Key investment points
Overall: last week (2022041820220424), the CSI 300 rose or fell by – 4.19%, the gem rose or fell by – 6.66%, and the automotive industry rose or fell by – 2.73%, ranking sixth in 30 industries at the first level of CITIC.
Industry segments: motorcycles and others ranked first with a weekly increase or decrease of + 2.70%, and the truck industry ranked last with a weekly increase or decrease of – 7.51%.
Concept sector: Geely concept and Tesla ranked first with weekly increases and decreases of + 1.50% and – 3.98% respectively, and Contemporary Amperex Technology Co.Limited(300750) , lithium battery industry ranked last with weekly increases and decreases of – 7.76% and – 7.15% respectively.
Stocks: 43 stocks in the automotive industry (CITIC) achieved positive returns last week (2022041820220424). Among them, Ningbo Shuanglin Auto Parts Co.Ltd(300100) ranked first with an increase or decrease of + 37.32%, and Xuzhou Handler Special Vehicle Co.Ltd(300201) ranked last with an increase or decrease of – 22.49%.
Valuation: as of April 22, 2022, the PE (TTM) of the automotive industry (CITIC class I) was 33.27 and that of new energy vehicles was 40.15.
Industry highlights
1) the Ministry of industry and information technology has set up 666 “white list” enterprises operating in Shanghai, including Tesla and SAIC;
2) Ningbo Shanshan Co.Ltd(600884) cathode material subsidiary plans to introduce Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and other war investments;
3) Gotion High-Tech Co.Ltd(002074) will supply batteries to Geely commercial vehicles;
4) passenger Federation: the retail sales volume of narrow passenger cars in April is expected to be 1.1 million, a year-on-year decrease of 31.9%. Raw material price
According to the data of Baichuan information, the yuan material market was temporarily stable on Wednesday, and the cost of raw materials was reduced. The price of lithium iron phosphate is temporarily stable this week, and the production and sales of new energy vehicles will continue in large quantities. This week, China’s lithium battery cathode material market increased slightly, mainly in the middle and low-end product market. The demand for power battery grade PVDF remains high.
Investment advice
Since March, the covid-19 epidemic has spread in many places, and the number of locally confirmed cases and asymptomatic infections has increased. In particular, the epidemic in Shanghai, the main automobile parts production area, has had a great impact on logistics and parts, which is expected to affect automobile production and sales in April. At present, the market valuation is relatively low. It is recommended to pay attention to new energy vehicle and core battery parts enterprises, such as Byd Company Limited(002594) , Beijing Easpring Material Technology Co.Ltd(300073) , beiteri, Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Shenzhen Senior Technology Material Co.Ltd(300568) , Yunnan Energy New Material Co.Ltd(002812) .
Risk tips
Economic growth is lower than expected; Car sales are less than expected; Covid-19 pneumonia continued to spread.
