22q1 new energy vehicle industry chain revenue increased by 114% year-on-year. According to wind data, the total revenue of 35 new energy vehicle industry chain companies selected by us in 22q1 was 176.51 billion yuan, a year-on-year increase of 114%. Among them, the growth rate of more than 100% is: the lithium resources sector increased by 275% year-on-year; Lithium battery sector increased by 118% year-on-year; Lithium battery equipment sector increased by 116% year-on-year; The structural parts sector increased by 110% year-on-year; The electrolyte sector increased by 100% year-on-year.
The net profit attributable to the parent of 22q1 new energy vehicle industry chain increased by 177% year-on-year. According to wind data, the net profit attributable to the parent company of 35 new energy vehicle industry chain companies selected by us in 22q1 totaled 20.93 billion yuan, a year-on-year increase of 177%. Among them, the net profit attributable to the parent company of lithium battery sector was 2.53 billion yuan, a year-on-year decrease of 17%. In addition, the net profit attributable to the parent company of other sectors increased year-on-year. Cobalt resources sector increased by 71% year-on-year; Lithium resources sector increased by 2151% year-on-year; Lithium battery equipment sector increased by 61% year-on-year; Cathode materials increased by 131% year-on-year; Negative electrode materials increased by 90% year-on-year; Electrolyte sector increased by 353% year-on-year; Diaphragm sector increased by 119% year-on-year; The structural parts sector increased by 58% year-on-year.
22q1 new energy vehicle industry chain revenue decreased by 2% month on month. According to wind data, the total revenue of the 35 new energy vehicle industry chain companies we selected in 22q1 decreased by 2% month on month. Among them, the revenue growth of cobalt resources, lithium resources, positive electrode, negative electrode, diaphragm and structural parts was 7%, 38%, 14%, 14%, 2% and 6% respectively; The revenue of lithium battery equipment, electrolyte and lithium battery decreased by 26%, 10% and 11% month on month respectively.
22q1 new energy vehicle industry chain net profit attributable to parent decreased by 7% month on month. According to wind data, the total net profit attributable to the parent company of 35 new energy vehicle industry chain companies selected by us in 22q1 decreased by 7% month on month. Among them, the net profit attributable to the parent company of lithium resources, positive electrode, negative electrode, electrolyte, diaphragm and structural parts increased by 80%, 36%, 21%, 52%, 5% and 15% month on month respectively. The net profit attributable to the parent company of cobalt resources, lithium battery equipment and lithium battery decreased by 7%, 45% and 73% respectively month on month.
22q1 net interest rate of new energy vehicle industry chain decreased by 0.7pct month on month. According to wind data, the net interest rate of 35 companies selected by us in 22q1 is estimated to be 11.9%, down 0.7pct month on month. Among them, the net interest rates of lithium resources, positive electrode, negative electrode, electrolyte, diaphragm and structural parts increased by 13.8, 1.3, 1.2, 6.3, 0.9 and 0.7 PCT month on month respectively; The net interest rates of cobalt resources, lithium battery equipment and lithium battery decreased by 1.2, 2.5 and 7.9pct month on month respectively.
Investment suggestion: Q1 is the quarter with the largest increase in lithium. In Q2, the price of lithium began to decline slightly, hexafluoride, VC and electrolyte fell sharply, battery costs improved, and the sector is expected to usher in a profit inflection point. 1) The inflection point of battery gross profit margin has reached. It is recommended to Contemporary Amperex Technology Co.Limited(300750) , Pylon Technologies Co.Ltd(688063) , Eve Energy Co.Ltd(300014) , and it is recommended to pay attention to Jiangsu Azure Corporation(002245) ; 2) Recommended development direction: 3) Material links with significant logic of quantity are recommended: Hunan Zhongke Electric Co.Ltd(300035) , Yunnan Energy New Material Co.Ltd(002812) , it is recommended to pay attention to Shenzhen Senior Technology Material Co.Ltd(300568) .
Risk warning: the impact of the epidemic on the production and marketing of Shanxi Guoxin Energy Corporation Limited(600617) vehicles; The risk of lithium price rising more than expected; The risk that the information and data used in the research report are not updated in time; The risk that the data cannot fully reflect the industry situation due to sample selection.
