20230814-西南证券-汽车行业周报_月初零售销量符合预期_部分车企限时降价_18页_2mb

报告摘要

SW Auto Car Index fell 4% last week, while the CSI 300 dropped 34%. Passenger car brands saw declines ranging from -4 to -58%, with varying sub-index performances. Auto stocks experienced sharp valuation drops, ending at 26x PE (TTM), down 39% from the previous week.

Investment suggestions highlight focusing on companies with strong sales recovery, particularly in the auto parts sector, Tesla-related stocks for US EV growth, and heavy truck tires amid industry recovery.
Riding the sales rebound, especially with temporary price reductions by some manufacturers limiting broad market impact.

Passenger Vehicles: 8/1-6 sales reached 241 million units, down 1% year-over-year but up 9% month-over-month. Key companies like Guangzhou Automobile Group, Aike Di (600933), and Byd (002594) recommended.
New Energy Vehicles: Robust growth with 88 million units sold in last week's new energy auto data, up 38% annually. DS Technology and Ningde Times Power are highlighted.
Intelligent Auto: Significant advancements, including plans for integrated driving assistance schemes. Sectors gaining attention include CMOS cameras, radar, and control components; recommended stocks include Xing Yu Shares (601799) and Bertli (603596).

Key risks include policy changes, chip shortages, raw material price volatility, and uncertainties in EV market development due to technological or economic factors.

Suggested watch stocks: Xing Yu Shares (601799), Brotherli (603596), High Precision Mechanics Corp., Zhongneng Auto Tire, CS Automotive Co., Ltd., Byd (002594), Farview Kaohsiung Rubber, Tesla-autoparts companies, and heavy truck leaders like CNHTC (3808HK) or CNHTC (000951).

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