The quarterly results of the sector grew rapidly, boosting the confidence of the industry. 1) Yunnan Energy New Material Co.Ltd(002812) : the net profit attributable to the parent company in Q1 in 2022 is expected to reach 865950 million yuan, with a year-on-year increase of 100% – 119%; 2) Beijing Easpring Material Technology Co.Ltd(300073) : the net profit attributable to the parent company in Q1 in 2022 is expected to reach 350400 million yuan, with a year-on-year increase of 178.4% – 221.9%; 3) Shanghai Putailai New Energy Technology Co.Ltd(603659) : in 2022, Q1 achieved an operating revenue of 3.13 billion yuan, a year-on-year increase of 80%, and the net profit attributable to the parent company was 636 million yuan, a year-on-year increase of 90.28%; 4) Shenzhen Kedali Industry Co.Ltd(002850) : the net profit attributable to the parent company in Q1 in 2022 is expected to reach 168178 million yuan, with a year-on-year increase of 92% – 103.43%. The first quarter results and performance forecasts released by some companies showed rapid growth, which verified the high outlook of the industry.
The demand for new energy vehicles outside China is still strong, and the sales growth in China exceeded 110% in March. In mid March 2022, the output of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 465000, with a year-on-year increase of 114.80%; The sales volume was 484000, with a month on month increase of 43.9% and a year-on-year increase of 114.1%. The penetration of new energy vehicles accelerated, reaching 21.6% in a single month, an increase of 8 PCT over 2021. In China, Byd Company Limited(002594) sold 104878 vehicles, with a year-on-year increase of 333%. Xiaopeng delivered 15414 vehicles in March, with a month on month increase of 148% and a year-on-year increase of 202%. Ideal vehicles delivered 11034 vehicles, with a year-on-year increase of 125.2%. Weilai delivered 9985 vehicles in March, with a year-on-year increase of 37.6%. In addition, Byd Company Limited(002594) announcement: the production of fuel vehicles will be stopped from March 2022. In the future, the automotive sector will focus on pure electric and plug-in hybrid vehicles to ensure the high growth of sales of new energy vehicles. Abroad, the sales volume in the European market in March was also brilliant. The registered volume in France was 31500, a year-on-year increase of 7% and a month on month increase of 36%; Germany registered 61800 vehicles, a year-on-year decrease of 5.97% and a month on month increase of 24%; The UK registered 67000 vehicles, an increase of 70% year-on-year and 344% month on month.
Consumers have tolerance for the price increase of terminal vehicle manufacturers, and the price transmission will not affect the demand. In the process of substantial increase in upstream resources, it began to be gradually transmitted to the downstream this year. The price of Tesla Model3 high-performance version was raised twice in March, with a cumulative increase of 28000 yuan, Byd Company Limited(002594) pure electricity increased by 6000 yuan, plug-in hybrid increased by 3000 yuan, Xiaopeng automobile increased by 10000 yuan on March 18, Wuling Hongguang minimarch 24, etc. According to the survey of the passenger Federation, consumers’ demand for new energy vehicles was strong at the beginning of this month and was less affected by the price rise. According to Byd Company Limited(002594) official information, as of April 14, the cumulative order volume of the new Han family has reached 100000 vehicles.
Key concerns: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Hunan Zhongke Electric Co.Ltd(300035) , Guangdong Guanghua Sci-Tech Co.Ltd(002741) .
Risk tip: due to changes in the macro environment, the price of upstream resources increased significantly, resulting in the transmission of prices to the downstream, and the sales volume of new energy vehicles was lower than expected
