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In the first quarter, the spare parts industry was significantly worse than the entire vehicle company. In 2009, vehicle-listed companies and parts and accessories listed companies achieved operating revenue of 389,481 million yuan and 97,207 million yuan, respectively, which represented a year-on-year increase of 27%; net profit attributable to parent companies was 16.748 billion yuan and 7.119 billion yuan, respectively, an increase of 1.45 percent year-on-year. Times and 2.59 times. Benefiting from the hot sales of cars and the low price of raw materials, the profit of vehicle manufacturers and spare parts companies has increased significantly in 2009. However, from the data of the first quarter of 2010, the profitability of spare parts companies has dropped significantly, and its net profit attributable to the parent company has fallen by 9.82% month-on-month, while the net profit of vehicle companies attributable to the parent company has increased by 40.79% month-on-month, and continues to maintain an upward trend. We believe that the apparent decline in profitability of parts and components companies in the first quarter was due to the rising pressure of raw material prices, on the one hand, and the cost shift of vehicle companies, on the other.
Passenger car: The growth of high-end passenger cars is significant. In the context of the macroeconomic recovery and stabilization, the growth of high-end passenger cars is significant. In the first quarter of 2010, the sales volume of mid- to high-end cars with 1.6L-2.0L and over 2.0L increased by 72.21% and 50.48% year-on-year, respectively. Compared with the fourth quarter of 2009, the year-on-year growth rate increased by 22.09 percentage points and 6.43 percentage points respectively. accelerate. Similarly, the market demand for MPVs and SUVs as mid- to high-end passenger vehicles also shows a rapid growth trend. In the first quarter of 2010, MPV sales volume was 102,600 units, an increase of 119.65% year-on-year, an increase of 24.78% year-on-year; SUV sales were 267,700 units, an increase of 162.34% year-on-year and an increase of 23.62% month-on-month.
Commercial vehicles: Heavy trucks have performed outstandingly. In the first quarter of 2010, the sales volume of commercial vehicles reached 1,087,000, an increase of 59.17% year-on-year and an increase of 21.94% over the previous period. Among them, the sales volume of generalized heavy trucks reached 267,500 units, an increase of 162.76% year-on-year, and an increase of 45.15% from the previous period, which was significantly higher than that of commercial vehicles. Taking into account the recovery of logistics and massive investment in the construction stage, we are optimistic about the increase in heavy truck sales this year. It is expected that the overall growth rate of the heavy truck industry will be around 21% in 2010, and the growth rate in 2009 will be 17%.
Investment Strategy: Maintain the automotive industry's "overweight" investment rating. Investors are advised to pay attention to benefiting the growth of mid- to high-end car sales, such as FAW Car, Shanghai Automotive, Ningbo Huaxiang, and Fuyao Glass; related stocks that have benefited from accelerated growth in heavy-duty truck industry, China National Heavy Duty Truck, Weichai Power, Weifu Hi-Tech; Relevant stocks for asset integration: FAW Fuwei, AVIC Seiki, Yueda Investment, Aerospace Chenguang, Zongshen Power; spare parts stocks with technological advantages and leading position in the industry, such as Zhongding; Jiangling Motors with rapid growth expectations , Xingmin Steel Wheels, Tianrun Crankshaft, Jianghuai Automobile; Changan Automobile and Dongan Power, which maintain steady growth of micro-vehicles and gradually show synergies after reorganization; Shouguang Shares, which will benefit from demonstration and promotion of new energy vehicles, will be launched. Our target price is 22 yuan; export warmer, you can pay proper attention to Jinlong Motors, Silver Wheel shares. (Research Institution: Tianxiang Investment Analyst: Tianxiang Investment Research Institute) (Editor: Li Jing)