Tianqi Lithium Corporation(002466) there were 14 times of limit closing and 2 times of limit closing.
Guangzhou Great Power Energy&Technology Co.Ltd(300438) ranked second in the market value increase of parts sector in 2021. In the fourth quarter of 2021, Guangzhou Great Power Energy&Technology Co.Ltd(300438) share price growth for more than weeks ranked among the top stocks in the new energy industry chain. On November 30, 2021, its share price reached as high as 64.49 yuan / share, and the highest point was 146.52% higher than that at the beginning of 2021.
It is understood that the consumption of lithium battery is the traditional advantageous business of Guangzhou Great Power Energy&Technology Co.Ltd(300438) , but with the gradual rise of new energy vehicles, energy storage and other industries, the power battery and energy storage battery business has gradually become a new growth point of Guangzhou Great Power Energy&Technology Co.Ltd(300438) performance, and the proportion is increasing. Official data show that in 2020 and the first quarter of 2021, Guangzhou Great Power Energy&Technology Co.Ltd(300438) consumer lithium battery business decreased from 49% to 39%, and power battery and energy storage business increased from 51% to 61%.
Gotion High-Tech Co.Ltd(002074) ranked third in the market value increase list of the sector with a year-on-year increase of 70.31%. In 2021, Gotion High-Tech Co.Ltd(002074) not only signed a memorandum of understanding with Volkswagen Group to develop the first generation of standard cells for Volkswagen Group, but also became the first designated developer for the research and development of standard cells. At the same time, it also signed a strategic supply and localization agreement with a large listed automobile company in the United States. The listed automobile company is expected to purchase lithium iron phosphate batteries with a total amount of no less than 200gwh from 2023 to 2028. The two sides also plan to establish a joint venture in the United States to realize localized production.
In terms of market value ranking, Contemporary Amperex Technology Co.Limited(300750) ranks first in this sector. In May 2021, Contemporary Amperex Technology Co.Limited(300750) realized a market value of more than trillion yuan; The market value of Contemporary Amperex Technology Co.Limited(300750) at the end of 2021 was 1370.541 billion yuan, a year-on-year increase of 67.57%.
Public data show that the market value of Contemporary Amperex Technology Co.Limited(300750) has fully doubled 20 times in the three years since it landed on the gem, second only to Kweichow Moutai Co.Ltd(600519) and Industrial And Commercial Bank Of China Limited(601398) . Today, Zeng Yuqun, the founder of Contemporary Amperex Technology Co.Limited(300750) , has become the second richest man in China, with a net worth of more than 300 billion yuan, second only to Zhong Fuying, the founder of nongnongshan spring. In addition, Contemporary Amperex Technology Co.Limited(300750) the total revenue jumped from 20 billion yuan in 2017 to 73.4 billion yuan in the first three quarters of 2021, and the net profit also increased from 3.9 billion yuan to 7.8 billion yuan.
nearly half of dealer groups are popular
In terms of auto dealers, more than half of the enterprises achieved market value growth in 2021, and only China Grand Automotive Services Group Co.Ltd(600297) , Yongda motor, Guanghui Baoxin and Rundong motor declined. The market value of 11 listed companies of automobile dealers increased by more than 28.782 billion yuan year-on-year in 2021.
Looking back on the whole 2021, the performance of automobile dealers in the capital market is similar to that of terminal sales. The China Automobile Circulation Association said that the epidemic situation improved in 2021, but the chip shortage ran through the whole year. The auto market recovered smoothly in the first quarter; In the second quarter, the shortage of chips began to affect automobile supply, and the market trend gradually weakened; In the third quarter, the chip problem reached its peak, and the automobile manufacturers significantly reduced production, affecting the terminal market; In the fourth quarter, the core shortage eased, the automobile supply stabilized, and the market performance was slightly better than that in the third quarter.
At present, with the easing of the supply of raw materials such as chips, the automotive supply side continues to improve. According to the latest issue of “inventory early warning index survey of Chinese auto dealers” via (vehicle inventory alertindex) released by China Automobile Circulation Association, the inventory early warning index of Chinese auto dealers in December 2021 was 56.1%, a year-on-year decrease of 4.6 percentage points and a month on month increase of 0.7 percentage points. The inventory early warning index is above the boom and bust line.
In terms of individual stocks, Zhongsheng holdings ranked first in the market value list of Chinese auto dealers in 2021 with 120.052 billion yuan; Meidong automobile ranks second in the list with a year-on-year increase of 24.16% and a market value of 40.964 billion yuan; China Grand Automotive Services Group Co.Ltd(600297) although the market value decreased by 6.64% year-on-year in 2021, it was still 4.844 billion yuan higher than that of Yongda Automobile, successfully holding the top three positions.
In 2021, Zhongsheng holdings completed two events with the significance of industry wind vane: in July 2021, Zhongsheng holdings announced that it had received a capital injection of nearly HK $3 billion from Hillhouse, indicating that the track and the company were favored by top institutions; In October 2021, Zhongsheng holdings completed the wholly-owned acquisition of Renfu China, the largest Mercedes Benz dealer in South China, and became the second largest Mercedes Benz dealer.
In addition, Zhongsheng holding is also overweight the new energy track. In the first half of 2021, the sales volume of pure electric vehicles of Zhongsheng holding’s existing brands increased by 181% year-on-year. In addition to the original brand, Zhongsheng holding is still expanding the territory of “new forces”. At present, Zhongsheng holding has signed cooperation agreements with Xiaopeng automobile and Weima automobile.
Meidong automobile ranks second in the market value of this sector. It is worth mentioning that on December 14, 2021 alone, the share price of Meidong automobile increased by more than 15%, the transaction volume expanded to HK $152 million, and the total market value exceeded HK $51 billion. On the news side, it signed an acquisition agreement with Zhuixing automobile sales group, which will acquire all the issued shares of Zhuixing automobile sales group with RMB 3.7 billion, and Zhuixing automobile sales group will become a wholly-owned subsidiary of the company. After the acquisition of star chasing automobile group, the number of Porsche 4S stores of Meidong automobile will increase to 15, becoming one of the largest dealers in Porsche China.
In terms of market value increase and decrease, Sinomach Automobile Co.Ltd(600335) market value increased by 74.64% during the year, and the market value was RMB 12.646 billion at the end of 2021. It is understood that the share price of Sinomach Automobile Co.Ltd(600335) rebounded from the end of November 2021. On December 15, the share price was as high as 11.45 yuan / share, and the highest point was 135.43% higher than that at the beginning of 2021.
It is noteworthy that the market value of Rundong automobile evaporated more than 300 million yuan in 2021, a year-on-year decrease of 52.29%, ranking the bottom among the top 11 listed automobile dealer groups. It is understood that Rundong automobile has lagged behind in sorting out financial data due to the large number of car distribution stores closed and personnel changes in 2020. So far, it has failed to publish the 2020 performance, and its trading has been suspended since April 1, 2021.
(Daily Economic News)
