Author 丨 Peng Zhuo, intern Wang Li
Editor 丨 Yuan Laoqian
A-share morning market: the auto sector strengthened
According to Wind data, at the close of A-shares on April 14, the Shanghai Composite Index rose 1.22% to close at 3225.64 points; the Shenzhen Component Index rose 1.27% to close at 11714.62 points, and the ChiNext Index fell 0.55% to close at 2466.29 points.
The auto sector strengthened, the Wind auto index rose by 1.58%, auto stocks opened sharply, Yaxing Bus rose and stopped, Zhongtong Bus rose and stopped in the morning, GUANGZHOU Automobile Group, Dongfeng Motor, Great Wall Motors, etc. have followed suit, and auto ETF (516110) rose 2.01%.
Automotive industry dynamics
On the news side, on April 11, the China Association of Automobile Manufacturers released the march 2022 automobile production and sales data, 3 car sales of 2.234 million units, the monthly growth rate (MOM) increased by 28.4%, the annual growth rate (YOY) fell by 11.7%; domestic new energy vehicle sales of 484,000 units, an increase of 43.9% month-on-month, an increase of 114.1% year-on-year, CITIC Securities believes that new energy vehicles meet market expectations, the domestic market, the industry boom continues.
Image source: Everbright Securities
On April 13, the executive meeting of the State Council deployed policies and measures to promote consumption, helping to stabilize the basic economic situation and ensure the improvement of people's livelihood. At the meeting, it was clearly proposed to encourage bulk consumption such as automobiles and home appliances, and all localities must not add new car purchase restriction measures, and the incremental indicators of purchase restrictions have been implemented; support the consumption of new energy vehicles.
Image source: Xiangcai Securities
Overseas, the 2022 subsidy policy is expected to accelerate the landing, The sales of new energy vehicles in Europe recovered in March, and the sales of electric vehicles in Germany/Italy/Sweden/Spain in March increased by 24%/23%/47%/8% month-on-month, and the US policy environment picked up synchronously. CITIC Securities pointed out that with the support of policies, the general trend of intelligent electric vehicles in the industry will continue to accelerate in the future, and promote the upward trend of electrification and intelligence.
Investment strategies in the automotive sector
Haitong Securities believes that under the tone of steady growth in 2022, it is expected that automobile production and sales will still be expected to achieve steady growth, of which new energy vehicles will contribute to the main increase. The era of intelligent electrification in the automotive industry is opening, electrification has begun to emerge, intelligence is expected to become the next growth point, focusing on the resolute transformation of science and technology, the sales trend is good, and the high-quality parts suppliers in the field of intelligent electric with global competitiveness.
Everbright Securities said that the demand for new energy passenger cars 2C continues to release the prospects, it is expected that car companies are still expected to hedge policy fluctuations and cost upward pressure through comprehensive adjustment of prices and equities, maintain a steady release of new orders, and it is expected that short-term mass production and delivery mainly depend on the degree of recovery of the epidemic, supply chain, and logistics. It is optimistic about car companies with strong model cycles (chip supply mitigation has strong sales volume and profit elasticity), as well as the continuous increase in new energy penetration rate and the clear and clear path of intelligent electrification.
CITIC Securities believes that mainstream car companies continue to introduce high-quality models to enhance the industry boom, and the upward trend of the industry is clear. The US policy environment is warming up and is expected to return to high growth, and Tesla continues to lead the global electrification trend. The global new energy vehicle industry chain has entered a stage of rapid growth, and the current point in time continues to recommend grasping the opportunities of high-quality standards in the global electrification supply chain, especially Tesla, Ningde Times, and LG Chemical Supply Chain.
Institutions focus on individual stocks
Great Wall Motor (601633. SH): the world's leading SUV, pickup truck manufacturer, which has Haval, WEY, Euler, tank and Great Wall pickup truck five vehicle brands, covering SUVs, cars, pickup trucks three categories, with engines, transmissions and other core components of the independent supporting capabilities, the company has a good texture, the news is active in recent days.
BYD (002594. SZ): As a listed company in Hong Kong and Shenzhen, the turnover and total market value are more than 100 billion yuan. The business layout covers electronics, automotive, new energy and rail transit and other fields. According to the China passenger car market data in March, BYD, which broke the Chinese record, reached the top of the new energy passenger car sales championship and achieved the "ten consecutive championships" of monthly sales.
GAC Group (601238. SH): The company focuses on the design and manufacture of complete vehicles and parts in the domestic and foreign markets, automobile sales and logistics, auto finance, insurance and related services, with an independent and complete production, supply, sales and research and development system. Its new energy vehicle brand, GAC Aeon, provides continuous impetus for the new energy business. Northeast Securities and Guotai Junan Securities recently gave buy and overweight ratings respectively.
(Report source: CITIC Securities, Everbright Securities, Haitong Securities, Guotai Junan Securities, Northeast Securities, Xiangcai Securities; the information in this article does not constitute any investment advice, the content published is from licensed securities institutions, does not represent the views of the platform, please judge and make decisions independently of investors.) ）
Editor of this issue Peipei Jiang Intern Kailin Li