Key investment points
Weekly resumption: the rise and fall of this week ranked 14th, and the PE of SW passenger car was in the historical quantile of 91%; SW car fell 1.4%, in line with the market. In addition to SW commercial passenger cars and SW automobile services, SW passenger cars, SW auto parts and SW commercial trucks showed a downward trend. Among the 28 industries in Shenwan level, the automobile sector ranked 14th this week, ranking in the middle. In terms of valuation, since 2011, the PE / Pb of SW passenger cars have been in the historical 91% / 90% quantile respectively, with the quantile of + 1PCT / 0pct compared with last week; PE / Pb of SW parts are at the historical 62% / 48% quantile respectively, with the quantile of + 1PCT / - 4pct compared with last week. Horizontal comparison, passenger car sector valuation in PE is higher than white appliances than Baijiu, PB is lower than white household appliances and Baijiu; The valuation of auto parts sector is lower than that of computer and higher than that of media in terms of PE and Pb. It refers to the month before February 26, 20203 of this year, which is the same as that in the following)
Boom tracking: the shortage of chips continued to improve, and retail rose month on month; Enterprise & Channel replenishment. According to the passenger Federation, from March 14 to 20, the average daily retail sales volume of passenger cars was 35041, with a year-on-year increase of - 29% and a month on month increase of - 25%; In the first three weeks of March, the cumulative average daily retail sales of passenger cars was 39413, with a year-on-year increase of - 14% and a month on month increase of + 18%; From March 14 to 20, the average daily wholesale sales volume was 42344, with a year-on-year increase of - 21% and a month on month increase of - 31%; In the first three weeks of March, the cumulative average daily wholesale sales volume of passenger cars was 44618, with a year-on-year increase of - 14% and a month on month increase of + 13%. The output of narrow passenger cars in February was 1.492 million, up + 31.4% year-on-year and - 27.0% month on month; The wholesale sales volume was 1.455 million, with a year-on-year increase of + 26.9% and a month on month increase of - 32.6%.; In February, there were 1115500 strong traffic insurance vehicles in the industry, with a month on month ratio of - 10.76% / - 48.83% respectively. Inventory: in February, the overall enterprise inventory of the passenger car industry was + 37000, and the channel inventory was + 193000.
Focus on a small rise in the price of raw materials. According to our self built passenger car raw material price index model, weighted by the five raw material price indexes of glass, aluminum, plastic, natural rubber and steel, the overall raw material price index of passenger cars this week (03.21-03.25) was + 2.46% month on month (03.14-03.18), and the price indexes of glass, aluminum, plastic, natural rubber and steel were + 0.25% / + 4.48% / + 1.08% / + 0.54% / + 2.38% month on month (MOM) respectively.
Investment suggestion: the auto sector has bottomed out. We are firmly optimistic about the auto investment opportunities in 2022. It is recommended to over match! 1) Chip Q2 is expected to continue to alleviate + policy underpinning economy + release of rigid demand. China's passenger car traffic compulsory insurance data is expected to be positive in Q2 and Q3. 2) The demand impact of the price increase of new energy vehicles is relatively limited. 3) All independent brands actively promote overseas strategies, and exports will continue to enter the high growth channel. The whole vehicle segment recommends [ideal car + Byd Company Limited(002594) + Xiaopeng Car + Great Wall Motor Company Limited(601633) + Geely car + Chongqing Changan Automobile Company Limited(000625) + Guangzhou Automobile Group Co.Ltd(601238) + Saic Motor Corporation Limited(600104) + Anhui Jianghuai Automobile Group Corp.Ltd(600418) ], and pays attention to [Weilai Car + Chongqing Sokon Industry Group Stock Co.Ltd(601127) ]. Recommendation for parts and components sector recommendation [ Ningbo Tuopu Group Co.Ltd(601689) \ + Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) + Ningbo Jifeng Auto Parts Co.Ltd(603997) + Ningbo Joyson Electronic Corp(600699) ].
Risk tip: the impact of chip shortage exceeded expectations, and the price war of passenger cars exceeded expectations.
