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According to the China Association of Automobile Manufacturers, a total of 1.27 million vehicles were sold in January-February 2007, an increase of 25.8% from the same period last year. Among them, sales of passenger cars were 970,000, an increase of 27% over the same period of 2006; sales of commercial vehicles were 300,000, an increase of 21.8% over the same period of 2006. The growth rate of 45.8% of SUVs in passenger cars is the most significant, reaching 42,000 vehicles.
Among the commercial vehicles, the sales of 22,000 semi-trailer tractors were the most prominent, up by 144% over the same period in 2006.
In January-February 2007, the auto market sold a total of 712,000 cars, an increase of 34.3% over the same period of last year. The top three companies in sales rank are SAIC, FAW and Dongfeng. Among the major manufacturers, Brilliance has the fastest growth rate of 526% over the same period of last year. The top three single brands in sales are Santana, Excelle and Jetta. At the same time, the proportion of self-owned brand cars has gradually increased in recent years. This is particularly evident this year. The market share has increased from 25.9% in 2006 to 29.3% in July-February, reflecting the increasing market competitiveness of domestic manufacturers. Driven by the wealth effect, we maintain the growth rate of passenger cars and commercial vehicles in 2007 at 20% and 14% respectively, reaching 6.19 million vehicles and 2.28 million vehicles.
China's automakers have high valuations
We have compared the price-earnings ratio of global depots and Chinese depots, and the overall valuation of Chinese depots is high. The global depot's PE is about 6-25 times. The Chinese depot is about 15-55 times. Due to the overall high valuation level, there is a certain callback pressure on the stock price.