Introduction: In this week of "dark" clouds, most of the auto stocks have weakened, but there is no shortage of people who have turned red with their performance against the trend.
【Key Points】
The stock price of the passenger car sector fell by an average of 4.12% in a week, the largest decline, and the market value evaporated by about 140 billion yuan;
The new energy & intelligent sector performed strongly, with stock prices rising 3.6% and a market value increase of 45.8 billion yuan;
The stock prices of dealer groups and parts sectors fell by an average of 3.25% and 2.06%, and the market value evaporated by more than 10 billion yuan;
The share price of the commercial vehicle sector fell by an average of 1.88%, and the market value evaporated by nearly 6 billion yuan.
In the 8th week of 2022, in the context of the severe situation between Russia and Ukraine, the global stock market was shrouded in panic, and on the 24th, the Moscow Stock Exchange continued to fall until it was circuitized after the opening of the market, the European stock market collectively opened sharply, and the Asian stock market also retreated one after another.
As of last week's close, the shanghai composite index, the Shenzhen component index and the Hang Seng index, which have long been concerned by the automotive K-line, closed down 1.13%, 0.35% and 6.41% respectively; at the same time, the stock prices of the 69 auto industry-related listed companies on the record fell by an average of 1.31%, and the total market value evaporated by about 123.6 billion yuan.
Although the new energy & intelligent sector has maintained positive growth, it is still not as strong as other sectors.
From the perspective of the overall list, only 24 stocks rose this week, as many as 50 stocks fell, GUANGZHOU AUTOMOBILE Group H shares and Dongan Power stock prices were flat for one week, brilliance China and Rundong Automobile continued to suspend trading.
Relatively speaking, the strongest performer this week was Yahua Group, up 29.63%; Shanshan shares and Autohome U.S. stocks both rose by more than 10%, entering the top three of the overall list.
In terms of declines, Hong Kong stocks have become the "hardest hit areas", of which Xiaopeng Automobile H shares fell by 12.26%, Wuling Automobile and Weilai fell by more than 9% in one week, and Geely Automobile and Great Wall Motor H shares also fell significantly.
Below, the automotive candlestick divides the stocks on the record into five major sectors and analyzes them one by one.
01 Passenger cars: BYD led the rise with a slight advantage, and the market value of the top three new forces evaporated by nearly 80 billion
In the eighth week of 2022, the stock prices of 18 listed companies in the (passenger car) vehicle sector fell by an average of 4.12%, and the market value evaporated by 140.2 billion yuan, of which only 4 stocks rose and the increase was limited.
Specifically, BYD ranked first with an increase of 2.01%, mainly up 6% on the 23rd; as of the close of trading at 247.84 yuan / share on the 25th, the market value increased to 721.5 billion yuan.
On February 26, the joint venture battery project between BYD and FAW Group officially started construction in Changchun, with a total investment of 13.5 billion yuan and a total production capacity of 45GWh. After the project is completed and put into operation, it can meet the configuration needs of 600,000 electric vehicles per year, and after all production, it can meet the supporting needs of 1 million new energy vehicles.
In addition, BYD delivered 172 pure electric buses to the Bogotá Municipal Government and the Municipal Public Transport Authority last week, which means that BYD's current bid for the largest overseas pure electric bus order has begun to be delivered in batches.
It is true that compared with traditional car companies and new car-making forces, BYD has the most bottom cards in its hands, power batteries, pure electric buses, and even cloud rail yunba, not everyone has both.
In addition to BYD, the rise of individual stocks in the sector that turned red was very limited, less than 1%. Among them, Jianghuai Automobile rose by 0.36%, and Guangzhou Automobile Group A shares and Changan Automobile rose by 0.23%.
On the news side, Jianghuai Automobile disclosed on February 25 that it received 52.4288 million yuan of government subsidies; regarding Changan Automobile, it said at a recent investor relations event that Chongqing Changan New Energy will launch 3 new products in the year, with a sales target of 700,000 vehicles in 2025; in the second quarter of this year, Avita 11 will be officially released, the first batch of mass production and user delivery in the third quarter; in the next 5 years, Avita plans to release 4 new cars.
In addition, it is worth mentioning that according to the proposal of the shareholders' meeting of Changan Automobile, the investment plan of the company and its holding subsidiaries in 2022 is about 8.05 billion yuan, of which the investment in fixed assets is 3.25 billion yuan, mainly concentrated in the adjustment of new energy production capacity and the launch of new products; equity investment is 4.8 billion yuan, mainly supporting independent new energy brands, double upgrading of scale, and expansion of overseas markets.
