Affected by the Spring Festival holiday, the sales volume of new energy vehicles of auto enterprises decreased month on month in February, in line with expectations; The sales volume of some new cars decreased slightly in February 2022 due to the release of new energy enterprises and other factors. Weilai automobile delivered 6131 vehicles in February this year, with a year-on-year increase of 9.9% and a month on month decrease of 36.3%. Together with 9652 vehicles delivered in January, 15783 vehicles were delivered in the first two months of this year, with a year-on-year increase of 23.3%. Ideal cars delivered 8414 ideal Oens in February, with a year-on-year increase of 265.8% and a month on month decrease of 45.8%. Together with 12268 ideal one delivered in January, 20682 ideal ones were delivered in the first two months of this year, returning to the champion position. Xiaopeng delivered 6225 vehicles in February, with a year-on-year increase of 180% and a month on month decrease of about 107.6%. Among them, 3537 vehicles were delivered to Xiaopeng P7 and 2059 vehicles were delivered to Xiaopeng P5. With 12922 cars delivered in January this year, a total of 19147 cars were delivered in the first two months of this year. Zero run delivered 3435 vehicles in February, with a year-on-year increase of 447% and a month on month decrease of 57.5%. A total of 11520 vehicles were delivered in the first two months of this year. Nezha delivered 7177 vehicles in February, with a year-on-year increase of 255% and a month on month decrease of 35.35%. 11009 vehicles were delivered in January this year, and 18126 vehicles were delivered in the first two months of this year, with a year-on-year increase of 332%. According to the total delivery volume of the whole year in 2021 and the delivery volume in January 2022, Xiaopeng automobile ranks first among the above new forces of car making. However, in February 2022, the delivery volume of ideal cars exceeded that of Xiaopeng cars
Tesla China delivered 29000 vehicles in February, up from 19346 vehicles in January. While Byd Company Limited(002594) delivered 87473 vehicles in February this year, significantly leading the industry, but it still decreased by 5453 vehicles compared with 92926 vehicles delivered in January, a month on month decrease of 5.9%. Among them, there were 43000 pure electric vehicles, with a year-on-year increase of 451%, and the performance of key models such as Han, Tang and dolphin was outstanding; 44000 plug-in hybrid vehicles, with a year-on-year increase of 1836%, and the sales proportion of high-priced models such as song plusdm-i and Tang DM-I increased.
Suggestion: the production and sales of new energy vehicles have been strong since the beginning of the year, but the upstream battery grade lithium carbonate is in short supply, driving the rapid rise in the price of cathode materials, and the profitability of lithium battery manufacturers is under pressure. Continue to recommend the midstream links with good competition pattern, and be optimistic about the leading companies with cost advantages and performance advantages: 1) cathode & precursor: the production and sales growth rate is considerable, the demand space for lithium iron phosphate is open in the future, the trend of high nickel of ternary cathode is clear, and the leading enterprises actively expand their production and seize the market share of high-end precursors; 2) Lithium battery manufacturers: Although the price of battery grade lithium carbonate has increased significantly and the profitability of lithium battery manufacturers is under pressure, we are still optimistic about the global automotive automation process and the market value growth space of leading battery enterprises, so we can buy on bargain hunting appropriately; 3) With the growth of rigid production and sales pattern of overseas enterprises, the gross profit ratio of overseas enterprises is expected to be further improved, and the gross profit ratio of enterprises is expected to be higher than 40% in the three-year competition cycle; 4) Electrolyte race track: with the expansion of electrolyte production, the market is worried about its periodicity. The head company benefited from the long-term association orders, the impact of price disturbance was stabilized in 2022, and the cost and profit advantages were further highlighted by adding new lithium salt business; 5) Lithium battery equipment: during the high-speed growth period of the 14th five year plan, the power battery started the second production expansion tide, superimposed with the rapid growth of overseas demand, the main lithium battery manufacturers accelerated their layout in Europe, and China's leading lithium battery equipment enterprises will obtain new demand growth points; 6) Lithium copper foil race track: in 2022, the supply gap is uncertain, and the leading enterprises are expected to benefit first.
Risk tips
The production and sales of new energy vehicles are less than expected, and the policy is less than expected; New orders or delivery lower than expected; Risks of technological renewal; Market competition intensifies risks; Supply chain shortage risk, etc.
