New energy vehicles: in 2021, the penetration rate of new energy vehicles in China, Europe and the United States is 13% / 13% / 4%, and the compound growth rate of sales is expected to be 35% / 33% / 69% from 2022 to 2025
Lithium battery: from 2022 to 2025, the compound growth rate of global power battery installation is 45% (the compound growth rate of new installation is 19%); Compound growth rate of new energy storage demand 70%
Lithium battery equipment: the global energy storage + power lithium battery equipment market is expected to be nearly 300 billion yuan in 2025, with a compound growth rate of 28% from 2022 to 2025
Lithium battery equipment: moving towards medium growth and optimistic about structural opportunities 1) preferred leader: the growth rate of new orders shifts, the competition pattern is relatively stable, and orders and profits are gradually concentrated to leading enterprises; 2) Equipment going to sea: China’s lithium battery equipment has global competitiveness; 3) New technological transformation: there was a relative lack of major technological upgrading of lithium battery equipment before, and it is expected to accelerate in the future; 4) Select individual stocks from top to bottom: expand to other fields through independent research and development and capital operation.
Four main lines are mainly recommended: 1) Contemporary Amperex Technology Co.Limited(300750) industrial chain: the order certainty of relevant equipment companies is the highest, and the performance in 2022 is expected to exceed expectations. Recommend Wuxi Lead Intelligent Equipment Co.Ltd(300450) (lithium battery equipment faucet), Shanghai Sk Automation Technology Co.Ltd(688155) (module / pack line faucet), Shenzhen United Winners Laser Co.Ltd(688518) (laser welding equipment faucet); 2) Overseas production chain expansion: the new energy vehicle industry in Europe and the United States catches up with China, and the post production cycle of lithium battery expansion. Recommend Zhejiang Hangke Technology Incorporated Company(688006) (LG / SK and other Korean manufacturers share more than 50%); 3) Application of new technology: large cylindrical lithium battery equipment, laminating machine and power exchange equipment are expected to become a new trend. Recommend Shenzhen United Winners Laser Co.Ltd(688518) (the application of large cylindrical battery laser welding increases), Vt Industrial Technology Co.Ltd(300707) (large cylindrical kneading machine); 4) Alpha of individual stocks: the growth rate is higher than that of the industry through category expansion, new customer expansion, internationalization and share improvement. Focus on Guangdong Lyric Robot Automation Co.Ltd(688499) (strong category and customer expansion ability), Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) (binding AVIC, category expansion).
Four stocks are mainly recommended: 1) Wuxi Lead Intelligent Equipment Co.Ltd(300450) : global leader in lithium battery equipment, deep binding Contemporary Amperex Technology Co.Limited(300750) , long-term development of platform strategy; 2) Shanghai Sk Automation Technology Co.Ltd(688155) : China Shanxi Guoxin Energy Corporation Limited(600617) car model group / pack intelligent equipment faucet, equipment and products are driven by two wheels; 3) Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) : binding AVIC lithium battery; New product development, lithium battery and photovoltaic two wheel drive; 4) Zhejiang Hangke Technology Incorporated Company(688006) : the pace of production expansion of overseas battery plants has accelerated, and the performance inflection point appears
