Introduction: When the time comes, the yang is rising, the spring is budding, but the performance of the car stock in the past week has no vitality. In the tense Russian-Ukrainian situation, as the saying goes, "After the gunshot, there is no winner", auto stocks are generally under pressure, and many stocks refresh the 52-week minimum.
【Key Points】
· The stock price of the passenger car sector fell by an average of 8.16% in a week, and the market value evaporated by 326 billion yuan;
· The stock price of the new energy & intelligent sector fell by 6.61%, and the market value evaporated by 240 billion yuan;
· Shares in the parts, dealer and commercial vehicle segments also fell 5.82%, 4.4% and 1.1% respectively.
In the 9th week of 2022, the situation in Russia and Ukraine is still glued, and the Beijing Winter Paralympic Games and the National Two Sessions have begun as scheduled, which is destined to be an extraordinary week.
This week, the auto stocks registered in the auto K-line statistics collectively weakened, of which nearly 90% of the stocks turned green, the average stock price fell by 5.72%, and the market value was greatly evaporated by 617.67 billion yuan.
In the broader market, the Shanghai Composite Index, the Shenzhen Component Index and the Hang Seng Index closed down 0.11%, 2.93% and 3.79% respectively. Auto stocks outperformed the three major stock indexes.
From the overall list, only 9 stocks turned red, and the highest increase was only 5.65%, and the rest rose below 5%. In terms of decline, the top three declines are all Hong Kong stocks. Among them, Great Wall Motors bottomed out with a decline of 21.07%, Fuyao Glass fell 16.33%, and Evergrande Automobile fell 15.99%; in addition, the one-week decline in the US stock of Xiaopeng Automobile also exceeded 15%.
Below, the automotive candlestick divides the stocks on the record into five major sectors and analyzes them one by one.
01 Passenger cars: The Great Wall and BYD have lost nearly 100 billion yuan in market value
In the 9th week of 2022, the stock prices of 18 listed companies in the (passenger car) vehicle sector fell by an average of 8.16%, and the market value evaporated by 326.3 billion yuan. Among them, only Haima Automobile and SAIC Motor rose, but the increase was only a pitiful 1.54% and 1.52%.
On the news side, Haima Automobile and Three Gorges Hainan Investment signed the "Carbon Peak, Carbon Neutrality" Strategic Cooperation Framework Agreement on March 1, which is a wholly-owned subsidiary of the State-owned Assets Supervision and Administration Commission of the State Council, and the two sides will aim to build cooperation in the whole hydrogen energy industry chain.
Regarding SAIC Motor, there are mainly the following points: First, the Group intends to set up a new "SAIC Group Innovation Research and Development Institute" (tentative name) as a branch, which is a research and development platform at the vehicle level of passenger cars' own brands, and will implement integrated management with the original "SAIC Group Technology Center".
Second, SAIC Motor disclosed production and sales data in February, with a total sales volume of 322,000 units, an increase of 30.6% year-on-year; cumulative sales from January to February were 777,000 units, an increase of 19.7% year-on-year. Among them, SAIC Volkswagen sold 221,000 units, an increase of 61.94% year-on-year, while SAIC-GM sold 186,000 units, a 10% year-on-year decline, which was the only cumulative decline in the group's major segments; SAIC Passenger Cars performed stronger, with cumulative sales of about 132,000 units, an increase of more than 50% year-on-year.
Third, as of February 28, SAIC Motor has repurchased a total of 41.644 million shares, accounting for 0.3564% of the company's total share capital, with a cumulative payment of about 830 million yuan.
In terms of declines, Great Wall Motor's H shares bottomed out with a decline of 21.07%, and the market value evaporated by HK$77 billion; and on March 4, it refreshed the 52-week low of HK$13.26 per share. Great Wall Motor's A-shares also fell by more than 10%, and the market value evaporated by nearly 35 billion yuan.
The incident of the cessation of orders by the two models of Euler Black Cat and White Cat is still fermenting, and the tense situation between Russia and Ukraine has also affected the nerves of many car companies. Although Great Wall Motors, which has built a factory in Tula, said that its production and sales work will proceed normally, the cooperation between BMW, Volkswagen, General Motors and other auto giants and Russia has been seriously affected. In the severe market environment, I am afraid that no one will inevitably be "hurt".
