Core view
Highlights of this week
Italy approved $9 billion in energy aid to provide incentives for electric vehicles;
Five companies submitted US $20.5 billion chip production plans to India;
The Norwegian government invested 9.8 million euros to support sustainable battery production and research;
Nezha automobile has completed a new round of 2 billion yuan financing plan, and Hong Kong stocks will be listed this year;
Contemporary Amperex Technology Co.Limited(300750) Shanghai Lingang Holdings Co.Ltd(600848) phase II project officially started, with an investment of 2.8 billion yuan;
Nuode Investment Co.Ltd(600110) ( Nuode Investment Co.Ltd(600110) . SH): Sun signed the production pricing contract for lithium battery copper foil products;
Guangdong Guanghua Sci-Tech Co.Ltd(002741) ( Guangdong Guanghua Sci-Tech Co.Ltd(002741) . SZ): sign strategic cooperation agreements with Aodong new energy and Panasonic China;
Shenzhen Desay Battery Technology Co.Ltd(000049) ( Shenzhen Desay Battery Technology Co.Ltd(000049) . SZ): it is proposed to invest 2.1 billion yuan in the construction of SIP packaging industry project
Lithium battery material price
Cobalt products: electrolytic cobalt (552500 yuan / ton, 3.46%); Co3O4 (414000 yuan / ton, 1.22%); Cobalt sulfate (115000 yuan / ton, 3.60%);
Lithium products: metal lithium (2.48 million yuan / ton, 8.30%); Lithium carbonate (462000 yuan / ton, 5.48%), lithium hydroxide (409000 yuan / ton, 9.66%);
Nickel products: electrolytic nickel (179000 yuan / ton, 0.08%), nickel sulfate (43000 yuan / ton, 0.59%);
Midstream material: ternary positive electrode (523 power type 357000 yuan / ton, 8.19%; 622 single crystal type 366000 yuan / ton, 9.25%; 811 single crystal type 386000 yuan / ton, 8.74%); Lithium iron phosphate (150000 yuan / ton, 7.14%); Negative electrode (artificial graphite (310320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330340mah / g) 56000 yuan / ton, 0%; Artificial graphite (340360mah / 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
Due to the sharp rise in energy prices and the impact of continuous core shortage, in February, various countries, especially European governments, launched various incentive measures and investment and production plans in order to develop the development of new energy vehicle industry and related industrial chain production research, so as to stimulate the further development of new energy vehicle industry. 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 the diaphragm links Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) , not rated), Shenzhen Senior Technology Material Co.Ltd(300568) ( Shenzhen Senior Technology Material Co.Ltd(300568) , not rated); It is suggested to pay attention to the solvent links Shandong Shida Shenghua Chemical Group Company Limite(603026) ( Shandong Shida Shenghua Chemical Group Company Limite(603026) , buy), Shenzhen Capchem Technology.Ltd(300037) ( Shenzhen Capchem Technology.Ltd(300037) , not rated); Ternary materials pays attention to the core subject of integrated layout Zhejiang Huayou Cobalt Co.Ltd(603799) ( Zhejiang Huayou Cobalt Co.Ltd(603799) , buy), and it is recommended to pay attention to Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(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.
