Key investment points
Overall: last week (20220110-20220116), the CSI 300 rose or fell by – 1.98%, the growth enterprise market rose or fell by + 0.73%, and the automotive industry rose or fell by + 1.15%, ranking No. 4 in 30 industries at the first level of CITIC.
Industry segmentation: Auto Parts ranked first with a weekly increase or decrease of + 4.13%, and truck industry ranked last with a weekly increase or decrease of – 3.74%.
Concept sector: Geely concept and Tesla ranked first with weekly increases and decreases of + 2.88% and + 2.77% respectively, and ethanol gasoline and fuel cell industries ranked last with weekly increases and decreases of – 4.27% and – 2.87% respectively.
Stocks: 120 stocks in the automotive industry (CITIC) achieved positive returns last week (20220110-20220116). Among them, Ningbo Hengshuai Co.Ltd(300969) ranked first with an increase or decrease of + 35.08%, and Zotye Automobile Co.Ltd(000980) ranked last with an increase or decrease of – 18.59%.
Valuation: as of January 14, 2022, the PE (TTM) of the automotive industry (CITIC class I) was 42.78 and that of new energy vehicles was 63.77.
Industry highlights
1) AFS: in 2021, the global automobile production was reduced by 10.2 million due to chip shortage;
2) in 2021, the retail sales of new energy vehicles will be 2.989 million, with a penetration rate of 14.8%;
3) LG new energy plans to build a 60000 ton NCMA cathode material factory in South Korea with 2.67 billion yuan;
4) in 2021, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume is 154.5gwh Contemporary Amperex Technology Co.Limited(300750) , accounting for 52.1% of the city.
Investment advice
In terms of industry, on January 12, China Automobile Association released China’s automobile production and sales data for 2021. In 2021, 26.082 million and 26.275 million vehicles were produced and sold, with a year-on-year increase of 3.4% and 3.8%. The export of automobiles was 2.015 million, a year-on-year increase of 100%, of which the export of new energy automobiles was 310000, a year-on-year increase of 300%. In the market, the rise in raw material prices superimposed the end of the annual cycle of new energy at the end of the year, and the recent decline in the new energy sector with high valuation was more obvious. Recently, it is suggested to pay attention to the growth of truck employment cycle in spring, the recovery of passenger vehicle enterprises greatly affected by chips in the early stage, and core parts enterprises, such as Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) , Huayu Automotive Systems Company Limited(600741) , Sinotruk Jinan Truck Co.Ltd(000951) , Weichai Power Co.Ltd(000338) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Avic Jonhon Optronic Technology Co.Ltd(002179) .
Risk tips
Economic growth is lower than expected; Car sales are lower than expected; Covid-19 pneumonia continued to spread.
