20230529-首创证券-汽车行业简评报告_5月前三周市场企稳修复_零售数据同环比增长_10页_867kb

Auto Industry Report Summary

Market Performance

In early May, the auto market rebounded, with strong retail and wholesale data. According to the China Automobile Industry Association, retail sales increased 41% year-on-year in May 1-21, with a 10% month-on-month improvement, and new energy vehicle sales grew even faster at 109% year-on-year, indicating market recovery.

Controversy

Great Wall Motors officially accused BYD of using non-compliant fuel tanks in models like the Qin PLUS DM-i and Song PLUS DM-i, citing emission issues. BYD disputed the testing, stating improper conditions and demanding approval for a 3,000 km test, while reserving legal action.

Investment Recommendations

Recommended stocks: Vehicle - BYD, Chang'an Auto, Great Wall; Parts - Tesla-related: Top Group, Yang Sheng, Xinquen, Yinlun; Quality parts: Aikedi, Rhomberg, Baolong, Changshu Cosmetic, Yonggui Electric.

Risk Factors

• Policy outcomes may not meet expectations.
• Chip shortage relief could be slower.
• Demand rebound might not occur as projected.
• Electrification and automation progress could lag.