Today (April 15), the three major indexes weakened collectively, rebounded slightly in the afternoon, and the gem index once turned red. In terms of sectors, China shipping industry, banks and other sectors also strengthened in the afternoon. Among them, the auto parts sector rose sharply in the afternoon. As of the closing, Suzhou Sonavox Electronics Co.Ltd(688533) 20cm limit, Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Kunshan Huguang Auto Harness Co.Ltd(605333) , Fuyao Glass Industry Group Co.Ltd(600660) , Bethel Automotive Safety Systems Co.Ltd(603596) , Ningbo Tianlong Electronics Co.Ltd(603266) .
Note: the auto zero sector rose in the afternoon today (closing on April 15)
production and marketing data are under short-term pressure, and the demand is expected to recover after the epidemic
Recently, the China Automobile Industry Association released the production and sales of the automobile industry in March 2022. From January to March, the production and sales of automobiles were 6.484 million and 6.599 million respectively, with a year-on-year increase of 2.0% and 0.2% respectively. Among them, 2.241 million and 2.234 million vehicles were produced and sold in March, down 9.1% and 11.7% respectively year-on-year. Despite the short-term pressure on automobile production and sales in March, the production and sales of new energy vehicles continued to grow rapidly. From the data, in March, the production and sales of new energy vehicles completed 465000 and 484000 respectively, with a year-on-year increase of 1.1 times.
Dongguan Securities pointed out that the automobile production and sales in March were affected by the epidemic, which was lower than expected. It is expected that the epidemic factors will still have a negative impact on the automobile production and sales in April. Independent brands have strong toughness and continuous improvement of competitiveness. In terms of new energy vehicles, auto enterprises have sufficient orders on hand, supporting the continuous high growth momentum of production and sales, and the penetration rate has further increased. However, since this year, the decline of subsidies and the sharp rise in the price of upstream raw materials have promoted the collective price rise in the new energy vehicle market, and the impact on subsequent new orders needs to be further observed. The negative impact of the conflict between Russia and Ukraine on the global auto manufacturing industry continued, and some factories of many auto enterprises around the world were forced to shut down or reduce production, which had a certain impact on the overseas business of some Chinese auto parts manufacturers. After the epidemic situation improves, automobile production and sales are expected to improve marginally.
In addition, recently, the Ministry of industry and information technology issued a document pointing out that multiple measures should be taken to support the stable production of key enterprises in Shanghai and make every effort to ensure the smooth operation of the industrial chain supply chain. Among them, it should study and establish an emergency coordination mechanism for the demands of the industrial chain supply chain, establish a “white list” of key enterprises in the field of industry and information technology, and concentrate resources to give priority to the protection of integrated circuits, automobile manufacturing, equipment manufacturing 666 key enterprises in key industries such as biomedicine resumed work and production. In addition, the epidemic situation in China continues to improve. The analysis points out that if the epidemic situation is controlled in mid and late April, the backlog of market demand in the short term will be released rapidly, and the sales volume in April is expected to be slightly better than that in the same period last year.
electric intelligent trend remains unchanged, and the Organization recommends two core main lines
Since the beginning of this year, the auto sector has continued to decline. As of today’s (April 15), the indexes of auto vehicles and auto parts have decreased by more than 20% during the year Zheshang Securities Co.Ltd(601878) believes that the epidemic has an impact on the current demand and supply of the automobile industry. Under the triple influence of the epidemic, the conflict between Russia and Ukraine and raw materials, it is expected that the 22q2 automobile sector will be under pressure. After May, with the dynamic clearing of the epidemic, the enterprises will resume normal operation, the overseas situation will gradually become clear, the cost pressure will slow down, the industry fundamentals will return to the upward channel, the rhythm will move backward, but the upward trend will not change.
For the auto parts sector, the industry boom brought by electrification and intelligence is still strong Guosen Securities Co.Ltd(002736) pointed out that it is difficult to predict the price trend of raw materials in the short term, but the electric and intelligent upgrading trend of the automotive industry remains unchanged, which is still the main logic of the next 5-10 dimensions. Some parts have fallen to a reasonable valuation level, and the medium and long-term configuration value is prominent. We recommend the rise of independent brands and the intelligent upgrading of electric vehicles.
1. Direction of independent rise: hybrid ( Byd Company Limited(002594) / Great Wall / Geely) / new forces / Tesla / gac-e’an and its industrial chain.
2. Incremental parts: 1) pay attention to sensors, domain controllers, brake by wire, air suspension, lights, glass, car machine, HUD, car audio and other links in the direction of data flow. 2) Direction of energy flow: focus on power battery, electric drive system, electric control of small and medium-sized micro motors, IGBT, high-voltage harness and other links.
The subject’s aspect of the subject’s recommended recommendation ;, Shandong Linglong Tyre Co.Ltd(601966) , Camel Group Co.Ltd(601311) , etc.
