The underlying share prices of most auto parts fell back to the level before the rise in the fourth quarter of last year. At present, the average rolling P / E ratio is 22 times, which is at the historical center. Dynamically, it is about 18 times in 2022. Combined with the growth expectation in the second half of the year, it is attractive.
Today, the pattern of Shanghai strong and deep weak changed. The gem index closed up more than 1% and the Shanghai index fell 0.49%.
The auto parts sector set off a wave of limit trading, with more than 20 stocks rising by more than 9%, and individual stocks such as Zoje, Bojun technology, Ningbo Fangzheng Automobile Mould Co.Ltd(300998) and so on rose by 20cm.
\u3000\u3000 Average rolling P / E ratio of auto parts stocks at the historical center
On the news side, Jilin, Shanghai and other provinces and cities began to promote the resumption of work and production of the automobile industry.
On April 16, song Xiaohui, deputy director of Jilin Provincial Department of industry and information technology, introduced that the automobile industry is an important pillar industry in Jilin Province, and it is of great significance to take the lead in realizing the resumption of work and production. Hongqi Weishan factory has taken the lead in resuming work and production, the first batch of 47 suppliers have also resumed production simultaneously, and other main engine factories have made preparations for resuming work in advance and will resume production in batches and in an orderly manner.
On April 16, the Shanghai Municipal Commission of economy and information technology has formulated and issued the guidelines for the prevention and control of the epidemic situation of industrial enterprises returning to work and production in Shanghai (the first edition), which aims to effectively promote the resumption of work and production of enterprises in an orderly and effective manner and ensure the safety and stability of the supply chain of the industrial chain. Shanghai complete vehicle (SAIC and Tesla) and parts are scheduled to resume work and production pressure test on April 18.
Recently, the automobile industry has been affected by the epidemic, and all parties in the industrial chain have responded actively. The auto parts sector rose last Friday, reflecting the marginal easing of raw materials and epidemic factors since March. China’s overall auto production and sales are expected to decline year-on-year in April. However, with the gradual control of the epidemic and the gradual resumption of work and production of the auto industry chain in Shanghai and surrounding areas, auto production and sales are expected to improve in May.
At the valuation level, the underlying share prices of most auto parts fell back to the level before the rise in the fourth quarter of last year, and the sector index fell by about 30%. currently has an average rolling P / E ratio of 22 times, which is located in the historical center. From the dynamic point of view, it is about 18 times in 2022. Combined with the growth expectation in the second half of the year, it is attractive
Huachuang securities is optimistic about the opportunities for the rearrangement of auto parts in the second quarter of this year. The high growth rate of the sector in the second half of this year is expected to remain unchanged. The medium and long-term expectation of the improvement of China’s auto parts in the global competitive advantage and the increase of volume and price remains unchanged. The short-term raw materials and the impact of the epidemic will bring opportunities for undervalued value allocation.
Beishang capital large-scale increase concept leader
According to the statistics of data treasure, there are more than 170 stocks in the auto parts industry in the A-share market, with a total market value of more than 1.2 trillion yuan. Including leading stocks with a market value of 100 billion yuan Weichai Power Co.Ltd(000338) , and Fuyao Glass Industry Group Co.Ltd(600660) , Huayu Automotive Systems Company Limited(600741) , Ningbo Tuopu Group Co.Ltd(601689) , and other stocks with a market value of more than 50 billion yuan.
In terms of specific topics of individual stocks in the industrial chain, Ningbo Tuopu Group Co.Ltd(601689) is engaged in rubber damping products and sound insulation products in the field of automotive NVH. It is the leader of automotive NVH in China and the core supplier of Tesla, providing lightweight aluminum alloy chassis structural parts for Tesla Model 3.
Zhejiang Shuanghuan Driveline Co.Ltd(002472) has always focused on the R & D, design, manufacturing and sales of mechanical transmission gears, forming a complete product structure covering traditional vehicles, electric vehicles, high-speed rail transit, off-road machinery, motorcycles and ATVs, electric tools and Industry Siasun Robot&Automation Co.Ltd(300024) and other fields. It has become one of the major professional manufacturers of gear parts with considerable production scale and strength in the world.
Huayu Automotive Systems Company Limited(600741) business is the R & D, production and sales of independent auto parts. It mainly includes six business segments of “metal forming and mold, interior and exterior decoration, electronic and electrical appliances, functional parts, thermal processing and new energy”.
According to the statistics of databao, based on the average transaction price since April, Fuyao Glass Industry Group Co.Ltd(600660) obtained nearly 500 million yuan of capital to go north, taking the lead. In addition, Foryou Corporation(002906) , Bethel Automotive Safety Systems Co.Ltd(603596) , Shanghai Baolong Automotive Corporation(603197) and other stocks were increased by more than 7000 trillion yuan.
It’s worth mentionmentionone that is worth the mention that is worth the mention that among the shares held by the capital of northnorthnorth, the funds of NorthNorth, among the shares that funds from the north have added, the 6 thepre increase limit of individual stocks in the first quarterly report exceeded 50%.
