Sales rebound, car plate 60% new Energy vehicle valuations are high

Ice Fire Double Day!　　While Chrysler, one of the big American car giants on the other side of the ocean, was officially bankrupt by Obama on April 30 and was taken over by the US government and Fiat and GM announced a 6 billion dollar loss in 2009, China's auto sales were greeted by a long-lost "small spring" market.　　China Automobile Industry Association (hereinafter said: Automobile Association) released China's April 2009 auto production and sales, production, sales volume year-on-year growth of 17.89%, 24.97%. In April, sales of cars and micro-passengers (i.e., cross-passenger cars) grew by 33% and 70.7% Year-on-year respectively.　　The research report of the National Credit Securities said that sales of cars under 1.6L rose 56.5% year-on-year. Compared with smaller cars and other products, another frequent policy-driven and become the capital market "darling" of new energy vehicles less than a few.　　A researcher in Shanghai, who declined to be named, said that new energy vehicles could hardly be a hot market chase in the short term because the demand side failed to open up. April Car and micro-card sales Blowout Futian car (600166. SH) May 12 released the April sales data show that its April sales of 57,270 vehicles, January-April cumulative sales of 181,920 units, compared with the same period last year, the cumulative growth of 3.6%.　　Car purchase tax decline and the car to the countryside two major policy incentives, Fukuda automotive light card (including micro-cards), light passenger respectively, the cumulative growth of 9.4% and 18%. January 14 this year, the State Council considered the adoption of the "auto industry adjustment and revitalization plan", decided from January 20, 2009 to December 31, the 1.6-liter and the following small-displacement passenger cars by 5% Levy vehicle purchase tax.　　At the same time, from March 1, 2009 onwards, the farmers to buy 1.3 litres and the following displacement of micro-buses, as well as three-wheeled vehicles or low-speed goods to scrap the purchase of light trucks, to give a one-time subsidy.　　The "tangible hand" of the city effect is immediate.　　Automobile Association released April auto production and sales situation shows: April 1.1568 million cars, the chain growth of 5.61%, year-on-year growth of 17.89%, 1.1531 million vehicles, the chain growth of 3.91%, year-on-year growth of 24.97%.　　Among them, 1.6 litres and the following sedan and cross type passenger car two models in April sales were 419,000 and 172,000, respectively, increased by 11% and 3.6% respectively, year-on-year growth of 56.5% and 70.7% respectively.　　Affected by warmer data, great wisdom shows that from February 2 to May 19, the car plate rose to 60%, only after the non-ferrous metal plate. "The rapid growth of passenger car product market in the 1―4 month was caused by five factors, such as delayed consumption, policy impetus, the release of normal demand during the period, the firm price of passenger cars and the significant decrease of dealer stock in the fourth quarter of 2008."　　The Oriental Securities report said. Wind information statistics show that a A-share 22 vehicle companies, 2009 Years AQuarterly inventory totals were 28.32 billion yuan, down 3.59% from the 2008 report.　　However, not all the organizations were encouraged by the sales and marketing figures, and the latest report on the securities industry has given car stocks a cautious recommendation.　　East China Sea Securities automobile industry researcher Chosuguang said, from the previous years consumption tax reform to the automotive industry impact analysis, the policy issued within half a year, the impact on production and sales volume is relatively large, then the pull of the policy will gradually weaken. The unnamed researcher also said the car purchase tax fell to the end of this year, there is no news that the policy will continue to carry out until next year. "It is likely that the 2010 consumer demand in advance of the overdraft, if the second half of the production and sales continue to be hot, then 2010 years of Auto unit performance must be very difficult to see."　　"he said. New Energy vehicle valuation has been high May 19, new energy vehicle listed companies, medium-pass bus (000957. SZ), Jinlong automobile (600686. SH), Yutong Bus (600066.　　SH) have gone to win the market. Market rumors, according to the March "auto industry adjustment and revitalization of the planning rules", the relevant departments will be introduced in June to encourage new energy vehicle consumption policy. [Page] In February this year, the Ministry of Finance and the Ministry of Science and Technology issued a joint financial aid for demonstration and promotion of new energy vehicles, of which the subsidy standard for public service passenger cars and light commercial vehicles ranged from 4,000 to 250,000 yuan.　　Urban bus subsidy ranged from 50,000 to 600,000 yuan. "The effect of the subsidy is obvious, and the new policy may support the development and taxation of the firm."　　"The policy stimulus will have a certain impact on the sales of new energy vehicles, but not decisive," Chosuguang said.　　Although the hot spots, but Chosuguang said that the new energy vehicles are mainly restricted by technology, short-term production and sales will not be much improvement, the relevant technology to mature at least 1―2 years.　　In addition, the new energy vehicle to the enterprise's profit contribution is very limited. Zhangliping, a researcher at Bohai Securities, said the hybrid technology was the most technologically mature in hybrid, fuel-electric, pure-electric, hydrogen-powered new energy vehicles. "But they contribute very little to the profits of the listed companies involved." "New energy vehicles should be the first to use large and medium-sized buses, especially urban buses." As a result of the use of frequent start-up, speed, driving distance relatively fixed, coupled with large chassis space, its public welfare characteristics can be the corresponding financial subsidies, so is the breakthrough and development of new energy vehicles and the fastest field.　　"A new study by Guotai says. A person in the Ministry of Passenger Car Securities told reporters: "Last year, only 20 bus hybrid bus to enter the Tianjin market, so the new energy vehicles in the operating income is not the proportion of the current business is to have orders to do." "However, April 1 this year, the Sino-Bus and Jinan Electric Vehicle Operation Co., Ltd. and Jinan City public transport company signed the purchase contract, two companies to purchase 100 Department and 80 Pure electric and hybrid bus, the total amount amounted to 219.47 million yuan.　　The report said that for passenger cars, because of the current inability to overcome the problem of high manufacturing costs, so even if there is a certain amount of government subsidies, the real need to promote the use of a lot of time.　　The overvaluation has deterred some institutions from the new energy vehicle stocks. "We are not bullish on the new Energy vehicles unit, because it is not easy to achieve industrialization, the short-term difficulties will be greater, and now these concept stocks are very high valuations."　　"A researcher at a Shanghai fund company told reporters.　　As of May 19, the static P/E ratio is 62 times times, Foton motor is 31 times times, Shanghai Auto is 149 times times, FAW sedan is 25 times times. Money, large intelligence data show that from May 2 to 19th, the net inflow of passenger cars 7.0648 million yuan, Shanghai car net inflow of 69.3506 million yuan, Jinlong car net outflow of 18.9226 million yuan, Yutong bus net outflow of 69.2249 million yuan, Fukuda car net outflow 129.6905 million yuan, FAW car net outflow 145.488 million yuan.