Essence Securities: Overall Automobile Production and Sales Stability in June

In June, the automobile production and sales situation was generally stable with a slight decrease from the previous quarter and a relatively rapid year-on-year growth. In the first half of the year, the growth rate of automobile production and sales continued to rise steadily, among which the growth rate of passenger vehicles was significantly higher than that of the entire industry.

In June, the auto production was 1.5313 million units, a month-on-month decrease of 2.37%, an increase of 9.09% year-on-year; sales of 1.577 million vehicles, a decrease of 1.66% from the previous quarter and an increase of 9.86% year-on-year. Among them, the production of passenger cars was 1,258,800, a month-on-month decrease of 0.79%, a year-on-year increase of 12.20%, and sales of 1,284,200 vehicles, a year-on-year increase of 0.24% and a year-on-year increase of 15.77%. Commercial vehicle production reached 272,500 units, a decrease of 9.08% month-on-month, and a year-on-year decrease of 3.30%; sales of 293,300 units were down 9.20% month-on-month and 10.22% year-on-year. In the first half of the year, the automobile production and sales amounted to 9,529,200 and 9,598,100 vehicles, an increase of 4.08% and 2.93% respectively year-on-year. Passenger car production and sales amounted to 7,599,300 units and 7,613,500 units, an increase of 7.87% and 7.08% year-on-year; commercial vehicles produced and sold 1,929,900 units and 1,984,600 units, a year-on-year decrease of 8.59% and 10.40%.

Production and sales of passenger cars: In June, among the main varieties of passenger cars, production and sales of basic passenger cars (sedans) declined slightly compared with the previous month, production of crossover passenger cars increased slightly, and sales volume declined slightly. Other varieties Production and sales increased at different levels, among which the sales growth of sport utility vehicles (SUVs) was even more pronounced; compared with the same period of last year, the four major categories of products all showed a certain growth, including sport utility vehicles (SUVs). And cross-passenger cars grow faster. In June, the production and sales of basic passenger cars (cars) were 855,500 vehicles and 886,000 vehicles, a year-on-year decrease of 3.10% and 0.81%, an increase of 4.06% and 10.80% year-on-year; sales and sales of multi-function passenger vehicles (MPV) were 41,600 units and 4.18. 10,000 vehicles, an increase of 2.70% and 3.56% year-on-year, and a year-on-year increase of 2.83% and 3.66%; a sports multi-purpose passenger vehicle (SUV) produced and sold 173,700 units and 179,700 units, an increase of 3.12% and 11.10% sequentially, a year-on-year increase of 45.64%. And 52.49%; cross-submarine passenger car production and sales of 188,800 and 177,700, the production chain increased by 6.24%, sales fell 4.90%, an increase of 34.20% and 16.70%. In the first half of the year, production and sales of basic passenger cars (sedans) were 5,218,800 and 5,229,900, an increase of 6.02% and 5.54% year-on-year; sales and sales of multi-function passenger vehicles (MPVs) were 246,500 and 248,700, and production was down 0.07% year-on-year. ,Sales increased by 4.32%; The production and sales of sports utility vehicles (SUVs) totaled 949,700 units and 93,940,000 units, an increase of 34.56% and 32.02% year-on-year; the production and sales of cross-type passenger cars reached 1,185,300 units and 1,195,500 units, and the output increased year-on-year. 1.25%, sales fell 0.77%.

Production and sales of commercial vehicles: In June, among the main varieties of commercial vehicles, production and sales of non-integrated vehicles for passenger cars and passenger cars both increased year-on-year and year-on-year, while other varieties declined. In June, the production and sales of passenger cars reached 36,300 and 38,200, a year-on-year increase of 6.62% and 15.42%, and a year-on-year increase of 5.18% and 3.56% respectively; sales of trucks were 186,300 units and 195,100 units, a decrease of 10.60% and 13.88% from the previous period and a year-on-year decrease of 1.63. % and 11.16%; production and sales of semitrailer tractors sold 10,800 units and 13,800 units, a decrease of 18.63% and 1.67% from the previous period, a year-on-year decrease of 19.38% and 15.28%; and production and sales of non-complete passenger vehicles were all 75,000 units, an increase of 10.04% compared with the previous period. 4.76%, an increase of 0.08% and 0.27% year-on-year; production and sales of non-holistic vehicle trucks totaled 31,600 units and 38,700 units, a decrease of 15.09% and 8.23% month-on-month, and a decrease of 14.66% and 16.65% year-on-year.

In the first half of the year, the production and sales of passenger cars were 198,800 units and 197,700 units, an increase of 9.42% and 3.56% year-on-year; the production and sales of trucks were 1,343,900 units and 1,384,700 units, down 5.81% and 6.96% year-on-year; the production and sales of semitrailer tractors were 104,700 units and 107,800,000 units. Vehicles, a year-on-year decrease of 18.81% and 21.64%; production and sales of non-holistic coaches and buses were 38,100 and 39,700, respectively, down 2.76% and 1.62% year-on-year; sales and sales of non-integrated trucks were 245,200 and 254,700, a year-on-year decrease of 26.86% and 28.83. %.

