Key investment points:
Investment suggestions: 1) complete vehicles and parts: in March 2022, China’s automobile sales volume was 2.234 million, with a year-on-year increase of – 11.7%. From January to March, the cumulative sales volume was 6.599 million, with a year-on-year increase of 0.2%. Saic Motor Corporation Limited(600104) issued the notice on Issuing the guidelines for the prevention and control of Saic Motor Corporation Limited(600104) resumption of work and production, and started the stress test of resumption of work and production on Monday, April 18. Although the regional epidemic continued, FAW, SAIC, Weilai Tesla and other auto companies have started to return to work. With the dynamic clearing of the epidemic and the resumption of work and production of the industrial chain, it is expected that the auto production and sales volume is expected to make up by the end of the second quarter. It is suggested to focus on the auto industry. 2) . new energy vehicles: in March 2022, the sales volume of new energy vehicles was 484000, with a year-on-year increase of 114.1%. From January to March, the cumulative sales volume was 1257000, with a year-on-year increase of 138.6%. The regional epidemic caused the supply of new energy vehicles in the industrial chain to be limited, and the price of raw materials was high. In the short term, the new energy vehicle industry was greatly affected, but the demand for new energy vehicles was still strong, and the penetration rate continued to increase. With the resumption of work and production of the industrial chain, The production schedule of new energy vehicles is expected to return to normal. It is suggested to pay attention to the leading enterprises with leading technological innovation and obvious integrated cost advantage.
Market review: last week, the automobile (Shenwan) industry index fell 2.73%, 1.74 percentage points lower than the Shanghai and Shenzhen 300 index. Among them, the rise and fall of key sub industries in the week were – 2.96% for passenger cars, – 1.91% for commercial vehicles and – 2.47% for auto parts. The new energy vehicle index fell 5.39%, 4.39 percentage points lower than the CSI 300 index. Among them, the rise and fall range of key sub industries in one week was – 9.74% for power battery, – 7.70% for lithium positive electrode, – 10.37% for lithium negative electrode, – 6.75% for lithium diaphragm and – 8.96% for electrolyte.
Industry trends: 1) the State Council: encourage automobile consumption and shall not add automobile purchase restriction measures; 2) Ministry of industry and information technology: vehicle enterprises, OTA functional products and OTA activities all need to be filed; 3) Saic Motor Corporation Limited(600104) promote the resumption of work and production, and start the pressure test on April 18.
Company dynamics: 1), Anhui Jianghuai Automobile Group Corp.Ltd(600418) : announcement of performance loss in advance in the first quarter of 2022; 2) Shanghai Carthane Co.Ltd(603037) : Announcement on the acquisition of 100% equity of pukema auto parts (Guangzhou) Co., Ltd; 3) Fuyao Glass Industry Group Co.Ltd(600660) : report of the first quarter of 2022; 4) Gsp Automotive Group Wenzhou Co.Ltd(605088) : annual report for 2021; 5) Sunwoda Electronic Co.Ltd(300207) : annual report for 2021; 6) Beijing Easpring Material Technology Co.Ltd(300073) : performance forecast for the first quarter of 2022; 7) Shenzhen Xfh Technology Co.Ltd(300890) : performance forecast for the first quarter of 2022.
Risk factors: the sales volume of vehicles is lower than expected, the sales volume of new energy vehicles is lower than expected, and the policy is lower than expected.
