智通财经APP获悉，9月22日上汽联合中石化、中石油、宁德、上海国际汽车城共同投资的上海捷能智电新能源科技有限公司成立。东吴证券发布研报认为，未来低基数的换电行业具备高成长性，预计2025年建设换电站数量将超16000座，对应新增设备投资额近400亿元，换电行业爆发前期，头部设备商优先受益。推荐：瀚川智能(688022.SH)，建议关注：博众精工(688097.SH)、协鑫能科(002015.SZ)、山东威达(002026.SZ)、科大智能(300222.SZ)、英飞特(300582.SZ)。
东吴证券主要观点如下：
上汽切入换电赛道，构造换电完整生态：
捷能智电以动力电池租赁业务为核心，开展换电技术研发推广、电池运营管理、大数据服务等，形成换电完整生态，打造标准化平台，提升新能源车主的用户体验。(1)换电网络：捷能智电将依托中国石化、中国石油遍布全国的5万余座加油站网络，升级打造“可换电、可充电”的综合能源服务站。(2)换电车型：上汽集团旗下飞凡、荣威、MG、大通等品牌将陆续推出换电车型，包括SUV、轿车、MPV及商用车等全部品类。
换电模式获认可，多玩家角逐共推行业爆发：
(1)当前换电模式逐步获得认可，尤其在商用车领域的经济性凸显，换电行业已有多方入场，包括以蔚来、吉利为代表的汽车厂商，以宁德时代为代表的动力电池厂商，以国家电网为代表的能源供应商以及以奥动新能源为代表的换电运营商等。(2)此次上汽集团与传统能源商和动力电池厂合作布局换电业务，能够借助中石油中石化的渠道优势，实现加油站和换电站协同布局，同时有利于与宁德时代等电池厂合作推动换电行业标准的统一，加速换电生态构建。
换电行业爆发前期，头部设备商优先受益：
未来低基数的换电行业具备高成长性，该行预计2025年建设换电站数量将超16000座，对应新增设备投资额近400亿元。瀚川智能作为换电龙头设备商已拥有换电站装备制造、核心零部件制造与终端运营系统平台三大类产品，已与吉利、协鑫能科、宁德时代等达成合作，在大客户切入上具备先发优势，充分受益于换电行业0-1发展。
风险提示：换电模式推广不及预期。
Zitong Financial APP learned that Shanghai Jie Neng Zhidian New Energy Technology Co., Ltd., jointly invested by China Petroleum & Chemical Corp, Petrochina Company Limited, Ningde and Shanghai International Automobile City, was established on September 22nd. According to a research report released by Soochow Securities, the low base power exchange industry in the future will have high growth, and it is expected that the number of power exchange stations to be built in 2025 will exceed 16000, corresponding to an additional equipment investment of nearly 40 billion yuan. In the early days of the outbreak of the power exchange industry, head equipment manufacturers will give priority to benefit. Recommend: Hanchuan Intelligence (688022.SH), suggest attention: Bozhong Seiko (688097.SH), Xiexin Nengke (002015.SZ), Shandong Weida (002026.SZ), University of Science and Technology Intelligence (300222.SZ), Infid (300582.SZ).
The main points of Soochow Securities are as follows:
SAIC cut into the power exchange track to construct a complete ecology of power exchange:
With power battery leasing business as the core, Jie Neng Zhi Electric Power Co., Ltd. carries out research and development and promotion of power exchange technology, battery operation and management, big data service, etc., to form a complete ecology of power exchange, create a standardized platform, and enhance the user experience of new energy vehicle owners. (1) Power exchange network: JiNeng Zhidian will upgrade to build a "changeable and rechargeable" comprehensive energy service station, relying on the network of more than 50, 000 gas stations spread across the country by China Petroleum & Chemical and Petrochina. (2) Power-changing models: Feifan, Roewe, MG, Chase and other brands of SAIC will launch power-changing models one after another, including SUV, cars, MPV and commercial vehicles.
The power exchange mode has been recognized, and the multi-player competition to promote the industry has broken out:
(1) the current power exchange mode has been gradually recognized, especially in the field of commercial vehicles, and there have been many entrances in the power exchange industry, including automobile manufacturers represented by NIO Inc. and Geely, power battery manufacturers represented by Ningde era, energy suppliers represented by the State Grid and power exchange operators represented by Aomo New Energy. (2) the cooperation between SAIC and traditional energy companies and power battery factories in the layout of power exchange business can make use of the channel advantages of Petrochina Company Limited and China Petroleum & Chemical Corp to realize the coordinated layout of gas stations and exchange power stations. at the same time, it is conducive to working with battery factories such as Ningde era to promote the unification of power exchange industry standards and accelerate the ecological construction of power exchange.
In the early stage of the outbreak of the power exchange industry, the head equipment manufacturers gave priority to benefit:
In the future, the low-base power exchange industry will have high growth, and the bank expects that the number of power stations to be built in 2025 will exceed 16000, corresponding to nearly 40 billion yuan of new equipment investment. As a leading equipment manufacturer of power exchange, Hanchuan Intelligent has three categories of products: equipment manufacturing of power exchange station, manufacturing of core components and terminal operation system platform, and has reached cooperation with Geely, Xiexin Nengke, Ningde era, etc., and has a first-mover advantage in the entry of major customers, fully benefiting from the 0-1 development of the power exchange industry.
Risk Tips:The promotion of power replacement mode is not as expected.
