129762943164218750_25March car sales rebound attention independent brand enterprise investment opportunity
Automotive industry association recently announced the February trade data showed that national car production and sales in the first two months a small drop compared with the same period a year earlier. Brokerage analyst said the data in line with market expectations, March the whole industry or will usher in a car-buying season, school bus, official car purchasing brand-related stocks to usher in investment opportunities. According to the February 2012, car sales 1567,100, rose 12.75%, an increase of 24.51%. In January-February, automobile total sales to 2.9543 million vehicles, down 5.96%. In this regard, CSI believes that industry-wide downturn was mainly due to smooth the end of 2010 to 2011 first quarter sales of larger, led to higher base per cent. Molecular linesIndustry, commercial vehicle sales in the January-February 580,600, down 11.91%, where trucks 72,200 nonholonomic vehicles sales, fell by as much as 31.78%. Northeast securities believes that weak performance of commercial vehicles as long as it is under the influence of real estate and infrastructure regulation. January-February passenger car sales of 2.3737 million vehicles,Fell 4.37%, special passenger cars achieve sales about $ 1.97 million units
diablo 3 power leveling, the cumulative decline around 2.5% (Federation of trade and 3.1% data slightly decline)
diablo 3 power leveling, better than the market expected. Shenyin wanguo believes that special passenger figures were better than expected, or because the dealer is car-buying season of March to cover normal inventory. According to the seasonal pattern
star wars credits,March special compared to passenger car sales in February were achieved in history rose sharply, is expected around March special theory of 15% passenger car sales rose, corresponding y/y growth rate of 5%. United securities held the same view. Report points out that, as last year's high base 1 ~ February (disturbance due to policy) factors, and special monthly sales data for passenger cars is expected to beImproved, growth for the whole year is expected around 10%. Macro-areas, Northeast securities considered, taking into account the number of cars in China thousands entered the stage of rapid growth, transport, energy, the environment and other issues have become increasingly prominent, Central Government and local governments at all levels must not tolerate the rapid growth of car sales. But as a pillar industry of the national economy, take on consumer demand, requires a certain level of growth speedDegree. Automotive industry growth rate for the whole year is expected to be slightly more than growth in GDP, near 10%. Policy, East securities said, end of February the Ministry used party official announced that the 2012 model selected in the directory are independent brand enterprise, further indicate that the bus reform is significant and the Government's support for an independent brand enterprise. Independent productsRelatively large earnings, performance of elastic car companies, will be a benefit of the catalogue of the companies. In addition, shenyin wanguo pointed out that education Minister Yuan guiren revealed last week, currently the relevant departments had in the drafting of school bus funding regulations, will be announced soon. It is understood that the development and Reform Commission is the lead drafting documents, including allocation of individual units ' responsibilities defined, there are financial security measures��
Therefore, the judgment of the company, purchasing brand hot short school bus, the bus will continue. According to new estimates, auto stocks valuation levels are still low. Passenger cars, auto parts and other relative and absolute PE are located below the historical average, 2011 about overall levels of PE in 8-9 times, passenger cars relative to the market's valuation level is 0.87 times (1.08 times times historical value), company valuation quality is still a margin of safety. As far as the investment strategy, Northeast securities believes that official used car purchasing directory launched as a starting point, independent brand enterprise facing market competition environment improvement in the substantive, independent brand car companies will usher in a systematic investment opportunities. CITIC Securities recommended to voteFunding concerns two types of investment the main line: first performance of solid growth, low valuations of enterprises, second, market position and profitability is expected to rebound, high-profit elasticity of companies such as SAIC, field automobile, great wall automobile, Foton, China Faw Fuwei, Yutong, etc.
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