Impacted by the rising price of raw materials, the Q1 gross profit margin of battery enterprises has declined and is about to pass the dark moment. According to the wind data. The price of lithium carbonate was 271500 yuan / ton on December 30, 2021, and rose to 502500 yuan / ton on March 31, 2022, an increase of 85% (the price of lithium carbonate was 60 Faw Jiefang Group Co.Ltd(000800) 00 yuan / ton in the same period last year). The gross profit margin of battery enterprises has declined. The gross profit margin of Contemporary Amperex Technology Co.Limited(300750) / Eve Energy Co.Ltd(300014) / Gotion High-Tech Co.Ltd(002074) q1 has decreased by 11.8/7.8/4.1/pct respectively compared with 2021. With the slight decline in the price of upstream raw materials such as lithium, battery enterprises are actively reducing the price and transmitting it to the downstream, which will usher in the improvement of profits.
Negative electrode materials are still in short supply. In 2022, in Q1, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) cars continued to grow at a high rate. In addition, after the epidemic, all links gradually resumed production, which corresponded to a large demand for upstream raw materials. 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.
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, with 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. 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 price of upstream resources increased significantly, resulting in the transmission of prices to the downstream, and the sales volume of new energy vehicles was lower than expected.
