Key investment points
[China Automobile Association: the sales volume of new energy vehicles in April was 299000, with a year-on-year increase of 44.6% and a month on month decrease of 38.3%] according to the data of China Automobile Association, the production and sales of new energy vehicles in April 2022 were 312000 and 299000, with a year-on-year increase of 43.9% and 44.6% and a month on month decrease of 33% and 38.3% respectively. Cumulatively, 1.605 million and 1.556 million vehicles were produced and sold from January to April 2022, with a year-on-year increase of 113.7% and 112.2% respectively. From the perspective of different models, the production and sales of passenger cars in April 2022 were 293000 and 280000 respectively, with a year-on-year increase of + 43.8% and + 45.0% respectively, and a month on month increase of – 33.8% and – 39.2% respectively. In April 2022, the production and sales of new energy commercial vehicles were 19000 and 19000 respectively, with a year-on-year increase of + 44.9% and + 38.8% respectively, and a month on month increase of – 17.2% and – 19.7% respectively.
[passenger Federation: in April, the wholesale sales volume of new energy passenger vehicles was 280000, with a year-on-year increase of 50.1% and a month on month decrease of 38.5%] according to the data of passenger Federation, the wholesale sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger vehicles in mid April 2022 was 280000, with a year-on-year increase of 50.1% and a month on month decrease of 38.5%. Among them, the wholesale sales volume of pure electric vehicles in April was 214000, a year-on-year increase of 39.9%; The sales volume of plug-in hybrid vehicles was 66000, with a year-on-year increase of 96.8%. Among them, the wholesale sales volume of A00 is 78000, accounting for 37% of that of pure electric; Grade A0 wholesale sales volume is 44000, accounting for 20% of pure electric; Class a electric vehicles account for 27% of pure electric vehicles; The sales volume of class B electric vehicles lost a lot.
[China automotive power battery industry innovation alliance: in April, the output of power battery increased by 124.1% year on year and decreased by 26.1% month on month] according to the installed capacity data of power battery of China automotive power battery industry innovation alliance, in April 2022, the output of China Shipbuilding Industry Group Power Co.Ltd(600482) battery totaled 29.0gwh, increased by 124.1% year on year and decreased by 26.1% month on month. Among them, the output of ternary battery was 10.3gwh, accounting for 35.5% of the total output, with a year-on-year increase of 53.5% and a month on month decrease of 33.9%; The output of lithium iron phosphate battery was 18.6gwh, accounting for 64.3% of the total output, with a year-on-year increase of 200.7% and a month on month decrease of 21.0%. In April 2022, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume was 13.3gwh, with a year-on-year increase of 58.1% and a month on month decrease of 38.0%. The loading volume of the top ten enterprises in April totaled about 12.7gwh, accounting for 96.0% of the total loading volume, of which Contemporary Amperex Technology Co.Limited(300750) accounted for 38.2% (Mom – 12.3pct), which was mainly due to the impact of the epidemic in April and the shutdown of key customers of Contemporary Amperex Technology Co.Limited(300750) such as Tesla.
Investment suggestion: in April 2022, affected by the epidemic, some auto enterprises stopped production or reduced production, and the production and sales data of new energy vehicles decreased significantly, which is contrary to the trend of previous years. In the short term, with the resumption of work and production in Shanghai in May, it is expected to improve significantly month on month. In the long run, we believe that the electrification of vehicles is still the general trend, the epidemic only delays its process to a certain extent, and we are still optimistic about the long-term development of the new energy vehicle industry chain. It’s highly recommended to focus on: ‘s Contemporary Amperex Technology Co.Limited(300750) 35.
Risk tip: the production and sales of new energy vehicles are less than expected, and the price of raw materials fluctuates sharply, which will affect the demand of the industry, the risk of epidemic and other emergencies.
