Core view
Highlights of this week
In March, the sales volume of the new forces of car making increased rapidly, and the monthly delivery exceeded 10000 for the first time;
In February, the installed capacity of global power batteries increased rapidly compared with the same period last year, with China accounting for more than half;
Shenzhen Clou Electronics Co.Ltd(002121) sign energy storage equipment supply contracts with well-known enterprises in the Americas to accelerate overseas layout;
Wei Lan new energy cooperated with Wei Lai automobile in the research and development of mixed solid-liquid electrolyte batteries, and the industrialization of semi-solid batteries accelerated;
With a total investment of 10 billion yuan, SAIC joined hands with Qingshan to land a 20gwh power battery base;
Gem Co.Ltd(002340) ( Gem Co.Ltd(002340) . SZ): sign the equity cooperation agreement of Indonesia qingmeibang nickel resources project and the long-term supply plan of high nickel precursors from 2023 to 2026 with the subordinate company of ecopro in Korea;
Byd Company Limited(002594) ( Byd Company Limited(002594) . SZ): it is firmly in the forefront of the new energy vehicle market, and plug-in hybrid and pure electric go hand in hand;
Xiamen Tungsten Co.Ltd(600549) ( Xiamen Tungsten Co.Ltd(600549) . SH): accelerate the research and development of new energy materials and consolidate the competitive advantage of products
Lithium battery material price
Cobalt products: electrolytic cobalt (562500 yuan / ton, – 0.71%); Cobalt trioxide (443000 yuan / ton, 0.00%); Cobalt sulfate (119000 yuan / ton, – 0.63%);
Lithium products: metal lithium (3.15 million yuan / ton, 0.24%); Lithium carbonate (503000 yuan / ton, 0.00%), lithium hydroxide (492000 yuan / ton, 0.00%);
Nickel products: electrolytic nickel (223000 yuan / ton, – 14.98%), nickel sulfate (49000 yuan / ton, – 1.50%);
Midstream material: ternary positive electrode (523 power type: 368000 yuan / ton, 0.82%; 622 single crystal type: 395000 yuan / ton, 1.80%; 811 single crystal type: 423000 yuan / ton, 1.44%); Lithium iron phosphate (160000 yuan / ton, 3.23%); 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 (100000 yuan / ton for iron lithium type, – 4.76%; 106000 yuan / ton for ternary type, – 4.09%; 470000 yuan / ton for lithium hexafluorophosphate, – 8.74%)
Investment proposal and investment object
In March, the electric vehicle sales data of some enterprises were bright, the new forces significantly adjusted month on month, the sales of traditional car enterprises kept up, and the sales of new energy vehicles of many enterprises exceeded 10000 in March, showing a good trend. The impact of the price rise of new energy vehicles and the epidemic is expected to be reflected from May to June. However, under the negative effect of the continuous rise in the oil price of fuel vehicles and the continuous narrowing of the preferential range, it is expected that the automobile consumption will turn to electric vehicles. The Byd Company Limited(002594) announcement to stop the production of fuel vehicles is the strongest signal. We are optimistic that the sales of new energy vehicles will continue to pick up in the second half of the year.
We insist that the price rise will not affect the demand in the medium and long term, and electric vehicles have become a must. The market demand for new energy vehicles began to release steadily without relying on the strong promotion of policies. The continuous upgrading of models and consumers’ acceptance of electrification are the strongest driving forces. Superimposed with the optimization and adjustment of policies, the new energy vehicle market is healthier.
In terms of midstream materials, the market has great concerns about demand, but under the current oversold or undervalued value of the sector as a whole, we believe that the sales volume of new energy vehicles in the second half of the year, whether 5 million or 6 million, will usher in a stage of continuous improvement month on month, which will bring systematic opportunities for the sector, but the deductive logic will vary under different sales volumes. At present, the sector still prefers diaphragm, ternary positive and negative links.
In conclusion, it is suggested to pay attention to Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) , buy) and Guangzhou Great Power Energy&Technology Co.Ltd(300438) ( Guangzhou Great Power Energy&Technology Co.Ltd(300438) , buy) in the battery link; Midstream materials suggest to pay attention to Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(300073) , buy), Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) , not rated), Zhejiang Huayou Cobalt Co.Ltd(603799) ( Zhejiang Huayou Cobalt Co.Ltd(603799) , buy), Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) , not rated).
Risk tips
Subsidies have declined, and the sales of new energy vehicles are lower than expected; Upstream raw material price fluctuation risk.
