Highlights of this week
In March, the insurance volume of new energy passenger vehicles exceeded 440000, and Xiaopeng became the first new force;
The LG consortium signed a preliminary agreement with the Indonesian company to establish a $9 billion battery supply chain project locally;
With an annual output of 80000 gold tons, Cngr Advanced Material Co.Ltd(300919) western industrial base nickel matte refining nickel sulfate project started;
With a capacity of 360mwh, Tesla disclosed the latest Megapack energy storage project;
With 126000 sets in 3 years, Gotion High-Tech Co.Ltd(002074) won the long-term single of Geely commercial vehicle power battery;
Sichuan Yahua Industrial Group Co.Ltd(002497) ( Sichuan Yahua Industrial Group Co.Ltd(002497) . SZ): it is proposed to invest 5 million Canadian dollars to layout the upstream resource end of the lithium industry;
Lb Group Co.Ltd(002601) ( Lb Group Co.Ltd(002601) . SZ): sign a strategic cooperation framework agreement with Xiamen Itg Group Corp.Ltd(600755) to supply 200000 tons of battery grade iron phosphate;
Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) . SZ): 865 million yuan Contemporary Amperex Technology Co.Limited(300750) subsidiary competes for Yichun lithium exploration right
Lithium battery material price
Cobalt products: electrolytic cobalt (559000 yuan / ton, – 0.36%); Co3O4 (433000 yuan / ton, – 0.52%); Cobalt sulfate (116000 yuan / ton, – 1.24%);
Lithium products: metal lithium (3.611 million yuan / ton, 0.00%); Lithium carbonate (486000 yuan / ton, – 1.92%), lithium hydroxide (485000 yuan / ton, – 1.42%);
Nickel products: electrolytic nickel (240000 yuan / ton, 2.58%), nickel sulfate (51000 yuan / ton, 1.69%);
Midstream material: ternary positive electrode (523 power type 363000 yuan / ton, – 0.55%; 622 single crystal type 395000 yuan / ton, 0.00%; 811 single crystal type 421000 yuan / ton, – 0.47%); Lithium iron phosphate (160000 yuan / ton, 0.00%); Negative electrode (artificial graphite (310320mah / g) 36000 yuan / ton, 0%; Artificial graphite (330340mah / g) 56000 yuan / ton, 0%; Artificial graphite (340360mah / g) 73000 yuan / ton, 0%); Diaphragm (7 + 2) μ M coating: 2.6 yuan / flat, 0.00%; 9+3 μ M coating 2.2 yuan / flat, 0.00%); RMB 0.82 million per ton of lithium phosphate and – 0.56 million per ton of lithium hexafluoride electrolyte
Investment proposal and investment object
In March, the electric vehicle sales data of some enterprises were bright, the new forces significantly adjusted month on month, the sales of traditional car enterprises kept up, and the sales of new energy vehicles of many enterprises exceeded 10000 in March, showing a good trend. The impact of the price rise of new energy vehicles and the epidemic is expected to be reflected from May to June. However, under the negative effect of the continuous rise in the oil price of fuel vehicles and the continuous narrowing of the preferential range, it is expected that the automobile consumption will turn to electric vehicles. The Byd Company Limited(002594) announcement to stop the production of fuel vehicles is the strongest signal. We are optimistic that the sales of new energy vehicles will continue to pick up in the second half of the year.
We insist that the price rise will not affect the demand in the medium and long term, and electric vehicles have become a must. The market demand for new energy vehicles began to release steadily without relying on the strong promotion of policies. The continuous upgrading of models and consumers’ acceptance of electrification are the strongest driving forces. Superimposed with the optimization and adjustment of policies, the new energy vehicle market is healthier.
In terms of midstream materials, the market has great concerns about demand, but under the current oversold or undervalued value of the sector as a whole, we believe that the sales volume of new energy vehicles in the second half of the year, whether 5 million or 6 million, will usher in a stage of continuous improvement month on month, which will bring systematic opportunities for the sector, but the deductive logic will vary under different sales volumes. At present, the sector still prefers diaphragm, ternary positive and negative links.
In conclusion, it is suggested to pay attention to Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) , buy) and Guangzhou Great Power Energy&Technology Co.Ltd(300438) ( Guangzhou Great Power Energy&Technology Co.Ltd(300438) , buy) in the battery link; Midstream materials suggest to pay attention to Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(300073) , buy), Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) , not rated), Zhejiang Huayou Cobalt Co.Ltd(603799) ( Zhejiang Huayou Cobalt Co.Ltd(603799) , buy), Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) , not rated).
Risk tips
Subsidies have declined, and the sales of new energy vehicles are lower than expected; Upstream raw material price fluctuation risk.
