Key investment points
Overall: last week (2022042520220501), the CSI 300 rose or fell by + 0.07%, the gem rose or fell by + 0.98%, and the automotive industry rose or fell by – 1.29%, ranking 12th in 30 industries at the first level of CITIC.
Industry segments: motorcycles and others ranked first with a weekly increase or decrease of + 1.08%, and automobile sales and service industry ranked last with a weekly increase or decrease of – 6.93%.
Concept sector: new energy vehicles and Contemporary Amperex Technology Co.Limited(300750) industrial chain index ranked first with weekly increases and decreases of – 0.05% and – 0.32% respectively, while smart parking and automotive aftermarket industries ranked last with weekly increases and decreases of – 9.04% and – 6.25% respectively.
Stocks: 27 stocks in the automotive industry (CITIC) achieved positive returns last week (2022042520220501). Among them, Wencan Group Co.Ltd(603348) ranked first with a rise and fall of + 26.17%, and Zhejiang Changhua Auto Parts Co.Ltd(605018) ranked last with a rise and fall of – 26.85%.
Valuation: as of April 29, 2022, the PE (TTM) of the automotive industry (CITIC class I) was 31.23 and the PE (TTM) of new energy vehicles was 38.32.
Industry highlights
1) Xiaoma Zhixing has obtained the first taxi business license granted to an automatic driving enterprise in China;
2) Beijing allows self driving vehicles, and Baidu and other “no one behind the steering wheel” have been approved in the first batch.
Raw material price
On Wednesday, the market price of Yuan materials fell, and the cost pressure of enterprises decreased. The price of lithium iron phosphate was temporarily stable this week. This week, the market price of lithium battery cathode materials in China rose to maintain stability. This week, the average price of China’s electrolyte market weakened, and the downstream demand continued to be weak. The market price of diaphragm remains unchanged this week.
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.
