\u3000\u30001. New energy vehicle
Tesla announces results for the first quarter of 2022
We believe that:
1) Tesla performed well in 2022q1, with the output and delivery of electric vehicles at a high level of more than 300000. Driven by factors such as sales growth and price increase, the operating revenue and net profit increased month on month, making profits for 11 consecutive quarters; The gross profit margin of GAAP increased by 7.8 percentage points and 1.7 percentage points to 29.1% month on month respectively, and the gross profit margin of automobile business increased by about 6.4 percentage points and 2.3 percentage points to 32.9% month on month respectively, with obvious profitability advantages.
2) in the medium and long term, supported by the continuous expansion of production capacity, it is expected that the delivery volume will continue to increase, and Tesla aims to achieve an average annual growth of 50% in vehicle delivery in the next few years. In the short term, with the improvement of the epidemic situation and the orderly resumption of production of the factory in Shanghai, the production capacity is expected to recover, driving the increase of delivery, and the core suppliers have strong flexibility.
3) with the expansion of the application scale of Tesla 4680 battery, it is expected to drive the continuous upgrading of technology in the industrial chain, and the links such as high nickel cathode material, silicon-based cathode, new lithium salt and conductive agent will usher in opportunities.
Core view:
The main logic line of long-term high growth of new energy vehicles remains unchanged, global electrification has achieved resonance, and new energy vehicles will enter the stage of accelerated penetration. Continue to be optimistic:
1) leading high growth and high certainty opportunities, Tesla, Byd Company Limited(002594) and new forces and other auto enterprises, as well as Contemporary Amperex Technology Co.Limited(300750) , LG Chemical and other power battery supply chains;
2) opportunities for high nickel cathode materials, silicon-based cathode materials, conductive agents and new lithium salts brought by the expansion of demand for long-term battery life and fast charging and the implementation of new technologies such as 4680 battery;
3) after the short-term rebound of terminal demand, the supply of negative electrode materials (graphitization), diaphragm, copper foil, etc. in the middle and upper reaches is still tight;
4) the increasingly clear demand positioning brings opportunities for lithium iron phosphate ternary material batteries and cathode materials;
5) the positive electrode material and precursor industry pattern brought by the trend of high nickel is more clear, and the leading advantage is expected to continue to expand;
6) under the rapid growth trend of the industry, its own advantages are enhanced, and the performance is expected to achieve the second-line target that exceeds the expected performance;
7) clear competition pattern and strong moat target;
8) the accelerated layout of production capacity is expected to significantly benefit the relevant targets of the rapid growth of industrial demand;
9) hydrogen energy and fuel cell vehicles that are expected to develop rapidly with policy support;
10) subdivided links with structural opportunities such as energy storage and two wheeled vehicles, as well as continuously improved charging and replacement facilities;
11) high quality power battery enterprises, such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , etc;
12) excellent enterprises with clear technical route and strong iterative logic products.
Beneficiary objects: Contemporary Amperex Technology Co.Limited(300750) Jiangsu Cnano Technology Co.Ltd(688116)