Last week, Evergrande Automobile ranked second-to-last with a decline of 15.99%, and its market value evaporated by about HK$6 billion.
Among the three new car-making forces, Xiaopeng Automobile fell the most, with U.S. stocks and H-shares falling by 15.7% and 14.78% respectively, and the total market value evaporated by 57.6 billion yuan. It is worth noting that Xiaopeng Automobile H shares refreshed the 52-week minimum of HK$115.9 per share in intraday on March 4.
Nio fell 11.03%, and its market value evaporated by about 14 billion yuan. At the same time, the performance of ideal cars is relatively strong, with H shares falling 4.2%, US stocks falling 2.37%, and the market value evaporating by about 12 billion yuan.
On the news side, it is mainly to disclose the february delivery data, of which the ideal car delivered 8414 vehicles, Xiaopeng Automobile and Weilai delivered 6225 vehicles and 6131 vehicles respectively.
In addition to the above stocks, BYD and BYD shares also fell, and the total market value evaporated by more than 90 billion yuan.
Overall, last week's passenger car sector was "shrouded in dark clouds", and the decline in stock prices became the absolute main theme.
02 Dealers: Autohome for H shares led the rise
In the 9th week of 2022, the stock price of the auto dealer group sector fell by an average of 4.4%, and the market value evaporated by about 11 billion yuan, of which only auto home H shares and huge groups rose, Guanghui Automobile's stock price was flat for one week, and the rest all fell.
In the previous period, Autohome U.S. stocks led the gains with more than 10%, and H shares in the current period led the gains with a rise of 4.94%, although the stock fell by more than 10% in a single day on March 3, but the rebound advantage of the previous few days was not exhausted.
Recently, Credit Suisse raised its price target to HK$64 and upgraded its rating from "neutral" to "outperform the market". As of the close of trading on March 4, Autohome H shares were quoted at HK$55.2 per share.
However, Autohome's U.S. stock fell 9.35% last week.
In terms of decline, Zhengtong Automobile bottomed out with a decline of 11.48%, and the stock refreshed the 52-week low of HK$0.5/share in the intraday on March 4, and finally closed at HK$0.54/share.
Yongda Automobile also performed poorly, falling 9.46% in one week, and also refreshed the 52-week low of HK$8.35/share in the intraday on March 4, closing at HK$8.52/share.
Overall, auto dealer stocks continued to weaken. According to data from the China Automobile Dealers Association, the inventory warning index of Chinese automobile dealers in February was 56.1%, up 3.9 percentage points year-on-year and down 2.2 percentage points from the previous month, and the inventory warning index was above the boom-bust line.
03 New energy & intelligence: Enjie shares, Sunwoda led the decline, the market value of the plate evaporated more than 240 billion
In the 9th week of 2022, the 22 individual stocks involved in the 21 new energy & intelligent related listed companies fell as a whole. Among them, only 1 iFLYTEK stock increased, and the remaining 21 stocks all declined, with an average stock price decline of 6.61% in one week, and the cumulative market value shrank by 240.829 billion yuan.
It seems that the sharp rise in oil prices and the return to the 8 yuan era have not brought much benefit to the new energy sector.
Specifically, iFLYTEK maintained positive growth with a weak weekly rally of 0.24%, and as of the close of trading on March 4, the stock was quoted at 49.41 yuan per share, and the weekly market value increased to 114.845 billion yuan.
It is worth mentioning that Liu Qingfeng, a deputy to the National People's Congress and chairman of iFLYTEK, put forward eight suggestions on how artificial intelligence can help education, medical care, pensions, barrier-free communication and other aspects at the two sessions, and whether Liu Qingfeng's suggestions can cause positive feedback in the capital market is worth looking forward to.
In terms of declines, Enjie shares made five consecutive clouds last week, and finally led the sector with a weekly decline of 13.87%, as of March 4, the stock was reported at 225.67 yuan / share, and the cumulative market value of the week shrank by 32.422 billion yuan to 201.389 billion yuan.
On March 4, Enjie co., Ltd. appeared in the top ten active stocks of Shenzhen Stock Connect, ranking fifth in the turnover of Shenzhen Stock Connect hong Kong capital, with a total turnover of 973 million yuan in Hong Kong. Among them, 337 million were bought, 636 million were sold, and 300 million were net sold, accounting for 12.08% of the total trading volume of the stock on the day.
