Zhitong Financial APP learned that Ping an Securities released a research report saying that with the acceleration of policy and car companies, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry is on the rise. It is suggested that we should pay attention to the new power line represented by Tesla, Inc., as well as the catch-up process of Volkswagen and other new models, and recommend leading and second-line elastic targets. For the whole vehicle, it is highly recommended$Great Wall Motor (02333.HK) $，Recommend$Geely Automobile (00175.HK) $、$XPeng Inc.-W (09868.HK) $Battery materials are recommendedNingde Times (300750.SZ), Dangsheng Technology (300073.SZ), Cunninghamia lanceolata (600884.SH)In the aspect of electric control of motor, it is recommended to pay attention toWolong Electric Drive (600580.SH), Huichuan Technology (300124.SZ)With regard to lithium-ion equipment, it is recommended to pay attention toLeading Intelligence (300450.SZ) and Hangke Technology (688006.SH)In terms of lithium and cobalt, it is recommended to pay attention toHuayou Cobalt Industry (603799.SH), Shengxin Lithium Energy (002240.SZ)。
The main points of Ping an Securities are as follows:
New energy vehicles got off to a good start, and sales remained high in January.In January 2022, domestic sales of new energy vehicles were 431000, up 135.8 percent from the same period last year, down 18.6 percent from the previous month. The penetration rate of new energy vehicles in January was 17 percent, an increase of 10pct over the same period last year and a decrease of 2pct compared with the same month last year. On the whole, new energy vehicles got off to a good start at the beginning of the year, and the market still maintained a high boom in January, and the impact of seasonal factors on the market was relatively limited. In the case of rising raw material prices in the upstream and sustained strong demand downstream, some car companies have begun to consider product price increases. In the follow-up, we still need to pay close attention to the impact of price increases on consumer demand and the impact of lack of core on the supply side of automobile companies. It is estimated that the domestic sales of new energy vehicles will be about 5.5 million in 22 years.
In January 2022, the installed capacity of domestic power batteries 16.2GWh, an increase of 86.9 percent over the same period last year, down 38.3 percent from the previous month.Since July 21, lithium iron phosphate batteries have been installed more than ternary batteries for seven months in a row, relying on the cost-effective advantage of the post-subsidy era. At present, the price of lithium carbonate continues to rise and the increase is higher than that of lithium hydroxide, and the cost of lithium iron phosphate is high, while the high-nickel ternary material made of lithium hydroxide is expected to narrow the cost gap with lithium iron, superimposing the pursuit of energy density in high-end vehicles. It is expected that the proportion of high-nickel ternary installation in 22 years is expected to increase significantly.
Industry trends:Zhongke Electric and Ningde Times reached a capital increase agreement; as of January 22, the number of charging piles nationwide was 2.731 million, an increase of 59.1% over the same period last year; long-term Lithium released results KuaiBao:; the share price of the New Energy Automobile Industry chain Company rebounded last week, and the net value of the new energy theme fund rose.
Risk Tips:The growth rate of production and sales of electric vehicles has slowed down.With the continuous growth of the production and sales base of new energy vehicles, it will be more and more difficult to maintain a high growth rate, and the launch of mainstream models for Volkswagen will become the key.
The price war in the industrial chain intensified.The continuous decline of subsidies and the continuous introduction of new production capacity have caused all links of the industrial chain to face the pressure of price reduction.
The influx of overseas competitors is accelerating.With the growth of the domestic market and the dilution of subsidy policy, the pace of overseas giants entering the domestic market is accelerating, which brings a new impact on the industrial structure.
This article comes from the Ping an Securities Automobile Industry report, author: Wu Wencheng, Yi Yongjian, etc., Zhitong Financial Editor: Yang Wanlin