On November 18, the national Standing Committee once again focused on automobile consumption, proposing to expand automobile consumption and encourage all localities to increase the number plate index. In addition, Haikou, Hefei, Hubei and other places have also introduced various policies to stimulate the consumption of new energy vehicles and the construction of related industrial chains.
Industry chain leader
Performance is expected to improve
The recovery of production and sales of new energy vehicles has brought about a significant recovery in the performance of relevant vehicle enterprises. Taking BYD as an example, the growth rate of revenue and net profit in the first three quarters of this year reached 11.94% and 116.83% respectively.
In addition to downstream automobile enterprises, upstream raw materials such as lithium hexafluorophosphate are in the price rising cycle, which also drives the performance of relevant companies to recover. According to the statistics of securities times and data treasure, the market value of raw materials, battery production and other segments in the middle and upper reaches of the new energy automobile industry chain is over 10 billion yuan. The listed companies meet the consensus forecast of analysts that the annual net profit growth rate is positive or higher than the value disclosed in the third quarter report.
From the perspective of stock price trend, the stock prices of Listed Companies in the middle and upper reaches of the industrial chain, which are expected to improve, have generally reached a new high recently. The latest price of 15 shares is less than 10% from the peak in the second half of the year. From the perspective of the change range of the annual net profit predicted by the institutions, the nine share institutions such as Tianci materials and Hanrui cobalt industry predicted that the annual net profit would double.
Institutions are optimistic about future layout opportunities
Recently, institutions have launched 2021 strategy and industry research and judgment. Most institutions hold a firm and optimistic attitude towards the future trend of new energy vehicles.
Guotai Junan research paper points out that it is still in the initial stage of the fifth round of automobile production and sales cycle. This round of domestic demand repair comes from the economic recovery after the epidemic and the recovery of consumption. At that time, with the continuous recovery of passenger car sales, it was necessary to continue the good sales data of the passenger car industry.
Under the background of this round of domestic and foreign demand recovery, there are two main lines worth exploring: first, with the further expansion of the follow-up recovery to the third and fourth tier cities, the sales volume of the second tier auto enterprises is expected to exceed the expectation; second, the recovery of external demand drives the high growth of auto parts performance and the subsequent recovery of low overseas inventory demand, and there is the possibility of continued high growth and exceeding the market expectation in parts segmentation.
Source: Securities Times editor in charge: Yang Bin_ NF4368