① Recently, data released by the China Charging Alliance shows that in January 2024, the number of charging infrastructure increased by 265,000 units, up 31.1% year on year; of these, the number of public charging stations increased by 56,000 units, up 36.8% year on year. ② Orient Securities believes that domestic NEV ownership is expected to continue to grow at a high rate. Combined with domestic policy incentives, domestic operating and manufacturing companies with a deep layout of charging stations are expected to experience greater flexibility.
Recently, data released by the China Charging Alliance shows that in January 2024, the number of charging infrastructure increased by 265,000 units, up 31.1% year on year; of these, the number of public charging stations increased by 56,000, up 36.8% year on year, and the number of private charging stations built with vehicles increased by 208,000, up 29.6% year on year. As of January 2024, the total number of charging infrastructures nationwide was 8.861 million units, an increase of 63.7% over the previous year.
Orient Securities believes that domestic NEV ownership is expected to continue to grow at a high rate. Combined with domestic policy incentives, domestic operating and manufacturing companies with a deep layout of charging stations are expected to experience greater flexibility. On the one hand, charging pile support in third- and fourth-tier cities is poor. Combined, in line with new energy vehicles going to the countryside, the construction of charging piles in the sinking market will drive demand for equipment manufacturing. It is expected that equipment companies will see new orders one after another in the later stages. On the other hand, first-tier cities have a high tram ownership base. As the penetration rate continues to increase, it will continue to drive public charging demand, operators will benefit, and profits are expected to reach an inflection point. 800V high voltage platform models and plans have been launched one after another. Ningde's 4C lithium iron phosphate fast charging battery has accelerated the implementation of the overcharging trend, and the construction of overcharging piles has become a limiting factor in the promotion of high voltage fast charging. Huawei's 600kW liquid-cooled overcharging station is leading the technological trend, and overcharging piles have become the focus of charging pile investment. Focus on technological upgrading directions such as whole pile companies, liquid cooling modules, and liquid cooling gun lines, which account for a high proportion of high-power DC piles. In terms of market space, according to Great Wall Securities's forecast, China's charging pile market space will reach 72.9 billion yuan in 2025, and the CAGR will reach 50.95% from 2022 to 2025.
According to the Finance Federation's theme library, among the relevant listed companies:
Yonggui Electric has mastered the core technology of high-power liquid-cooled charging guns and has independent intellectual property rights; it can achieve charging scenarios with a maximum current of 600A and rated voltage of 1000V, pioneered promotion and application in the domestic market, and has now formed batch supply.
Taiyong Long March charging pile products cover a full range of 7kW to 480kW. DC charging pile products can meet 1000V high voltage fast charging requirements, and liquid-cooled charging terminals are being tested in small batches.