Huaan Securities: It is expected that the sales growth rate of the domestic automobile market will be 8%-10% in 2022.

Huaan Securities pointed out that in the short term, the degree of lack of core has gradually eased, the industry has entered the recovery stage, and with the gradual improvement of the industry will enter the stage of adding inventory, industry-related companies are expected to benefit. In the medium and long term, under the reshaping of business models, the profitability level of car companies and the margin of imagination space are upward, and the industry valuation system has shifted from traditional manufacturing to "platform + software" enterprises, and the high valuation in the early stage of change is reasonable. Independent brands have made rapid breakthroughs in the sales of terminal hardware and have rich reserves at the software level based on autonomous driving, and are expected to fully enjoy dividends in the industry change. It is recommended to pay attention to independent brand vehicle companies: Great Wall Motor, BYD, Geely Automobile, Changan Automobile, etc.