Highlights of this week
In January, the production and sales ring ratio of new energy vehicles declined slightly, and the penetration rate of new energy passenger vehicles reached 19.2%;
In January, the installed capacity of lithium iron oxide decreased by 41% month on month, still exceeding RMB 3 in July;
In January, the terminal sales volume Byd Company Limited(002594) continued to be the top in August last year, and Hongguang Mini reached the top steadily;
Tesla signed a five-year concentrate supply agreement with liontown, Australia;
The 2.91 billion rechargeable battery industry in the United States, and the growth rate of electric vehicles in the United States in 2022;
Eve Energy Co.Ltd(300014) (300014. SZ): sign the new energy battery whole industry chain project cooperation agreement;
Sichuan Yahua Industrial Group Co.Ltd(002497) (002497. SZ): sign a supplementary agreement with the lithium industry development of Australian core company;
China Baoan Group Co.Ltd(000009) (00000 9. SZ): the subsidiary beiteri plans to invest 5 billion yuan to build the lithium battery material price of silicon-based negative electrode material project
Cobalt products: electrolytic cobalt (532500 yuan / ton, 3.60%); Cobalt oxide, 900000 yuan / 400000 tons; Cobalt sulfate (111000 yuan / ton, 1.37%);
Lithium products: metallic lithium (2.23 million yuan / ton, 9.85%); Lithium carbonate (430000 yuan / ton, 9.69%), lithium hydroxide (365000 yuan / ton, 11.64%);
Nickel products: electrolytic nickel (176000 yuan / ton, 0.20%), nickel sulfate (43000 yuan / ton, 1.19%);
Midstream material: ternary positive electrode (523 power type 330000 yuan / ton, 5.78%; 622 single crystal type 335000 yuan / ton, 7.37%; 811 single crystal type 355000 yuan / ton, 9.24%); Lithium iron phosphate (140000 yuan / ton, 0.00%); Negative electrode (artificial graphite (310-320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330-340 MAH / 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%)
Investment proposal and investment object
In January, the ring ratio of production and sales of new energy vehicles declined slightly, and the penetration rate of passenger vehicles reached 19.2%, which continued to be higher than that of last year; At the beginning of 2022, the new energy vehicle market made diversified efforts, and the terminal sales volume in January was Byd Company Limited(002594) . After winning the sales champion in August last year, Hongguang Mini reached the top steadily, and the performance of traditional vehicle enterprises was outstanding; The installed capacity of lithium iron phosphate exceeded three yuan in July. 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 2022 diaphragm and solvent may become a short board in the industry chain.
The production scheduling of the industrial chain was still booming in February. According to statistics, due to the influence of the Spring Festival, the production scheduling of the industrial chain decreased month on month compared with January, and the main links were within 5% month on month, still showing a high prosperity. Among them, the production scheduling of lithium batteries changed slightly, and the production scheduling of the two leading enterprises remained basically stable, reflecting that the demand for batteries was still strong; At the same time, in terms of production scheduling, the supply and demand of diaphragm is still tight, especially the production scheduling of main companies in the wet diaphragm link remains unchanged. On the whole, the sales volume of traditional car enterprises / new forces in January exceeded expectations, and the production scheduling of the superimposed industrial chain was not light in the off-season, which laid a good foundation for the first quarter.
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); 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
