In terms of automobile production and sales in March, the production and sales of the automobile industry decreased significantly year-on-year. Under the caliber of China Automobile Association, the production and sales of automobiles in the current month were 2.241 million and 2.234 million respectively, with a year-on-year decrease of 9.1% and 11.7%. Since March, the situation of epidemic prevention and control in China has remained grim, especially in Shanghai. Shanghai is an important city of China's automobile industry, gathering several complete vehicle enterprises and parts enterprises in China. This round of Shanghai epidemic has a great impact on Shanghai's automobile industry. Home office has basically shut down Shanghai's automobile enterprises. It also has an impact on the development of the automobile industry around Shanghai and the supply of auto parts. Since April, the Ministry of industry and information technology has announced many measures to support the stable production of key enterprises in Shanghai, including enterprises in various industries such as automobile manufacturing, Saic Motor Corporation Limited(600104) and Tesla automobile manufacturing enterprises in Shanghai have begun to promote the resumption of work and production, and the automobile industry in Jilin Province has gradually begun to resume work and production; Therefore, this paper predicts that although the current round of epidemic will continue to have an impact on automobile production and sales in April, the overall impact or marginal impact on the automobile industry will be weakened.
In terms of inventory, the enterprise inventory in March was 845000, an increase of 30000 over the previous month; In March, the inventory coefficient of menstrual sellers was 1.75, a year-on-year increase of 13.64% and a month on month decrease of 5.41%.
In terms of cost, focus on the rising price of raw materials for power batteries of new energy vehicles, driving the rising cost of new energy vehicles. Since March, many new energy vehicle enterprises have announced price increases for some models. Compared with traditional fuel vehicles, new energy vehicle enterprises are facing greater cost pressure and transfer the cost down to consumers.
In terms of industrial policies, in March, Beijing, Chongqing, Wuhan, Sichuan and other cities increased their support for the development of new energy vehicles; On April 8, the five departments jointly issued the guidance on Further Strengthening the construction of safety system of new energy vehicle enterprises, guiding new energy vehicle enterprises to speed up the construction of systematic, scientific and standardized safety system, improve the safety level of new energy vehicles and promote the high-quality development of new energy vehicle industry. On April 13, the executive meeting of the State Council deployed policies and measures to promote consumption. The meeting pointed out that all localities shall not add new automobile purchase restriction measures, and gradually increase the incremental indicators of purchase restrictions that have been implemented, emphasizing the need to support the consumption of new energy vehicles. In the current tense international situation and the high incidence of epidemic in China, promoting automobile consumption is very important for consumption and socio-economic growth.
As for the existing bonds of the industry, as of April 14, 2022, there were 92 existing credit bonds (general corporate bonds, private placement bonds, corporate bonds, medium-term notes, short-term financing bonds and directional instruments) in the automobile manufacturing industry, with a total balance of 128039 billion yuan and 21 bond issuers. The main issuers of bonds in the industry are concentrated, and the balance of the top five stock bonds accounts for 67% of the balance of stock bonds as of the date. The main body of issuing bonds is state-owned enterprises, and the types of stock bonds are general corporate bonds and general medium-term notes. In March, the industry issued six new bonds, with a net financing amount of 6.486 billion yuan.
