Highlights of this week
Due to the Spring Festival, the sales volume of new forces of car making fell in February, and Nezha surpassed Xiaopeng;
In February, the sales volume of new energy vehicles in the European market rebounded slightly month on month, and the overall penetration slowed down;
The Ministry of industry and information technology publicized 14.6 billion yuan of subsidies for new energy vehicles;
Bosch, together with Mitsubishi commercial and blue valley energy, reached financial cooperation in battery leasing and entered the field of power exchange;
Stellantis released the 2030 strategic plan and adopted the asset light mode in China;
Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) . SH): strategic cooperation with Gem Co.Ltd(002340) in power battery recycling and other fields;
Sunwoda Electronic Co.Ltd(300207) ( Sunwoda Electronic Co.Ltd(300207) . SZ): the subsidiary plans to invest 12 billion yuan in Zhuhai 30gwh power battery project;
Byd Company Limited(002594) ( Byd Company Limited(002594) . SZ): the production and sales remain stable, and the models are gradually opened to complete “new energy”
Lithium battery material price
Cobalt products: electrolytic cobalt (552500 yuan / ton, 0.00%); Cobalt oxide (72000 yuan / 40000 tons); Cobalt sulfate (118000 yuan / ton, 1.95%);
Lithium products: metal lithium (2.71 million yuan / ton, 6.69%); Lithium carbonate (491000 yuan / ton, 5.82%), lithium hydroxide (448000 yuan / ton, 7.70%);
Nickel products: electrolytic nickel (184000 yuan / ton, 2.17%), nickel sulfate (44000 yuan / ton, 2.34%);
Midstream material: ternary positive electrode (523 power type 357000 yuan / ton, 0.00%; 622 single crystal type 360000 yuan / ton, 0.00%; 811 single crystal type 386000 yuan / ton, 0.00%); Lithium iron phosphate (150000 yuan / ton, 0.00%); Negative electrode (artificial graphite (310320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330340 MAH / 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 550000 yuan / ton, 0%)
Investment proposal and investment object
The sales volume of new energy vehicles in the European market remained stable on the whole. With the advent of the peak season of vehicle sales, the sales volume of vehicles in European countries rebounded slightly month on month after being affected by the lack of core; The penetration rate of electric vehicles in most countries has also further increased, and the growth rate of high penetration countries has slowed down slightly. 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 the statistics of the Spring Festival, the output ratio of lithium battery industry remained relatively high in the first and second month, which mainly reflected that the output ratio of lithium battery industry remained high in the first and second month; 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) , buy).
Risk tips
Subsidies have declined, and the sales of new energy vehicles are lower than expected; Upstream raw material price fluctuation risk.