At present, the new energy vehicle business is indeed a short board of Changan Automobile, and it is necessary to step up to catch up.
In terms of decline, last week's Xiaopeng Automobile H-shares ranked at the bottom of the passenger car sector and the total list with a decline of 12.26%, closing at HK$136 per share as of the 25th, and the market value evaporated by HK$32.5 billion.
This may be related to the recent delay in the delivery of P5 models of Xiaopeng Motors. In this regard, although Xiaopeng Automobile apologized, it did not give an accurate delivery time, nor did it have any compensation plan.
The epidemic, chips, and batteries are facing severe challenges for new energy vehicle manufacturers.
The same is true of Weilai, the stock price refreshed the 52-week minimum of $18.47 / share on the 24th, the stock price fell by 9.78% in one week, and the market value shrank by more than 20 billion yuan; while the US stock and H shares of Ideal Automobile fell by 2.31% and 5.52% respectively.
On February 25, Ideal Auto released its fourth quarter and full year results. In 2021, Ideal Auto's vehicle sales revenue was 26.13 billion yuan, an increase of 181.5% year-on-year; gross profit margin was 21.3% (2020: 16.4%); and net loss for the whole year was 320 million yuan (2020: -150 million yuan), doubling the loss.
At the same time, ideal automobile's research and development expenses reached 3.29 billion yuan in 2021, an increase of 198.8% over the 1.1 billion yuan in 2020; in addition, operating expenses, sales, general and administrative expenses also more than tripled.
For the first quarter of 2022, Ideal Auto expects to deliver 30,000-32,000 units; total revenue is between $8.84 billion and $9.43 billion.
Whether it is BYD leading the rise with a slight advantage, or the three forces of car manufacturing collectively turning green, it reflects that the development of new energy vehicles is actually encountering some common problems, and the stock price and market value are also significantly adjusting.
Last week, Geely Automobile fell 9%, and its market value evaporated by about 12 billion yuan, entering the top three declines. On the 24th, the stock refreshed the intraday minimum of 14.9 Hong Kong dollars per share in 52 weeks. Considering that Geely Automobile is the innovation of the Geely brand or the good momentum of the Lynk & Co brand, it is really strange that the stock price has fallen below 15 yuan / share.
Overall, the passenger car segment was sluggish.
02 Dealers: Autohome released results, and the performance of US stocks and H shares was different
In the eighth week of 2022, the share price of the auto dealer group segment fell by an average of 3.25%, and the market value evaporated by 12.58 billion yuan. Among them, only the two stocks of Autohome U.S. stocks and China National Machinery Automobile turned red.
Specifically, Autohome's U.S. stocks rose 10.8% and closed at $30.26 per share as of the 25th. The stock refreshed the 52-week low of $25 / share in the 24th intraday, but it rose sharply by 11.5% on the 25th.
On the evening of the 24th, Autohome disclosed that its net income in the fourth quarter of 2021 was 1.694 billion yuan, a year-on-year decrease of 31.8%; the net profit attributable to the company was 268 million yuan, a year-on-year decrease of 76.6%. For the whole year of 2021, Autohome's net income was 7.237 billion yuan, a decrease of 16.4% year-on-year; net profit was 2.249 billion yuan, a year-on-year decrease of 33.96%.
It is worth noting that in 2021, Autohome media service revenue fell by 41.78% to 2.011 billion yuan; lead services decreased by 6.58% to 2.988 billion yuan; while online marketing and other revenue rose by 11.6% to 2.237 billion yuan.
For the shrinking revenue of the first two businesses, Autohome said that the reason is that car companies adjust advertising budgets, resulting in a decrease in the average revenue contributed by advertisers in car companies, and a decrease in dealer marketing investment. In fact, I am afraid it is not so simple.
Autohome H shares last week were contrary to the trend of US stocks, falling by 5.31%.
Looking at Zhongsheng Holdings, it bottomed out last week with a 7.94% decline, and its market value evaporated by HK$11.35 billion. However, Nomura upgraded the stock's rating from "neutral" to "buy" and lowered the target price from HK$79 to HK$78.
Zhengtong Automobile also experienced a weekly decline of more than 7%, mainly down 7.81% on the 24th, and the lowest value of the day was 0.58 Hong Kong dollars / share, almost close to the 52-week minimum of 0.57 Hong Kong dollars / share.
