Key investment points:
Investment suggestions: 1) in April 2022, China’s automobile sales volume was 1181000, with a year-on-year increase of – 47.6%. From January to April, the cumulative sales volume was 7.691 million, with a year-on-year increase of – 12.1%. Due to the impact of the epidemic situation and changes in local management measures on Logistics efficiency, the automobile industry is under short-term pressure. However, with the mitigation of the epidemic situation and the resumption of production of enterprises, it is expected that the production and sales volume of the industry is expected to make up, superimposed on the introduction of local policies to stimulate automobile consumption, RMB devaluation Shipping costs are down, and the industry performance is expected to pick up. It is suggested to pay attention to front-line independent vehicle enterprises and high-quality parts suppliers. 2) New energy vehicles: in April 2022, the sales volume of new energy vehicles was 299000, with a year-on-year increase of 44.6%. From January to April, the cumulative sales volume was 1556000, with a year-on-year increase of 112.2%. On May 20, Byd Company Limited(002594) released CTB battery body integration technology and the first e-platform 3.0 model equipped with CTB technology – seal. Compared with traditional CTP technology, CTB technology further integrates the battery cover and underbody, and the volume utilization rate is increased to 66%, realizing the high integration of body and battery system, and improving the strength, stiffness and safety performance of the whole vehicle. CTP, CTB The technological innovation of power batteries such as Kirin battery will further consolidate the competitive strength of enterprises. At present, the impact of the epidemic is gradually weakened, and the industry is showing a warming trend. It is suggested to pay attention to the investment opportunities of new technological innovation of leading enterprises.
Market review: last week, the automobile (Shenwan) industry index rose 4.42%, outperforming the Shanghai and Shenzhen 300 index by 2.19 percentage points. Among them, the key subdivided industries rose or fell by 5.78% for passenger cars, 9.63% for commercial vehicles and 2.98% for auto parts. The new energy vehicle index rose 5.94%, outperforming the CSI 300 index by 3.70 percentage points. Among them, the rise and fall of key sub industries in the week were 6.64% for power battery, 9.17% for lithium positive electrode, 5.42% for lithium negative electrode, 4.16% for lithium diaphragm and 6.86% for electrolyte.
Industry trends: 1) the Ministry of industry and information technology vigorously promotes the smooth automobile supply chain, and the annual automobile production and sales are expected to grow steadily; 2) Publicity of financial subsidy distribution scheme for electric vehicle charging infrastructure in Guangdong Yunfu in 2021; 3) Henan: by 2025, the province will strive to build a 300 billion level new energy vehicle industry cluster
Company dynamics: 1), Anhui Zhongding Sealing Parts Co.Ltd(000887) : Announcement on obtaining the supplier’s project designation letter; 2) Wencan Group Co.Ltd(603348) : Announcement on signing strategic cooperation framework agreement; 3) Rayhoo Motor Dies Co.Ltd(002997) : Announcement on the subsidiary’s intention to purchase assets through public bidding and related party transactions; 4) Eve Energy Co.Ltd(300014) : Announcement on signing the investment agreement with the Management Committee of Yuxi high tech Industrial Development Zone of Yunnan Province; 5) Cngr Advanced Material Co.Ltd(300919) : Announcement on signing the joint venture agreement of laterite nickel smelting high matte (Indonesia) project between the wholly-owned subsidiary and rigqueza; 6) Shenzhen Center Power Tech.Co.Ltd(002733) : Announcement on foreign investment and establishment of subsidiaries
Risk factors: the sales volume of vehicles is lower than expected, the sales volume of new energy vehicles is lower than expected, and the policy is lower than expected.
