Key investment points:
Market review: as of April 1, 2022, Shenwan auto sector fell 0.55% in the week, 2.99 percentage points lower than Shanghai and Shenzhen 300 index, ranking 26th among Shenwan 31 industries. Among the five sub sectors of Shenwan automobile industry, only passenger cars and commercial vehicles rose. The specific performance is as follows: the passenger car sector rose 1.47%, the commercial vehicle sector rose 0.26%, the automobile service sector fell 1.39%, the auto parts sector fell 1.63%, and the motorcycle and other sectors fell 1.94%. The top three companies with weekly growth were Liaoning Sg Automotive Group Co.Ltd(600303) , Suzhou Jin Hong Shun Auto Parts Co.Ltd(603922) , Senci Electric Machinery Co.Ltd(603109) , with growth rates of 20.00%, 14.80% and 14.35% respectively. The top three companies with weekly declines were Joy Kie Corporation Limited(300994) , Sinomach Automobile Co.Ltd(600335) , Zhejiang Yueling Co.Ltd(002725) , with declines of 21.52%, 17.25% and 15.76% respectively. In terms of valuation, as of April 1, the pettm of Shenwan automobile sector was 25 times, at the quantile of 67.84% in recent five years and 79.98% in recent ten years; In terms of sub sectors, the pettm of automobile service sector is 19 times, that of auto parts sector is 24 times, that of passenger car sector is 31 times, and that of commercial vehicle sector is 20 times.
Key industrial news: delivery volume of some new energy vehicle enterprises in March 2022: gac-ea delivered 20317 vehicles, with a year-on-year increase of 189%; Xiaopeng delivered 15414 vehicles, with a year-on-year increase of 202% and a month on month increase of 148%; Nezha delivered 12026 vehicles, with a year-on-year increase of 270% and a month on month increase of 69%; The ideal delivery volume was 11034 vehicles, with a year-on-year increase of 125.2% and a month on month increase of 31.1%; The delivery volume of 10059 vehicles without running was increased by 908.9% year-on-year and 193% month on month; Weilai delivered 9985 vehicles, with a year-on-year increase of 37.6% and a month on month increase of 62.9%.
View of Auto Industry Week: the auto sector fell slightly this week, losing 300 in Shanghai and Shenzhen, and the market performance is weak in the primary Shenwan industry. In terms of the overall production and sales of passenger cars, in March, under the influence of the epidemic in many places, some auto factories temporarily stopped production. The auto market is affected by the slowdown of production and the closure of terminal stores. The terminal sales in March are expected to decline year-on-year. New energy vehicles grew against the trend. From the delivery volume of new energy vehicle enterprises in March, the delivery volume of new energy vehicles of many vehicle enterprises generally increased rapidly year-on-year and month on month. We believe that it is mainly due to the high prosperity of new energy vehicles and the strong stock orders that support the high growth of delivery volume. In addition, the sales volume in March was further boosted by the influence of Spring Festival factors in February. The decline in subsidies and the sharp rise in the price of upstream raw materials have promoted the recent price increases announced by new energy vehicle enterprises, which may have a certain impact on new orders. It is suggested to pay attention to the high-quality targets with positive electric intelligent transformation, large orders of new energy vehicles and relatively reasonable valuation: Ningbo Tuopu Group Co.Ltd(601689) ( Ningbo Tuopu Group Co.Ltd(601689) ), Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) ( Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) ), Huayu Automotive Systems Company Limited(600741) ( Huayu Automotive Systems Company Limited(600741) ).
Risk tip: the price of raw materials has risen sharply, the production and sales of automobiles are less than expected, the improvement of chip supply is less than expected, the impact of the conflict between Russia and Ukraine on the global automobile industry chain, the safety risk of electric vehicles, etc.
