Key investment points:
Investment suggestions: 1) complete vehicles and parts: in February 2022, China’s automobile sales volume was 1.737 million, with a year-on-year increase of 18.7%. From January to February, the cumulative sales volume was 4.268 million, with a year-on-year increase of 7.5%. Due to the impact of regional epidemic, high raw material prices and chip shortage, the automobile is expected to be under pressure in the short term. However, with the accelerated penetration of electrification and intelligence, there are still good investment opportunities in the automobile industry in the medium and long term, It is suggested to pay long-term attention to independent brands and expand good high-quality parts enterprises in the field of electrification and intelligence. 2) New energy vehicles: in February 2022, the sales volume of new energy vehicles was 334000, with a year-on-year increase of 184.3%. From January to February, the cumulative sales volume was 765000, with a year-on-year increase of 154.7%. The regional epidemic caused some vehicle enterprises such as Weilai to temporarily stop production, and affected by the epidemic, the national transportation was limited and the price of raw materials was high. The new energy vehicle industry was greatly affected in the short term. In the long term, Under the trend of global electrification, the demand for new energy vehicles is still strong. With the superposition of the gradual release of industrial capacity and the cost reduction of technological innovation, the industry is expected to still have high growth value. It is suggested to pay attention to the leading enterprises with leading technological innovation and obvious integrated cost advantage..
Market review: last week, the automobile (Shenwan) industry index fell 2.62%, 1.56 percentage points lower than the Shanghai and Shenzhen 300 index. Among them, the key subdivided industries rose or fell by 0.80% for passenger cars, 3.27% for commercial vehicles and 4.54% for auto parts. The new energy vehicle index fell 4.41%, underperforming the CSI 300 index by 3.35 percentage points. Among them, the rise and fall of key sub industries in the week were – 5.40% for power battery, 6.51% for lithium positive electrode, 5.76% for lithium negative electrode, 4.49% for lithium diaphragm and 5.33% for electrolyte.
Industry trends: 1) five departments: further strengthen the construction of safety system of new energy vehicle enterprises; 2) The municipal award standards for fuel cell vehicles in Beijing were issued: the logistics vehicle award was 720000 yuan, and the maximum award for heavy truck was 1.89 million yuan; 3) The price of Tesla Model 3 increased in the United States.. Company dynamics: 1). Jiangsu Olive Sensors High-Tech Co.Ltd(300507) : annual report of 2021; 2) Ford Motor: Announcement on public listing and transfer of 60% equity of Beijing Zhiyue Engine Co., Ltd; 3) . Shenchi Electric: Announcement on the acquisition of 100% equity of Chongqing Jingjin Energy Co., Ltd. and 2021 annual report; 4) Bethel Automotive Safety Systems Co.Ltd(603596) : annual report for 2021.
Risk factors: the sales volume of vehicles is lower than expected, the sales volume of new energy vehicles is lower than expected, and the policy is lower than expected