As a newly added individual stock, the debut of Sunwoda and Lixun Precision did not usher in the imaginary opening, and ranked second and fourth in the sector with a weekly decline of 13.54% and 11.56, as of the close of March 4, the former closed at 31.3 yuan / share, a weekly market value of 84.23 to 53.803 billion yuan; the latter closed at 38.27 yuan / share, a weekly market value of 35.385 billion yuan to 270.838 billion yuan.
On the evening of March 1, Sunwoda issued an announcement that its subsidiary Sunwoda Automotive Battery intends to sign a project investment agreement with the Zhuhai Municipal Government to invest in the construction of the "Sunwoda 30GWh Power Battery Production Base Project (tentative)" within the jurisdiction of the Zhuhai Municipal People's Government.
The power battery project plans to invest a total of about 12 billion yuan, of which the total investment in fixed assets is about 10 billion yuan. It plans to build a power battery project with a total production capacity of 30GWh, and engage in the research and development, design, production and sales of power cells, battery modules and battery systems. Sunwoda Auto Battery will be set up in Zhuhai Zhuhai Sunwoda to be responsible for the specific implementation of the project.
On the same day, Sunwoda issued an announcement that Sunwoda Auto Battery recently received a fixed-point notice from SAIC On the ZS12MCE HEV project to supply power battery assembly products for SAIC's ZS12MCE HEV project.
Although there is a lot of good news, due to the impact of the international situation, Sunwoda has not been able to get rid of the fate of the big fall.
In addition, Ewell Lithium Energy, Guoxuan Hi-Tech and Desay SV all fell by more than 10%, and the stock prices of the remaining individual stocks fell within 10%.
Overall, under the influence of the global situation, the performance of this sector is quite weak, and its performance in the short term will also be closely related to the international situation.
04 Parts: Dongan Power's only remaining upward growth
In the 9th week of 2022, the 10 individual stocks involved in the 9 parts listed companies fell as a whole, with an average decline of 5.82% in the week, and the cumulative market value shrank by 39.004 billion yuan. Among them, only one stock of Dongan Power rose in stock price, and the remaining 9 stocks declined to varying degrees.
Specifically, Dongan Power became the only seedling of positive growth in the sector with a weekly increase of 1.89%, and ranked third in the overall list of increases, as of the close of March 4, it closed at 7.53 yuan / share, and the cumulative market value of the week increased to 3.479 billion yuan.
In today's tense international situation, Dongan Power can achieve positive growth, and its continuous good news is indispensable.
On March 1, Dongan Power announced a sharp increase in sales, and in February, Dongan Power sold 56,633 engines, an increase of 26.69% year-on-year; sales of 5,397 transmissions, an increase of 190.47% year-on-year. From January to February, Dongan Power sold 112,700 engines, an increase of 10.46% year-on-year, and 12,700 transmissions, an increase of 123.27% year-on-year.
On March 2, Dongan Power announced the stock incentive plan, which plans to grant no more than 13.7039 million restricted shares to no more than 243 directors, senior management, middle management personnel and core technology (business) backbone personnel of the company, accounting for about 2.966% of the company's total share capital of 462 million shares. The grant price of restricted stock is RMB3.75 per share, that is, after the conditions for grant are met, the incentive recipient can purchase the company's additional A-share ordinary shares issued by the company to the incentive recipient at a price of 3.75 yuan per share.
On March 4, Dongan Power released the 2021 annual performance express, the company's total operating income in 2021 was 6.586 billion yuan, an increase of 22.35% year-on-year; the net profit attributable to the shareholders of the listed company was 90.68 million yuan, an increase of 104.80% year-on-year; the net profit attributable to the shareholders of the listed company after deducting non-recurring gains and losses was 49.16 million yuan, an increase of 566.72% year-on-year; and the basic earnings per share were 0.1962 yuan.
In terms of decline, Fuyao Glass H/A shares ranked first and third in the sector with weekly declines of 16.33% and 8.9% respectively, while H shares ranked second in the overall list of declines, as of the close of March 4, H shares were quoted at HK$33.05 / share, the weekly market value shrank by 16.833 billion Hong Kong dollars to 86.252 billion Hong Kong dollars; A shares reported 40.86 yuan / share, a week's cumulative market value shrank by 10.413 billion yuan to 106.634 billion yuan.
