Sales were cold in April, and the impact of the epidemic exceeded expectations
In April 2022, the retail sales volume of passenger cars in China was 1.042 million, a year-on-year increase of - 35.5%; 946000 vehicles were sold wholesale, with a year-on-year increase of - 43.0%. The inhibition of the epidemic on automobile production and demand was further deepened.
The penetration rate of new energy is 27%, which is still strong year-on-year
In April, the retail sales volume of new energy passenger vehicles reached 282000, with a year-on-year increase of + 78.4% and a month on month decrease of - 36.5%; The wholesale sales volume reached 280000 vehicles, a month on month increase of - 38.5%. The monthly penetration rate of new energy is strong, mainly due to the increase of expected selling price, which leads to the advance of some consumer demand. It is expected that the penetration rate will still perform well in May.
Byd Company Limited(002594) bucked the trend, and the new forces in the second tier surpassed
Byd Company Limited(002594) the retail sales volume of passenger cars exceeded 100000, with a contrarian growth of + 138.4% year-on-year, winning the sales champion in April. The second-line new forces are less affected by the epidemic and have a strong upward momentum.
PHEV passenger car sales increased year-on-year and became more resilient
The retail sales of new energy PHEV passenger vehicles reached 70000, with a year-on-year increase of + 128.8%. While the industry as a whole was greatly affected, the decline in PHEV sales was smaller, showing stronger toughness.
The independent brand is commendable, and the sales volume exceeds half of the country
In April, the sales volume of independent brand passenger cars was 551000, and the penetration rate reached a high of 57.1%, the highest in a single month in recent two years.
Investment strategy
The epidemic situation and its sealing and control have a great impact on the supply chain, automobile enterprise production and terminal delivery. It is expected that the obstruction of supply chain and logistics in late May is expected to be gradually alleviated. We are optimistic about the release prospect of annual automobile consumption demand and sales volume after the epidemic. Focus on Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) , Guangzhou Automobile Group Co.Ltd(601238) and ideal cars, and recommend Zhejiang Songyuan Automotive Safety Systems Co.Ltd(300893) , Zhejiang Yinlun Machinery Co.Ltd(002126) and Keboda Technology Co.Ltd(603786) .
Risk tips
Macroeconomic pressure leads to shrinking market demand; The improvement of chip short supply is less than expected; The price of raw materials continues to rise; Repeated outbreaks have exacerbated the disturbance of the industrial chain.
