Key investment points
[China Automobile Association: 450000 new energy vehicles were sold in November, with a year-on-year increase of 121.1% and a month on month increase of 17.3%] according to the data of China Automobile Association, 457000 and 450000 new energy vehicles were produced and sold in November 2021, with a year-on-year increase of 127.8% and 121.1% and a month on month increase of + 15.1% and + 17.3% respectively. Cumulatively, from January to November 2021, the production and sales of 3.023 million and 2.99 million vehicles were completed respectively, with a year-on-year increase of 167.4% and 166.8% respectively. From the perspective of different models, the production and sales of passenger cars in November 2021 were 434000 and 427000 respectively, with a year-on-year increase of + 133.8% and + 125.9% respectively, and a month on month increase of + 14.5% and + 16.8% respectively. In November 2021, the production and sales of new energy commercial vehicles reached 24000 and 23000 respectively, with a year-on-year increase of + 54.8% and + 57.3% respectively, and a month on month increase of + 28.0% and + 28.0% respectively.
[passenger Federation: in November, the wholesale sales volume of new energy passenger vehicles was 429000, with a year-on-year increase of 131.7% and a month on month increase of 17.9%] according to the data of passenger Federation, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in mid November 2021 was 429000, with a year-on-year increase of 131.7% and a month on month increase of 17.9%. Among them, the wholesale sales volume of pure electric vehicles in November was 343000, a year-on-year increase of 121.1%; The sales volume of plug-in hybrid vehicles was 85000, with a year-on-year increase of 187.2%, accounting for 19.8%. In November, the sales volume of high-end electric vehicles increased strongly, and the middle and low-end trend was strong. Among them, A00 wholesale sales volume is 108000, accounting for 31% of pure electric; A0 grade wholesale sales volume is 53000, accounting for 15% of pure electric; Class a electric vehicles accounted for 25% of pure electric vehicles, rising from the bottom; Class B electric vehicles reached 91000, an increase of 15% month on month, accounting for 26% of the share of pure electric vehicles.
[China automotive power battery industry innovation alliance: the power battery output in November increased by 121.8% year on year] according to the power battery installation data of China automotive power battery industry innovation alliance, the China Shipbuilding Industry Group Power Co.Ltd(600482) battery output in November 2021 totaled 28.2gwh, a year-on-year increase of 121.8% and a month on month increase of 12.4%. From January to November, China Shipbuilding Industry Group Power Co.Ltd(600482) battery output totaled 188.1gwh, a year-on-year increase of 175.5%. In November 2021, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 20.8gwh, with a year-on-year increase of 96.2% and a month on month increase of 35.1%. From January to November, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume totaled 128.3gwh, a year-on-year increase of 153.1%. In November, the top ten enterprises in terms of loading volume totaled about 19.5gwh, accounting for 93.8% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 55.0% (mom + 5.1pct), and continued to dominate the leader.
Investment suggestion: in November, the production and sales of new energy vehicles continue to exceed expectations. We predict that the annual production and sales will be more than 3.5 million. It is suggested to pay active attention to: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) , Jiangsu Cnano Technology Co.Ltd(688116) , Beijing Easpring Material Technology Co.Ltd(300073) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) .
Risk warning: the price of upstream raw materials fluctuates greatly; The recovery of new energy vehicle market is less than expected; The impact of overseas epidemic continues.
