Key investment points
In December, the sales volume of electric vehicles was 531000, with a month on month ratio of + 114% / + 11%, exceeding market expectations. According to the data of China Automobile Association, the output of new energy vehicles in December was 518000, an increase of 120% year-on-year and 6.7% month on month; The sales volume was 531000 vehicles, with a year-on-year increase of 114% and a month on month increase of 11%, exceeding market expectations. From January to December, the cumulative output of new energy vehicles was 3.545 million, a year-on-year increase of 159.5%; The sales volume was 3.521 million, a year-on-year increase of 157.5%. In December, the sales volume of new energy passenger vehicles was 498000, an increase of 120.6% year-on-year and 10.3% month on month; The output was 488000 vehicles, a year-on-year increase of 127.7% and a month on month increase of 6.6%. From January to December, the cumulative output of new energy passenger vehicles was 3.359 million, a year-on-year increase of 169.5%; The sales volume was 3.334 million, a year-on-year increase of 167.5%. In December, the sales volume of new energy commercial vehicles was about 33000, up 46.6% year-on-year and 24.9% month on month; The output was 30000 vehicles, with a year-on-year increase of 42.1% and a month on month increase of 8.5%.
In December, the sales volume of high-end electric vehicles increased strongly, with a strong trend in the middle and low end. In December, 505000 new energy passenger vehicles were sold, with a month on month ratio of + 138.9% / + 17.8%. The sales volume of pure electric passenger vehicles was 423000, accounting for 84%. Among them, the sales volume of A00 class was 139000, with a year-on-year increase of 105%, a month on month increase of 29.1%, accounting for 33%. The cumulative sales volume from January to December was 89000, accounting for 33%; The sales volume of A0 class was 60000, a year-on-year increase of 232%, a month on month increase of 14.3%, accounting for 14%. The cumulative sales volume from January to December was 374000, accounting for 14%; Class a sales volume was 100000 vehicles, a year-on-year increase of 119%, a month on month increase of 16.7%, accounting for 24%. From January to December, the cumulative sales volume was 634000, accounting for 23%; Class B sales volume was 114000, a year-on-year increase of 156%, a month on month increase of 24.9%, accounting for 27%. The cumulative sales volume from January to December was 773000, accounting for 28%. The sales volume of plug-in passenger vehicles was 82000, with a year-on-year increase of 144% and a month on month decrease of 3.6%, accounting for 16% of the sales volume of new energy vehicles. The cumulative sales volume of new energy passenger vehicles from January to December reached 3.286 million, a significant year-on-year increase of 181%.
According to the types of car enterprises, the highlights of traditional car enterprises are prominent, and the proportion of Tesla city has increased month on month. In December, self owned car enterprises sold 301000 vehicles, a year-on-year increase of 113%, a month on month increase of 20.3%, a market share of 60%, a cumulative market share of 59% from January to December, and self owned demand continued to grow; In December, new forces sold 76000 vehicles, with a year-on-year increase of 199%, a month on month increase of 6.9%, a market share of 15%, and a cumulative market share of 15% from January to December; The joint venture vehicle enterprises sold 47000 vehicles in December, with a year-on-year increase of 254%, a month on month increase of 5.0%, a market share of 9%, and a cumulative market share of 8% from January to December; 10000 luxury vehicles were sold in December, with a year-on-year increase of 67%, a month on month increase of 3.6%, a market share of 2%, and a cumulative market share of 2% from January to December; Tesla sold 71000 vehicles in December, with a year-on-year increase of 145%, a month on month increase of 34.0%, a market share of 14%, and a cumulative market share of 15% from January to October.
Investment suggestion: 531000 Shanxi Guoxin Energy Corporation Limited(600617) vehicles were sold in mid December, with a month on month ratio of + 113.9% / + 11.1%, exceeding market expectations. The cumulative sales volume of new energy vehicles in 2021 was 3.545 million, an increase of 159.5% at the same time. In the large cycle of new models in 2022, the sales volume is expected to be 6 million vehicles (including exports), an increase of 70% at the same time +. In December, the total sales volume of nine mainstream European countries was 223000 vehicles, with a month on month ratio of + 1% / + 21%, which is in line with market expectations. We expect that Europe is expected to reach 2.05 million vehicles in 2021. The United States sold 76000 vehicles in December and 650000 vehicles in the whole year, more than doubling year-on-year. In 2022, the global sales volume is expected to be 10 million, an increase of 65% +. Continue to look at the electric vehicle leaders in an all-round way. The first main line is optimistic about the battery link that has been profitable and repaired in 22 years, with a good long-term pattern, superimposed energy storage and support, leading Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Byd Company Limited(002594) , second line Sunwoda Electronic Co.Ltd(300207) (attention), Jiangsu Azure Corporation(002245) (attention), and the second main line: upgrading of battery technology, high nickel ternary cathode ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Cngr Advanced Material Co.Ltd(300919) , Beijing Easpring Material Technology Co.Ltd(300073) ), structural parts ( Shenzhen Kedali Industry Co.Ltd(002850) ) Lithium ferromanganese ( Shenzhen Dynanonic Co.Ltd(300769) ), additive ( Jiangsu Cnano Technology Co.Ltd(688116) ); Article 3 is the leading companies that continue to be in short supply next year and have recently made more corrections: negative electrode ( Shanghai Putailai New Energy Technology Co.Ltd(603659) ), diaphragm ( Yunnan Energy New Material Co.Ltd(002812) ), copper foil ( Guangdong Jiayuan Technology Co.Ltd(688388) (attention), Nuode Investment Co.Ltd(600110) ), electrolyte ( Guangzhou Tinci Materials Technology Co.Ltd(002709) , Shenzhen Capchem Technology.Ltd(300037) ), lithium carbonate ( Ganfeng Lithium Co.Ltd(002460) (attention), Tianqi Lithium Corporation(002466) (attention)), etc.
Risk tip: the sales volume of electric vehicles is lower than expected, the policy is lower than expected, and the competition is intensified
