Since 2022, the electric vehicle industry has experienced epidemic containment and declining subsidies. Supply and demand have been greatly disrupted, and the pace of inventory and production allocation has been affected. The upward inventory cycle from the second quarter of 2023 to the third quarter of 2023 is expected to begin. Looking only at power batteries from the perspective of power batteries, Guojin Securities expects the first quarter of 2023 to continue the process of removing warehouses. Based on the anticipated interpretation of the annual production of 9.5 million new energy vehicles and the insurance volume of 7.6 million units, combined with the continued high growth in energy storage and exports, it is expected that the second quarter of 2023 will continue to recover as downstream demand continues to recover, and the industrial chain shifts from removing warehouses to replenishing stocks, and prosperity is expected to usher in an upward cycle.
国金证券：库存扰动排产，动力电池产业链景气度二季度有望修复
Guojin Securities: Inventory disrupts production schedule, and the boom in the power battery industry chain is expected to recover in the second quarter
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