Talk every Monday: the reshuffle of new energy industry intensifies
In April 2022, although new energy vehicles were also affected by the epidemic, they still maintained a rapid development trend Byd Company Limited(002594) maintained a strong performance, accounting for 28.7% of the market, and has achieved dominance. Chery has achieved good sales with ant and QQ ice cream. Geely Automobile launched Kungfu cow EX3 to obtain hot sales. With the brand of krypton 001 and Ruilan, the new energy sector blooms everywhere. Affected by the shutdown of black cat and white cat low-end new energy vehicles, the sales volume of Great Wall fell by 0.5%. SAIC passenger cars were the most seriously affected by the epidemic in Shanghai, with sales falling by 19.5%. The total market share of the top 15 auto companies increased slightly to 82.4%, compared with 81.7% in 2021.
With the increase of sales and models, the competition between new forces of car making intensifies. Ideal and Xiaopeng have successively launched high-end suvl9 and G9 to compete with Weilai’s high-end products. On the other hand, Weilai is also sinking rapidly. Its new medium and high-end brand intelligent electric vehicle products have settled in Hefei and entered the market of 20 Fawer Automotive Parts Limited Company(000030) 0000. Ideal car will also launch 20 Fawer Automotive Parts Limited Company(000030) 0000 pure electric models in 2023. The new action of ideal and Wei Lai will inevitably put Xiao Peng to the test.
Of course, the competition of new energy vehicles is not just between Wei and Xiaoli. The cruel industry reshuffle has begun. Old car companies such as BBA, Toyota and Honda, and technology companies such as Xiaomi, Huawei and Baidu also joined the scuffle. The new energy vehicle track is gradually crowded, and there are more and more strong players. The era of taking product quality and technology as the core competitiveness has come.
Market review:
As of the closing on May 20, the auto sector was 4.4% and the CSI 300 index was 2.2%. The increase of the auto sector was 2.2 percentage points higher than that of the CSI 300 index. From the sector ranking, the auto industry ranked fourth among the 31 sectors of Shenwan last week, with excellent performance. Since the beginning of the year, the automobile sector has been – 18.5%, ranking 19th among the 31 sectors of Shenwan.
Performance of weekly rise and fall of sub sectors: most sectors rose, with commercial passenger cars (12.7%), other transportation equipment (9.1%) and commercial trucks (8.4%) leading the rise, and body accessories and accessories (- 0.3%) being the only falling sector.
Up and down performance of sub sectors since the beginning of the year: most sectors fell to varying degrees, with electric passenger vehicles (7.3%) being the only rising sector, with automotive electronic and electrical systems (- 31%), commercial trucks (- 27.1%) and tire hubs (- 26.8%) leading the decline.
Top five gainers and Losers: Zhongtong Bus Co.Ltd(000957) , soling shares, Zhejiang Zomax Transmission Co.Ltd(603767) , Guilin Fuda Co.Ltd(603166) , Anhui Ankai Automobile Co.Ltd(000868) .
The top five in terms of rise and fall: Guangzhou Tongda Auto Electric Co.Ltd(603390) , Nanjing Aolian Ae&Ea Co.Ltd(300585) , Ningbo Shuanglin Auto Parts Co.Ltd(300100) , Ningbo Tianlong Electronics Co.Ltd(603266) , Ningbo Fangzheng Automobile Mould Co.Ltd(300998) .
Investment strategy and key recommendations this week:
The automobile sector should pay attention to the opportunities brought by the performance improvement of the leading enterprises of undervalued complete vehicles and parts, and the core target of the high-quality track of new energy electrification and intelligence. Therefore, we suggest to pay attention to: independent automobile enterprises with first mover advantages in the field of new energy, such as Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) , Guangzhou Automobile Group Co.Ltd(601238) , ideal automobile, Xiaopeng automobile, etc; Leaders in undervalued parts with stable performance, such as Huayu Automotive Systems Company Limited(600741) , Ningbo Joyson Electronic Corp(600699) , Fuyao Glass Industry Group Co.Ltd(600660) , etc; Electric and intelligent core targets of high-quality track, such as Foryou Corporation(002906) , Huizhou Desay Sv Automotive Co.Ltd(002920) , Suzhou Recodeal Interconnect System Co.Ltd(688800) , Keboda Technology Co.Ltd(603786) , Bethel Automotive Safety Systems Co.Ltd(603596) , etc; Beneficiary shares of domestic substitution concept, such as Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Suzhou Sonavox Electronics Co.Ltd(688533) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , etc; The pulling effect of strong vehicle enterprises on core parts, such as Ningbo Tuopu Group Co.Ltd(601689) , Wencan Group Co.Ltd(603348) , Ningbo Xusheng Auto Technology Co.Ltd(603305) , etc. Recommended combination this week: Byd Company Limited(002594) 20%, Huizhou Desay Sv Automotive Co.Ltd(002920) 20%, Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) 20%, Fuyao Glass Industry Group Co.Ltd(600660) 20% and Ningbo Tuopu Group Co.Ltd(601689) 20%.
Risk tip: the car sales volume is lower than expected; The implementation of stimulus policies for the automobile industry was less than expected; The risk of intensified market competition; Risk of shortage of key raw materials such as chips and rising cost of raw materials; The epidemic control was less than expected.
