Key investment points
[China Automobile Association: sales volume of 531000 vehicles in December, with a year-on-year increase of 113.9% and a month on month increase of 11.1%] according to the data of China Automobile Association, the production and sales of 518000 and 531000 new energy vehicles were completed in December 2021, with a year-on-year increase of 120.0% and 113.9% and a month on month increase of + 6.7% and + 11.1% respectively. Cumulatively, from January to December 2021, the production and sales of 3.545 million and 3.521 million vehicles were completed respectively, with a year-on-year increase of 159.5% and 157.5% respectively.
[passenger Federation: in December, the wholesale sales volume of new energy passenger vehicles was 505000, with a year-on-year increase of 138.9% and a month on month increase of 17.8%] according to the data of passenger Federation, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in mid December 2021 was 505000, with a year-on-year increase of 138.9% and a month on month increase of 17.8%. Among them, the wholesale sales volume of pure electric vehicles in December was 423000, a year-on-year increase of 137.9%; The sales volume of plug-in hybrid vehicles was 82000, a year-on-year increase of 143.9%, accounting for 16.2%.
[China automotive power battery industry innovation alliance: the power battery output in December increased by 109.0% year on year] according to the power battery installation data of China automotive power battery industry innovation alliance, the China Shipbuilding Industry Group Power Co.Ltd(600482) battery output in December 2021 totaled 31.6gwh, a year-on-year increase of 109.0% and a month on month increase of 12.0%. From January to December, China Shipbuilding Industry Group Power Co.Ltd(600482) battery output totaled 219.7gwh, a year-on-year increase of 163.4%. In December 2021, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 26.2gwh, with a year-on-year increase of 102.4% and a month on month increase of 25.9%. From January to December, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume totaled 154.5gwh, a year-on-year increase of 142.8%. In December, the top ten enterprises in terms of loading volume totaled about 24.50gwh, accounting for 93.5% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 55.6% (mom + 0.6pct), and continued to dominate the leader.
Investment suggestion: it is estimated that the sales volume of new energy vehicles will reach 6 million in 2022, with a year-on-year increase of about 70%. Key recommendations: Contemporary Amperex Technology Co.Limited(300750) , Yunnan Energy New Material Co.Ltd(002812) , Zhejiang Huayou Cobalt Co.Ltd(603799) . It is recommended to pay active attention to: Shandong Kaisheng New Materials Co.Ltd(301069) , Anhui Estone Materials Technology Co.Ltd(688733) , Zhuhai Cosmx Battery Co.Ltd(688772) , Shan Xi Hua Yang Group New Energy Co.Ltd(600348) , Jiangsu Cnano Technology Co.Ltd(688116) , Shenzhen Dynanonic Co.Ltd(300769) .
Risk warning: the price of upstream raw materials fluctuates greatly; The recovery of new energy vehicle market is less than expected; The impact of overseas epidemic continues.
