Main points:
In March, the sales volume of new energy vehicles exceeded expectations and the demand was rigid. China, the five mainstream European countries and Tesla performed strongly. The delivery volume of China Xiaopeng / Nezha / ideal / Zero run / Weilai was 1.54/1.2/1.1/1.0110000 vehicles respectively, the sales volume of gac-e’an exceeded 20000, Byd Company Limited(002594) exceeded 100000, reaching 104878 vehicles. The sales volume of vehicle enterprises increased significantly year-on-year and month on month. The five mainstream European countries sold 75000 electric vehicles in March, with an electric vehicle penetration rate of 21.6%. Tesla Q1 sold 310000 vehicles, with full orders throughout the year. Moreover, the German factory has been put into operation in late March and the Texas factory will also be put into operation in early April. In the case of the price rise of some models, and the epidemic spread all over the country affecting consumption, the high growth of new energy vehicle sales shows its toughness and demand rigidity Byd Company Limited(002594) announced that it would stop the production of complete fuel vehicles from March and focus on the business of pure electric and hybrid vehicles. It became the first vehicle enterprise in the world to officially stop the production of fuel vehicles. As a leader of new energy vehicles, it made a comprehensive strategic shift to pure electric and hybrid vehicles, representing confidence and trend.
Byd Company Limited(002594) global lithium battery shipments rose to the third place and continued to be optimistic about the global competitive advantage of China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises. According to SNE research data, the global power battery shipments from January to February totaled 53.5gwh, an increase of 100% year-on-year Contemporary Amperex Technology Co.Limited(300750) ranked first, further expanding its market share to 34.4%, and LG new energy ranked second, with a market share of 13.8%. Byd Company Limited(002594) surpassed Panasonic, and its shipment volume increased to the third in the world, with a market share of 11.9%. In the context of repeated global epidemics, China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises show their advantages in industrial chain layout, manufacturing, technology R & D and capacity expansion, and continue to be optimistic about the global competitive advantage of China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises.
The continuous price rise of lithium concentrate supports the high price of lithium, the profits of the industrial chain continue to move up, Byd Company Limited(002594) Contemporary Amperex Technology Co.Limited(300750) power, Pilbara, Sichuan continues to raise the price of lithium concentrate, Q2 may reach $4500 / T, indicating that under the 20% profit margin of the smelter, the price of concentrate is expected to reach $6000 / T, which strongly supports the price of lithium salt above 450000 yuan / T. the supply of mainstream mines has not increased significantly, the demand side structure has changed Under the mismatch of supply and demand and rigid demand, the lithium price continues to be high in the process of cost transmission, while the profits continue to move up due to the rising concentrate price. Sichuan has accelerated the development of lithium resources, and Byd Company Limited(002594) and Sichuan Road & Bridge Co.Ltd(600039) group, Contemporary Amperex Technology Co.Limited(300750) and Sichuan natural resources investment group Tianfu Mining and Ganzi Prefecture have successively established companies, or will participate in the development of lithium resources upstream and downstream to ensure the safety and competitiveness of the supply chain.
Investment suggestions: 1. Capacity release, cost pressure relief and gross profit recovery battery plants: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) etc; Second, supply and demand support the high profit of lithium price and release lithium resource companies: Keda Industrial Group Co.Ltd(600499) , Youngy Co.Ltd(002192) , Chengxin Lithium Group Co.Ltd(002240) , Tianqi Lithium Corporation(002466) , etc; III. clear pattern, obvious advantages and tight supply and demand of materials in the middle reaches: Yunnan Energy New Material Co.Ltd(002812) , Guangdong Jiayuan Technology Co.Ltd(688388) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Shenzhen Dynanonic Co.Ltd(300769) , Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Cngr Advanced Material Co.Ltd(300919) , Zhejiang Huayou Cobalt Co.Ltd(603799) , etc.
Risk warning: the development of new energy vehicles is not as expected; Disruptive breakthroughs in related technologies; Downstream demand is lower than expected; Product prices fell more than expected; The price of raw materials fluctuates.
