Highlights of this week
The price rise of power batteries has spread to the terminal in an all-round way, and the third round of price rise of new energy vehicles has come fiercely;
Deeply cultivate the Chinese market, and Hyundai Motor announced its new strategic plan;
Tesla's German factory opened, helping to improve the market share in Europe;
Yunnan Energy New Material Co.Ltd(002812) lithium battery isolation membrane capacity is about 7 billion square meters by the end of 2022;
With an investment of more than 5 billion Canadian dollars, stellantis group and LG new energy cooperated to build a factory;
Zhejiang Huayou Cobalt Co.Ltd(603799) ( Zhejiang Huayou Cobalt Co.Ltd(603799) . SH): reach a strategic cooperation intention with Volkswagen and Castle Peak holdings to develop nickel and cobalt resources and build cathode materials for new energy lithium batteries;
Jiangsu Guotai International Group Co.Ltd(002091) ( Jiangsu Guotai International Group Co.Ltd(002091) . SZ): split the holding subsidiary to be listed and enhance the independence of the company's main business;
Chengxin Lithium Group Co.Ltd(002240) ( Chengxin Lithium Group Co.Ltd(002240) . SZ): introduce Byd Company Limited(002594) as a strategic investor and sign a strategic cooperation agreement
Lithium battery material price
Cobalt products: electrolytic cobalt (567500 yuan / ton, - 0.18%); Co3O4 (442000 yuan / ton, 1.96%); Cobalt sulfate (120000 yuan / ton, 0.00%);
Lithium products: metallic lithium (3.134 million yuan / ton, 0.00%); Lithium carbonate (503000 yuan / ton, 0.00%), lithium hydroxide (492000 yuan / ton, 0.41%);
Nickel products: electrolytic nickel (246000 yuan / ton, 10.52%), nickel sulfate (50000 yuan / ton, - 2.46%);
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 412000 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 105000 yuan / ton, 0%; ternary type 110000 yuan / ton, 0%; lithium hexafluorophosphate 515000 yuan / ton, 0%)
Investment proposal and investment object
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 three price increases of car 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.
