Contemporary Amperex Technology Co.Limited(300750) ‘s every move leads the nerve of the market.
In the morning of May 5, dragged down by the lower than expected profit of the first quarter report, Contemporary Amperex Technology Co.Limited(300750) opened down sharply, with the largest decline of 13.77%, and the decline narrowed to 5.96% at the end of the afternoon. As of the closing in the afternoon, Contemporary Amperex Technology Co.Limited(300750) closed down 8.15%, closing at 376 yuan, and the trading volume was significantly enlarged compared with the previous trading day. Dragged down by Contemporary Amperex Technology Co.Limited(300750) , the gem index fell by 3.28% in the morning and closed down 1.33%.
Judging from the quarterly report just released soon, Contemporary Amperex Technology Co.Limited(300750) can be said to be the “group pet” of the organization.
Statistics show that at the end of the first quarter, Contemporary Amperex Technology Co.Limited(300750) ranked fourth among the top ten heavyweight stocks held by public funds, social security funds, QFII, insurance companies and sunshine private placement, with 1896 shareholding institutions, the largest number of shareholding institutions among the top ten heavyweight stocks, with a stock market value of 165.1 billion yuan.
Public funds have more preference for Contemporary Amperex Technology Co.Limited(300750) . According to wind data, at the end of the first quarter, Contemporary Amperex Technology Co.Limited(300750) became the largest heavy warehouse stock of public offering partial stock active funds, with a market value of 109.8 billion yuan, and the fund’s shareholding accounted for 10.51% of the company’s circulating shares.
how does the organization view the change of “ningwang”
How does the organization view the change of Contemporary Amperex Technology Co.Limited(300750) ?
A fund manager with excellent performance in the theme of new energy in Beijing believes that the current Contemporary Amperex Technology Co.Limited(300750) fundamentals have been exhausted in the whole year, but the short-term market performance may still fluctuate. It is necessary to closely observe the resumption of work and production in May.
The director of the Fund said that the long-term performance of the company had not fully exceeded the expectations of the market, and the long-term performance of the fund had not been lowered. Next, we should look at the performance of the second quarter and pay close attention to the market share and revenue growth. In terms of short-term market performance, today’s decline of Contemporary Amperex Technology Co.Limited(300750) is smaller than the previous expectation of the institution. Many funds believe that today’s low point is a better buying point for the whole year, and the signs of bargain hunting are revealed.
Yao Zhipeng, director of growth style investment of Harvest Fund, said that the decline in the net profit of some leading enterprises in the power battery industry in the first quarter was mainly due to short-term factors, that is, the time difference between the price rise of raw materials such as lithium carbonate and the price rise of products. The revenue side increased by 154% year-on-year, and the performance is still very good. With the opening of the price transmission mechanism, the profitability will gradually return to the normal level. With the gradual weakening of the impact of the epidemic, both the demand side and the supply side will continue to see improvement.
Yao Zhipeng believes that the decline in profits is not an operational problem of the enterprise in essence. A single quarter does not affect long-term pricing. The price increase in the second quarter also released relevant expectations, and the inflection point expectation of later performance is more clear. Even if the short-term raw material cost has an impact, it is only phased. Under the guarantee of super competitive advantage, the long-term expectation is still stable.
“We believe that excellent companies in the midstream link have core competitiveness, and the supply side has obvious differences in product quality. In the future, they will more certainly benefit from the industrial trend of rapid upward penetration of global electric vehicles and the dual drive of Chinese enterprises to increase their share in the global division of labor.” Yao Zhipeng said.
energy vehicle sector in the future
Looking at the whole new energy vehicle sector, has the pessimistic expectation been fully digested? What’s next?
In this regard, the fund manager of a large fund company in Beijing told reporters that Contemporary Amperex Technology Co.Limited(300750) continued to decline in the first quarter, and there are two main pessimistic expectations: first, although the sales data of new energy vehicles in March is good, the agency believes that the price of upstream resource products is too high, which is beyond the scope of the industrial chain, and is worried about the decline of sales data of new energy vehicles in April and may; Second, the repeated impact of the epidemic on shipments and the normal operation of the whole new energy vehicle industry chain.
The fund manager said that at present, some optimistic factors have also been revealed:
First, from the data of electric vehicle sales in China in the past year and a half, the monthly penetration rate has rapidly jumped from less than 5% in July 2020 to nearly 23% in March this year. “I have been in business for more than 10 years. I don’t have the impression that any commodity can achieve such a rapid increase in penetration in such a short time.”
Second, starting from the continuous rise in the upstream price of batteries in the second half of last year, it can be found that the cost bearing and transfer ability of low-end electric vehicles is significantly lower than that of the five electric vehicle leading enterprises: new forces of car making + Tesla + Byd Company Limited(002594) and. With the price rise of upstream resource products, the sales structure of electric vehicles in China has shown a trend of gradual optimization.
Third, from the perspective of valuation, a considerable number of companies with high-quality links in the industrial chain have fallen back to a more comfortable position.
The fund manager stressed that the current institutions are mainly concerned about two aspects: one is whether the sales of new energy vehicles in April and may can meet or exceed expectations; Second, whether the prices of the whole upstream lithium mine, midstream materials and downstream batteries can be adjusted by the mismatch of supply and demand, so that each link of the industrial chain has a more reasonable profit level, rather than being occupied by battery material enterprises as in the first half of last year.
“If these two things can be implemented in the next quarter, I can say with confidence that there are still more opportunities for the new energy vehicle industry in the second half of the year.” The fund manager said.
Yao Zhipeng said that the current valuation of new energy has significantly improved the cost performance. The midstream of electric vehicles has disclosed the leading target of the first quarterly report. The valuation is at the lowest point under the impact of the epidemic in March 2020. Excellent enterprises with real long-term competitiveness in the sector are expected to usher in more significant correction. With the gradual control of the epidemic, policy care and the gradual establishment of the trend of the electric vehicle industry, it is believed that China’s economic development trend and large-scale industrial trend will eventually match the performance of the capital market.