According to the China Automobile Dealers Association, retail sales of narrow passenger cars in February will be 1.3 million units, an increase of 11.2% year-on-year.
03 New Energy & Intelligence: Positive Growth "Single Seedling", Yahua Group Rose Nearly 30%
In the 8th week of 2022, the 20 individual stocks involved in the 19 new energy & intelligence related listed companies were mainly rising. Among them, the stock price increased by 14 individual stocks, 6 declined, the average stock price increased by 3.6% in one week, and the market value increased by 45.805 billion yuan.
Specifically, Yahua Group led the sector and the total list with a weekly increase of 29.63%, and as of the close of trading on February 25, the stock was reported at 35.22 yuan per share, and the cumulative market value increased by 9.278 billion yuan to 40.593 billion yuan in one week.
Yahua Group's stock price rose sharply, or thanks to its sharp rise in the 2021 annual performance express and 2022 first quarter performance forecast.
According to the announcement, in 2021, Yahua Group achieved a total operating income of 5.233 billion yuan, an increase of 60.99% year-on-year; a net profit attributable to the shareholders of the listed company of 925 million yuan, an increase of 185.50% year-on-year; a net profit attributable to the shareholders of the listed company after deducting non-recurring gains and losses of 905 million yuan, an increase of 202.71% year-on-year; and a basic earnings per share of 0.805 yuan.
At the same time, it expects the net profit attributable to shareholders of listed companies in the first quarter of 2022 to be 900 million to 1.2 billion yuan, an increase of 1053.67% to 1438.22% year-on-year; the net profit after deducting non-recurring gains and losses is 894 million yuan - 1.194 billion yuan, compared with a profit of 72.4241 million yuan in the same period last year.
This means that Yahua Group's expected net profit in the first quarter of 2022 has reached the level of the whole year of 2021.
Or thanks to this, the stock price of Yahua Group rose sharply for three consecutive days, rising by 8.72%, 9.99% and 10% on February 21, 22 and 23, respectively.
On 27 February, Yahua Group announced that Yahua International Investment and Development Limited ("Yahua International"), a wholly-owned subsidiary of the Company, intends to subscribe for 3.7 million shares of ABY Australia at a price of AU$0.75 per share, representing 3.4% of ABY's total share capital before the IPO. On 27 February, the two parties signed the Investment and Share Subscription Agreement and the Offtake and Sale Agreement.
Under the agreement, ABY provides no less than 120,000 tonnes of lithium concentrate every 12 monthly contract years. If ABY has excess lithium concentrate in the future, the parties may provide Yahua International with an additional amount of lithium concentrate on the terms agreed in writing.
It is worth mentioning that with the announcement of the news, the stock price performance of Yahua Group in the 9th week is worth looking forward to.
In addition, Shanshan Shares and Guoxuan Hi-Tech ranked second and third in the sector with weekly gains of 11.08% and 6.14% respectively, and the second and fourth places in the overall list; as of the close of trading on February 25, the former was quoted at 29.08 yuan / share, with a cumulative increase in market value of 6.214 billion to 62.316 billion yuan; the latter was reported at 42.87 yuan / share, with a cumulative increase of 4.128 billion to 71.366 billion yuan.
Among them, the stock price of Shanshan shares has risen sharply, or it is not unrelated to its disclosure of the 2022 stock option and restricted stock incentive plan (draft).
According to the announcement, Shanshan shares intend to grant a total of 70 million shares of incentive recipients, including 49 million stock options and 21 million restricted shares. This may motivate its core employees.
Among them, stock options were granted for the first time 45.08 million shares (60% of the anode materials business unit and 40% of the polarizer business unit), and 3.92 million shares were reserved for grant; 19.32 million shares were granted for the first time (60% of the anode materials business unit and 40% of the polarizer business unit), and 1.68 million shares were reserved for grant.
The exercise price of the stock options granted for the first time under the Incentive Plan is $28.18 per share and the grant price of restricted stock is $14.09 per share.
According to the announcement, the incentive objects awarded for the first time by the incentive plan include: directors of the company, main management personnel of subsidiaries and core technical personnel, of which 260 people are incentivized in the anode material business department and 185 people in the polarizer business department, a total of 445 people. The reserved incentive object shall be determined within 12 months after the approval of the general meeting of shareholders of this incentive plan, and the determination criteria shall be determined with reference to the standards granted for the first time.
