The city is under significant pressure, and the government actively creates a favorable environment for resumption of work
1. The epidemic situation is significantly under pressure in the city. Since March, China's epidemic situation has gradually had a significant impact on the automobile industry. Changes in local control measures have put pressure on the supply chain and affected production scheduling. At the same time, terminal consumption is also affected by travel restrictions. According to the monthly data of China Automobile Association, the output of passenger cars in 3m22 / the first two months of 2022 was - 0.1% / + 17.6% year-on-year respectively, and the batch sales were - 0.6% / + 14.4% year-on-year respectively; From the weekly data of the passenger Federation, the pressure on the car market further deepened after the upgrading of epidemic prevention policies in Shanghai in mid and late March. From April 1 to 10, the batch / zero of China's major passenger car manufacturers were - 39% / - 32% year-on-year respectively.
2. The government actively creates a favorable environment for resumption of work. 1) The State Council issued a notice to ensure smooth logistics. On April 11, the State Council issued the notice on doing a good job in ensuring the smooth transportation of freight logistics, requiring that the three-level dispatching of ministries, provinces and stations, Road police linkage, regional coordination and other logistics smooth transportation mechanisms be quickly launched to clear the obstacles for the resumption of work and production at the level of freight logistics; 2) The Ministry of industry and information technology has set up a "white list" for operation guarantee. China Central Television finance and economics reported on April 15 that the Ministry of industry and information technology has recently sent a Shanghai front working group to study the establishment of an emergency coordination mechanism for the demands of the industrial chain supply chain, set up a "white list" of key enterprises transferred to operation guarantee, and concentrate resources to give priority to ensuring the resumption of work and production of 666 key enterprises in key industries such as integrated circuit, automobile manufacturing, equipment manufacturing and biomedicine. At present, the Ministry of industry and information technology has established a coordination and docking mechanism for the support of important production materials in the "three provinces and one city" of the Yangtze River Delta in conjunction with relevant departments, and implemented measures such as mutual recognition of passes.
FAW Changchun factory has partially resumed production, Saic Motor Corporation Limited(600104) or will gradually resume work in the near future
1. FAW resumed work and production steadily. On April 14, Xinhua reported that the third assembly line of FAW Hongqi Weishan factory has resumed production in a single shift, and subsequent FAW Volkswagen, Faw Jiefang Group Co.Ltd(000800) , FAW Toyota and other factories will also resume production one after another. In 2021, Jilin's whole vehicle output accounted for about 9% of the country, and the number of parts and components enterprises above Designated Size accounted for about 4% (2021 Automobile Industry Yearbook).
2. Saic Motor Corporation Limited(600104) or gradually return to work in the near future. According to China Central Television news report, Saic Motor Corporation Limited(600104) plans to start the pressure test of resumption of work and production on April 18. At present, about 20% of the company's whole vehicle production capacity is distributed in Shanghai. The company said that in addition to the pressure test of the whole vehicle factory, it will also drive some core parts factories into the pressure test. Shanghai and the Yangtze River Delta region (Jiangsu, Zhejiang, Shanghai and Anhui) are important bases of China's automobile industry. In 2021, the automobile output of Shanghai / Yangtze River Delta accounted for about 11% / 23% of the country, and the number of parts and components enterprises above Designated Size in Shanghai / Yangtze River Delta accounted for about 4% / 37% of the country in 2020. The resumption of work and production practice of Saic Motor Corporation Limited(600104) is beneficial to the industrial chain to improve its response ability to the epidemic.
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 price and volume increase in the acceleration of the industry. It is suggested to pay attention to: Bethel Automotive Safety Systems Co.Ltd(603596) (EPB + brake by wire), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (intelligent lamp), Anhui Zhongding Sealing Parts Co.Ltd(000887) (air suspension), Ningbo Tuopu Group Co.Ltd(601689) , Huizhou Desay Sv Automotive Co.Ltd(002920) (Intelligent cabin system), Keboda Technology Co.Ltd(603786) (light control).
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.
