In the past 21 years, the revenue of overseas battery factories increased and the profits were divided. In 2021, LG new energy, Samsung lithium battery, skon and Panasonic energy achieved revenue of 99.2/608/169/40.2 billion yuan respectively. The revenue of the above three Korean enterprises increased by 44%, 25.5% and 89% year-on-year respectively; The corresponding operating profit is 43 / 30 / – 38 / 36 billion yuan respectively. Overall, driven by the rapid growth of global new energy vehicles, the revenue of overseas battery enterprises has achieved positive growth. Among them, skon and LG new energy have a fast growth rate. Panasonic has a slow growth rate due to its single customer and limited to the U.S. market. From the profit side, Samsung and Panasonic have achieved relatively stable profits, LG’s profits fluctuate greatly, ski is still in continuous losses, and there is still a large gap in the profitability of overseas mainstream battery manufacturers compared with China’s battery leaders. Looking forward to 22 years, the price of raw materials and the problem of lack of core still exist, and the number of customers is still the cornerstone for battery enterprises to achieve stable growth. Compared with Japanese enterprises, Korean manufacturers have more stamina.
Industry trends: Do-Fluoride New Materials Co.Ltd(002407) introduce enchem as a strategic investor and Eve Energy Co.Ltd(300014) reach a strategic cooperation agreement with Huizhou government; National Development and Reform Commission: promote the pilot demonstration of energy interaction between new energy vehicles and power grid; Last week, the share price of new energy automobile industry chain company continued to adjust, and the net value of new energy theme fund fell.
Investment suggestion: with the strengthening of policy and auto enterprises, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry boom is rising. It is suggested to pay attention to the main line of new forces represented by Tesla and the catch-up process of new models such as Volkswagen, and recommend leading and second-line elastic targets. In terms of the whole vehicle, Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK) and Xiaopeng automobile (9868. HK) are highly recommended; In terms of battery materials, Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) are recommended; In terms of motor electric control, it is recommended to pay attention to Wolong Electric Group Co.Ltd(600580) , Shenzhen Inovance Technology Co.Ltd(300124) ; For lithium battery equipment, it is recommended to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Zhejiang Hangke Technology Incorporated Company(688006) ; In terms of lithium and cobalt, it is recommended to pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengxin Lithium Group Co.Ltd(002240) .
Risk tips: 1. The growth rate of electric vehicle production and sales slows down. With the continuous growth of the production and sales base of new energy vehicles, it will be more and more difficult to maintain a high growth rate, and the introduction of mainstream models for the public has become the key; 2. The price war in the industrial chain intensified. The continuous decline of subsidies and the continuous investment of new production capacity have led to the pressure of price reduction in all links of the industrial chain; 3. The influx of overseas competitors accelerated. With the growth of the Chinese market and the dilution of subsidy policies, the pace of overseas giants entering the Chinese market is accelerating, which has a new impact on the industrial pattern.
