Guoxin Securities released the auto auto industry research report on April 13, the report is summarized as follows:

The following are the same as the "

China Automobile Association announced the latest production and sales data: in March 2017, car production and sales were completed 260.4 million (+3%) and 254.29 million (+4%).

 

Comments:

March auto production and sales increased slightly

 

March 2017 automobile production and sales were completed 260.40 million and 254.29 million. An increase of 3% and 4% respectively. 1-3 months, the cumulative production and sales of cars were 713.31 million and 700.2 million, an increase of 8% and 7%, higher than the same period last year 1.8 and 1 percentage point, the overall performance is good. To sum up, the slow recovery in March industry demand, inventory pressure has eased, despite the decline in growth, but the car production and sales year on year to maintain growth.

 

Passenger cars: purchase tax policy continued, production and sales growth slightly lower than the industry

 

In March, passenger and motorcycle production and sales were completed 1.868 million and 2.069 million, respectively, year on year increase of 1.8% and 1.7%, the growth rate of 1.3 and 2.3 percentage points lower than the overall car. 1-3 months, passenger and motorcycle production and sales were completed 610.7 million and 594.8 million, an increase of 6.8% and 4.6%, lower than the overall vehicle 1.2 and 2.4 percentage points. SUV production and sales continue to grow, the growth rate has increased over the previous month, respectively, an increase of 26.5% and 20.9%; MPV production and sales were down 15.9% and 17.4%; the same time, Cross-type passenger cars were down 35.1% and 22.7% respectively. Sub-displacement to see, 1.6L and below passenger car sales fell slightly. March, 1.6L and below sales of 1.451 million passenger cars, down 0.1%, accounting for 69.2% of passenger car sales, down 1.3 percentage points. 1-3 months, 1.6 liters and the following passenger car sales 4.196 million, an increase of 4.8%, accounting for 70.6% of passenger car sales, an increase of 0.1 percentage points. We believe that: 2017 from the purchase tax concessions on the impact of passenger sales continued, it is recommended to focus on SUV new products to speed up the underestimated value of the vehicle blue-chip Great Wall Motor, Changan Automobile, SAIC and so on.

 

Commercial vehicles: heavy truck thriving, light truck demand picked up

 

In March, commercial vehicle sales continued to maintain rapid growth. Production and sales were completed this year, 41.6 million and 447,000, respectively, year on year increase of 10.2% and 16.2%. January to March, commercial vehicle production and sales were completed 1.026 million and 105.4 million, an increase of 15.4% and 22.9%, higher than the overall car 7.4 and 15.8 percentage points.

 

Sub-car production and sales situation, the bus production and sales fell 22.5% and 21.1% year on year; truck sales year on year increase of 21.4% and 30.1%, truck sales continued to grow rapidly. Commercial vehicles in the field, the heavy truck into a major bright spot, March heavy truck sales reached 106,000, an increase of 42%, sales hit a six-year high over the same period

 

We believe that with the accelerated construction of infrastructure, to benefit from the demand for construction machinery to pick up and replacement cycle, heavy truck industry is expected to maintain rapid growth, and with the 2017 low-speed truck exit, the pickup lifted a number of policies such as good stack, light truck demand Rebound, the year is expected to achieve recovery growth, it is recommended to pay attention to cloud power, Jiangling Motors.

 

New energy vehicles: data to enhance month by month, is expected to see improvement

 

In March, the new energy vehicle production and sales were completed 33015 and 31120, respectively, year on year growth of 30.9% and 35.6%. Of which pure electric vehicle production and sales were completed 26,685 and 25,342, respectively, year on year increase of 41.8% and 43.3%; plug-in hybrid vehicle production 6330, down 1.1%; sales of 5778, an increase of 9.6%. 1-3 months, the new energy vehicle production 58317, sales 55929, down 7.7 and 4.7% year on year respectively. Of which pure electric vehicle production and sales were completed 47,988 and 44,333, respectively, year on year increase of 2.9% and 4.4%; plug-in hybrid car production and sales were completed 10329 and 11596, down 37.5% and 28.4% respectively. We believe that: 2016 due to the low release of the new subsidy standards, so in 2017 two batches of "new energy vehicles to promote the use of recommended models directory" selected models less background, 2017 January new energy vehicle sales fell sharply in February Sales of new energy vehicles rebounded slightly but pure electric vehicles and plug-in hybrid car production and sales are still down, with the local government subsidies and the third batch of "new energy vehicles to promote the use of recommended models directory" selected models increased significantly (the number is The first two batches of selected models 1.6 times), in March new energy vehicle sales rebounded, the market is expected to improve day by day, it is recommended to pay attention to Yutong Bus, BYD and other leading enterprises.

 

China's brand passenger car market share increased, car exports grew faster

 

In March 2017, the Chinese brand passenger cars sold a total of 957,000, an increase of 7.3%, accounting for 45.6% of the total sales of passenger cars, an increase of 2.4 percentage points; of which: Chinese brand car sales of 19.7 million, down 0.9%, accounting for 19.9% ​​of the total sales of cars, an increase of 0.8 percentage points; Chinese brand SUV sales of 510,000, an increase of 30.3%, accounting for 61.3% of total sales of SUV, an increase of 5 percentage points; 17.6 million, down 17.2% year on year, accounting for 88.2% of total sales of MPV, down 2.5 percentage points year on year. In the first three months of 2017, Chinese brand passenger cars sold a total of 2.72 million units, up 6.5% year on year, accounting for 45.7% of the total sales volume of passenger cars, up by 0.8 percentage points year on year. Among them, the sales volume of Chinese brand cars was 571,000, An increase of 1.9%, accounting for 20.1% of the total car sales, an increase of 0.3 percentage points; China brand SUV sales of 1.488 million, an increase of 28.9%, accounting for 62.4% of total sales of SUV, an increase of 3.9 percentage points; MPV sales of 493,000, down 20.6%, accounting for 89% of total sales of MPV, down 3.6 percentage points year on year.

 

March 2017, auto exports to 70,000, an increase of 40.2%, an increase of 23.8%, showing a rapid growth. 1-3 months, automobile enterprises export 17.9 million, an increase of 31.1%, a slight decline in growth. Sub-models to see, passenger cars exported 128,000, an increase of 46.6%, commercial vehicles exported 51,000, an increase of 3.6% over the same period. We believe that in recent years, independent brands in the technical strength and brand influence have made great progress, especially in the current hot SUV market, independent brand cost advantage is obvious, and the future SUV will continue to maintain a relatively high growth, we continued Optimistic about the rise of independent brands, not radical, not pessimistic.

 

It is recommended to focus on new energy vehicles, diesel fuel upgrades and high quality vehicle blue chips

 

New energy vehicles subsidy directory gradually improved, the emission standards become more stringent, the purchase tax concessions decline in the context of the overall 2017 car market to maintain a relatively optimistic expectations, it is recommended to benefit from the national new energy vehicle development strategy, Emission policy and high-quality independent vehicle brand enterprises, new energy automotive industry concerns: Yutong bus, BYD; diesel emissions upgrade concern: cloud power, Jiangling Motors; high-quality independent vehicle concerned about the Great Wall Motor, Changan Automobile, SAIC Group.