The key enterprises (groups): In June, the top 10 manufacturers of automobile sales were: SAIC, Dongfeng, FAW, Chang'an, BAIC, GAC, Brilliance, Great Wall, Chery and Geely. They sold 335,300 vehicles and 266,200 vehicles respectively. There were 221,300 vehicles, 176,600 vehicles, 124,600 vehicles, 73,200 vehicles, 53,300 vehicles, 47,700 vehicles, 41,900 vehicles, and 40,500 vehicles. Compared with the previous month, Geely has the fastest growth rate, followed by Chang'an and Guangzhou Automobile, and the east wind slightly increases. Other companies have declined. In June, the above-mentioned ten companies sold a total of 1,397,700 vehicles, accounting for 88.60% of the total sales of automobiles.

In the first half of the year, the top ten manufacturers of automobile sales were: SAIC, Dongfeng, FAW, Chang'an, BAIC, GAC, Brilliance, Chery, Great Wall, and Jianghuai, with sales of 2,169,300, 1,634,300, and 1,331,100, respectively, and 100.52. 10,000, 786,400, 368,100, 298,800, 283,200, 279,900 and 24,400. Compared with the same period of last year, Changan, Chery, and Jianghuai have declined, while other companies have grown at different levels, with the Great Wall and Guangzhou Automobile growing faster. In the first half of the year, the above-mentioned ten companies sold 8.449 million vehicles, accounting for 88.04% of the total sales of automobiles.

In June, the top ten passenger car sales companies were: FAW-Volkswagen, Shanghai GM, Shanghai Volkswagen, SAIC-GM-Wuling, Dongfeng Nissan, Chongqing Chang'an, Beijing Hyundai, FAW Toyota, Changan Ford, and Geely. They sold 117.1 million vehicles respectively. There were 114,000 vehicles, 106,600 vehicles, 92,800 vehicles, 86,400 vehicles, 58,600 vehicles, 58,200 vehicles, 47,400 vehicles, 44,200 vehicles, and 40,500 vehicles. Compared with the previous month, both Chongqing Changan and Geely grew by more than 30%, and the market performed the best. In June, the above-mentioned ten companies sold a total of 765,500 passenger cars, accounting for 59.61% of the total passenger car sales.

In the first half of the year, SAIC GM Wuling, Shanghai GM, Shanghai Volkswagen, FAW-Volkswagen, Dongfeng Nissan, Beijing Hyundai, Chongqing Chang'an, FAW Toyota, Chery and Geely sold 868,700 units respectively. 655,100, 663,700, 618,100, 454,800, 372,800, 293,200, 287,700, 276,700 and 232,200. Compared with the same period of last year, FAW Toyota's growth rate was close to 40%, and the top five companies also exceeded the industry's growth rate. The overall performance was more prominent. In the first half of the year, the above-mentioned ten companies sold 4,506,800 passenger cars, accounting for 59.19% of the total passenger car sales.

In June, the top ten commercial vehicle sales companies were: Dongfeng, Beiqi Foton, Jinbei, JAC, FAW, Jiangling, Great Wall, CNHTC, NAC and SAIC-GM-Wuling, which sold 46,200 vehicles and 45,900 vehicles respectively. There were 20,000 vehicles, 19,500 vehicles, 14,600 vehicles, 13,900 vehicles, 11,900 vehicles, 10,900 vehicles, 10,800 vehicles and 9,400 vehicles. Compared with the previous month, Jiangling and Nanjing Auto saw a slight increase, while other companies showed a certain decline. In June, the above-mentioned ten companies sold 203,100 commercial vehicles, accounting for 69.25% of the total commercial vehicle sales.

In the first half of the year, the top ten commercial vehicle sales companies were: Beiqi Foton, Dongfeng, JAC, FAW, Jinbei, Jiangling, CNHTC, NAC, Great Wall and SAIC-GM-Wuling, which sold 328,000 vehicles and 30.58 million respectively. There were 149,100 units, 12,260 units, 120,000 units, 95,800 units, 79,800 units, 70,200 units, 70,000 units and 62,100 units. Compared with the same period of last year, the first seven companies had different declines, and the latter three companies continued to maintain rapid growth. In the first half of the year, the above-mentioned ten companies sold 1,403,400 commercial vehicles, accounting for 70.71% of the total commercial vehicle sales.

Comments:

Vehicle sales continued to pick up in the month of 1.6, basically in line with our expectations.

2. The sales growth of passenger vehicles in the first half of the year was significantly higher than that of commercial vehicles. In particular, SUV models showed a relatively high growth. In the passenger car companies, the joint-selling brand's half-year sales target was completed better, and the self-owned brand's half-year sales target was completed poorly.

3. In the first half of the year, the sales of commercial vehicles showed a negative growth year-on-year, but the downward trend gradually slowed down and may further improve in the second half of the year. Bus sales in commercial vehicles are relatively good, and the growth rate in the second half of the year may be further enhanced.

4. Maintain industry-leading market -B? Investment rating. It is recommended to focus on Great Wall Motors, which has a large proportion of SUVs, and SAIC Motor, which has achieved sales volume targets for the first half of the year, and Changan Automobile, which is a fast-growing sales chain, and Yutong Bus, a high-quality commercial vehicle company. Larger declines in the first half of the year, and sales of heavy-duty trucks and parts and components companies expected to improve in the second half of the year - China National Heavy Duty Truck, Weifu Hi-Tech, Weichai Power.