Key investment points
[China Automobile Association: the sales volume of new energy vehicles in January was 431000, with a year-on-year increase of 135.8% and a month on month decrease of 18.6%] according to the data of China Automobile Association, the production and sales of new energy vehicles in January 2022 were 452000 and 431000, with a year-on-year increase of 133.2% and 135.8% and a month on month decrease of 12.6% and 18.6% respectively. From the perspective of different models, the production and sales of passenger cars in January 2022 were 437000 and 419000 respectively, with a year-on-year increase of 134.6% and 138.7% respectively, and a month on month decrease of 10.4% and 15.7% respectively. In January 2022, the production and sales volume of new energy commercial vehicles reached 16000 and 12000 respectively, with a year-on-year increase of 99.7% and 66.6% respectively, and a month on month decrease of 48.1% and 62.6% respectively.
[passenger Federation: in January, the wholesale sales volume of new energy passenger vehicles was 412000, with a year-on-year increase of 141.4% and a month on month decrease of 18.5%] according to the data of passenger Federation, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in mid January 2022 was 412000, with a year-on-year increase of 141.4% and a month on month decrease of – 18.5%. Among them, the wholesale sales volume of pure electric vehicles in January was 333000, a year-on-year increase of 130.4%; The sales volume of plug-in hybrid vehicles was 79000, with a year-on-year increase of 202.1%, accounting for 19.2%. Among them, the wholesale sales volume of A00 is 105000, accounting for 32% of that of pure electric; A0 grade wholesale sales volume is 51000, accounting for 15% of pure electric; Class a electric vehicles account for 22% of pure electric vehicles; Class B electric vehicles reached 101000, accounting for 30% of the share of pure electric vehicles.
[China automotive power battery industry innovation alliance: power battery output in January increased by 146.2% year on year] according to the power battery installation data of China automotive power battery industry innovation alliance, in January 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery output totaled 29.7gwh, a year-on-year increase of 146.2% and a month on month decrease of 6.2%. Among them, the output of ternary battery was 10.8gwh, accounting for 36.5% of the total output, with a year-on-year increase of 57.9% and a month on month decrease of 5.4%; The output of lithium iron phosphate battery was 18.8gwh, accounting for 63.3% of the total output, with a year-on-year increase of 261.8% and a month on month decrease of 6.3%. In January 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 16.2gwh, with a year-on-year increase of 86.9% and a month on month decrease of 38.3%. In January, the top ten enterprises in terms of loading volume totaled about 15.3gwh, accounting for 94.8% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 50.2% (down 5.4pct month on month), and continued to dominate the leader.
Investment suggestion: it is estimated that the sales volume of new energy vehicles will reach 6 million in 2022, with a year-on-year increase of about 70%. Key recommendations: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) . It is recommended to pay active attention to: Shandong Kaisheng New Materials Co.Ltd(301069) , Anhui Estone Materials Technology Co.Ltd(688733) , Zhuhai Cosmx Battery Co.Ltd(688772) , Shan Xi Hua Yang Group New Energy Co.Ltd(600348) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Dynanonic Co.Ltd(300769) .
Risk tip: the production and sales of new energy vehicles are less than expected, the price of raw materials fluctuates sharply, which affects the industry demand, and the risk of other sudden explosions.
