Industry level: this week’s market performance fluctuated downward. As of the closing on April 8, the A-share auto sector fell 2.62%, the CSI 300 index fell 1.06%, and the decline of the auto sector was 1.56 percentage points higher than that of the CSI 300 index. The passenger car sector rose 0.8%, automotive services fell 2.69%, commercial trucks fell 3.15%, commercial buses fell 3.57% and auto parts fell 4.54%.
Company level: Xiaopeng automobile: the company released the 2021 annual report, and the company realized an operating revenue of 20.988 billion yuan, an increase of 259.1% over the previous period. In 2021, the net loss was 4.863 billion yuan, with a year-on-year increase of 78% Bethel Automotive Safety Systems Co.Ltd(603596) : the company released its 2021 annual report. During the reporting period, the company achieved an operating revenue of 349 million yuan, a year-on-year increase of 14.81%; The net profit attributable to shareholders of listed companies was 504 million yuan, a year-on-year increase of 9.33%.
Industry level: Tesla Shanghai Super factory shutdown: Tesla announced on April 7 that the factory will be closed until at least Thursday. Since Shanghai entered the phased blockade on March 28, the Shanghai Super factory has been shut down. Tesla has lost at least 12 days of production in recent weeks, which may have a certain impact on the performance of the second quarter. Weilai automobile officially announced the shutdown: on April 9, Weilai automobile officially said that the company’s supply chain partners in Jilin, Shanghai, Jiangsu and other places have stopped production one after another, which has not been restored yet. Affected by this, the production of Weilai complete vehicle has been suspended, and the vehicle is facing delayed delivery.
This week’s view: multiple factors superimposed in April, and the month on month growth may slow down: we believe that the slowdown in the growth of automobile sales in April is mainly due to 1) the epidemic outbreak in mid and late March, and the parts and chips have a serious impact on the subsequent supply chain delivery of automobile enterprises; 2) The impact of the price increase on the orders of some new energy vehicle enterprises needs to be continuously observed; 3) Part of the demand for overdraft in advance is expected to be gradually reflected in the sales volume. After Q2 or improvement month on month: we expect that the annual report and the first quarterly report will be the process of the sector gradually shaking and grinding the bottom and fully releasing the risk. Looking forward to the second quarter, the margin of profitability will improve, the sales volume will increase month on month, and the bottleneck of replacement and delivery will be gradually alleviated. We suggest the layout of the sector after the bottom correction.
Risk tips: 1) disturbance of macroeconomic factors to the industry. 2) Risk of rising raw materials. 3) Epidemic situation and related risks.
