The pattern of power battery enterprises has initially taken shape, Contemporary Amperex Technology Co.Limited(300750) leader has been established, Byd Company Limited(002594) position is stable, and some second-line battery enterprises with advantages are expected to rise; Maintain the industry stronger than the market rating.
Key points supporting rating
The pattern of power battery industry has initially taken shape, and second-line enterprises are expected to rise. The leading position of Contemporary Amperex Technology Co.Limited(300750) in the industry has been established, and Byd Company Limited(002594) has a stable position with its own sales of new energy vehicles. The market share of the top ten enterprises in the industry shows a fluctuating upward trend, and the second-line battery enterprises gradually rise. With the rapid development of the power battery industry, some second-line battery enterprises have increased R & D investment, actively arranged new production capacity, improved the supply chain and developed advanced power battery technology. The products gradually have cost and technical advantages and have entered the supply chain of mainstream main engine manufacturers. In the future, with the huge growth of power battery demand, second-line battery enterprises with advantages are expected to further improve their market share and highlight the encirclement.
Pay attention to R & D investment and actively develop power battery technology. Second tier battery enterprises attach importance to the R & D of power battery technology, Farasis Energy (Gan Zhou) Co.Ltd(688567) , Eve Energy Co.Ltd(300014) and Sunwoda Electronic Co.Ltd(300207) have a rapid growth in R & D capital investment. Battery enterprises such as Farasis Energy (Gan Zhou) Co.Ltd(688567) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , China Innovation airlines and honeycomb energy have engaged in power battery research and development earlier, have profound technical accumulation, and can form certain technical advantages. In terms of product technology, most second-line batteries have layout in ternary battery and iron lithium battery technology, and the product performance indicators are in a leading position in the industry. In terms of differentiated technology, honeycomb energy, Gotion High-Tech Co.Ltd(002074) and Jiewei power have industry-leading technology layout, which is expected to become a competitive advantage in the future. In terms of forward-looking technology, Farasis Energy (Gan Zhou) Co.Ltd(688567) , honeycomb energy, zhongchuangxin aviation, etc., there are clear R & D technical routes and time arrangements in terms of high specific energy battery technology and solid-state battery.
Have supply chain advantages. The localization rate of the supply chain of second-line battery enterprises is high, and the upstream raw material links are actively arranged. Ensure the supply of upstream raw materials directly or indirectly through acquisition, shareholding or joint venture plant construction. In addition, some second-line battery enterprises have the ability to research and develop key raw materials, master the key technologies for the preparation of certain key raw materials, control the performance of battery products from the raw material end, or become a competitive advantage in the future.
High quality customer structure is an important guarantee for development. In the early development process, some second-line battery enterprises, through cooperation with high-quality customers, enlarge shipments, improve their own production capacity, occupy a place in the industry, and feed back technology development in the later stage, forming a virtuous circle. Zhongchuangxin airlines, Farasis Energy (Gan Zhou) Co.Ltd(688567) , Eve Energy Co.Ltd(300014) etc. have established good cooperative relations with customers of one or two high-end OEMs, improved their product performance, actively expanded production capacity, and laid a solid foundation for future development.
The proportion of power battery business increased. In terms of main business, Gotion High-Tech Co.Ltd(002074) , Farasis Energy (Gan Zhou) Co.Ltd(688567) takes power battery as the main business, and the business income accounts for more than 70%; Eve Energy Co.Ltd(300014) gradually focus on the power battery business. At present, the revenue accounts for 59%, which is expected to be further improved in the future; Power battery businesses such as Sunwoda Electronic Co.Ltd(300207) account for a relatively low proportion; From the perspective of corporate finance, the gross profit margin of second-line battery enterprises fluctuates greatly, which is more easily affected by customer sales and raw materials; From the perspective of ownership structure, the shareholders of second-line battery enterprises have the advantages of technology, supply chain or industrial resources, which can play a positive role in the development of enterprises.
Investment advice
The pattern of power battery enterprises has initially taken shape and the Contemporary Amperex Technology Co.Limited(300750) leader has been established. Second tier enterprises are facing development opportunities and the risk of being eliminated. Enterprises with the advantages of cost, technology, customers and shareholder resources can stand out in the future competition, and may also be close to the front-line leading enterprises in terms of valuation level. It is recommended to Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , Sunwoda Electronic Co.Ltd(300207) and pay attention to Byd Company Limited(002594) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) .
Main risks of rating
The intensity and duration of power and production restriction exceeded expectations; The new energy vehicle industry policy did not meet expectations; The product strength of new energy vehicles does not meet expectations; The demand of the industrial chain does not meet the expectation; The price competition in the industrial chain exceeds expectations; The impact of the epidemic exceeded expectations.
