Auto parts: basic recovery of demand, expected to bring performance improvement

Event: the passenger Federation released the sales data of passenger vehicles in April 2020; in April, the wholesale sales of narrow sense passenger vehicles were 1.5 million, down 3.6% year on year, up 49.8% month on month; the retail sales of narrow sense passenger vehicles were 1.429 million, down 5.6% year on year, up 36.6% month on month; the wholesale sales of new energy passenger vehicles were 64000, down 30.0% year on year, up 14.8% month on month. 
Sales: effective demand recovery basic recovery, luxury brand strong! 
In April, the retail sales of narrow sense passenger vehicles decreased by 5.6% year-on-year and increased by 36.6% month on month, which is the best month since this year. First, the sales and passenger flow have been normalized and the effective demand has basically recovered; second, the country has subsidized the new purchase, elimination and replacement of automobiles in many places; third, the sales volume in April last year dropped by 16.5%, with a low base. From January to April, the sales volume was 4.445 million, down 32.7%. In the second quarter of last year, the sales volume has experienced a sharp decline - the "national five year plan" stock clearing promotion in June. It is expected that the sales volume will fluctuate less in the second quarter of this year, with a slight decline in the quarter on year. Under the guidance of local policies to stimulate consumption, it is expected that the sales volume in the second half of the year will reach the same level as last year, and the sales volume for the whole year will drop by about 10%. 
By brand, luxury brands are still strong, up 16% year on year. Luxury brands launch a series of cost-effective entry-level models to attract joint venture and independent brand consumers with consumption upgrading needs. Joint venture brands fell by 5% and independent brands by 13%. The independent brand leader has strong performance, and the brand sales of Chang'an and Geely in the new car cycle have become positive.

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