What to watch this week
In November, European new energy registration bucked the trend and Tesla Model 3 topped the list of pure electricity
Hyundai Motor raised its sales target of electric vehicles to 1.7 million in 2026
Contemporary Amperex Technology Co.Limited(300750) the world’s largest single project was put into operation in Fuding
China Kehai sodium cooperates with the government to jointly build the world’s first large-scale mass production line of sodium ion batteries
Guangdong Greenway Technology Co.Ltd(688345) sign strategic cooperation agreement with LG new energy
Yunnan Energy New Material Co.Ltd(002812) (002812. SZ): Contemporary Amperex Technology Co.Limited(300750) 850 million advance payment to ensure diaphragm supply
Guangdong Tonze Electric Co.Ltd(002759) (300919. SZ): invest in Finnish projects and lay out European precursor bases
Byd Company Limited(002594) (002594. SZ): Byd Company Limited(002594) Daimler capital increase Tengshi, equity adjustment Byd Company Limited(002594) holding 90%
Lithium battery material price
Cobalt products: electrolytic cobalt (487000 yuan / ton, 0.93%); cobalt trioxide (384000 yuan / ton, 1.99%); cobalt sulfate (98000 yuan / ton, 0.26%);
Lithium products: metal lithium (1.175 million yuan / ton, 1.73%); lithium carbonate (254000 yuan / ton, 6.72%); lithium hydroxide (205000 yuan / ton, 7.33%);
Nickel products: electrolytic nickel (151000 yuan / ton, 1.31%), nickel sulfate (38000 yuan / ton, – 0.66%);
Midstream materials: ternary positive electrode (523 power type 249000 yuan / ton, 2.05%; 622 single crystal type 256000 yuan / ton, 2.40%; 811 single crystal type 272000 yuan / ton, 0.00%); lithium iron phosphate (97000 yuan / ton, 2.11%); negative electrode (artificial graphite (310-320mah / G) 36000 yuan / ton, 0%; artificial graphite (330-340mah / g) 56000 yuan / ton, 0%; artificial graphite (340-360mah / g) 73000 yuan / ton, 0%); diaphragm (7 + 2) μ M coating 2.6 yuan / flat, 0.00%; 9+3 μ M coating 2.1 yuan / flat, 0.00%; The rest (0%); Electrolyte (iron lithium type 110000 yuan / ton, 0%; ternary type 113000 yuan / ton, 0%; lithium hexafluorophosphate 565000 yuan / ton, 0%)
Investment proposal and investment object
In November, European auto sales were sluggish, new energy rose against the trend, and Tesla Model 3 topped the list of pure electricity; Under the triple drive of policy stimulus, diversified supply and improved consumer recognition, trams will accelerate the replacement of oil vehicles, and the high outlook of the industry will continue. This year is the most profitable year for midstream materials. Prices have been raised to varying degrees in all links. 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 a bottleneck in the production of lithium batteries or new energy vehicles, and become a potential plate with both volume and price. We expect that the diaphragm and solvent may become a short board in the industry chain in the future.
With the launch of new production capacity, it is expected that the price of core materials will stabilize or even fall, and the overall cost of the battery end will decline in the future. The rising trend of downstream prices is very certain. With the increase of battery gross profit margin and the decrease of cost rate caused by superposition of scale effect, the battery link ushers in a profit inflection point.
To sum up, the battery link is Contemporary Amperex Technology Co.Limited(300750) (300750, not rated)
Focus on Contemporary Amperex Technology Co.Limited(300750) (300750, not rated) and Guangzhou Great Power Energy&Technology Co.Ltd(300438) (300438, not rated) midstream materials, focus on diaphragm links Yunnan Energy New Material Co.Ltd(002812) (002812, not rated), Shenzhen Senior Technology Material Co.Ltd(300568) (300568, not rated), Cangzhou Mingzhu Plastic Co.Ltd(002108) (002108, buy); Solvent link Shandong Shida Shenghua Chemical Group Company Limite(603026) (603026, buy). It is recommended to pay attention to Shenzhen Capchem Technology.Ltd(300037) (300037, not rated), Liao Ning Oxiranchem Inc(300082) (300082, not rated); Ternary materials pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) (603799, buy) of the core subject of integrated layout, and it is recommended to pay attention to Beijing Easpring Material Technology Co.Ltd(300073) (300073, not rated).
Risk statement
Subsidies declined, and the sales of new energy vehicles were lower than expected; Upstream raw material price fluctuation risk.
