Key investment points
[China Automobile Association: the sales volume of new energy vehicles in February was 334000, with a year-on-year increase of 135.8% and a month on month decrease of 18.6%] according to the data of China Automobile Association, the production and sales of new energy vehicles in February 2022 were 368000 and 334000, with a year-on-year increase of 197.5% and 184.3% and a month on month decrease of 18.6% and 22.6% respectively. Cumulatively, from January to February 2022, the production and sales of 820000 and 765000 vehicles were completed respectively, with a year-on-year increase of 158.2% and 154.7% respectively. From the perspective of different models, the production and sales of passenger cars in February 2022 were 354000 and 321000 respectively, with a year-on-year increase of + 195.0% and + 182.2% respectively, and a month on month increase of – 19.0% and – 23.4% respectively. In February 2022, the production and sales of new energy commercial vehicles reached 15000 and 13000 respectively, with a year-on-year increase of + 274.6% and + 251.3% respectively, and a month on month increase of – 6.9% and + 1.8% respectively.
[passenger Federation: in February, the wholesale sales volume of new energy passenger vehicles was 317000, with a year-on-year increase of 189.1% and a month on month decrease of 24.1%] according to the data of passenger Federation, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in mid February 2022 was 317000, with a year-on-year increase of 189.1% and a month on month decrease of – 24.1%. Among them, the wholesale sales volume of pure electric vehicles in February was 245000, a year-on-year increase of 161.7%; The sales volume of plug-in hybrid vehicles was 72000, with a year-on-year increase of 350.9%, accounting for 22.6%. Among them, the wholesale sales volume of A00 is 68000, accounting for 28% of that of pure electric; A0 grade wholesale sales volume is 33000, accounting for 14% of pure electric; Class a electric vehicles account for 23% of pure electric vehicles; Class B electric vehicles reached 85000, accounting for 35% of the share of pure electric vehicles.
[China automotive power battery industry innovation alliance: power battery output in February increased by 236.2% year on year] according to the power battery installation data of China automotive power battery industry innovation alliance, the total output of China Shipbuilding Industry Group Power Co.Ltd(600482) battery in February 2022 was 31.8gwh, with a year-on-year increase of 236.2% and a month on month increase of 7.1%. Among them, the output of ternary battery was 11.6gwh, accounting for 36.6% of the total output, with a year-on-year increase of 127.2% and a month on month increase of 7.6%; The output of lithium iron phosphate battery was 20.1gwh, accounting for 63.1% of the total output, with a year-on-year increase of 364.1% and a month on month increase of 6.7%. In February 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading capacity was 13.7gwh, with a year-on-year increase of 145.1% and a month on month decrease of 15.5%. In February, the top ten enterprises in terms of loading volume totaled about 13.0gwh, accounting for 94.8% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 48.0% (Mom – 2.2pct), and continued to dominate the leader.
Investment suggestion: it is estimated that the sales volume of new energy vehicles will reach 6 million in 2022, with a year-on-year increase of about 70%. It’s highly recommended to focus on: ‘s Contemporary Amperex Technology Co.Limited(300750) 35.
Risk tip: the production and sales of new energy vehicles are less than expected, the price of raw materials fluctuates sharply, which affects the industry demand, and the risk of other sudden explosions.
