I. Review of the performance of Automobile stocksDragonsluckmegawaysLast week, the car index was-0Dragonsluckmegaways.06%Dragonsluckmegaways, HS300 index + 0Dragonsluckmegaways.56%, cars are weaker than the market. Bethel, Huguang shares, Koboda and other strong performance; Changan Automobile, Huayu Automobile and other weak performance. Second, industry trends and trend prospects: [automotive sector achieved net profit of 130.8 billion yuan in 2023, year-on-year + 34.1%] in 2023, Citic Automotive sector achieved a total income of 3.58 trillion yuan, + 15.83% compared with the same period last year. Among them, passenger vehicles, commercial vehicles and spare parts achieved income of 1.90,0.52 and 900 billion yuan respectively, + 17.3%, + 23.2% and + 13.3% respectively. In 2023, the plate realized a net profit of 130.8 billion yuan, + 34.11% compared with the same period last year, of which passenger vehicles, commercial vehicles and spare parts achieved net profits of 619,199 and 44.1 billion yuan respectively, + 21.3%, + 134% and + 21.3% respectively. [automotive sector achieved net profit of 32.4 billion yuan in the first quarter of 2024, + 7.98% compared with the same period last year] in the first quarter of 2024, the automotive sector realized operating income of 816.1 billion yuan, + 8.59% compared with the same period last year, of which passenger vehicles, commercial vehicles and spare parts achieved income of 4093 yuan, 1342 yuan and 216.3 billion yuan respectively, which were + 8.95%, + 10.13% and + 11.60% respectively in the first quarter of 2024, and + 7.98% year-on-year. Among them, the net profit of passenger vehicles, commercial vehicles and spare parts was 118.4 yuan, 57.8 yuan and 13.35 billion yuan respectively, which was-21.1%, + 43.7% and + 45.4% respectively compared with the same period last year. [obvious differentiation in individual stock performance] (1) in terms of passenger cars, the net profit volume of BYD, SAIC, Changan Automobile, Great Wall Automobile and GAC GROUP is larger, which is 313,201,95,70 and 3.7 billion yuan respectively in 2023 and 47.7,28.5,8.6,32.3 and 1.09 billion yuan respectively in the first quarter of 2024. Under the background of the sharp price reduction of electric vehicles and fuel vehicles, the competition in the car market is fierce, the car companies with a high proportion of traditional fuel vehicles are facing greater pressure, and BYD's performance is outstanding. (2) for commercial vehicles, Weichai Power, which specializes in engine manufacturing, made a net profit of 112.1 in 2023 and 33.4 in the first quarter of 2024, far ahead of other commercial vehicles such as CIMC, Yutong bus, Sinotruk and other commercial vehicles. (3) in terms of spare parts, Huayu Automobile, Fuyao Glass and Top Group are relatively large, with net profits of 81,56 and 2.2 billion yuan respectively in 2023 and 14.3,13.9 and 650 million yuan in the first quarter of 2024, respectively. In addition, focus on the net profits of Bethel, Silverwheel, Koboda, Baolong Technology and Huguang in 2023 and 2.1,2.1,2.3,0.70 and 100 million yuan respectively in the first quarter of 2024. Among them, Huguang shares, Koboda performance exceeded expectations. (source: company announcement, ifind, Guodu Securities) third, industry investment logic: driven by price reduction and promotion, the sales performance of the automotive sector is relatively good, but the overall performance expectation is weak, new energy vehicles maintain a high growth rate, and the leading car enterprises, electrified and intelligent parts leading companies with breakthroughs in the results of transformation are expected to have strong growth expectations, and the relevant targets have better investment opportunities. Fourth, this week focuses on the recommendation of individual stocks: BYD is the domestic leader in the field of electric vehicles, the promotion of blade batteries greatly improve the safety of electric vehicles, while effectively reducing costs. With the launch of DMi and DMp models, the cost of hybrid models has been greatly reduced, and the sales of PHEV models have increased greatly, accounting for half of the total. At the same time, with the support of E3.0 platform, dolphins, seagulls, Yuan PLUS, Han EV and other models will continue to sell well. Seals, Han, Tang, Tengli D9, Teng Teng N7, N8 and so on are expected to greatly increase the proportion of the company's high-end models and consolidate the company's leading position in new energy; in addition, look forward to the launch of the equation Leopard brand to further enhance the company's brand strength and give a "recommended" rating. Fifth, risk hints: (1) price competition intensifies; (2) sales fall short of expectations. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.