Highlights of this week
In February, the terminal sales volume Byd Company Limited(002594) still ranked first, and song plusdm-i squeezed into the top three for the first time;
The Ministry of industry and information technology released the key points of automobile standardization in 2022;
The Ministry of industry and information technology issued the announcement on road motor vehicle production enterprises and products (batch 354), which plans to add 7 special purpose vehicle production enterprises;
Vision power once again won orders from the world’s leading car companies and reached cooperation with Mercedes Benz
Northvolt, a Swedish green battery manufacturer, invested 28 billion to build a super factory in Germany;
Ganfeng Lithium Co.Ltd(002460) ( Ganfeng Lithium Co.Ltd(002460) . SZ): the net profit soared three times in the first two months of 2022, and it is expected to keep both volume and price rising in the future;
Sunwoda Electronic Co.Ltd(300207) ( Sunwoda Electronic Co.Ltd(300207) . SZ): the subsidiary plans to invest 8 billion yuan to build Shifang 20gwh power battery and energy storage battery production base;
Gotion High-Tech Co.Ltd(002074) ( Gotion High-Tech Co.Ltd(002074) . SZ): it is planned to be listed overseas and accelerate the international strategic layout of lithium battery material prices
Cobalt products: electrolytic cobalt (568500 yuan / ton, – 0.87%); Co3O4 (420000 yuan / ton, 0.00%); Cobalt sulfate (120000 yuan / ton, 0.00%);
Lithium products: metallic lithium (3.134 million yuan / ton, 3.30%); Lithium carbonate (503000 yuan / ton, 0.20%), lithium hydroxide (490000 yuan / ton, 1.87%);
Nickel products: electrolytic nickel (224000 yuan / ton, – 2.04%), nickel sulfate (51000 yuan / ton, – 3.33%);
Midstream material: ternary positive electrode (523 power type 365000 yuan / ton, 0.00%; 622 single crystal type 385000 yuan / ton, 0.00%; 811 single crystal type 408000 yuan / ton, 0.00%); Lithium iron phosphate (155000 yuan / ton, 0.00%); Negative electrode (artificial graphite (310320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330340mah / g) 56000 yuan / ton, 0%; Artificial graphite (340360mah / g) 73000 yuan / ton, 0%); Diaphragm (7 + 2) μ M coating: 2.6 yuan / flat, 0.00%; 9+3 μ M coating 2.2 yuan / flat, 0.00%); Electrolyte (iron lithium type 110000 yuan / ton, 0%; ternary type 113000 yuan / ton, 0%; lithium hexafluorophosphate 550000 yuan / ton, 0%)
Firmly believe that the light is far away, ignore short-term contradictions and pay attention to long-term certainty. The car sales data in February was in line with expectations, the new forces made a significant adjustment month on month, the sales of traditional car enterprises kept up, and the sales of new energy vehicles of many enterprises exceeded 10000 in February, showing a good trend. However, the market continues to adjust under the short-term contradiction between supply and demand. It is worried that the cost will rise too fast, and the price of the whole vehicle will rise again, which will affect the demand of all links.
We believe that the short-term problems are relatively clear and there is no effective solution. The continuous price rise of lithium and other core metal materials is bound to cause the secondary price rise of automobile enterprises, which will affect the overall sales volume. However, in the case of strong demand for new energy vehicles, the concentration of scarce resources to leading enterprises is conducive to the continuous optimization of the industry pattern, the leading enterprises in all links have stronger pressure resistance, and the gap is likely to be further widened.
The short-term contradiction will not affect the medium and long-term trend of new energy vehicles. The strong consumption of electric vehicles is the result of comparison with fuel vehicles. When the upstream returns to normal prices, the sales volume will continue to enter high-speed growth.
In conclusion, it is suggested to pay attention to leading enterprises with small short-term performance fluctuation, advantageous valuation and leading competition, such as Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) , not rated), Zhejiang Huayou Cobalt Co.Ltd(603799) ( Zhejiang Huayou Cobalt Co.Ltd(603799) , buy), Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(300073) , buy). In addition, continue to be optimistic about Guangzhou Great Power Energy&Technology Co.Ltd(300438) ( Guangzhou Great Power Energy&Technology Co.Ltd(300438) , buy) as the core target of energy storage lithium battery.
Risk tips
Subsidies have declined, and the sales of new energy vehicles are lower than expected; Upstream raw material price fluctuation risk.
