China’s electric vehicle boom continued in February. In the middle of February 2022, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 334000, with a year-on-year increase of 184%, a month-on-month decrease of 23%, and the penetration rate was 19.2%, a new high in a single month. Among them, the sales volume of new energy passenger vehicles in February was 321000, with a year-on-year increase of 182%. EV and PHEV sold 246000 and 75000 respectively. On the whole, the sales volume of new energy vehicles in February slightly exceeded the market expectation, the high-profile atmosphere continued, the plug-in hybrid models performed better than the pure electric models, and the chain decline of Tesla and Byd Company Limited(002594) wholesale was only a single digit, which performed better than the industry average.
In February 2022, the installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery was 13.7gwh, with a year-on-year increase of 145%, a month on month decrease of 15.5%, and the average charged capacity of a single vehicle decreased compared with January. Among them, the installed capacity of ternary battery was 5.8gwh, a year-on-year increase of 76%, a month on month decrease of 20%, the installed capacity of lithium iron phosphate was 7.8gwh, a year-on-year increase of 247%, a month on month decrease of 12%, and the performance of lithium iron was better than that of ternary battery. In terms of enterprises, Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , and China Innovation Airlines ranked among the top three, with Cr5 accounting for 85.4%.
On March 15, Byd Company Limited(002594) officials issued a price adjustment statement to adjust the official guidance price of new energy models related to dynasty.com and ocean.com by 3 Jointo Energy Investment Co.Ltd.Hebei(000600) 0 yuan, which is the second price adjustment of Byd Company Limited(002594) this year. In addition, Tesla China has also made price adjustments. Under the background of the sharp rise in the price of raw materials, the main engine manufacturers have raised the product price one after another, which is conducive to improving the profitability.
Industry trends: many companies released business data from January to February of 22 years; As of February 22, the number of charging piles in China was 2.864 million, a year-on-year increase of 62.9%; Last week, the share price of new energy automobile industry chain company adjusted, 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.
