Highlights of this week
2021 motor list: Byd Company Limited(002594) , Tesla and Zhejiang Founder Motor Co.Ltd(002196) ranked among the top three;
The Ministry of industry and information technology adjusts the technical requirements of new energy vehicles enjoying vehicle and vessel tax reduction and exemption;
China Innovation Airlines plans to build Guangzhou and Jiangmen bases, which will add 100GWh capacity;
Byd Company Limited(002594) settled in Xiangyang, with an initial investment of 10 billion to produce power batteries;
Great Wall Motor Company Limited(601633) 11.5 billion investment in science and technology ecology to radiate the Latin American market in Brazil;
Renault Nissan Mitsubishi alliance 2030 strategy: 35 new electric vehicles;
Yongxing Special Materials Technology Co.Ltd(002756) (002756. SZ): join hands with Contemporary Amperex Technology Co.Limited(300750) to establish a joint venture with 2.5 billion to invest in the lithium carbonate project;
Zhejiang Founder Motor Co.Ltd(002196) (002196. SZ): it is proposed to raise 1 billion yuan for the drive motor project;
Contemporary Amperex Technology Co.Limited(300750) (300750. SZ): the year-on-year growth rate of net profit in 2021 exceeded 151%, and the net profit in a single quarter exceeded 6 billion yuan. The price of lithium battery materials
Cobalt products: electrolytic cobalt (499000 yuan / ton, - 0.20%); Co3O4 (399000 yuan / ton, 0.00%); Cobalt sulfate (107000 yuan / ton, 2.90%);
Lithium products: metal lithium (1.9 million yuan / ton, 4.11%); Lithium carbonate (364000 yuan / ton, 6.43%), lithium hydroxide (299000 yuan / ton, 3.11%);
Nickel products: electrolytic nickel (168000 yuan / ton, - 4.43%), nickel sulfate (42000 yuan / ton, 5.30%);
Midstream material: ternary positive electrode (523 power type, 285000 yuan / ton, 0.00%; 622 single crystal type, 287000 yuan / ton, 0.00%; 811 single crystal type, 305000 yuan / ton, 1.33%); Lithium iron phosphate (124000 yuan / ton, 8.77%); Negative electrode (artificial graphite (310-320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330-340mah / g) 56000 yuan / ton, 0%; Artificial graphite (340-360mah / g) 73000 yuan / ton, 0%); Diaphragm (7 + 2) μ M coating: 2.6 yuan / flat, 0.00%; 9+3 μ M coating 2.2 yuan / flat, 0.00%); Electrolyte (iron lithium type 110000 yuan / ton, 0%; ternary type 113000 yuan / ton, 0%; lithium hexafluorophosphate 59000 yuan / ton, 0%)
In 2021 Byd Company Limited(002594) , Tesla and Zhejiang Founder Motor Co.Ltd(002196) ranked among the top 3 in installed capacity, and the Ministry of industry and information technology adjusted the preferential technical requirements for vehicle and vessel tax reduction; Under the triple drive of policy stimulus, diversified supply and improved consumer recognition, electric vehicles will accelerate the replacement of oil vehicles, and the high outlook of the industry will continue. 2021 is the year with the best profit of midstream materials, and the prices of all links have been raised to varying degrees. The increase in prices will inevitably lead to an increase in the speed of production capacity. Considering the production expansion plan and speed of each link, the barrel effect is still effective. The tight production capacity and slow technological iteration in some links may be interpreted as the bottleneck of the production of lithium batteries or new energy vehicles, and become a potential sector with both volume and price. We expect that 2022 diaphragm and solvent may become a short board in the industry chain.
With the launch of new production capacity, it is expected that the price of core materials will stabilize or even fall, and the overall cost of battery terminal will decline in the future, while the rising trend of downstream price is very certain. With the increase of battery gross profit margin and the decrease of cost rate caused by superposition of scale effect, the battery link ushers in a profit inflection point.
To sum up, midstream materials pay attention to diaphragm links Yunnan Energy New Material Co.Ltd(002812) (002812, not rated), Shenzhen Senior Technology Material Co.Ltd(300568) (300568, not rated), Cangzhou Mingzhu Plastic Co.Ltd(002108) (002108, bought); It is suggested to pay attention to solvent links Shandong Shida Shenghua Chemical Group Company Limite(603026) (603026, buy), Shenzhen Capchem Technology.Ltd(300037) (300037, not rated), Liao Ning Oxiranchem Inc(300082) (300082, not rated); Ternary materials pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) (603799, buy) as the core subject of integrated layout, and it is recommended to pay attention to Beijing Easpring Material Technology Co.Ltd(300073) (300073, not rated).
Risk tips
Subsidies have declined, and the sales of new energy vehicles are lower than expected; Upstream raw material price fluctuation risk. Investment proposal and investment object
