Lithium battery midstream materials are still in short supply, and the negative material link is the first choice. Negative electrode materials are in short supply, and the price of artificial graphite has increased slightly. The price of artificial domestic graphite (middle end) this week was 53000 yuan, up 2.9% from last week. The negative electrode material industry is limited by the shortage of graphitization capacity. Although the graphitization capacity in Inner Mongolia, Yunnan, Sichuan and other places is also actively put into operation, the formal mass production of the new production line takes 1-1.5 years. The graphitization capacity is still in short supply in the short term, and the negative electrode industry is expected to become the preferred subdivision race.
Contemporary Amperex Technology Co.Limited(300750) 2021 in the second half of the year, the gross profit margin of power battery decreased by only 1.5pct month on month, and the strong is always strong. In 2021, the company’s power battery achieved a revenue of 91.49 billion yuan, with a gross profit margin of 22%, of which the gross profit margin in the first half of the year was 23%. It was calculated that the gross profit margin in the second half of the year was 21.5%, a decrease of 1.5pct compared with the first half of the year. Under the impact of the sharp rise in the price of raw materials in the second half of the year, it showed strong toughness, and the leader was always strong.
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, 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%. 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 the sharp rise in upstream resources, it began to be gradually transmitted to the downstream this year. The price of Tesla Model 3 high-performance version increased twice in March, with a cumulative increase of 28000 yuan, Byd Company Limited(002594) pure electric price increased by 6000 yuan, plug-in hybrid price increased by 3000 yuan, Xiaopeng automobile price increased by 10000 yuan on March 18, Wuling Hongguang Mini price increased by 4000 yuan on March 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 prices of upstream resources have increased significantly, resulting in the transmission of prices to the downstream, and the sales of new energy vehicles are less than expected.
