Core view
Market review: last week, the power equipment sector closed at 10833.4 points, up 5.5%. The Shanghai Composite Index closed at 3490.8 points, up 27.81 points; Shenzhen Component Index closed at 13459.7 points, up 1.8%; Gem closed at 2826.8 points, up 2.9%. Among the electrical equipment sub sectors, energy metals rose 10.7%, power generation equipment rose 6.9%, lithium positive electrode rose 6.8%, lithium diaphragm rose 5.7%, lithium negative electrode rose 5.3%, and industrial control automation was the same as last week. In terms of individual stocks, the top five gainers were Youngy Co.Ltd(002192) up 20.03%, Guangzhou Great Power Energy&Technology Co.Ltd(300438) up 16.64%, Shenzhen Dynanonic Co.Ltd(300769) up 16.48%, Ningbo Ronbay New Energy Technology Co.Ltd(688005) up 16.04%, Shenzhen Senior Technology Material Co.Ltd(300568) up 15.48%.
Price tracking of industrial chain: in the lithium battery market, the price of lithium series products continues to rise, and the market sentiment of cathode materials is high. The price of lithium hydroxide was 377500 yuan / ton, up 50000 yuan / ton from last week. The price of lithium carbonate (battery grade) was 452500 yuan / ton, up 47500 yuan / ton from last week. The price of lithium iron phosphate (power type) was 143000 yuan / ton, an increase of 2000 yuan / ton compared with last week. The price of electrolytic cobalt was 534500 yuan / ton, up 24500 yuan / ton from last week.
Industry news: in terms of new energy vehicles, Tesla‘s first batch of 4680 batteries will be equipped with model y, which is expected to be delivered by the end of the first quarter; The Italian government will provide $420 million for the stellantis battery factory; January China Shipbuilding Industry Group Power Co.Ltd(600482) top 15 battery loading volume: Contemporary Amperex Technology Co.Limited(300750) ranked first, and honeycomb energy ranked among the top five; In 2021, BorgWarner’s operating profit increased by 55% year-on-year, and plans to acquire Tianjin Songzheng motor business.
Announcement of key companies: Guangdong Dowstone Technology Co.Ltd(300409) : agree to provide a guarantee line of no more than 1 million yuan for Guangdong Jiana and its subsidiaries to apply for a comprehensive credit line from financial institutions; Shandong Shida Shenghua Chemical Group Company Limite(603026) : Shenghua new energy technology (Dongying) Co., Ltd., a wholly-owned subsidiary of the company, plans to invest in the construction of 20000 t / a cathode lithium supplement project; Guizhou Zhenhua E-Chem Inc(688707) : the total operating revenue was 5.515 billion yuan, 432.07% year-on-year, and the net profit was 413 million yuan.
Investment suggestions: the sector will be adjusted in a short term. The fundamentals of the new energy vehicle industry will continue to improve in 2022. We continue to be optimistic about the annual investment opportunities of the lithium new energy vehicle sector. At present, it is suggested to focus on the energy storage sector and Shenzhen Desay Battery Technology Co.Ltd(000049) (energy storage system suppliers, strategic layout of energy storage cells and Realization of industrial chain integration).
Risk warning: the sales of new products are less than expected; The Sino US trade war intensified; Industry competition intensifies risks
