Key investment points
In February, the sales volume of new energy vehicles was 334000, with a month on month ratio of + 184.3% / – 22.6%, greatly exceeding market expectations. According to the data of China Automobile Association, the output of new energy vehicles in February was 368000, with a year-on-year increase of 197.5% and a month on month decrease of 19%. The cumulative sales of new energy vehicles from January to February was 765000, with a year-on-year increase of 154.7%; The output was 820000, a year-on-year increase of 158.2%. In February, the sales volume of new energy passenger vehicles was 321000, with a year-on-year increase of 182.2% and a month on month decrease of 23.4%; The output was 354000 vehicles, with a year-on-year increase of 195.0% and a month on month decrease of 18.99%. From January to February, the cumulative output of new energy passenger vehicles was 790000, a year-on-year increase of 158.3%; The sales volume was 740000, a year-on-year increase of 155.8%. In February, the sales volume of new energy commercial vehicles was about 13000, with a year-on-year increase of 251.3% and a month on month increase of 1.8%; The output was 15000 vehicles, with a year-on-year increase of 274.6% and a month on month decrease of 6.3%.
In February, the performance of high-end vehicles was still strong, the share of low-end vehicles declined, and the sales structure was continuously optimized. In February, the wholesale sales volume of new energy passenger vehicles was 317000, with a month on month ratio of + 193% / – 24%. The sales volume of pure electric passenger vehicles was 245000, with a month on month ratio of + 166% / – 28%, accounting for 77%, with a month on month decrease of 4pct. Among them, the sales volume of grade A00 was 67700, with a year-on-year increase of 105%, a month on month decrease of 39%, accounting for 28%, and a month on month decrease of 5pct; The sales volume of grade A0 was 33400, with a year-on-year increase of 476%, a month on month decrease of 34%, accounting for 14%, and a month on month decrease of 1PCT; Class a sales volume was 57000, with a year-on-year increase of 319%, a month on month decrease of 24%, accounting for 23%, and a month on month increase of 1PCT; Class B sales volume was 85500, with a year-on-year increase of 124%, a month on month decrease of 15%, accounting for 35%, and a month on month increase of 5pct. The sales volume of plug-in passenger cars was 71900, with a year-on-year increase of 353% and a month on month decrease of 9%, accounting for 23% of the sales volume of new energy vehicles, with a month on month increase of 4pct.
In February, the export of 45400 new energy vehicles increased significantly year-on-year and decreased slightly month on month. In February, 45400 new energy vehicles were exported, with a month on month increase of + 361% / – 12%, of which 43200 pure electric passenger vehicles were exported, with a month on month decrease of 15%; The export of plug-in hybrid passenger vehicles was 2200, an increase of 126% month on month. From January to February, the cumulative export of new energy passenger vehicles was 97100, a year-on-year increase of 513%. In terms of car enterprises, it is mainly driven by Tesla. In February, 33315 Shanxi Guoxin Energy Corporation Limited(600617) cars were exported from Tesla, 4536 cars were exported from Dongfeng yijiete, 4325 cars were exported from SAIC new energy for passenger cars, Byd Company Limited(002594) 804 cars, 588 cars from Geely, Great Wall Motor Company Limited(601633) 218 cars and 240 cars from SAIC Maxus.
According to the types of car enterprises, Tesla has performed well and its market share has increased steadily. In February, independent car enterprises sold 195100 vehicles, a year-on-year increase of 235%, a month on month decrease of 24%, the market share was 62%, the market share was flat, and the cumulative market share from January to February was 62%; Tesla sold 56500 vehicles in February, with a year-on-year increase of 118%, a month on month decrease of 6%, a market share of 18%, a month on month increase of 4pct, and a cumulative market share of 16% from January to February; In February, new forces sold 38800 vehicles, with a year-on-year increase of 172%, a month on month decrease of 40%, a market share of 12%, a month on month decrease of 3PCT, and a cumulative market share of 14% from January to February; Joint venture car enterprises sold 20100 vehicles in February, with a year-on-year increase of 238%, a month on month decrease of 18%, a market share of 7%, and a cumulative market share of 6% from January to February; In February, 5700 luxury vehicles were sold, with a year-on-year increase of 66%, a month on month decrease of 42%, a market share of 2%, and a cumulative market share of 2% from January to February.
From the perspective of auto enterprises, Byd Company Limited(002594) , Tesla and Shangtong Wuling are firmly in the top 3, and their own brands continue to make efforts Byd Company Limited(002594) main models grew steadily. In February, the sales volume was 87500, with a year-on-year increase of 754%, a month on month decrease of 6%, accounting for 28%, and the sales volume in a single month ranked first; Tesla China sold 56500 vehicles in February, with a year-on-year increase of 118%, a month-on-month decrease of 6%, accounting for 18%, ranking second in monthly sales; Shangtong Wuling sold 26000 vehicles in February, with a year-on-year increase of 25% and a month on month decrease of 35%, accounting for 8%, ranking third in monthly sales. According to models, modely (class B) sold 32400 vehicles in February, with a year-on-year increase of 600% and a month on month decrease of 3%, accounting for 13.2%. Model3 (class B) ranked second. 24100 vehicles were sold in February, with a year-on-year increase of 13% and a month on month decrease of 9%, accounting for 9.8%; Hongguang mini (A00 grade) sold 22100 vehicles, with a year-on-year increase of 10% and a month on month decrease of 40%, accounting for 9.0%.
Investment suggestion: 334000 electric vehicles were sold in February, with a month on month ratio of + 184.3% / – 22.6%, in line with market expectations. In the 22-year new model cycle, we expect to sell 6 million vehicles (including exports), an increase of 70% at the same time. Continue to take a comprehensive look at the number of electric car drivers. The first line looks at the battery link that has been repaired in 22 years, and the long-term pattern is good, with the superposition of energy storage plus, the long-term pattern is good, and the superposition of energy storage plus, the leading Contemporary Amperex Technology Co.Limited(300750) Cngr Advanced Material Co.Ltd(300919) , Beijing Easpring Material Technology Co.Ltd(300073) ) Structural parts ( Shenzhen Kedali Industry Co.Ltd(002850) ), lithium ferromanganese ( Shenzhen Dynanonic Co.Ltd(300769) ), additives ( Jiangsu Cnano Technology Co.Ltd(688116) ); The third article is the leading of the continuous shortage: the diaphragm ( Hongda Xingye Co.Ltd(002002) 812 Nuode Investment Co.Ltd(600110) ); Article 4: lithium is in short supply and the price is higher than expected. It is suggested to pay attention to Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) , Yongxing Special Materials Technology Co.Ltd(002756) , Youngy Co.Ltd(002192) , Qinghai Salt Lake Industry Co.Ltd(000792) , Tibet Mineral Development Co.Ltd(000762) , Suzhou Ta&A Ultra Clean Technology Co.Ltd(300390) , etc.
Risk tip: the sales volume of electric vehicles is lower than expected, the policy is lower than expected, and the competition is intensified
