Events
According to sneresearch data, the top 10 global power battery installed capacity in 2021 is: Contemporary Amperex Technology Co.Limited(300750) (32.6%), LG new energy (20.3%), Panasonic (12.2%), Byd Company Limited(002594) (5.8%), SK (5.6%), Samsung SDI (4.5%), China Innovation Airlines (2.7%), Gotion High-Tech Co.Ltd(002074) (2.1%), Yuanjing power (1.4%) and honeycomb energy (1%).
According to the data of China automotive power battery industry innovation alliance, in January 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery vehicles were 16.2gwh, with a year-on-year increase of + 87% and a month on month decrease of 38%, of which Sanyuan and lithium iron phosphate battery vehicles were 7.3gwh and 8.9gwh respectively. The top five enterprises in China are Contemporary Amperex Technology Co.Limited(300750) (50.2%), Byd Company Limited(002594) (20.9%), China Innovation Airlines (7.4%), Gotion High-Tech Co.Ltd(002074) (5.8%) and honeycomb energy (2.7%).
Key investment points
The industry continues to maintain high growth, and the top ten Chinese enterprises occupy six seats. The power battery industry continues to maintain high growth. In 2021, the total amount of electric vehicle batteries in all countries in the world was 296.8gwh, a year-on-year increase of + 102%, and the installed capacity of the top ten manufacturers in the industry increased by 108%. CR10 of the industry is 91.2%, up 0.3% from 2020, Cr5 of the industry is 79.5%, up 0.9%, and the industry concentration is still high. Among them, the market share of Contemporary Amperex Technology Co.Limited(300750) has increased by 8 percentage points, Byd Company Limited(002594) has increased by 2.1%, and the market share of AVIC, GuoXuan and honeycomb energy has increased to a certain extent. Chinese battery enterprises have accounted for half of the country, the top ten occupy six seats, and Contemporary Amperex Technology Co.Limited(300750) continues to remain the first in the world, This is the fifth consecutive year that catl has dominated the list. The market share of LG new energy, Panasonic and Samsung SDI has declined to a certain extent. In particular, Panasonic has decreased significantly by 6.2 percentage points, which is mainly related to the increase in the number of Tesla suppliers.
The battery data in January was in line with market expectations, and the lithium iron phosphate battery continued to be strong. The month on month decline of vehicles installed in January 2022 is mainly related to the off-season of the car market, which is within the market expectation. Structurally, lithium iron phosphate battery vehicles account for 55% and ternary batteries account for 45%. In January 2022, 35 power battery enterprises in China realized loading, one less than the same period last year, and the industry pattern continued to be optimized. Industry CR3, Cr5 and CR10 are 78.6%, 87.1% and 94.8% respectively, and the industry is highly concentrated. From the perspective of capacity expansion, Contemporary Amperex Technology Co.Limited(300750) capacity planning exceeds 700gwh and Byd Company Limited(002594) exceeds 400gwh, highlighting the Matthew effect of the industry leader.
Investment suggestion: it is suggested to pay attention to the power battery link with the best competition pattern and price increase logic.
Risk factors: the sales volume of electric vehicles does not meet expectations; Intensified competition in power battery industry; The price of raw materials continues to rise; Policy uncertainty of new energy vehicle industry; Technology substitution risk.
