In February, the output of new energy vehicles was 255600, with a month on month ratio of + 162% / – 21%, in line with market expectations: according to the data of GGII insurance caliber, the output of new energy vehicles in February 2022 was 255600, with a year-on-year increase of 162% and a month on month decrease of 21%. Among them, the output of passenger cars was 246200, with a year-on-year increase of 161% and a month on month decrease of 21%. The output of pure electric passenger cars increased to 188000, with a year-on-year increase of 134% and a month on month decrease of 22%; The output of passenger cars was 910, down 54% year-on-year and 69% month on month; The output of special-purpose vehicles was 8512, with a year-on-year increase of 635% and a month on month decrease of 33%.
In February, the total installed electromechanical capacity of electric vehicles was 10.8gwh, with a year-on-year increase of 151% and a month on month decrease of 25%. 1) In February, the installed capacity of Sanyuan was 5.0gwh, with a year-on-year increase of 98%, a month on month decrease of 33%, and the installed capacity accounted for 46%. 2) In February, the installed capacity of iron lithium was 5.8gwh, with a year-on-year increase of 239%, a month on month decrease of 18%, and the installed capacity accounted for 54%.
In terms of the average charging capacity of various models, the average charging capacity of pure electric passenger cars increased month on month in February, while that of pure electric passenger cars and pure electric special vehicles decreased month on month. In February, the charging capacity of pure electric passenger vehicles was 46.84kwh/vehicle, with a year-on-year increase of 4.6% and a month on month decrease of 2.8%. The number of electric vehicles per month increased by 213.86% year-on-year, with an average increase of 25kwh / month. In February, the average single vehicle charging capacity of pure electric special vehicles increased to 75.55kwh/vehicle, with a year-on-year decrease of 5.66% and a month on month decrease of 48.76%.
From the perspective of battery manufacturers, the leading position of Contemporary Amperex Technology Co.Limited(300750) is stable, and Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) ranks second and third Contemporary Amperex Technology Co.Limited(300750) 2 month’s installed capacity was 5.72 GWH (including SAIC, GAC and FAW), up 168.1% year-on-year and down 27.7% month on month. The market share of monthly installed capacity was 52.9%, ranking first Byd Company Limited(002594) ranked second in installed capacity, with installed capacity of 2.37 GWH in February, up 356.5% year on year, down 22.7% month on month, accounting for 21.9%. The third place was Gotion High-Tech Co.Ltd(002074) , with an installed capacity of 0.65 GWH in February, an increase of 107.5% year-on-year, a decrease of 2.1% month on month, and the installed capacity accounted for 6.0%.
From the perspective of models, passenger cars are still the main force of battery consumption. In February, the installed capacity of passenger cars was 9.98 GWH, with a year-on-year increase of 159%, a month on month decrease of 24%, and the installed capacity accounted for 92%, of which the ternary installed capacity was 4.95 GWH, with a year-on-year increase of 98%, a month on month decrease of 33%, and the installed capacity accounted for 50%; The installed capacity of special vehicles was 0.64gwh, with a year-on-year increase of 580%, a month on month decrease of 31%, and the installed capacity accounted for 6%; Passenger cars were 0.46gwh, with a year-on-year increase of 29%, unchanged month on month, and the installed capacity accounted for 4%.
Investment suggestions: investment suggestions: look at the battery link that will be repaired in 2022, with the long-term pattern best, the long-term pattern best, the highest barrier, the highest barrier, leading the technological change across the industry, the leading Contemporary Amperex Technology Co.Limited(300750) Zhejiang Huayou Cobalt Co.Ltd(603799) , Cngr Advanced Material Co.Ltd(300919) , Beijing Easpring Material Technology Co.Ltd(300073) ) Lithium ferromanganese phosphate ( Shenzhen Dynanonic Co.Ltd(300769) , focus on Mianyang Fulin Precision Co.Ltd(300432) , Jiangsu Lopal Tech.Co.Ltd(603906) ), structural parts ( Shenzhen Kedali Industry Co.Ltd(002850) ), additives ( Jiangsu Cnano Technology Co.Ltd(688116) ); Once again, it is the global leader that has been in short supply for 22 years: diaphragm ( Hongda Xingye Co.Ltd(002002) 812 \ ), lithium carbonate (focus on Ganfeng Lithium Co.Ltd(002460) , Tianqi Lithium Corporation(002466) ), etc.
Risk tip: price competition exceeds market expectations, raw material prices are unstable, affecting profit margins, declining investment growth and the impact of the epidemic.
