Automotive industry: focus on energy saving and emission reduction
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Event Description:
Recently, the State Council's National Plan for Addressing Climate Change and the Comprehensive Energy Conservation and Emission Reduction Work Plan issued by the State Council have referred to the relevant policy guidance for the automotive industry.
China's National Climate Change Program proposes:
“Accelerating the elimination of old cars with high energy consumption, accelerating the development of diesel vehicles, large-tonnage vehicles and professional vehicles, promoting van-type trucks, and developing professional transportation vehicles such as containers; and promoting the implementation of the National Standard for Fuel Consumption Limit of Passenger Vehicles. , control the development of high fuel consumption vehicles from the source."
The central government should “research on the fiscal and taxation policies that encourage the development of energy-saving and environment-friendly small-displacement vehicles and speed up the elimination of high-fuel-consuming vehicles. Select the implementation of the fuel tax reform program, formulate an industrial policy that encourages the development of energy-saving and environmentally friendly small-displacement vehicles, and encourage energy conservation and environmental protection. The policies and measures for the consumption of small-displacement vehicles have cancelled various restrictions on energy-saving and environmentally friendly small-displacement vehicles, guided the public to establish a conservation-oriented automobile consumption concept, vigorously developed public transportation, increased the proportion of rail transit in urban transport, and encouraged research. Production and consumption policies for hybrid and pure electric vehicles".
In order to reduce greenhouse gas emissions, the “Programme†also classifies clean gas vehicles and hybrid vehicle technologies as “significantly demanding†technologies, and stated that the application and promotion of these technologies “in China will have significant impact on the reduction of greenhouse gas emissions. influences".
The "Comprehensive Work Program for Energy Saving and Emission Reduction" proposes:
"China will step up its efforts to issue a resource tax reform plan, improve the method of taxation, raise the level of tax burden, and introduce a fuel tax at an appropriate time." Comments:
We believe that energy conservation, emission reduction, and environmental protection have been increasingly mentioned by the government and have increasingly become the direction of social development. For the automotive industry, the adjustment of the structure of automotive products will play a guiding role.
1. Under the background of energy saving and environmental protection policies, the development of the automotive industry is reflected in three aspects: In the context of energy saving and environmental protection, the current policy has three directions in encouraging the development of the automotive industry. (1) Encouraging the development of diesel vehicles; (2) Encouraging energy conservation Development of environmentally-friendly small-displacement vehicles (3) Encourage the development of hybrid and pure electric vehicles. And repeatedly proposed "properly introduced fuel tax."
We believe that the development of hybrid and pure electric vehicles will go through a relatively long process, and the development of diesel vehicles and small-displacement vehicles will be more realistic in the present. We are optimistic that the fuel tax will be introduced during the “Eleventh Five-Year Plan†period, which will have a far-reaching impact on the development of diesel vehicles, especially diesel cars.
2. "The timely introduction of fuel tax" has brought hope to the development of diesel passenger vehicles. It is optimistic that during the "Eleventh Five-Year Plan" period, 100% of heavy vehicles and 90% of light vehicles in Europe and the United States will be powered by diesel engines. The dieselization ratio of commercial vehicles in China is not much different from that of developed countries.
At present, the dieselization ratio of passenger cars in our country is low, less than 1%. . While the overall proportion of European diesel cars reached 32%, France, Spain and other countries reached more than 50%. Due to the fuel economy of diesel vehicles, the introduction of fuel tax is bound to play a role in encouraging the development of diesel passenger vehicles.
The specific data show that from January to April, China's diesel commercial vehicles achieved a total of 686,300 vehicles, accounting for 80.79% of the total commercial vehicle fleet, and there is limited room for further improvement.
At present, more than 130 countries in the world have implemented fuel tax. For the first time in China, the fuel tax was written into the legislation in 1997. The fuel tax was raised several times during the 1997-2007 period, and it was abandoned several times. We believe that fuel tax as the most direct means of regulation and control, in the government's encouragement of energy-saving emission reduction environment, after a decade of grounding may exceed the interest group disputes and once again put on the agenda. The optimistic estimate of the fuel tax policy may be introduced during the “Eleventh Five-Year Plan†period, and this will directly affect the advancement of the dieselization of passenger cars in China and the localization of passenger car diesel engines.
3. It is recommended to focus on Weifu High-tech, a leading company in diesel injection system products (21.62, 1.63, 8.15%).
We expect that the production and sales of automobiles will be expected to reach 11.5 million units in 2010. According to the current 71% of the proportion of passenger vehicles, the production and sales of passenger vehicles in China are expected to reach 8.165 million units in 2010. If calculated according to the 10% passenger car dieselization ratio, the market size of diesel passenger cars can reach 816.5 thousand. Of course, judging from the current situation, achieving such a rate requires a process for both manufacturers and consumers.
We recommend Weifu Hi-tech (000581), a leading company in diesel injection systems, in listed companies. At present, the domestic diesel passenger car engines are mainly imported from foreign countries. If the government can introduce the fuel tax policy during the “Eleventh Five-Year Plan†period, it will play an active role in the localization of diesel engines for passenger vehicles. Weifu The company's participation in 31.5% of Bosch's gas diesel company will certainly benefit from it. Although the proportion of diesel vehicles and gasoline vehicles after the introduction of the fuel tax is unlikely to change significantly in a short period of time, the short-term gains directly reflected by the company are limited, but the policy-level warming remains a long-term positive for the company's development space.