The production and sales of new energy vehicles increased steadily in March, and Byd Company Limited(002594) and Tesla both reached record highs
The production and sales of new energy vehicles increased steadily in March, with an output of 437000, retail sales of 445000 and retail penetration of 28.2%. In 2022, the total output of Q1 new energy passenger vehicles was 1.22 million, a year-on-year increase of 150.6%, and the total retail sales of Q1 new energy passenger vehicles was 1.07 million, a year-on-year increase of 146.6%.
In March, the Byd Company Limited(002594) sales volume exceeded 100000 for the first time, and the transformation of stopping production and sales of fuel vehicles was completed. Tesla‘s sales volume in China climbed steadily, and the opening of Texas factory helped to boost the annual production capacity of 2 million. Tesla released a financial report, saying that the total global revenue in Q1 was US $18.8 billion, Byd Company Limited(002594) and Tesla reached a record high.
The sales volume of new energy may decline in April, and the resumption of production is gradually advancing
Since April, many parts of the country have been affected by the covid-19 pneumonia epidemic. The epidemic prevention and control situation in the automobile industry cluster Jiangsu, Zhejiang, Shanghai and Northeast China is severe, and no obvious signs of improvement have been observed. Due to the shortage of parts supply, some factories have stopped production and reduced production, and the sales rate of new energy vehicles decreased in April.
On April 16, Shanghai released the production resumption policy, which made it clear that from April 20, some automobile industry related enterprises will be able to resume production to a limited extent. At present, the news of production resumption has been spread from Tesla, SAIC Volkswagen, SAIC passenger cars and Weilai.
Lithium carbonate fluctuated at a high level, and vehicle manufacturers continued to raise prices to deal with it
The quotation of domestic 99.5% battery grade lithium carbonate broke through 500000 yuan / ton for the first time on March 7, 2022. Since then, the price has continued to fluctuate at a high level. Affected by the epidemic, the automobile industry chain has insufficient short-term operation and reduced demand for lithium carbonate, resulting in the price of lithium carbonate falling from a high level. On April 25, the daily report was 462500 yuan / ton. In the medium and long term, the supply-demand relationship of lithium carbonate is still tight, so the callback range of lithium carbonate price is expected to be relatively limited. Affected by the rising price of upstream raw materials, many auto enterprises have repeatedly announced price increases to pass on costs. March and April are the concentration period of price increases.
The loading volume of power batteries continued to increase, and the head effect gradually appeared
In March 2022, the output of power battery was 39.18gwh, which continued to increase month on month. In March, the top three companies in the loading volume of China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises were Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and China Innovation airlines. Among them, the loading volume of Contemporary Amperex Technology Co.Limited(300750) with 10.81gwh accounts for 50.49%, more than half of the country. The total installed capacity of the above three enterprises in March was 16.8gwh, accounting for 78.3%, and the head effect gradually appeared.
Investment advice
With the listing of 2022 Han EV, seals, marine warships and other popular products, Byd Company Limited(002594) shares (1211. HK) is expected to further expand China’s market share. Its whole industrial chain layout helps Byd Company Limited(002594) better cope with adverse factors such as supply chain shortage and rising raw material prices, and the profit space is guaranteed. Its sales volume is expected to be between 2 million vehicles this year.
Tesla. O’s three major factories in Shanghai, Berlin and Austin, Texas have all been put into operation, and the annual production capacity will climb to 2 million, which can effectively cope with the rising upstream costs by virtue of its scale advantage. The annual performance in 2022 is expected to reach another record high.
Based on the above situation, we maintain our judgment that the global new energy vehicles have entered the “bit era”, and suggest to actively pay attention to Byd Company Limited(002594) shares (1211. HK) and Tesla (tsla. O).
