Investment summary:
Talk every Monday: Byd Company Limited(002594) stop selling fuel vehicles and accelerate the transformation of traditional car enterprises
Event: on April 3, Byd Company Limited(002594) issued an announcement announcing that according to the company's strategic development needs, the whole vehicle production of fuel vehicles will be stopped from March 2022. In the future, Byd Company Limited(002594) will focus on pure electric and plug-in hybrid vehicles in the automotive sector. At the same time, according to the production and sales express of March 2022 released by the company, the production and sales volume of fuel vehicles in Byd Company Limited(002594) 3 month was 0, which means that the company has realized the "shutdown and suspension of sales" of fuel vehicles as a whole.
Comments:
For Byd Company Limited(002594) , the soaring sales volume and the change of product structure support it to accelerate "de fueling" and strengthen the label of its leader in new energy vehicles.
Sales continued to soar, continued to take the lead in the world, and there were abundant orders on hand. In March, the company sold 104338 passenger cars, a year-on-year increase of 161%, and the monthly sales exceeded 100000 for the first time, a record high;
The product structure turns to pure electric + PHEV, and the DM-I model accelerates "de fueling" after loading. In April of 21, after DM-I series models were loaded, the proportion of fuel vehicles decreased rapidly from about 40% - 50%. For the industry, Byd Company Limited(002594) will accelerate the transformation of traditional automobile enterprises, and hybrid may become the winner of "no combustion".
Byd Company Limited(002594) the success in the field of electrification will accelerate the transformation of traditional automobile enterprises. Under the global goal of carbon neutrality, Chinese auto enterprises take 2025 as the node and foreign auto enterprises are mostly after 2030.
Hybrid or become the winner of "no combustion". With the progress of technology and cost dilution, the gap between hybrid electric vehicles and fuel vehicles from the cost side is narrowing. In addition, compared with pure electric vehicles, hybrid electric vehicles have the advantages of convenient use and no mileage anxiety. It is not only an important starting point for the transition from fuel vehicles to pure electric vehicles, but also the key to "no combustion".
Market review:
As of the closing on April 1, the auto sector was - 0.6%, the CSI 300 index was + 2.4%, and the auto sector lagged behind the CSI 300 index by 3 percentage points. In terms of sector ranking, the auto industry ranked 26th among the 31 sectors of Shenwan last week, with poor performance. Since the beginning of the year, the automobile sector has been - 21%, ranking 29th among the 31 sectors of Shenwan.
Weekly rise and fall performance of sub sectors: the whole vehicle is better than parts. Comprehensive passenger vehicles (+ 2.8%), commercial trucks (+ 0.3%), electric passenger vehicles (+ 0.3%) led the increase, while automotive electronic and electrical systems (- 4.6%) and other transportation equipment (- 4.3%) led the decrease.
Up and down performance of sub sectors since the beginning of the year: all sectors have fallen to varying degrees, with automotive electronic and electrical systems (- 30.1%), commercial trucks (- 26.6%) and comprehensive passenger vehicles (- 25.9%) leading the decline.
Top five gainers and Losers: Liaoning Sg Automotive Group Co.Ltd(600303) , Suzhou Jin Hong Shun Auto Parts Co.Ltd(603922) , Senci Electric Machinery Co.Ltd(603109) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) , Changzhou Langbo Sealing Technology Co.Ltd(603655) .
The top five in terms of rise and fall: Joy Kie Corporation Limited(300994) , Sinomach Automobile Co.Ltd(600335) , Zhejiang Yueling Co.Ltd(002725) , Zhongjie (Jiangsu) Technology Co.Ltd(301072) , Guangdong Dcenti Auto-Parts Stock Limited Company(603335) ..
Investment strategy and key recommendations this week:
The automobile sector should pay more attention to the companies whose profits are determined to grow and the companies whose valuation center is improved. At the same time, it is suggested to pay attention to the problem of core shortage and the opportunities for vehicle and traditional parts enterprises in the improvement stage. Therefore, we suggest paying attention to: competitive Vehicle Enterprises: Great Wall Motor Company Limited(601633) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Byd Company Limited(002594) , etc. High quality enterprises in the parts sector with reasonable valuation at present: Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Mingxin Automotive Leather Co.Ltd(605068) , Bethel Automotive Safety Systems Co.Ltd(603596) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Hunan Oil Pump Co.Ltd(603319) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , etc; Technical service enterprises that are not significantly affected by production and sales fluctuations and have strong growth certainty: China Automotive Engineering Research Institute Co.Ltd(601965) etc.
Recommended combination this week: Byd Company Limited(002594) 20%, Shanghai Baolong Automotive Corporation(603197) 20%, Zhejiang Shuanghuan Driveline Co.Ltd(002472) 20%, China Automotive Engineering Research Institute Co.Ltd(601965) 20% and Mingxin Automotive Leather Co.Ltd(605068) 20%.
Risk tip: the car sales volume is lower than expected; The implementation of stimulus policies for the automobile industry was less than expected; The risk of intensified market competition; Risk of shortage of key raw materials such as chips and rising cost of raw materials; The epidemic control was less than expected.
