Review of sales data: the passenger car production and sales data of March 2022 released by the passenger Federation: the retail sales volume of that month was 1.579 million, with a year-on-year increase of - 10.5% and a month on month increase of + 25.6%; The wholesale sales volume was 1.814 million vehicles, with a year-on-year increase of - 1.6% and a month on month increase of + 23.6%; The output was 1.823 million vehicles, with a year-on-year increase of - 0.3% and a month on month increase of + 22%. According to the statistics of the association, as of April 23, the sales volume of the month fell 39% year-on-year.
Affected by the epidemic and other adverse factors, retail sales were cold in March, and the year-on-year trend was weaker than that of wholesale, and the sales volume of independent brands increased against the trend. In March 2022, the retail sales volume of passenger cars reached 1.579 million, with a year-on-year ratio of - 10.5% and a month on month ratio of + 25.6%. Manufacturers sold 1.814 million wholesale vehicles, with a year-on-year ratio of - 1.6% and a month on month ratio of + 23.6%. The year-on-year decline in wholesale was significantly less than that in retail. This was mainly due to the weakening of consumption power under the influence of the epidemic, the changes in local management measures had a certain impact on logistics efficiency, and retail losses were large. In terms of structure, (1) 230000 luxury cars were retailed in March, with a year-on-year increase of - 14% and a month on month increase of + 43%, which failed to continue the trend in February; (2) The retail sales of self owned brands reached 750000 units, with a year-on-year increase of + 17% and a month on month increase of + 37%. Self owned brands have achieved significant growth in the new energy market, and the performance of leading enterprises has been differentiated. The brands of Byd Company Limited(002594) and other traditional automobile enterprises have increased significantly year on year; (3) The retail sales of joint venture brands reached 590000, with a year-on-year ratio of - 30% and a month on month ratio of + 9%, of which the Japanese share was 20%, year-on-year ratio of - 3PCT, the German share was 18%, year-on-year ratio of - 7pct, and the American share was 10%, year-on-year ratio of - 0.5pct.
The growth of new energy vehicles was good, and the penetration rate further rose to 28.2%. In March, the retail sales volume of new energy passenger vehicles reached 445000, with a year-on-year increase of + 137.6% and a month on month increase of + 63.1%, which was better than the trend in March over the years; The wholesale sales volume reached 455000 vehicles, with a year-on-year increase of + 122.4% and a month on month increase of + 43.6%, mainly due to the demand for replacement of traditional vehicles and the relatively mild epidemic prevention measures in the main selling cities, which promoted the sales volume of new energy vehicles. In mid March, Shanxi Guoxin Energy Corporation Limited(600617) retail penetration rate was 28.2%, up 17.6 percentage points year on year. Diversified new energy passenger vehicle market, Byd Company Limited(002594) pure electric and plug-in hybrid dual drive consolidate the leading position of independent brand new energy; The performance of traditional automobile enterprises represented by Saic Motor Corporation Limited(600104) and Guangzhou Automobile Group Co.Ltd(601238) is relatively outstanding. There are 13 enterprises with wholesale sales exceeding 10000 vehicles, of which Byd Company Limited(002594) (104000 vehicles), Tesla China (66000 vehicles) and SAIC GM Wuling (51000 vehicles) are the most prominent. In terms of models, the wholesale sales volume of pure electric vehicles in March was 371000, a year-on-year increase of + 116.8%; The sales volume of plug-in hybrid vehicles was 84000, a year-on-year increase of + 151.3%.
It is suggested that the general office of the State Council issue opinions on promoting consumption, and Guangdong Province, as one of the main regions of automobile consumption, takes the lead in issuing policies to support automobile consumption, which will help release the end consumption demand. Wholesale sales continued to pick up, the dealer inventory situation eased, and with the epidemic disturbance gradually subsided, automobile sales are expected to recover. The prosperity of independent brands in the head continues to rise. We suggest continuing to pay attention to Chongqing Changan Automobile Company Limited(000625) ( Chongqing Changan Automobile Company Limited(000625) . SZ), Great Wall Motor Company Limited(601633) ( Great Wall Motor Company Limited(601633) . SH / 2333. HK), Guangzhou Automobile Group Co.Ltd(601238) ( Guangzhou Automobile Group Co.Ltd(601238) . SH); It is suggested to pay attention to the comprehensive leader Huayu Automotive Systems Company Limited(600741) ( Huayu Automotive Systems Company Limited(600741) . SH), the subject of scarce lighting controller Keboda Technology Co.Ltd(603786) ( Keboda Technology Co.Ltd(603786) . SH), and the supplier of active and passive safety for intelligent driving Ningbo Joyson Electronic Corp(600699) ( Ningbo Joyson Electronic Corp(600699) . SH).
Risk tip 1. The risk of car sales not reaching the expectation. 2. The risk of adverse impact of rising raw material prices on profits. 3. Industrial chain risk caused by chip shortage. 4. The risk of the epidemic disturbing the production and marketing of automobiles.
