Last week’s market
Last Friday, the CSI 300 rose 1.11%, and the SW auto sector fell 3.41%, underperforming the market by 4.52 percentage points. Among them, the passenger car sector fell 1.19%; The commercial bus sector fell 2.25%; The commercial truck sector fell 4.96%; The auto parts sector fell 4.41%; The auto service sector fell 3.64%.
In terms of individual stocks, the top gainers are Kuangda Technology Group Co.Ltd(002516) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) , Shanghai Lisheng Racing Co.Ltd(002858) , Chengdu Haoneng Technology Co.Ltd(603809) , Sichuan Chuanhuan Technology Co.Ltd(300547) ; The largest declines were Ningbo Hengshuai Co.Ltd(300969) , Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Shanghai Baolong Automotive Corporation(603197) , Ningbo Fangzheng Automobile Mould Co.Ltd(300998) , Ningbo Jifeng Auto Parts Co.Ltd(603997) .
Industry news
1) the national development and Reform Commission and other seven departments jointly issued a document to gradually eliminate the purchase restrictions of local new energy vehicles; 2) The Ministry of industry and information technology made it clear that the preferential policy of new energy vehicle purchase tax will continue; 3) Ten departments: the charging support capacity was further improved at the end of the 14th five year plan to meet the charging demand of more than 20 million electric vehicles; 4) State Council: the proportion of newly added or updated electric vehicles such as logistics distribution shall not be less than 80%; 5) Shanghai: it will promote the planning and construction of hydrogen refueling stations in the city.
Company news
1) Sailun Group Co.Ltd(601058) : it is proposed to issue convertible bonds to raise no more than 2.06 billion yuan to invest in tire projects in Vietnam and Cambodia; 2) Anhui Zhongding Sealing Parts Co.Ltd(000887) : continuously obtain the fixed points of chassis lightweight assembly and thermal management pipeline assembly products; 3) Ningbo Huaxiang Electronic Co.Ltd(002048) performance forecast: net profit attributable to parent company in 2021: 1.189 ~ 1.317 billion yuan, with a year-on-year increase of 40% ~ 55%; 4) Iat Automobile Technology Co.Ltd(300825) performance forecast: the net profit attributable to the parent company in 2021 is 190 ~ 210 million yuan, with a year-on-year increase of 71.27% ~ 89.30%; 5) Contemporary Amperex Technology Co.Limited(300750) released the power exchange service brand evogo and officially entered the power exchange field.
Industry strategy and individual stock recommendation this week
According to the data of the passenger Federation, in the first two weeks of January, the retail sales of narrow passenger cars increased by 2% / 15% month on month, and the wholesale sales decreased by 2% / 9% month on month. It is expected to be mainly affected by the impulse of the main engine factory at the end of last year. Although there are short-term fluctuations in sales, the recovery trend of the industry is expected to continue in the future with the support of stock replenishment and demand replenishment. In terms of new energy vehicles, although there were some impulse factors before the decline of subsidies at the end of last year, and the short-term sales volume at the beginning of the year may fluctuate, considering that the orders delayed due to the shortage of chips last year are expected to be delivered successively this year, we are not pessimistic about the sales volume this year; Meanwhile, if the tax credit policy of up to US $12500 for electric vehicles and bicycles in the United States is subsequently passed in the Senate, it will significantly boost the sales expectation of electric vehicles in the United States. It is suggested to continue to pay attention to the latest progress of the event and the sales trend of electric vehicles in the United States. To sum up, we are optimistic about: 1) China’s entry into and binding with Tesla, Volkswagen and other international automobile enterprises, as well as companies with new car manufacturing forces and strong independent brand supply chain, such as Ningbo Tuopu Group Co.Ltd(601689) (601689), Ningbo Xusheng Auto Technology Co.Ltd(603305) (603305), Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) (002050), Contemporary Amperex Technology Co.Limited(300750) (300750), Huayu Automotive Systems Company Limited(600741) (600741), Anhui Zhongding Sealing Parts Co.Ltd(000887) (000887), Zhejiang Yinlun Machinery Co.Ltd(002126) (002126), Wencan Group Co.Ltd(603348) (603348); 2) Enterprises that enter the supply chain of leading battery manufacturers at home and abroad, such as Panasonic, lgenergysolution, Contemporary Amperex Technology Co.Limited(300750) and ferdi battery, such as Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450), Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659), Yunnan Energy New Material Co.Ltd(002812) (002812). In addition, we are optimistic about independent car companies that continuously improve their technology and stand out in the fierce competition, such as Byd Company Limited(002594) (002594), Yutong Bus Co.Ltd(600066) (600066).
In terms of smart cars, the current cooperation between technology giants and car enterprises continues to advance. In the future, China’s smart electric vehicle market will present a diversified competition pattern. With the subsequent significant increase in the supply of smart cars in China (a number of smart new models are expected to appear at this year’s Beijing auto show), the industrial development will accelerate, It is suggested to focus on two main lines: 1) thematic opportunities in Huawei’s automobile industry chain, such as Chongqing Changan Automobile Company Limited(000625) (000625), Guangzhou Automobile Group Co.Ltd(601238) (601238) and Baic Bluepark New Energy Technology Co.Ltd(600733) (600733); 2) The demand for cameras, millimeter wave radar, lidar and other sensors will continue to increase, and the penetration rate of intelligent lights / intelligent cockpit / air suspension will continue to increase. It is recommended to pay attention to Huizhou Desay Sv Automotive Co.Ltd(002920) (002920), Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) (601799), Keboda Technology Co.Ltd(603786) (603786), Shanghai Baolong Automotive Corporation(603197) (603197), Ningbo Tuopu Group Co.Ltd(601689) (601689).
Risk warning: policy fluctuation risk; Risk of chip shortage; The global covid-19 pneumonia epidemic control was less than expected; The electric transformation of Chinese and international car enterprises is less than expected; The promotion of new energy and intelligent networked vehicles was lower than expected.
