Key investment points: the auto sector fell 2.73% this week, 1.7 percentage points lower than the Shanghai and Shenzhen 300 index.
Under the vehicle sector, the passenger car sector fell 2.96%, underperforming the CSI 300 index by 2.0%, the commercial vehicle sector fell 1.91%, underperforming the CSI 300 index by 0.9%, the truck sub sector fell 1.70%, underperforming the CSI 300 index by 0.7%, the passenger car sub sector fell 2.42%, underperforming the CSI 300 index by 1.4%. The auto parts sector fell 2.47% this week, losing 1.5 percentage points to the Shanghai and Shenzhen 300 index; The auto service sector fell 3.23%, underperforming the CSI 300 index by 2.2 percentage points. This week, the performance of the CSI 300 index was 0.3 percentage points stronger than that of the Shanghai Composite Index, and the overall performance of the automobile sector was poor. All concept sectors related to automobiles fell this week, with new energy vehicles, smart cars, charging pile index, lithium battery index, automotive aftermarket, Internet of vehicles and traditional automobiles falling by 5.4%, 5.8%, 6.4%, 7.9%, 3.5%, 5.3% and 2.7% respectively.
Passenger Federation: in March 2022, the retail sales volume of passenger car market was 1.579 million, a year-on-year decrease of 10.5% and a month on month increase of 25.6%. In March, covid-19 epidemic spread to varying degrees in many parts of the country. China continued to resolutely implement the epidemic prevention policy of "dynamic clearing", resulting in large losses in production and retail volume in Jilin, Shanghai, Guangdong and other places, and short-term pressure on passenger car sales. In March, 750000 self owned brands were retailed, with a month on month change of + 17% / + 37%. Self owned brands continued the strong trend in February, mainly due to the obvious increase of self owned vehicle enterprises in the new energy market, of which Chongqing Changan Automobile Company Limited(000625) and Byd Company Limited(002594) and other traditional vehicle enterprise brands showed high growth year-on-year. In March, the retail sales of luxury cars were 230000, with a month on month change of - 14% / + 43%. The retail sales of luxury cars increased significantly in early March. In the later stage, with the change of epidemic prevention and control situation in the main sales area, it failed to continue the trend in February. In March, 590000 mainstream joint venture brands were retailed, with a month on month change of - 30% / + 9%, of which the retail share of Japanese, German and American brands decreased.
It is suggested to focus on the independent auto enterprises Geely Automobile and Nanjing Chervon Auto Precision Technology Co.Ltd(603982) ; Recommended growth stocks Bethel Automotive Safety Systems Co.Ltd(603596) , Sichuan Chuanhuan Technology Co.Ltd(300547) .
In March 2022, the pickup truck market sold 55000 vehicles, a year-on-year decrease of 1.1% and a month on month increase of 60.3%.
According to the data released by the passenger Federation, in March this year, China's pickup truck market sold 55000 various models, a year-on-year decrease of 1.1% and a month on month increase of 60.3%. It still maintained a strong trend against the background of repeated outbreaks in China. From January to March, China sold 131000 pickup trucks of various types, with a slight year-on-year decrease of 2.8%, and the sales trend is still strong. In recent years, under the general tone of the national automobile promotion fee policy, the three guarantees policy and the right of way policy of pickup models have achieved strong support for pickup consumption. In addition, pickup has become a new consumption hotspot combining passengers and merchants. The main car enterprises continue to launch passenger pickup products. It is expected that the pickup market will continue to maintain a strong trend in the future, driving the performance of Companies in the pickup industry to continue to exceed expectations. It is suggested to focus on the leading enterprise Great Wall Motor Company Limited(601633) (not covered) in China's pickup truck market.
Risk tip: the epidemic continues to spread in China; Macroeconomic downturn accelerated; China's auto market is depressed; Upstream raw material prices rose.
