Key targets: recommended Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) ; Pay attention to Pylon Technologies Co.Ltd(688063) , Jiangsu Azure Corporation(002245) , Miracle Automation Engineering Co.Ltd(002009) , Guangdong Guanghua Sci-Tech Co.Ltd(002741) , Guizhou Zhenhua E-Chem Inc(688707) , Guangdong Fangyuan Environment Co.Ltd(688148) , Guangdong Jiayuan Technology Co.Ltd(688388) , beiteri, Shanghai Putailai New Energy Technology Co.Ltd(603659) .
Investment perspective:
1. The resumption of production and work in Shanghai has been gradually promoted, waiting for the restorative growth after the inflection point of the epidemic. On April 19, 8000 employees of Tesla‘s Shanghai Super factory, which was suspended for more than three weeks, returned to work. On the same day, the Saic Motor Corporation Limited(600104) Lingang passenger car factory returned to work, and the first car under the pressure test of resumption of production has also been offline.
Supporting vehicle and parts enterprises resume production. In addition to the press conference on April 22, the mayor of Shanghai said that the production rate of supporting enterprises such as Tesla Automobile Co., Ltd. and Shanghai Auto Co., Ltd. has been resumed, and the utilization rate of supporting enterprises has been increased by 6670% since the resumption of production in June.
The impact of the epidemic has brought short-term disturbance, and the demand for repair increases after waiting for the inflection point of the epidemic. In April, affected by the epidemic, the overall production and sales of new energy vehicles were under pressure. With the resumption of production and work, the sales volume is expected to rebound from May to June to make up for the early gap. At present, the terminal demand is still good, the new forces and independent models have performed well, the demand structure has been continuously improved, and the demand has rebounded and increased after waiting for the inflection point of the epidemic.
2. Contemporary Amperex Technology Co.Limited(300750) issued a performance announcement for 21 years, highlighting its outstanding performance and its leading position. According to the results announcement on the 21st, Contemporary Amperex Technology Co.Limited(300750) 2021 achieved an operating revenue of 130. 56 billion yuan, with a year-on-year increase of 159.06%, and the net profit attributable to the parent company was 15.93 billion yuan, with a year-on-year increase of 185.34%. After deducting non recurring profits and losses, the net profit attributable to the parent company was 13.442 billion yuan, with a year-on-year increase of 215.20%, which is in the upper quartile of the performance forecast. The company’s power battery system and energy storage sold 133.41gwh in 2021, with a year-on-year increase of 184.82%, including 116.71gwh of power battery and 16.7gwh of energy storage battery, with a year-on-year increase of 599%, and the gross energy storage profit margin of 28.52% is higher than 22.01% of power battery. Q4 power battery and energy storage sales increased significantly, with a total sales of 59.98gwh, accounting for 45% of the total sales in 21 years. In 21 years, the company sold 283800 tons of lithium battery materials, with a significant increase of 350% in revenue, a gross profit of 13700 yuan per ton, and an estimated contribution of 1.94 billion net profit. The overall profit rose mainly due to the rise in metal prices and downstream demand. We believe that the company will continue to make efforts in the field of new energy through the following three core strategies. Through technical R & D iteration, business efficiency is improved, and the high profit strategy of going to sea is expected to continuously improve the profit margin, maintain the market share, and continue to expand its influence worldwide.
3. Under the background of continuous high price of lithium ore, the economy of lithium battery recovery is prominent. Lithium battery recycling helps to make up for the supply gap of upstream resources, especially lithium resources. Lithium battery recycling has broad market space and development prospects. Attention: Bangpu cycle ( Contemporary Amperex Technology Co.Limited(300750) ), Miracle Automation Engineering Co.Ltd(002009) , Guangdong Fangyuan Environment Co.Ltd(688148) , Guangdong Guanghua Sci-Tech Co.Ltd(002741) , Cngr Advanced Material Co.Ltd(300919) , Gem Co.Ltd(002340) , Wangneng Environment Co.Ltd(002034) , Zhefu Holding Group Co.Ltd(002266) , etc.
4. In 2021, since the second half of 2021, the second half of 2021, the second half of 2021, the second half of 2021 has seen soft packs of battery blades, 4680 big cylinders + CTC, the industrialization of new technologies such as composite fluid collection technology (PET copper and aluminum foil), silicon carbon anode and other new technologies such as 4680 big cylinders + CTC, 4680 big cylinders + CTC, 4680 big cylinders + CTC, composite collection technology (PET copper foil), and silicon carbon anode accelerate, focus attention on the improvement of new technologies to the subdivision pattern, recommend Contemporary Amperex Technology Co.Limited(300750) \ .
Risk warning: the production and sales of new energy vehicles are less than expected; Risks of changes in industrial policies and subsidies; The production expansion of overseas automobile enterprises is less than expected, the competition is intensified, and the profitability is declining; Technical route changes.
