Key investment points
[China Automobile Association: Sales of 484000 new energy vehicles in March, with a year-on-year increase of 114.1% and a month on month increase of 43.9%] according to the data of China Automobile Association, the production and sales of 465000 and 484000 new energy vehicles were completed in March 2022, with a year-on-year increase of 114.8% and 114.1% and a month on month increase of 25.4% and 43.9% respectively. Cumulatively, from January to March 2022, the production and sales of 1293000 and 1257000 vehicles were completed respectively, with a year-on-year increase of 142.0% and 138.6% respectively.
From the perspective of different models, the production and sales of passenger cars in March 2022 were 443000 and 461000 respectively, with a year-on-year increase of + 119.3% and + 117.0% respectively, and a month on month increase of + 24.2% and + 42.3% respectively. In March 2022, the production and sales volume of new energy commercial vehicles reached 23000 and 24000 respectively, with a year-on-year increase of + 54.5% and + 69.5% respectively, and a month on month increase of + 55.9% and + 82.5% respectively.
[passenger Federation: in March, the wholesale sales volume of new energy passenger vehicles was 455000, with a year-on-year increase of 122.4% and a month on month increase of 43.6%]
According to the data of the passenger Federation, in mid March 2022, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars was 455000, an increase of 122.4% year-on-year and + 43.6% month on month. Among them, the wholesale sales volume of pure electric vehicles in March was 371000, a year-on-year increase of 116.8%; The sales volume of plug-in hybrid vehicles was 84000, with a year-on-year increase of 151.3%, accounting for 18.5%. Among them, the wholesale sales volume of A00 is 119000, accounting for 32% of that of pure electric; Grade A0 wholesale sales volume is 55000, accounting for 15% of pure electric; Class a electric vehicles account for 22% of pure electric vehicles; Class B electric vehicles reached 113000, accounting for 30% of the share of pure electric vehicles.
[China automotive power battery industry innovation alliance: power battery output in March increased by 247.3% year on year] according to the power battery installation data of China automotive power battery industry innovation alliance, in March 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery output totaled 39.2gwh, with a year-on-year increase of 247.3% and a month on month increase of 23.3%. Among them, the output of ternary battery was 15.6gwh, accounting for 39.7% of the total output, with a year-on-year increase of 167.3% and a month on month increase of 33.8%; The output of lithium iron phosphate battery was 23.6gwh, accounting for 60.2% of the total output, with a year-on-year increase of 332.9% and a month on month increase of 17.6%. In March 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 21.4gwh, with a year-on-year increase of 138.0% and a month on month increase of 56.6%. In March, the top ten enterprises in terms of loading volume totaled about 20.4gwh, accounting for 95.4% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 50.5% (mom + 2.5pct), and continued to dominate the leader.
Investment suggestion: the overall production and sales of new energy vehicles will increase significantly from January to March 2022. Although in April, affected by the epidemic, some car companies stopped production or reduced production, which will inevitably affect the production and sales of new energy vehicles, we believe that vehicle electrification is still the general trend. The epidemic only delays its process to a certain extent, and we are still optimistic about the long-term development of the new energy vehicle industry chain. It’s highly recommended to focus on: ‘s Contemporary Amperex Technology Co.Limited(300750) 35.
Risk tip: the production and sales of new energy vehicles are less than expected, and the price of raw materials fluctuates sharply, which will affect the demand of the industry, the risk of epidemic and other emergencies.
