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 $YONGDA AUTO(03669.HK)$.
中金公司在其報告中預計，中國汽車市場的庫存將在22年第一季度基本恢復正常水平，2021年和2022年的總銷量分別為2562萬輛和2722萬輛，同比增長4.2%和6.2%。
該經紀商看好具有韌性的傳統自主開發品牌、新生的汽車製造商和具有潛力的新能源汽車製造商，包括$長城汽車(02333.HK)$, $理想汽車-W(LI.US)$和$小鵬汽車-W(XPEV.US)$。對於汽車玻璃製造商，經紀人對此持樂觀態度$福耀玻璃(03606.HK)$；商用車輛方面，$濰柴動力(02338.HK)$, $中國重汽(03808.HK)$和$中集車輛(01839.HK)$是最受歡迎的。
中金公司還提到，中國領先汽車經銷商的業績穩定增長，二手車行業與新能源汽車的合作不斷實現。對於這個主題，經紀人印象深刻的是$中生Hldg(00881.HK)$和$永達汽車(03669.HK)$.