CICC: CN Car Mkt May Resume Normal Inventory Level at End-1Q22, Hails GWM, Li Auto, XPeng, etc.
CICC: CN Car Mkt May Resume Normal Inventory Level at End-1Q22, Hails GWM, Li Auto, XPeng, etc.
CICC projected in its report that the vehicle market in China will basically have its inventory resumed to normal level in 1Q22, with 2021E and 2022E total sales volume of 25.62 million and 27.22 million units, up 4.2% and 6.2% YoY.
The broker was bullish on traditional self-developed brands with resilience, nascent carmakers, and NEV makers with potentials, including $GREATWALL MOTOR(02333.HK)$, $Li Auto(LI.US)$ and $XPeng(XPEV.US)$. For vehicle glass makers, the broker was upbeat on $FUYAO GLASS(03606.HK)$; for commercial vehicles, $WEICHAI POWER(02338.HK)$, $SINOTRUK(03808.HK)$ and $CIMC Vehicles(01839.HK)$ were preferred.
CICC also mentioned that the results performance of leading Chinese auto dealers posted stable growth, whilst the cooperation between second-hand vehicle industry and NEV kept realizing. For this theme, the broker was impressed by $ZHONGSHENG HLDG(00881.HK)$ and $YONGDA AUTO(03669.HK)$.
中金公司在其报告中预计，中国汽车市场的库存将在22年第一季度基本恢复正常水平，2021年和2022年的总销量分别为2562万辆和2722万辆，同比增长4.2%和6.2%。
该经纪商看好具有韧性的传统自主开发品牌、新生的汽车制造商和具有潜力的新能源汽车制造商，包括$长城汽车(02333.HK)$, $理想汽车-W(LI.US)$和$小鹏汽车-W(XPEV.US)$。对于汽车玻璃制造商，经纪人对此持乐观态度$福耀玻璃(03606.HK)$；商用车辆方面，$潍柴动力(02338.HK)$, $中国重汽(03808.HK)$和$中集车辆(01839.HK)$是最受欢迎的。
中金公司还提到，中国领先汽车经销商的业绩稳定增长，二手车行业与新能源汽车的合作不断实现。对于这个主题，经纪人印象深刻的是$中生Hldg(00881.HK)$和$永达汽车(03669.HK)$.