Cars and Components: Optimistic in the off-season, cautiously optimistic about the second half of the automobile market

In August, the overall sales of the automotive industry reached 1,322,282 units, which was a year-on-year increase of 16.1% and an increase of 6.3% from the previous quarter. Looking at the same period of the previous year, the figures for the same period from the same period of the previous period from 2005 to 2009 were 0.19% lower than the month-on-year in August, and the average period from August to July in the period from 2005 to 2007 was 0.01% lower than that in July. The performance of the industry in August exceeded that of previous years. This has a certain relationship with the overall price reduction of passenger cars after the middle and late July and the large-scale price reduction of commercial vehicles after early August. For the year ended August 2010, a total of 11,582,775 units were sold, an increase of 39.3% year-on-year. We expect the auto industry to go out of the “high and stable” situation throughout the year, with a year-on-year growth rate of 25%, slightly exceeding market expectations.

In August, passenger vehicles sold approximately 1.02 million vehicles, which represented a year-on-year increase of approximately 18.7% and a month-on-month increase of approximately 7.7%. The performance was slightly better than that of the same period in history. Among them, the sales volume of passenger cars of 1.6L and below was approximately 687,000, a year-on-year increase of nearly 11%. %, which accounted for 67.4% of the overall sales of passenger cars, with a 2% market share, a year-on-year increase of 18.1%, and a certain increase from last month's level.

The commercial vehicle market sold a total of about 303,000 vehicles in August, an increase of about 8.2% year-on-year. In August, heavy-duty trucks sold a total of approximately 65,000 vehicles, a year-on-year increase of only approximately 14%, a year-on-year growth rate of -7.6%. The deceleration in the month-on-month ratio does not conceal the absolute high level, and the June-August trend is consistent with our previous The “off-season is not light” judgment is expected to follow the trend of the “four-month peak season”. It is expected that the monthly sales in the next four months will be in the range of 6-7 million units per month. The trend of the market was slightly ahead of the market's expectations of “high before and after low”.

The recommendations focus on the best-in-first-half operating conditions, comprehensive strength, and mid- to long-term passenger car industry leader Shanghai Automotive (600104. SH); the Group’s premium parts platform Huayu Automobile (600741. SH) The company's commercial vehicle parts and components company, Weifu Hi-Tech (000581.SZ), Yunnei Power (000903.SZ), which has a hedging effect on the cyclical impact of structural growth, has accumulated a lot of concentric and diversified Songzhi Co. (002454. SZ).