In 2021, 2014.6 million passenger cars were retailed, a year-on-year increase of + 4.4%
According to the production and sales data of the national passenger car market in December 2021 released by the passenger Federation, the output of passenger cars in December 2021 was 2.466 million, a year-on-year increase of + 7.2%, a month on month increase of + 10.6%, and the annual output was 20.951 million, a year-on-year increase of + 7.7%; In December 2021, 2.105 million passenger cars were retailed, with a year-on-year increase of – 7.9% and a month on month increase of + 15.9%. The annual retail volume was 2014.6 million, with a year-on-year increase of + 4.4%; In December, the wholesale volume of passenger cars was 2.366 million, a year-on-year increase of + 2.3% and a month on month increase of + 10%. The annual wholesale volume was 21.098 million, a year-on-year increase of + 6.7%. In December 2021, the monthly retail volume achieved a large growth month on month, close to the monthly sales peak in January at the beginning of the year. The return tide before the Spring Festival was started in advance, which led to the advance of the hot sales period of the car market before the festival and the recovery of the retail end in December. Affected by the mitigation of core shortage and the sprint sales of inventory built at the end of the year, the wholesale sales of passenger cars in a single month in December hit the highest in the year, exceeding the same period in 2020.
In 2021, the penetration rate of new energy vehicles was 14.8%, significantly higher than that in 2020 9pcts
In December 2021, 475000 new energy passenger vehicles were retailed, with a year-on-year increase of + 128.8%. Throughout the year, 2.989 million new energy passenger vehicles were retailed, with a year-on-year increase of + 169.1%, of which 2.444 million BEVS were sold, with a year-on-year increase of + 168.6%, and 545000 PHEVs were sold, with a year-on-year increase of + 171.2%. In December 2021, the penetration rate of new energy vehicles was 22.6%, and the annual penetration rate was 14.8%. Among them, the retail volume of BEV accounted for 12.1% of the total sales volume of passenger vehicles, and PHEV accounted for 2.7%. In 2021, the sales volume of new energy vehicles started a new round of high growth and doubled year-on-year. The passenger Federation predicts that the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in 2022 is expected to reach 5.5 million, with a year-on-year increase of more than 80% and the penetration rate increased to about 25%. In 2021, the popularity of ordinary hybrid models increased. In December, the sales of ordinary hybrid models were 83200, a year-on-year increase of + 82%, of which Japanese brands still occupied the mainstream. The sales of Toyota / Honda / Dongfeng Nissan / great wall were 51220 / 20441 / 6282 / 5220 respectively. In the second half of 2021, the total sales of ordinary hybrid models were 353000.
Inventory has been well established since Q4 to prepare for the sales sprint before the Spring Festival
In recent months, the shortage of chip supply has eased. At the same time, in order to cope with the peak auto sales season before the Spring Festival, manufacturers and channel inventories have continued to replenish since Q4 in 2021. According to the difference between wholesale sales and retail sales, Q4 wholesale sales in 2021 were 860000 more than retail sales, the highest in recent three years. From the supply side, the inventory has been well established since Q4, laying the foundation for the sales sprint before the Spring Festival; On the demand side, the recent epidemic situation in some areas has adversely affected the number of consumers entering stores, or affected the car buying boom before the Spring Festival.
Investment suggestion: grasp the investment opportunities of high-quality automobile enterprises and parts suppliers under the general trend of electrification. With the acceleration of electrification and intelligence, the automobile industry has ushered in a long-term upward cycle. In terms of vehicle manufacturers, the beneficiary targets include Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) and new forces Weilai automobile, Xiaopeng automobile, ideal automobile, etc. In terms of parts and components, the beneficiary objects include Wuxi Best Precision Machinery Co.Ltd(300580) , Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Bethel Automotive Safety Systems Co.Ltd(603596) , Shinry Technologies Co.Ltd(300745) , Fuyao Glass Industry Group Co.Ltd(600660) , Tianrun Industry Technology Co.Ltd(002283) , Keboda Technology Co.Ltd(603786) , Hengdian Group Tospo Lighting Co.Ltd(603303) , China Automotive Engineering Research Institute Co.Ltd(601965) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Wencan Group Co.Ltd(603348) , Camel Group Co.Ltd(601311) , Shanghai Daimay Automotive Interior Co.Ltd(603730) , Shanghai Baolong Automotive Corporation(603197) , Iat Automobile Technology Co.Ltd(300825) , Huayu Automotive Systems Company Limited(600741) , Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , etc.
Risk tip: the macroeconomic recovery is less than expected, the demand for automobiles at home and abroad is less than expected, and the promotion of electrification is less than expected.
