From January to February, the sales volume of new energy vehicles increased rapidly, and it is expected that the new energy vehicles will achieve rapid growth throughout the year
1) from January to February 2022, the sales volume of new energy vehicles maintained a high growth of more than doubling. According to the data of China Automobile Association, the sales volume of new energy passenger vehicles in February 2022 was 321000, with a year-on-year increase of 216%. From January to February 2021, the cumulative sales volume of new energy passenger vehicles was 740000, with a year-on-year increase of 166%.
2) from January to February 2022, the penetration rate of new energy vehicles is close to 20%, and the volume of new energy vehicles is accelerated. In February, the penetration rate of new energy vehicles was 19%, of which the penetration rate of new energy passenger vehicles reached 22%, an increase of 13 PCT year-on-year and a record high.
We expect that the annual sales volume of new energy vehicles is expected to exceed 5.4 million, with a year-on-year increase of 54% and a penetration rate of 20%, and continue to maintain rapid growth.
From January to February, the installed capacity of power batteries maintained rapid growth, and the share of head enterprises further increased
1) in February 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 13.7gwh, with a year-on-year increase of 145.1% and a month on month decrease of 15.5%. From January to February, China Shipbuilding Industry Group Power Co.Ltd(600482) batteries were loaded with 29.9gwh, a year-on-year increase of 109.7%.
2) from January to February 2022, the Cr5 of China Shipbuilding Industry Group Power Co.Ltd(600482) battery reached 86.3%, continuously increasing (84% in the same period last year) The share of Contemporary Amperex Technology Co.Limited(300750) installed capacity reached 49%, ranking first Byd Company Limited(002594) , zhongchuangxin airlines, Gotion High-Tech Co.Ltd(002074) , honeycomb energy and other leading installed units. Local enterprises grew faster, and LG new energy withdrew from the top 5.
Since the beginning of the year, the demand for lithium battery equipment has remained high, and China’s lithium battery equipment is optimistic about going to sea
The market is worried that the rising price of lithium metal will affect the willingness of power battery enterprises to expand production. We believe that power battery enterprises need to prepare sufficient production capacity in advance to obtain market share, and the short-term price rise of upstream materials will not affect the bidding demand of lithium battery equipment. At the micro level, the recent new orders signed by some lithium equipment leaders also verify that the current lithium equipment bidding still maintains a high outlook. In addition, since the beginning of the year, Volkswagen and northvolt have launched large-scale equipment bidding. We continue to be optimistic about China’s top lithium battery equipment enterprises going to sea, and the proportion of orders from overseas customers is expected to increase.
Investment advice
China’s lithium battery industry has global competitiveness, and the global new energy vehicle industry is accelerating growth. China’s large-scale bidding for lithium battery equipment is imminent, and continues to be optimistic about the lithium battery equipment sector.
Three main investment lines are recommended for lithium battery equipment:
1) Contemporary Amperex Technology Co.Limited(300750) industrial chain The Contemporary Amperex Technology Co.Limited(300750) rate started to expand production in 2020, which fully benefited relevant equipment companies. It is recommended that Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Shanghai Sk Automation Technology Co.Ltd(688155) , Shenzhen United Winners Laser Co.Ltd(688518) . According to the supplementary announcement, Wuxi Lead Intelligent Equipment Co.Ltd(300450) is expected to obtain 50% share of Contemporary Amperex Technology Co.Limited(300750) core cell production equipment. In addition, pay attention to Ningbo Zhenyu Technology Co.Ltd(300953) , Suzhou Slac Precision Equipment Co.Ltd(300382) , Shenzhen Yinghe Technology Co.Ltd(300457) , etc.
2) overseas leading lithium battery industry chain. In the next few years, the growth rate of overseas lithium batteries will be higher than that of China, and the leading lithium battery equipment with the ability to go to sea will benefit. Focus on recommending Wuxi Lead Intelligent Equipment Co.Ltd(300450) (supporting Volkswagen and northvolt), continue to recommend Zhejiang Hangke Technology Incorporated Company(688006) , and the company has a share of more than 50% in LG and other Japanese and Korean power battery leaders.
3) be optimistic about the application of new technologies and new fields. Large cylindrical lithium battery equipment, laminating machine and power exchange equipment are expected to become a new trend, and relevant equipment companies will benefit. Recommend Shenzhen United Winners Laser Co.Ltd(688518) (increase in the welding quantity of the beneficiary lug) and Vt Industrial Technology Co.Ltd(300707) (large cylinder kneading machine) Wuxi Lead Intelligent Equipment Co.Ltd(300450) (laminating machine), Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) (laminating machine, photovoltaic equipment), Guangdong Lyric Robot Automation Co.Ltd(688499) (laminating machine), etc; Look forward to Suzhou Slac Precision Equipment Co.Ltd(300382) (large cylindrical battery shell), Bozhon Precision Industry Technology Co.Ltd(688097) (power exchange equipment), Suzhou Harmontronics Automation Technology Co.Ltd(688022) (power exchange equipment), Shenzhen Colibri Technologies Co.Ltd(002957) (lamination machine), etc.
Risk tips:
The production expansion of downstream lithium battery enterprises is lower than expected; Overseas market development was less than expected.
