This week’s view: the sales volume of new energy vehicles performed well in March, and the market started a price rise boom
China’s new forces of car making have shown their brilliance, and the sales of Byd Company Limited(002594) month reached a record high. According to the sales data of new energy vehicles released by auto enterprises recently, the sales of China’s major new forces of car manufacturing showed strong performance in March, with significant growth year-on-year and month on month. Among them, Xiaopeng / Nezha / ideal / Zero run / Weilai achieved sales of 1.54/1.20/1.10/1.0110000 new energy vehicles in March, with a year-on-year increase of 202% / 270% / 125% / 909% / 38% and a month on month increase of 148% / 69% / 31% / 193% / 63%. The sales volume of new energy vehicles of traditional Chinese automobile enterprises also performed well. In March, the sales volume of Byd Company Limited(002594) new energy vehicles reached 104900 units, with a year-on-year increase of 348% and a month on month increase of 19%, and the sales volume in a single month reached a record high; In March, the sales volume of GAC ea’an exceeded 20000 units for the first time, with a year-on-year increase of 189% and a month on month increase of 138%.
The European new energy vehicle market is still hot, and the sales volume maintains rapid growth. According to the official website data of European countries, in March 2022, the registration volume of eight Shanxi Guoxin Energy Corporation Limited(600617) vehicles in Europe reached 207000, with a year-on-year increase of 22% and a month on month increase of 61%. The high growth rate continued, and the penetration rate of new energy vehicles reached 21.7%.
In 2022q1, the cumulative registered volume of eight Shanxi Guoxin Energy Corporation Limited(600617) vehicles in Europe has reached 455000, with a year-on-year increase of 32%.
The new energy vehicle market has opened a price boom and actively transmitted the price pressure of raw materials. Since the beginning of 2022, the prices of batteries, chips and other raw materials have remained at a high level, and new energy vehicle manufacturers are generally facing great cost pressure. Since March, a number of car enterprises have successively announced price increases, including new car manufacturers such as ideal and Xiaopeng, as well as old car enterprises Byd Company Limited(002594) , gac-e’an. Among them, Xiaopeng and Zero run C11 have a large price adjustment range, and some models have increased by more than 30000 yuan. According to the sales volume and order data released by various auto enterprises recently, the market heat of new energy vehicles remains unchanged after the price rise. The price increase has not significantly affected the market demand of new energy vehicles. The transmission of raw material costs is relatively smooth as a whole, and the high boom of the industry is expected to continue.
Market review this week: the adjustment range of power equipment sector is large in the 13th week of 2022
This week, the power equipment sector fell 4.7%, underperforming the CSI 300 index by 3.6%, among which the motor sector performed best (- 2.8%), photovoltaic equipment (- 5.8%) and battery (- 5.0%) performed relatively poorly.
Industrial chain tracking: the prices of some links in the lithium battery industry chain fell, and the prices of silicon chips and battery chips rose. Lithium battery: the boom of downstream demand superimposed on the continuous shortage of some raw materials. The overall price of the lithium battery industry chain remained high this week, in which the prices of cathode, cathode materials and diaphragm stabilized, while the prices of upstream metals and electrolyte decreased by different ranges.
Photovoltaic: this week, the prices of silicon, battery and glass rose, and the prices of silicon materials and components stabilized. Driven by the strong demand at home and abroad, the demand for silicon materials is good in the short term, while the new supply lags slightly, and the price of silicon materials remains high. Under the condition that the overall operating rate of the industry is good, the prices of silicon wafer, battery chip and glass increased by different ranges this week.
Risk tips: changes in new energy industry policies, supply chain bottlenecks lead to lower than expected demand, intensified market competition leads to decline in industry profitability, etc.
