Zhitong Financial APP learned that Oriental Securities released a research report saying that due to the dual effects of the epidemic and price increases, domestic sales of new energy vehicles declined month-on-month in April, but performed better than overall car consumption, reflecting the production power of new energy vehicles surpassing traditional cars, and is still optimistic about the rebound in sales for the whole year, maintaining the expectation of 5.4 million vehicles. The bank believes that the price increase will not affect medium-and long-term demand, with the stable release of market demand, electric vehicles have become a necessary "choice". Under the overall overfall or low valuation of the mid-stream material plate, it is believed that systematic opportunities will be ushered in in the second half of the year. Suggested attention: battery Ningde Times (300750.SZ), Penghui Energy (300438.SZ); Mid-stream materials Dangsheng Technology (300073.SZ), Rongbai Technology (688005.SH), Huayou Cobalt (603799.SH), Enjie shares (002812.SH).
The main points of Oriental Securities are as follows:
Affected by the epidemic and rising prices, domestic sales of new energy vehicles in April were 299000, up 44% from the same period last year, but down 38% from the previous month.
Although the month-on-month data dropped sharply, compared with the overall car consumption, the new energy vehicle data performed better, reflecting the production power of new energy vehicles surpassing traditional vehicles.From the battery level,In April, the number of cars loaded with power batteries was only 13.3GWh, up 58.1% from a year earlier and down 38.0% from a month earlier. It is expected that the price rise of new energy vehicles and the impact of the epidemic will last until May-June. As fuel prices continue to rise and concessions continue to narrow, automobile consumption will shift to electric vehicles in the second half of the year. BYD's announcement that it will stop production of fuel vehicles is the strongest signal. The bank is optimistic that sales of new energy vehicles will continue to pick up in the second half of the year, maintaining a forecast of 5.4 million vehicles for the whole year.
The bank insists that the price increase does not affect demand in the medium to long term, and that electric cars have become a must.
The market demand of new energy vehicles begins to release steadily without relying on the strong promotion of policies. the continuous upgrading of models and the acceptance of electrification by consumers are the strongest driving forces. with the optimization and adjustment of the policy side, the new energy vehicle market is healthier.
Mid-stream materialsThe market is worried about demand, but under the current overfall or low valuation of the plate as a whole, the bank believes that 22 years of new energy vehicle sales, whether 5 million or 6 million, will usher in a phase of continuous improvement in the second half of the year compared with the previous year, which will bring about systematic opportunities in the plate, but the logic of deduction will be different under different sales. At present, the plate is still optimized for diaphragm, three-way positive pole and negative pole link.
Risk Tips:Subsidies fall back, sales of new energy vehicles fall short of expectations, and upstream raw material prices fluctuate.