In addition, Linglong Tire ranked second with a decline of 12.46%, while the remaining stock prices fell within 10%.
05 Commercial vehicles: a large area of green, Wuling Automobile once again led the decline
In the 9th week of 2022, the 13 individual stocks involved in the 12 commercial vehicle sectors as a whole fell mainly, with an average decline of 1.1% in the week, and the cumulative market value shrank by 523 million yuan. Among them, only China National Heavy Duty Truck H shares, Yaxing Bus and Hanma Technology achieved growth, and the remaining 10 stocks declined.
Specifically, Sinotruk H-shares led the sector and the overall list with a weekly gain of 5.65%, closing at HK$11.96 per share as of the close of trading on March 4, with a cumulative increase in market value to HK$33.021 billion.
On February 28, Sinotruk announced that the Jinan Municipal State-owned Assets Supervision and Administration Commission transferred 45% of the equity of China National Heavy Duty Truck Group to Shandong Heavy Industry without compensation, and Shandong Guotou Shandong Heavy Industry co., Ltd. has completed the registration of the change, and the relevant gratuitous transfer has been completed.
On 4 March, Sinotruk announced that it had entered into a Weichai Continuing Related Party Transaction Agreement with Weichai Holdings to regulate the main terms of the transaction, and that it had entered into a 2022 Transition Agreement for Weichai Procurement of Parts and Components with Weichai Holdings as a transitional measure during the transition period.
Pursuant to the 2024 Weichai Sales Parts Agreement, the Group has agreed to supply Weichai Group with raw materials, assemblies, parts and semi-finished products (sales of parts).
Weichai Group procures parts and components from the Group, such as axles and engines, spare parts and semi-finished products, etc., and the 2021 Weichai Sales Parts Agreement governing such transactions has expired at the end of 2021, and the Group intends to continue to enter into such transactions with Weichai Group after the completion of the gratuitous transfer.
In addition, Yaxing Bus and Hanma Technology rose by 0.38% and 0.11% respectively in the week.
In terms of declines, Wuling Motors once again led the sector with a weekly decline of 5.93%, closing at HK$1.11 per share as of the close of trading on March 4, and its market value shrank to HK$3.661 billion.
On the evening of March 1, Wuling Motors announced its performance forecast showing that the Group expects a net loss of about 30 million yuan for the year ended March 1, 2022. This will be an increase from the net loss of $21.867 million for the year ended December 31, 2020, and the loss attributable to the owners of the Company for the year ended March 1, 2022 is approximately $14 million, compared to the loss attributable to the owners of the Company of $33.403 million for the year ended December 31, 2020.
According to the announcement, the increase in annual net loss was mainly due to a decrease in the Group's gross profit, which was due to higher raw material prices and the decline in revenue of this segment due to the unfavorable factors of tight semiconductor supply, which hindered the production plans of the Automotive Power Supply Systems Segment and the Commercial Vehicle Segment, especially in the second half of 2021. At the same time, the Increase in R&D expenses due to the Launch of New Business Projects (mainly new energy vehicles) also adversely affected the profitability of the Commercial Vehicle Segment during the year.
On the other hand, the continued growth in the business volume of major customers and other new customers and the slight increase in revenue of the Auto Parts & Other Industrial Services Segment during the year helped to improve the profitability of this segment.
In addition, although the Group's net loss for the year ended 1 March 2022 increased compared to the previous year, the loss attributable to the owners of the Company for the year ended 1 March 2022 is expected to decrease compared to the previous year due to a significant reduction in the Company's financing costs.
The next day, Wuling Motors fell 6.61%.
Yutong Bus and Jinlong Automobile ranked second and third in the sector with weekly declines of 4.93% and 3.2%. The rest of the stock prices fell, all of which fell within 2%.
It is worth mentioning that although the commercial vehicle sector has performed poorly, it has performed best among the five sectors.
Views of Autoskline：
Affected by the tense international situation, in the 9th week of 2022, China's auto stocks still ended with a large-scale green performance, and with the convening of the two sessions of the National People's Congress and the release of the 2021 financial reports of listed companies, can auto stocks break through the haze brought by the international situation and usher in the expected large-scale turn of red? We'll see.