Core view
1q22 Byd Company Limited(002594) , Guangzhou Automobile Group Co.Ltd(601238) year on year sales growth
1) Byd Company Limited(002594) 1q22 automobile production / sales were 292000 / 291000 vehicles respectively, with a year-on-year increase of + 170% / + 180% respectively; 2) Saic Motor Corporation Limited(600104) 1q22 automobile production / sales were 1269 / 1221000 vehicles respectively, with a year-on-year increase of + 6% / + 7% respectively; Among them, SAIC passenger car / SAIC GM Wuling 1q22 sold 19.4 / 326000 vehicles respectively, with a year-on-year increase of + 34% / + 6% respectively; SAIC Volkswagen / SAIC GM 1q22 sold 331 / 275000 vehicles respectively, with a year-on-year increase of + 33% / - 18% respectively; 3) the production / sales volume of Guangzhou Automobile Group Co.Ltd(601238) 1q22 were 598 / 608000 vehicles respectively, with a year-on-year increase of + 25% / + 23% respectively; Among them, GAC motor / GAC AEAN 1q22 sold 90000 / 20000 vehicles respectively, with a year-on-year increase of + 22% / + 190% respectively; GAC Toyota / GAC Honda 1q22 sold 247000 / 212000 vehicles respectively, with a year-on-year increase of + 23% / + 17% respectively; 4) Chongqing Changan Automobile Company Limited(000625) 1q22 production / sales were respectively 605000 / 651000 vehicles, with a year-on-year increase of + 2% / + 2% respectively; 5) the production / sales volume of Great Wall Motor Company Limited(601633) 1q22 was 286000 / 284000 vehicles respectively, with a year-on-year increase of - 14% / - 16% respectively; 6) The sales volume of Geely Automobile 1q22 was 326000 units, a year-on-year increase of -2%.
1q22 the sales volume of new energy vehicles of local auto enterprises maintained a year-on-year high growth trend
1) Byd Company Limited(002594) 1q22 new energy vehicles sold 286000 units, a year-on-year increase of + 423%; Among them, pure electric / plug-in hybrid model 1q22 sold 143000 / 142000 vehicles respectively, with a year-on-year increase of + 271% / + 857% respectively; 2) Traditional OEMs: Saic Motor Corporation Limited(600104) / Guangzhou Automobile Group Co.Ltd(601238) / Geely Automobile / Great Wall Motor Company Limited(601633) 1q22 sales: 192000 / 53000 / 46000 / 35000 new energy vehicles respectively, with a year-on-year increase of + 28% / + 145% / + 466% / + 15% respectively; 3) New forces: Xiaopeng / ideal / Weilai / Nezha / Zero run 1q22 delivered 3.5/3.2/2.6/3.022000 vehicles respectively, with a year-on-year increase of + 159% / + 152% / + 29% / + 305% / + 410% respectively.
It is expected that the overall wholesale sales of 1q22 cars will increase slightly year-on-year, and the retail sales of passenger cars will be under slight pressure year-on-year
1) the wholesale sales of 1q22 vehicles increased slightly year-on-year. According to the estimation of China Automobile Association, the wholesale sales volume of 3m22 in China was 2.249 million vehicles, with a month on month ratio of - 11% / + 29.5% respectively, and the sales volume of 1q22 was 6.517 million vehicles, with a year-on-year increase of + 0.5%; 2) 1q22 passenger car retail is under slight pressure. Due to the counterattack of the epidemic in many provinces and cities, the silent management of key areas or the whole area was adopted in many places in March, which affected the production of cars, the business of dealers and the offline purchase of potential customers. The passenger Association predicts that the retail sales volume of 3m22 in China is about 1501000, with a month on month ratio of - 15% / + 20% respectively. Based on the data of the passenger Federation in the first two months, it is estimated that the retail sales of 22q1 passenger cars is about 4.836 million, about - 5% year-on-year.
Investment suggestion: for the whole vehicle, it is suggested to pay attention to Saic Motor Corporation Limited(600104) , Chongqing Changan Automobile Company Limited(000625) , Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) . Suppliers of automotive electronic related parts are expected to realize domestic substitution and increase in price and volume in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Keboda Technology Co.Ltd(603786) (light control), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), etc.
Risk tip: the mitigation progress of core shortage in the automotive industry is less than expected, the recovery of industry demand is less than expected, the process of automotive intelligent industry is less than expected, and the development of new energy vehicle industry is less than expected.
