Key investment points
Core view of this week: on January 21, Byd Company Limited(002594) official news, due to the sharp rise in raw material prices and the decline of new energy vehicle purchase subsidies, Byd Company Limited(002594) vehicles will adjust the official guidance prices of new energy models related to dynasty.com and ocean.com by 1000-7000 yuan. The price adjustment will take effect on February 1. Customers who pay a deposit before that will not be affected by the price adjustment. Prices of a series of new energy vehicles including Byd Company Limited(002594) have increased one after another, indicating that the current terminal demand for new energy vehicles is booming, the impact of the price rise of upstream raw materials and the decline of subsidies is transmitted smoothly to the downstream demand, and the new energy vehicle industry is still in a high boom stage. We recommend three main lines:
(1) independent brand leaders with strong new product cycle: Great Wall Motor Company Limited(601633) , Byd Company Limited(002594) .
(2) parts enterprises closely related to the electric intelligent industrial chain with high growth certainty: Huizhou Desay Sv Automotive Co.Ltd(002920) , Guangdong Senssun Weighing Apparatus Group Ltd(002870) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Shandong Linglong Tyre Co.Ltd(601966) .
(3) heavy truck enterprises with increasing market share and expected to usher in a performance inflection point: Sinotruk Jinan Truck Co.Ltd(000951) .
According to the data of the passenger Federation: it is estimated that 63000 vehicles are retailed on the second Sunday of January, a year-on-year decrease of 2%, and the performance is relatively stable; On the second Sunday, 58000 vehicles were wholesale, flat year-on-year. Due to the obvious improvement of production and sufficient supply in the fourth quarter of last year, and the increase of terminal promotion of some models, retail sales rebounded significantly in January and continued to strengthen compared with the beginning of 2021. Due to the advance of the Spring Festival in 2022, the enthusiasm of catalyzing goods preparation and increasing inventory has driven the growth of wholesale. Some auto companies made a hard sprint last December, so the first two weeks of January didn’t start very well.
Important information: Tesla Model y made in Germany may be delivered in March; Wayve, a British autopilot company, received an investment of US $200 million from Microsoft and others; The domestic model 3 cockpit entertainment system is replaced with AMD chip; The first Volkswagen model in Anhui will be put into operation in the second half of 2023; Xiao Ma Zhihang discloses the design of the next generation automatic driving system. Strategic cooperation between mainline technology and Tanwei technology; Botai car networking and FAW Pentium set up a joint R & D and operation center; Huayang general uses QNX to build cockpit domain controller; Krypton established Shanghai intelligent R & D center.
Important announcement: Zhejiang Asia-Pacific Mechanical & Electronic Co.Ltd(002284) : the company recently received a fixed-point notice from a large automobile group in China to develop and produce the electronic parking actuator assembly of an SUV model; Anhui Zhongding Sealing Parts Co.Ltd(000887) : Chengdu WANGJIN, a subsidiary of the company, has become a batch supplier of chassis lightweight assembly products for a new energy platform project of a head brand main engine factory in China. The life cycle of the project is 5 years, and the total amount of the life cycle is about 1.211 billion yuan; Iat Automobile Technology Co.Ltd(300825) : the net profit attributable to the parent company in 2021 is expected to be about 190 million yuan to 210 million yuan (+ 71.3 ~ 89.3%); Landai Technology Group Corp.Ltd(002765) : the net profit attributable to the parent company in 2021 is expected to be about 200 million yuan to 230 million yuan (+ 2491 ~ 2879%).
Last week’s market review: last week, the Shanghai Composite Index, Shenzhen Component Index and Shanghai and Shenzhen 300 rose and fell by + 0.04%, – 0.86% and + 1.11% respectively. The auto sector fell 3.41%, with weak performance. All sub sectors of automobile showed a decline, of which the passenger car sector had the smallest decline, down 1.19%, and the auto parts sector had the largest decline, down 4.41%.
New car listing statistics: five new cars were listed last week, including Versailles C5 x year of the tiger, Volvo XC60 plug-in hybrid, Volvo S90 plug-in hybrid, Porsche Cayenne platinum version and FAW Toyota Corolla Ruifang.
Risk warning: the price of upstream raw materials has risen sharply; The impact of the shortage of automotive chips; Weak economic growth affects automobile demand.
