Market review: as of April 15, 2022, Shenwan auto sector fell 2.73% in the week, 1.74 percentage points lower than Shanghai and Shenzhen 300 index, ranking 15th among Shenwan 31 industries. All five sub sectors of Shenwan automobile industry fell, with motorcycles and other sectors falling the most. The specific performance is as follows: the commercial vehicle sector fell 1.91%, the auto parts sector fell 2.47%, the passenger vehicle sector fell 2.96%, the automobile service sector fell 3.23%, and the motorcycle and other sectors fell 5.61%. The top three companies with weekly growth were Cimc Vehicles (Group) Co.Ltd(301039) , Zhejiang Wanliyang Co.Ltd(002434) , China Railway Materials Company Limited(000927) , up 25.68%, 9.80% and 9.35% respectively. The top three companies with weekly declines were Qingdao Hi-Tech Moulds & Plastics Technology Co.Ltd(301022) , Dynavolt Renewable Energy Technology (Henan) Co.Ltd(002684) , Senci Electric Machinery Co.Ltd(603109) , with declines of 29.29%, 19.94% and 18.95% respectively. In terms of valuation, as of April 15, the pettm of Shenwan automobile sector was 25 times, 64.31% in recent five years and 76.95% in recent ten years; In terms of sub sectors, the pettm of automobile service sector is 18 times, that of auto parts sector is 22 times, that of passenger car sector is 30 times, and that of commercial vehicle sector is 20 times.
View of the Auto Industry Week: the auto sector has a large decline this week, restraining first and then rising, losing Shanghai and Shenzhen 300, and the performance is in the middle among the Shenwan level industries. This week, the China Automobile Association released the production and sales data of the automobile industry in March. The production and sales of automobiles in March were lower than expected due to the impact of the epidemic in Shanghai, Jilin and other places. The production and sales data of automobiles in March fell by 9.1% and 11.7% year-on-year respectively. From January to March, automobile production and sales increased by 2.0% and 0.2% respectively year-on-year. The operating pressure of the automobile industry was huge in the first quarter. It is expected that the epidemic factors will still have a negative impact on the automobile production and sales data in April. In terms of new energy vehicles, auto enterprises have sufficient orders on hand, supporting the high growth momentum of production and sales, and the penetration rate has further increased. In March, the production and sales of new energy vehicles increased by 1.1 times year-on-year. From January to March, the production and sales of new energy vehicles increased by 1.4 times year-on-year. In March, the penetration rate of new energy vehicles reached 21.7%, an increase of 2.67 PCT over the previous month, and the penetration rate of new energy passenger vehicles reached 24.7%, an increase of 3.14 PCT over the previous month. 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. On April 15, the Ministry of industry and information technology said that it would spare no effort to do a good job in accurate epidemic prevention and control, ensure smooth logistics and stabilize the industrial chain supply chain, take multiple measures to support the stable production of key enterprises in Shanghai, concentrate resources and give priority to the resumption of production of key enterprises including automobile manufacturing. Jilin Province also said that it would take the lead in realizing the resumption of production of automobile industry, and the subsequent automobile production and sales are expected to improve marginally. It is suggested to pay attention to high-quality parts suppliers who actively grasp the development trend of Automotive Electric Intelligence: Huayu Automotive Systems Company Limited(600741) ( Huayu Automotive Systems Company Limited(600741) ), Ningbo Tuopu Group Co.Ltd(601689) ( Ningbo Tuopu Group Co.Ltd(601689) ), Bethel Automotive Safety Systems Co.Ltd(603596) ( Bethel Automotive Safety Systems Co.Ltd(603596) ), Anhui Zhongding Sealing Parts Co.Ltd(000887) ( Anhui Zhongding Sealing Parts Co.Ltd(000887) ), Foryou Corporation(002906) ( Foryou Corporation(002906) ).
Risk tip: the risk of automobile production and sales falling short of expectations, the risk of sharp rise in raw material prices, and the risk of impact of the conflict between Russia and Ukraine on the global automobile industry chain.
