In February, the sales volume of electric vehicles in Europe increased steadily and China made a seasonal correction. A number of auto companies released the production and sales situation in February 22. In terms of new forces, Weilai delivered 6131 vehicles in February, with a year-on-year increase of 10% and a month on month decrease of 36%; Xiaopeng delivered 6225 vehicles in February, with a year-on-year increase of 180% and a month on month decrease of 52%; 8414 vehicles are expected to be delivered in February, with a year-on-year increase of 266% and a month on month decrease of 31% Byd Company Limited(002594) February sales of 88000 new energy vehicles increased by 753% year on year and decreased by 5% month on month. On the whole, the year-on-year data still maintained a strong growth trend. The month on month data showed a seasonal correction due to holiday factors, and the high outlook remained. In February, the sales volume of electric vehicles in Germany, France, Norway, the United Kingdom, Sweden and Italy reached 50000, 2300, 7000, 15000, 11000 and 9000 respectively, totaling 115000, with a year-on-year increase of 29% and a month on month increase of 6%; The penetration rate of electric vehicles in the six countries reached 22.2% in February, with a year-on-year increase of 6.2pct and a month on month increase of 2.1pct. In February, the overall sales volume of electric vehicles in Europe was in line with expectations. After the seasonal correction in January, it recovered and maintained a stable growth.
Industry trends: Byd Company Limited(002594) released February production and marketing Express Shenzhen Xfh Technology Co.Ltd(300890) 21 years of substantial growth in performance; Jiangsu deployed charging infrastructure and power supply service support; Last week, the share price of new energy automobile industry chain company fell, and the net value of new energy theme fund fell.
Investment suggestion: with the strengthening of policy and auto enterprises, the penetration of new energy vehicles in the global market is ushering in a new round of acceleration, and the industry boom is rising. It is suggested to pay attention to the main line of new forces represented by Tesla and the catch-up process of new models such as Volkswagen, and recommend leading and second-line elastic targets. For the whole vehicle, Great Wall Motor Company Limited(601633) (2333. HK), Geely Automobile (0175. HK) and Xiaopeng automobile (9868. HK) are highly recommended; In terms of battery materials, it is recommended that Contemporary Amperex Technology Co.Limited(300750) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Shanshan Co.Ltd(600884) ; In terms of motor electric control, it is recommended to pay attention to Wolong Electric Group Co.Ltd(600580) , Shenzhen Inovance Technology Co.Ltd(300124) ; For lithium battery equipment, it is recommended to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) and Zhejiang Hangke Technology Incorporated Company(688006) ; For lithium and cobalt, it is suggested to pay attention to Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengxin Lithium Group Co.Ltd(002240) .
Risk tips: 1. The growth rate of electric vehicle production and sales slows down. With the continuous growth of the production and sales base of new energy vehicles, it will be more and more difficult to maintain a high growth rate, and the introduction of mainstream models for the public has become the key; 2. The price war in the industrial chain intensified. The continuous decline of subsidies and the continuous investment of new production capacity have led to the pressure of price reduction in all links of the industrial chain; 3. The influx of overseas competitors accelerated. With the growth of the Chinese market and the dilution of subsidy policies, the pace of overseas giants entering the Chinese market is accelerating, which has a new impact on the industrial pattern.
