Data of this week: new energy vehicle enterprises have raised prices one after another, and bulk prices continue to decline
New energy vehicle enterprises have raised prices one after another, and the cost pressure is gradually transmitted to the terminal. This week, Dongfeng EX1 and FAW Volkswagen id.crozz series announced price increases, and the cost pressure was gradually transmitted to the terminal.
The price of main raw materials decreased slightly this week. The average prices of cold-rolled sheet, hot-rolled coil, aluminum, copper, natural rubber and polypropylene, the main raw materials of automobile and supply chain, were - 1.3%, - 2.0%, + 2.5%, - 0.1%, + 3.8% and - 1.6% respectively this week; The average price in the past month was 0.2%, - 3.5%, - 7.4%, - 1.8%, - 5.2%, - 1.5% month on month, respectively.
This week's view: continue to be optimistic about independent rise + electric intelligence + motorcycle
Great changes have taken place in automotive intelligent and electric vehicles, reshaping the industrial order and looking forward to the golden decade of the automotive industry. Core portfolio of this month [ Bethel Automotive Safety Systems Co.Ltd(603596) , Byd Company Limited(002594) , Ningbo Tuopu Group Co.Ltd(601689) , Suzhou Sonavox Electronics Co.Ltd(688533) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Wencan Group Co.Ltd(603348) , Zhejiang Cfmoto Power Co.Ltd(603129) ].
Passenger cars: the resumption of work and production has accelerated, and the wholesale sales of passenger cars have improved rapidly. According to the data of major manufacturers of the Federation of passenger cars, the average daily wholesale of passenger cars in the first two weeks of May was - 23.2% year-on-year, of which the independent improvement was significant, with a daily average of + 0.3% year-on-year. Firmly optimistic about the independent rise, realize the brand improvement and increase the market share through reform, recommend [ Byd Company Limited(002594) , Geely Automobile h, Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) ], and benefit the target [Xiaopeng automobile h, ideal automobile H].
Parts: Electric Intelligence reshapes the industrial order, rapid performance growth + new fixed-point catalysis, and firmly look at many parts. Intellectualization will be the core theme of this year. Intelligent driving and intelligent cockpit will accelerate together, and we are optimistic about the accelerated penetration of acoustics + chassis by wire + domain controller; Electrification accelerates the development of lightweight, Tesla leads the integrated die casting, and improves the industry concentration while increasing the industry expansion. It is recommended to select the target from the customer dimension (new forces and other industrial chains) + product dimension (incremental parts), and the two-dimensional resonance is the best.
1. Customer dimension:
Compared with the traditional fuel vehicle, the iteration speed of the new force model is faster, the verification cycle of the supply chain is shortened, and the supply chain tends to be flattened, driving the performance growth curve of the industrial chain company to become steeper. Recommend Tesla + new forces industrial chain: [ Ningbo Tuopu Group Co.Ltd(601689) , Jiangsu Xinquan Automotive Trim Co.Ltd(603179) , Suzhou Sonavox Electronics Co.Ltd(688533) , Wuxi Longsheng Technology Co.Ltd(300680) , Wencan Group Co.Ltd(603348) ], beneficiary [ Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
2. Product dimension:
The transformation of smart electric will reshape the brand power and product power. All vehicle enterprises continue to increase the configuration of smart electric, so as to improve the market share and improve the brand:
1) intelligent increment: intelligent driving - [ Huizhou Desay Sv Automotive Co.Ltd(002920) , Bethel Automotive Safety Systems Co.Ltd(603596) , Jingwei hengrun-w], the beneficiary object [Nextel]; Smart cockpit: Acoustics - [ Suzhou Sonavox Electronics Co.Ltd(688533) ], smart seat - [ Ningbo Jifeng Auto Parts Co.Ltd(603997) , Shanghai Yanpu Metal Products Co.Ltd(605128) ], ceiling glass - [ Fuyao Glass Industry Group Co.Ltd(600660) ], lights - [ Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Keboda Technology Co.Ltd(603786) ] ( Huizhou Desay Sv Automotive Co.Ltd(002920) , Fuyao are jointly covered with computer group and building materials group respectively);
2) electrification increment: three power [ Byd Company Limited(002594) , Wuxi Longsheng Technology Co.Ltd(300680) ]; New energy heat management [ Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Yinlun Machinery Co.Ltd(002126) ], beneficiary [ Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) ]; Lightweight [ Wencan Group Co.Ltd(603348) , Ikd Co.Ltd(600933) , Ningbo Tuopu Group Co.Ltd(601689) , Bethel Automotive Safety Systems Co.Ltd(603596) ], benefiting from [ Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Ningbo Xusheng Auto Technology Co.Ltd(603305) ].
Motorcycles: according to the data of China Automobile Association, China's medium and large displacement motorcycles sold 38000 in April, with a year-on-year increase of + 20.5% and a month on month increase of + 14.3%. From January to April 2022, 120000 vehicles were sold, with a year-on-year increase of + 40.5%. Medium and large displacement motorcycles represent the direction of consumption upgrading, with huge market potential. The share will be concentrated in independent and joint venture brands with outstanding brand strength, leading powertrain technology and perfect channel layout. [ ɛɛ], recommended 603ɛɛɛɛ, subject matter of .
This week's market: overall stronger than the market, led by the bus sector
This week, the A-share auto sector rose by 5.5% (weighted average of current market value, the same below), ranking fourth in shenwanzi industry, with a stronger performance than CSI 300 (up 2.1%). Among the segments, passenger cars, other transportation equipment, trucks, passenger cars, automobile services and auto parts increased by 15.1%, 11.0%, 7.6%, 6.7%, 5.4% and 3.3% respectively.
Risk tips
Shortage of chip supply in automobile industry; Fluctuations in raw material costs exceed expectations; The demand of automobile terminal industry is less than expected; Automobile export sales were lower than expected.
