In March, the overall performance of passenger car production batch was stable. According to the data of the passenger Federation, the production, wholesale and retail sales of narrow passenger cars in March reached 182.3/181.41579000 respectively, with a year-on-year increase of – 0.3% / – 1.6% / – 10.5% and a month on month increase of + 22.0% / + 23.6% / + 25.6% respectively. Although there was a slight loss due to the epidemic factors, the overall production and sales of the car market in March was relatively stable, the supply of joint venture chips gradually improved, and the retail sales declined, mainly due to the disturbance of terminal car purchase demand in some areas. From January to March 2022, 5.361 million vehicles were produced, a year-on-year increase of + 11.0%; The cumulative wholesale sales volume reached 5.439 million vehicles, a year-on-year increase of + 8.3%.
The wholesale and retail production of new energy vehicles increased year-on-year against the trend, and the penetration rate has reached 25.1%. The production, wholesale and retail sales of new energy passenger vehicles in March reached 43.7/45.5445000 respectively, with a year-on-year increase of + 124.2% / + 122.4% / + 137.6% and a month on month increase of + 24.9% / + 43.6% / + 63.1% respectively. In March, the wholesale penetration rate of new energy vehicles reached 25.1%, up 14.0 PCT year-on-year compared with 11.1% in March 2021 and 3.3 PCT month on month compared with 21.8% in February 2022. From January to March 2022, the cumulative output of new energy vehicles was 1.22 million, a year-on-year increase of + 150.6%, and the wholesale sales reached 1.19 million, a year-on-year increase of + 145.4%. The government work report focuses on encouraging the consumption of new energy vehicles, which is expected to further promote the positive development of the industry.
With the promotion of electrification and the large amount of independent brands, the penetration rate of intelligent Internet connection is expected to continue to increase. According to car cloud data, the penetration rate of intelligent Internet connection reached 17.6% in February, an increase of 9.5pct compared with 8.1% in the same period in 2021. At the level of energy type: 247000 new energy vehicles were sold in February, including about 100000 smart vehicles, with a penetration rate of 40.32%; The sales volume of fuel vehicles in February was 931000, including 108000 intelligent vehicles, with a penetration rate of 11.6%. At the level of automobile enterprises: the sales volume of the top 10 smart new energy brands in February accounted for 89% of the sales volume of all smart new energy brands, and 6 of the top 10 brands were new forces of car making, indicating that in the smart electric vehicle track, the speed of new forces of car making was significantly faster than that of traditional automobile enterprises. We expect that with the acceleration of vehicle electrification and the continuous large-scale addition of new forces and traditional leading new layout brands, the penetration rate of intelligent Internet connection is expected to be further improved.
Investment suggestion: firmly optimistic about the prospect of automobile intelligent Internet connection. Intelligent level: recommend automatic driving sensor sector, lidar industry chain, torch technology (electronic group coverage), Advanced Fiber Resources (Zhuhai) Ltd(300620) , Suzhou Tfc Optical Communication Co.Ltd(300394) , Optowide Technologies Co.Ltd(688195) , and pay attention to Changguang Huaxin; It is suggested to focus on Shanghai Huace Navigation Technology Ltd(300627) ; Networking level: recommend manufacturers of vehicle communication modules Quectel Wireless Solutions Co.Ltd(603236) , Fibocom Wireless Inc(300638) , Meig Smart Technology Co.Ltd(002881) , Shenzhen Neoway Technology Co.Ltd(688159) , and pay attention to Gosuncn Technology Group Co.Ltd(300098) . At the same time, it is suggested to pay attention to the manufacturer of commercial vehicle intelligent network Hangzhou Hopechart Iot Technology Co.Ltd(688288) .
Risk warning: the penetration rate of new energy vehicles is lower than expected; The progress of intelligent networking was less than expected.