Or affected by this, the stock rose 6.13% on the day.
In terms of declines, Ganfeng Lithium H-shares led the sector with a weekly decline of 4.85%, as of February 25, the stock was quoted at HK$127.4 per share, and the cumulative market value of the week shrank by HK$9.343 billion to HK$183.135 billion.
It is worth mentioning that the stock also ranked second in the sector and the overall list with a weekly increase of 12.14% in the previous week.
Weifu Hi-Tech and iFLYTEK ranked second and third with weekly declines of 4.6% and 3.24%, respectively.
Overall, the sector is the best performer of the five and the only one to achieve positive growth.
04 Parts: Sanhua Intelligent Control, a little red in the evergreen bush
In the 8th week of 2022, the 10 individual stocks involved in the 9 parts listed companies fell as a whole, with an average decline of 2.06% in the week, and the cumulative market value shrank by 10.709 billion yuan. Among them, only one stock of Sanhua Zhikong rose, the stock price of Dongan Power was flat, and the remaining 8 stocks declined to varying degrees.
Specifically, Sanhua Intelligent Holdings became the only seedling of positive growth in the sector with a weekly increase of 5.67%, and as of the close of trading on February 25, it closed at 20.32 yuan / share, and the cumulative market value of the week increased by 3.914 billion yuan to 72.974 billion yuan.
On February 20, Sanhua Zhikong issued a clarification note on the customer Tesla recall, saying that after confirmation, the Tesla recall problem was caused by the interruption of controller communication, and the vehicle software could not close the electronic expansion valve when the heat pump model ran the software (version 2021.44 to 2021.44.30.6) and was interrupted by the controller communication. As of now, the company has not received any quality complaints from Tesla about the electronic expansion valve itself related to the problem, and the recall has nothing to do with the electronic expansion valve provided by the company.
In terms of declines, Ningbo Huaxiang once again bottomed the sector with a weekly decline of 6.53%, closing at 17.46 yuan / share as of February 25, and the weekly market value shrank to 14.214 billion yuan.
Fuyao Glass H shares ranked second in the sector with a weekly decline of 5.05%, and other stocks whose stock prices fell fell within 5%.
04 Commercial vehicles: large areas of greenery, Wuling Motors led the decline
In the eighth week of 2022, the 13 individual stocks involved in the 12 commercial vehicle sectors as a whole fell mainly, with an average decline of 1.88% in the week, and the cumulative market value shrank by 5.856 billion yuan. Among them, only Ankai Bus, Yaxing Bus and Hanma Technology achieved growth, and the remaining 10 stocks all declined.
Specifically, Ankai Bus led the sector with a weekly gain of 5.67%, and as of the close of trading on February 25, it closed at 4.1 yuan / share, and the market value increased to 3.007 billion yuan.
Yaxing Bus and Hanma Technology rose by 4.39% and 3.75% respectively in the week.
On the evening of February 23, Yaxing Bus issued an announcement that it had received written resignation reports from directors Ding Yingdong, Li Shupeng and Wang Chunding. Due to personal work changes, Ding Yingdong applied to resign as a director of the company, a member of the strategy committee of the board of directors, a member of the nomination committee of the board of directors, and a member of the remuneration and appraisal committee of the board of directors; Li Shupeng applied to resign as a director of the company; and Wang Chunding applied to resign as a director of the company, a member of the strategy committee of the board of directors, and a member of the audit committee of the board of directors.
At the same time, upon the nomination of the Nomination Committee of the Board of Directors of the Company, it is proposed to add Yu Shengbo, Chunhui and Jia Kaiqian as directors of the eighth board of directors of the company for a term of office until the expiration of the eighth board of directors.
In terms of declines, Wuling Motors led the sector with a weekly decline of 9.92%, while ranking second in the overall list, closing at HK$1.18 per share as of the close of trading on February 25, and its market value shrank to HK$3.892 billion. I am afraid that the guise of "China Wuling" has not been recognized by the market.
Foton Motor and China National Heavy Duty Truck H-shares tied for second place with a one-week decline of 5.67%. The rest of the stock prices fell, all of which fell within 5%.
Overall, the commercial vehicle segment performed further from the previous week, but performed relatively well in the five segments.
Views of Autoskline：
In the 7th week of 2022, a wave of rise that was not easy to usher in, but due to a sudden war, it turned green again. However, the war caused a global capital panic and caused stock prices to drift green, which was alleviated the next day; what will happen to auto stocks in the next week?