Zitong Financial APP learned that Dongguan Securities released a research report saying that the global goal of carbon neutralization led by the rapid growth of the number of new energy vehicles, market penetration will continue to rise. Speeding up the improvement of charging and recharging infrastructure will help to support the high-quality development of the new energy vehicle industry. The relevant state departments are strengthening the top-level design of the development of the charging infrastructure industry, and will continue to optimize the planning, layout and construction of the charging network. At the same time, with the rapid growth of new energy vehicle sales, the European and American charging pile market is in the early stage of the outbreak, the demand will usher in a significant volume. Domestic pile enterprises accelerate the layout of the sea, and are expected to enjoy the rapid development dividend of the global charging pile industry by virtue of the cost-effective advantage.
The main points of Dongguan Securities are as follows:
The rapid growth of domestic new energy vehicles drives the development of supporting facilities.
The number of new energy vehicles in China reached 13.1 million in 2022, is expected to reach 21 million in 2023, and will increase to 40 million by 2025. The charging demand of electric vehicles is increasing, so it is urgent to speed up the construction of supporting infrastructure such as charging piles. In recent years, the charging pile industry policy has been continuously introduced, which requires to vigorously promote the construction of charging network. In 2022, 2.593 million new charging piles were added nationwide, with a total of 5.21 million, an increase of 99.07 percent over the same period last year, with a vehicle-to-pile ratio of 2.5. Assuming that the vehicle-pile ratio goes down to 2 by 2025, there will be a gap of about 15 million sets at present.
There are broad prospects for overseas markets, and domestic enterprises are speeding up to go out to sea.
With the rapid growth of new energy vehicle sales in Europe and the United States, there is a strong demand for charging pile construction. According to IEA statistics, the European bus pile Prida 15:1, the United States bus pile Prida 18:1, far behind the domestic level. At present, the construction of supporting infrastructure in the new energy vehicle market in Europe and the United States is obviously insufficient, and countries are expected to speed up development under the promotion of policies, and the demand for overseas charging piles is significantly increased. Domestic charging pile enterprises are accelerating the layout of overseas markets. Compared with the local charging pile enterprises in Europe and America, they have more cost-effective advantages.
High voltage fast charging has become the trend of the times.
The convenience of charging and shortening the charging time is one of the pain points to solve the development of new energy vehicles. The accelerated application of fast charging technology is very important to promote the rapid development of new energy vehicles. At present, the policies of various countries actively promote the development of fast filling technology from the top-level design, and the proportion of fast filling piles is expected to increase gradually in the future. At present, high-voltage fast charging technology is the mainstream choice for automobile companies to realize fast charging. 800V high-voltage platform models will be launched one after another in 2023, and the prospect is promising.
Recommended concerns are as follows:
1) the fast charging and recharging track that improves energy replenishment efficiency and empowers the rapid development of the new energy vehicle industry, high-voltage fast charging has gradually become the mainstream, and core equipment suppliers with high-power charging technology reserves, as well as companies that actively layout the replacement mode will benefit from the expansion of the charging market.
2) domestic pile companies which have passed the European and American standard certification and have a wide distribution of sales channels are expected to be the first to benefit from overseas market volume. Focus on the core equipment suppliers Guodian Nanrui (600406.SH), Xu Ji Electric (000400.SZ), Wanma (002276.SZ), benefit from the planning of the first landing of the leading manufacturer of rechargeable equipment 688022.SH.
Risk Tips:The sales of new energy vehicles fall short of the expected risk; the construction of domestic recharging infrastructure is not as expected; domestic pile enterprises go out to sea less than expected; market competition aggravates the risk.