Sales volume and comments:
According to the data released by the China Automobile Association, the automobile sales in March was 2.234 million, mom + 28.4%, yoy-11.7%, and the year-on-year growth rate turned negative, mainly because the commercial vehicle sales fell sharply year-on-year. In addition, the epidemic situation in Jilin and Shanghai in March also had an impact on automobile production and sales.
In March, the sales volume of passenger cars was 1.864 million, mom + 25.1%, yoy-0.6%. Among them, 876000 SUVs are sold monthly, mom + 19.3%, yoy-0.1%. Monthly sales of 872000 cars, mom + 26.6%, yoy + 0.2%.
In March, the monthly sales of commercial vehicles were 370000, mom + 47.7%, yoy-43.5%. The sales volume of trucks is 332000, mom + 46.3%, yoy-44.8%; As the same period last year, heavy trucks were in the period of switching from national five to national six, and the base period was high, the sales volume fell sharply year-on-year this year. The sales volume of passenger cars is 38000, mom + 60.9%, yoy-27.8%. Under the current environment of strictly controlling the epidemic, the sales volume of passenger cars is difficult to improve.
From January to March, the cumulative sales volume of cars was 6.509 million, yoy + 0.2%. Among them, 5.545 million passenger cars were sold, yoy + 9.0%; The total sales of commercial vehicles was 965000, yoy-31.7%.
In March, the sales volume of new energy vehicles maintained rapid growth, with yoy + 114.1%. The sales volume of new energy vehicles in March was 484000, mom + 43.9%, yoy + 114.1%. The market penetration rate in a single month reached 21.7%, an increase of 2.4 percentage points month on month. Among them, the sales volume of pure electric vehicles is 395000 and that of hybrid electric vehicles is 87900. From January to March, the cumulative sales of new energy vehicles were 1.257 million, yoy + 138.6%, maintaining rapid growth.
Among the key auto enterprises, Tesla delivered 65814 vehicles in March, and Wuling Hongguang miniev and Byd Company Limited(002594) Qin plus sold 41980 and 22936 vehicles respectively. Among the new forces of car making, Xiaopeng, ideal, Weilai and Nezha delivered 15414, 11034, 9985 and 12026 vehicles respectively. From January to March, Tesla China delivered 182000 vehicles; Wuling Hongguang miniev has sold 94800 vehicles in total; Xiaopeng, ideal, Weilai and Nezha delivered 34600, 31700, 25800 and 30200 vehicles respectively.
Due to the overweight of epidemic control measures in Shanghai and Suzhou at the end of March, the production and outward transportation of local parts and vehicle manufacturers stalled, which also led to the production restriction of vehicle manufacturers outside the epidemic area. For example, Weilai has announced the suspension of production. The new positive and asymptomatic cases in Shanghai are still at a high level, and there is a trend of spillover to surrounding cities. It is difficult to relax the control. We expect that the automobile production and sales will be greatly affected in the whole April.
Affected by the epidemic disturbance and insufficient chip production capacity, we believe that there is great pressure on the growth of automobile sales throughout the year; However, the sales volume of new energy vehicles will maintain rapid growth. This year, the sales volume is expected to exceed 5 million, and the market penetration is expected to exceed 20%. Challenges such as the spread of epidemic diseases, the lack of automobile chip production capacity and the acceleration of electrification process put forward higher requirements for enterprise management. We believe that automobile enterprises with strong product competitiveness and supply chain management ability are expected to further improve their market share. We recommend Byd Company Limited(002594) and Great Wall Motor Company Limited(601633) .
