The production and sales of new energy vehicles reached a new high: according to the data of China Automobile Association, the production and sales of new energy vehicles continued to set a new record in November, breaking 400000 for the first time, and the production and sales were 457000 and 450000 respectively, with a year-on-year increase of 130.81% and 125.00%. In November, the production and sales of new energy vehicles and passenger vehicles were 434000 and 427000 respectively, accounting for 94.97% and 94.89% of the total sales of new energy vehicles respectively. The overall market penetration of new energy vehicles in November was 17.8%, which continued to be higher than that of last month, of which the market penetration of new energy passenger vehicles reached 19.5%.
The penetration rate of multi-level new energy vehicles in the market segment has great room for improvement: in November, the wholesale sales volume of new energy A00 cars was 108000, accounting for 31% of pure electric vehicles. The future market penetration of new energy vehicles has different development potential according to different market segments. At present, the penetration rate of A00 is high, and there is still much room for improvement of A0, a and B.
The output of power batteries continued to grow, with the installed capacity breaking through 20gwh for the first time in a single month: the month on month growth rate of power battery output remained at 12%, the installed capacity exceeded 20gwh for the first time in a single month, and the installed capacity of lithium iron phosphate batteries exceeded that of ternary material batteries in the year.
The sales volume in European and American markets is stable: in November, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars in the United States was 598.65 million. In November, the sales volume of new energy vehicles in major European regions was 170000. In the fourth quarter, the impact of core shortage slowed down, the sales volume began to pick up, and the penetration rate remained high.
Investment view: we believe that the sales of new energy vehicles will reach a peak in December. It is expected that the sales volume will reach a new high in December, the penetration rate of A00, A0 and A-class electric vehicles will continue to increase, and the cumulative penetration rate of new energy vehicles will exceed 14% during the year. In 2022, we believe that the demand for lithium iron phosphate batteries with high safety and high cost performance will further increase. At the same time, due to the desire for high energy density, the proportion of high nickel materials in ternary batteries is expected to further increase. It is expected that the European market will maintain a high penetration rate in 2022 and the American Shanxi Guoxin Energy Corporation Limited(600617) automobile market will start to develop. We suggest paying attention to Hunan Zhongke Electric Co.Ltd(300035) (300035. SZ), Sichuan Yahua Industrial Group Co.Ltd(002497) (002497. SZ), Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659. SH), Shenzhen Senior Technology Material Co.Ltd(300568) (300568. SZ), and Jiangsu Azure Corporation(002245) (002245. SZ).
Risk tip: endurance of lithium iron phosphate battery in winter; The epidemic fluctuated repeatedly
