Events:
On April 15, 2021, China Petroleum & Chemical signed a strategic cooperation agreement with NIO Inc. (NIO.US). It is planned that NIO Inc. 's exchange station will be built in more China Petroleum & Chemical Corp gas stations in the future.
At the same time, NIO Inc. 's first second generation power station was officially opened at Beijing China Petroleum & Chemical Corp Chaoying Station.
Zhang Yuzhuo, chairman of China Petroleum & Chemical, said in his speech that China Petroleum & Chemical will step up its construction of high-power DC charging and replacement stations, and plans to build 5000 charging stations by 2025. At the same time, Shen Fei, vice president of NIO Inc. Automobile, said that another 299 second-generation power stations will be deployed nationwide in the remaining 260th days of this year, achieving the goal of deploying a total of 500 power stations. Li Bin, chairman of NIO Inc. Automobile, said that there are more aggressive plans for the deployment of power stations within the company.
NIO Inc. has increased the density of overcharging stations in first-tier cities such as Shanghai and Beijing, while expressways and second-and third-tier cities have increased coverage. Qin Lihong, co-founder of NIO Inc., said that NIO Inc. currently has cooperation with State Grid, Southern Network, Dongguan Holdings and bus Group, and will add a third-party partner for 100 smaller power stations this year.
Event comments:
1. Sinopec provides significant guarantee for the standardization and facilitation of power exchange mode China Petroleum & Chemical, as the largest oil sales enterprise and the vanguard of state-owned enterprises, takes the lead in energy transformation and upgrading, leads the industry in power exchange standards, and solves the problem of power exchange mode standardization. On the other hand, taking advantage of the network of more than 30,000 gas stations across the country, the overall layout of the recharging business is planned, and 5000 charging stations are planned to be built by 2025.
This will provide a strong guarantee for the development of electric vehicles in China, and lead and promote the rapid development of the national electric vehicle industry. Through the geographical breadth and number of outlets, the convenience of changing electricity will be fully improved and it will be closer to the convenient direction of fuel vehicle refueling.
two。 China Petroleum & Chemical Corp, hand in hand, NIO Inc. clearly defines the demand for power station replacement, and China Petroleum & Chemical Corp plans to build 5000 charging stations by 2025; at the same time, NIO Inc. will complete the target of 500 power stations this year and clearly put forward a more radical deployment plan for power exchange. China Petroleum & Chemical Corp holding hands NIO Inc. defined and accelerated the layout of power exchange, and the construction of the replacement power station entered a period of accelerated expansion. The company is deeply bound to NIO Inc., locking a large number of downstream demand, business will break out in an all-round way.
3. NIO Inc. replacement power station upgrade, enhance the user experience of electric vehicle consumers NIO Inc. second generation power station can hold up to 13 batteries, daily service capacity up to 312 times, compared with the first generation power station, the efficiency is more than 3 times higher. In addition, the second generation power station can also support automatic parking of vehicles and start automatic power change with one button. Compared with the first generation replacement power station, the improvement of efficiency and convenience will greatly improve the power exchange experience of electric vehicle consumers.
4. NIO Inc. 's exclusive supplier with high industry barriers
In 2017, the company co-funded the establishment of Kunshan swop with Wuhan NIO Inc. Energy, formally laid out the electric vehicle power station exchange business, and became the exclusive supplier of NIO Inc. automobile power station exchange technology. In 2020, the capital increase of Wuhan Xuneng battery won 8.88% equity, locking the downstream demand.
At the same time, the company has the patent of bolt-type power exchange structure, the power exchange equipment and battery are strongly coupled, and the company's industry barriers are high.
Investment rating and valuation
We estimate that the company's net profit from 2020 to 2022 will be 2.24,3.39 and 522 million respectively, corresponding to PE 21.67,14.37,9.33x respectively, and maintain the "recommended" rating.
Risk hint
The COVID-19 epidemic led to a sustained downturn in the global economy, the production and sales of power tools and new energy vehicles fell short of expectations, product price fluctuations led to lower-than-expected profits, the risk of technological route change, and so on.
