In 2022, multi-level innovation will open the first year of technology parity. The lithium iron phosphate system, as a parity technology, has fully covered the A00 market. Based on the positive feedback of Byd Company Limited(002594) , Tesla and other B-class vehicle markets, it is expected to accelerate the coverage of 100000 ~ 200000 yuan market. Class a vehicles in the main price band of 100000 ~ 200000 yuan benefit from lithium iron phosphate + CTP technology. With the breakthrough of penetration rate, the consumption structure of new energy vehicles has changed from “dumbbell” to “spindle” inflection point. B / C cars with a price of more than 250000 yuan explore forward-looking technologies such as ultra-high nickel ternary, integrated die casting of body and chassis, and promote the turning point of industrialization.
In the first quarter, the sales of Byd Company Limited(002594) , new forces Nezha and gac-e’an and Great Wall Euler continued to sell well. The demand for class a vehicles accelerated first in the second quarter, superimposed with the release of A00 / class B vehicle production capacity in the second half of the year, class C vehicles broke through in the fourth quarter, and the long-term penetration space of new energy vehicles was opened.
Enhance the brand value of A00 car cluster and tap the potential of first and second tier cities. A00 cars fully ease the cost pressure through price increase. SAIC GM Wuling, Chongqing Changan Automobile Company Limited(000625) , Zero run and other major automobile enterprises focus on brand value, aim at the urban transportation market and tap the potential of first and second tier cities.
A0 car products are gradually enriched to make up for the demand gap Byd Company Limited(002594) , Nezha and other multiple models share the cost pressure of A0 models in an integrated way, and deepen the industrial chain cooperation, such as Nezha and Contemporary Amperex Technology Co.Limited(300750) in-depth cooperation, supply guarantee and CTC development. Hot selling models Byd Company Limited(002594) dolphin, Nezha V pro, etc. are expected to continue in large quantities, and new models such as geometry e are put into operation, releasing the consumption potential of women’s transportation market.
The accumulation of class a vehicle technology ushered in qualitative changes, and the sales volume in the second quarter is expected to break through Byd Company Limited(002594) , Great Wall Motor Company Limited(601633) and gac-e’an integration promote cost reduction, and create popular models based on blade battery, LCTP, magazine battery and other system innovation and lithium iron phosphate technology. Nezha, Zero run and other new forces rely on model upgrading to break through the price band of 100000 ~ 200000 yuan, and explore the market above class B Contemporary Amperex Technology Co.Limited(300750) strong entry into the power exchange market, and the incremental activation of vehicle power separation mode. Under the background of rising oil prices in China, the use economy of new energy vehicles was significantly enlarged, and the sales volume was the first to increase strongly in the second quarter.
The demand for additional purchase of class B vehicles is stable, and the penetration rate of new energy continues to increase. Tesla, Weilai, Xiaopeng, the first echelon of new forces, ideal capacity expansion to ensure delivery, leading in the intelligent industry, mining premium, and healthy and sustainable profitability. In the second quarter, Nezha s, BMW I3 and other mass production and landing energy storage sales were superimposed on the new models Weilai et5, Zero run C01 and Byd Company Limited(002594) seals in the third quarter to promote the sales in the second half of the year.
Class C cars are ready to go from 0 to 1, and the sales volume has exceeded in the fourth quarter. China’s new forces promoted the breakthrough of C-class car products. In the third quarter, heavy models such as Weilai ES7, Xiaopeng G9 and ideal L9 continued to be launched, high-end models of independent brands such as Zhiji L7 were delivered on a large scale, and the electrification of C-class cars is ready to go.
Investment recommendations: focus on the global competitiveness of power batteries. Investment suggestions: focus on the focus: focus on the power battery ”s global competitiveness for the global competitiveness of the power battery. The company’ \ , increase the concentration, high nickel ternary enterprise Beijing Easpring Material Technology Co.Ltd(300073) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , integrated die casting enterprise Guangdong Hongtu Technology (Holdings) Co.Ltd(002101) , Wencan Group Co.Ltd(603348) .
Risk warning. The sales volume is lower than expected; Technology upgrading is less than expected; The production progress is less than expected.
