As disclosed in annual reports of listed companies in 2010 opened the curtain to find the value of the depression to become the focus of the capital market. In the automotive industry in the context of high growth, the majority of listed companies to become beneficiaries of the car. Who is the best investment value of the auto business? This reporter has been carrying out multi-interview.

    Leader in the automotive industry in 2010

    With "than-expected" to describe China's auto industry in 2010, but the most appropriate. Shanxi Securities (002,500, stock it) in a research note that "in early 2010, when the investment community in 2010 are not optimistic about the automotive industry, in the second half of 2009 experienced a significant high-growth, investor expectations cars the possibility of continuing high growth of sales is small, while the cost of capacity utilization also reduces concerns about corporate profits we expected the car. But the actual situation in 2010 is very different, in the continued high volume, long-term, low-cost environment and the multiple smaller capacity positive pressure driven by the significant increase in economic profit industry. "

    Although full-year 2010 data not yet released, but the Ministry of Industry and the Bureau of Statistics data corroborated previous sales of the domestic auto industry, the profit hot growth. Recently, the Ministry of the relevant data show that China's industrial added value and the auto industry leader in production and sales in most industries. January to November last year, equipped with the industrial added value is much higher than most industries, an increase of 21%, faster than the full scale of 5.2 percentage points above the industry, including the performance of the automotive industry is quite prominent, the first 11 months of 1640, automobile production and sales are million, up respectively 33.7% and 34.1%.

    National Bureau of Statistics data further confirmed that the auto industry profits rolling situation. Data, auto industry profit growth ranked third, behind the nonferrous metals industry and power industry. The first 11 months last year, the Chinese auto industry profits 319.8 billion yuan, an increase of 69.1%, the rate of increase is much higher than the same period in 2009.

    In addition, the auto industry growth rate is far higher than the industry average. National Bureau of Statistics, January-November 2010, the national scale industrial profit of 3.8828 trillion yuan, an increase of 49.4%.

    December 2010, the domestic auto industry's growth continued unabated, several auto companies into a shortage of "trouble" in the. Right after New Year's Day 2011, many car companies have rushed to announce that the 2010 sales. Shanghai Automotive (600,104, stock it) joint venture Shanghai GM said its 2010 sales amounted to 103.8988, an increase of 42.8%; said Geely Chairman Li Shufu, Geely Automobile sales volume in 2010 reached 415,000, an increase of about 26%. China Automobile Industry Association predicts that by 2010 China's auto sales will reach 18 million, an increase of 32%.

    Value of listed companies into depression

    One side is the rapid growth in 2010 China's auto industry, on the other side is price-earnings ratio, PEG were lower auto industry listed companies.

    Car to the countryside, smaller cars and tax concessions and other trade-policy on December 31, 2010 expiration. The release of bad news, so automakers experienced a rapid decline and, ultimately, gradually stabilizing.

    According to report, a number of institutional investors at home and abroad has been the value of the vehicle stock as depression. Even Morgan Stanley raised its Hong Kong-listed Great Wall Motor's target price, raised from 17.5 yuan 28.7 yuan. Morgan Stanley believes that Great Wall Motor from 2010 to 2012 earnings will be higher than previously expected, so the profit increase 39%, respectively, 40% and 30%, respectively, of 20 billion yuan, 2.4 billion and 28 billion; 2011 2012 net profit CAGR of 18%.

    In the A share market, more car companies undervalued. Shanxi Securities pointed out that "we believe that the automotive market there is a certain underestimation of the 2010 results, the possibility of future large-than-expected report."