Highlights of this week
In January, Xiaopeng continued to win the championship in the delivery volume of new forces, and Nezha exceeded Wei Lai to deliver more than 10000 vehicles;
In January, the sales volume of new energy vehicles in the European market fell slightly month on month, and high penetration countries entered a stable period;
Kia and Yueda signed a cooperation agreement to open a new era of joint venture;
The second phase project of Yuanjing power battery manufacturing base was started, and the planned production capacity exceeded 15gwh;
LG new energy plans to increase the production capacity of factories in Michigan by 5 times;
Ganfeng Lithium Co.Ltd(002460) (002460. SZ): sign a cooperation agreement with PMI;
Gem Co.Ltd(002340) (002340. SZ): a multi-channel nickel resource supply guarantee system has been established;
Tianqi Lithium Corporation(002466) (002466. SZ): the joint stock company SES is officially listed
Lithium battery material price
Cobalt products: electrolytic cobalt (501500 yuan / ton, 0.50%); Co3O4 (399000 yuan / ton, 0.00%); Cobalt sulfate (110000 yuan / ton, 2.34%);
Lithium products: metal lithium (2 million yuan / ton, 3.63%); Lithium carbonate (384000 yuan / ton, 5.49%), lithium hydroxide (319000 yuan / ton, 6.70%);
Nickel products: electrolytic nickel (177000 yuan / ton, 4.24%), nickel sulfate (42000 yuan / ton, 0.00%);
Midstream material: ternary positive electrode (523 power type: 312000 yuan / ton, 9.49%; 622 single crystal type: 312000 yuan / ton, 8.71%; 811 single crystal type: 325000 yuan / ton, 6.57%); Lithium iron phosphate (140000 yuan / ton, 10.24%); 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 January, the sales volume of the five major car companies delivered by new forces increased significantly year-on-year. Xiaopeng continued to win the championship. Nezha delivered more than 10000 vehicles than Weilai, and the first camp pattern of “weixiaoli” was broken; The overall year-on-year growth rate of new energy vehicle sales in the European market decreased, and there was a significant decline month on month, which is inevitable due to the high impulse at the end of the month and the general penetration data of European countries; The overall year-on-year growth rate of low base countries is relatively high, and high penetration countries have entered a stable period. 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 the diaphragm and solvent in 2020 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
