Recently, with the active relief of auto enterprises and auto parts supply enterprises in Jilin, Shanghai and their surrounding areas, auto stocks that have been callback for more than three months also began to recover.
At the opening of trading on April 20, the A-share automobile sector rose, and Zhongtong Bus Co.Ltd(000957) ( Zhongtong Bus Co.Ltd(000957) . SZ), Chongqing Changan Automobile Company Limited(000625) ( Chongqing Changan Automobile Company Limited(000625) . SZ) and other stocks rose Hithink Royalflush Information Network Co.Ltd(300033) data showed that as of 9:45 on the same day, the auto parts sector rose 1.03%, the Ningbo Tianlong Electronics Co.Ltd(603266) ( Ningbo Tianlong Electronics Co.Ltd(603266) . SH) limit in the sector, Ningbo Fangzheng Automobile Mould Co.Ltd(300998) ( Ningbo Fangzheng Automobile Mould Co.Ltd(300998) . SZ) rose 8.13%, and newtag (301229. SZ) rose more than 7%.
But as of the close of the day, the auto sector fell again. “First brother of gem” Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) . SZ) fell by 7.55% and its market value fell below the trillion mark, with a total market value of 948656 billion yuan Byd Company Limited(002594) ( Byd Company Limited(002594) . SZ) decreased by 1.26% Saic Motor Corporation Limited(600104) ( Saic Motor Corporation Limited(600104) . SH) fell 1.32%.
Zheshang Securities Co.Ltd(601878) believes that since March, the epidemic situation in Jilin Province and Shanghai has had a great impact on the supply and demand of the automobile industry, but the worst time is probably over. Later, with the dynamic clearing of the epidemic situation and the resumption of work and production in the industrial chain, the operation returns to normal. At the supply level, the capacity utilization rate of most automobile enterprises, especially traditional automobile enterprises, is low, and the supply can be supplemented by three shifts in the second half of the year, At the demand level, the combination of relaxed purchase restriction policies and consumption promotion policies is on the way, and we are optimistic about the recovery of automobile consumption after the epidemic.
more than 80 auto industry companies’ share prices fell by more than 30%
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According to the incomplete statistics of the reporter of the daily economic news, as of the closing on April 20, the share prices of more than 10 auto industry companies such as Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Great Wall Motor Company Limited(601633) have fallen by more than 45% in 2022, Geely Automobile, Xiaopeng automobile, Ningbo Joyson Electronic Corp(600699) and other more than 30 companies have fallen by more than 40%, more than 80 companies have fallen by more than 30%, and about 150 companies have fallen by more than 20%.
The weakness of auto industry stocks has led to the long-term unilateral shock decline of auto industry related funds. From the beginning of this year to April 20, huitianfu CSI new energy vehicle industry index (501057) fell by nearly 25%, Ping An CSI new energy vehicle industry (515700) fell by more than 25%, RONGTONG new energy vehicle theme selection (005668) fell by nearly 30%, e Fonda CSI intelligent electric vehicle (516590) fell by more than 29%, Fuguo CSI intelligent vehicle (161033) fell by nearly 33%, and Cathay CSI 800 automobile and parts (516110) fell by more than 25%, GF China Securities all index cars (004854) fell by more than 2%, and Everbright baodexin smart car theme (011104) fell by more than 31%.
But the good news is coming. On April 19, Luo Junjie, spokesman of the Ministry of industry and information technology and director of the operation monitoring and Coordination Bureau, said at the press conference of the state information office that in the next step, the Ministry of industry and information technology will promote the stable production and resumption of production of key industrial enterprises, ensure the smooth and stable supply chain of the industrial chain and promote the smooth operation of the industrial economy. At the same time, the Ministry of industry and information technology will further implement the new energy vehicle industry development plan (20212035), implement it together with relevant departments, strengthen the research and overall planning of work, study and clarify the support policies such as the extension of vehicle purchase tax preference as soon as possible, optimize the “double points” management measures, and promote the industrial development to a new level.
On April 18, Saic Motor Corporation Limited(600104) vehicle manufacturers, relevant parts suppliers and logistics transportation companies have started the pressure test of resumption of work and production; On April 19, 8000 employees of Tesla Shanghai Super factory came to work and officially resumed production; In Changchun, Jilin Province, the five main engine plants of FAW in Changchun have all resumed work on April 16, and FAW Hongqi Weishan factory and FAW Volkswagen have realized the offline of the whole vehicle.
In this context, auto stocks also began to show signs of recovery in the capital market. Since April, Xiaopeng automobile, Byd Company Limited(002594) , Guangzhou Automobile Group Co.Ltd(601238) , Changchun Engley Automobile Industry Co.Ltd(601279) ( Changchun Engley Automobile Industry Co.Ltd(601279) . SH), Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) ( Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) . SH) and other stocks have stabilized and rebounded, of which Guangzhou Automobile Group Co.Ltd(601238) share price rose 6.59% Byd Company Limited(002594) shares rose 5.21% Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) shares rose 12.27%.
According to the person in charge of a medium-sized private equity fund in Beijing, the long-term future of China’s automobile industry is worthy of being firmly optimistic. “First, China’s policy encourages people’s consumption in the automobile field; second, domestic automobile brands have strong advantages in configuration and cost performance; third, young consumers increasingly recognize domestic automobile brands.” The person in charge of a medium-sized private equity fund in Beijing told reporters.
intelligent spare parts sector deserves attention
The above person in charge of a medium-sized private equity fund in Beijing believes that under the current situation, the intelligent parts sector in the automotive industry deserves attention. Unlike the traditional parts in the automotive industry, intelligent parts are the business increment of relevant listed companies.
\u3000\u3000 “With the increasing popularity of new energy vehicles, traditional spare parts are simply transplanted from fuel vehicles to new energy vehicles. It is still the original business of relevant listed companies and can only maintain the existing valuation of the company. Intelligent spare parts, whether applied to fuel vehicles or new energy vehicles, are new businesses and incremental businesses in the automotive industry, which can increase the performance of relevant listed companies and enhance the valuation of the company. ”The person in charge of a medium-sized private equity fund in Beijing said.
In his opinion, after the stock price adjustment in the first quarter of this year, some targets in the intelligent parts sector have returned to a P / E ratio of about 20 times, which is not expensive for the current market. At present, many institutional investors are looking for undervalued targets, which are just in line with their stock selection strategy.
It is worth mentioning that on April 15, Changchun Engley Automobile Industry Co.Ltd(601279) talked about the automotive intelligent project at the company’s performance briefing, and said that it would actively look for relevant project opportunities and cultivate new profit growth points. On April 18, Changchun Engley Automobile Industry Co.Ltd(601279) share price rose sharply.
Zheshang Securities Co.Ltd(601878) research report believes that in the field of parts and components, with the change of the pattern of downstream main engine plants, the new forces of car manufacturing and the independent market share of the head will continue to increase, and the iteration speed of models in the era of electric intelligence will accelerate, which will greatly improve the requirements of car enterprises for the response service efficiency of parts and components enterprises. The fixed zero adjustment relationship in the past is expected to be broken, and the domestic parts industry chain will rise with the trend, At the same time, the accelerated promotion of electric intelligence has given birth to a large number of value-added parts and new industrial trends. We are optimistic about the rise of domestic and electric intelligence, and continue to focus on the four subdivided fields of integrated die casting, driving intelligence, cockpit intelligence and passenger car seat localization.
Huachuang securities also said that it is optimistic about the opportunity of re layout of auto parts in the second quarter of 2022. The expectation of high growth rate of the sector in the second half of the year remains unchanged, and the expectation of improving the global competitive advantage of Chinese auto parts in the medium and long term, which will lead to the increase of volume and price, remains unchanged.
