Market performance
Overall: the 300 week rise and fall of Shanghai and Shenzhen was + 2.23%, and the rise and fall of gem was + 2.71%. The automobile industry rose or fell by + 4.46%, and the Wande power battery index (884963. WI) rose or fell by + 6.83%, surpassing 27 of the 30 first tier industries of CITIC.
Segment: in the power battery related index, lithium cathode ranked first with a weekly increase or decrease of + 9.17%, and lithium diaphragm ranked last with a weekly increase or decrease of + 4.16%.
Individual stocks: among the power battery concept stocks, 78 achieved positive returns and 1 fell. Among them, Hengdian Group Dmegc Magnetics Co.Ltd(002056) ranked first with a rise and fall of + 28.86%, and Guoguang Electric Company Limited(002045) ranked last with a rise and fall of – 3.45%.
Valuation: as of the closing on May 20, 2022, the lithium battery index PE (TTM) is 40.99. Power battery price tracking
On Wednesday, the market price of Yuan precursor fell, and the transaction in the Chinese market was poor; The iron phosphate Market is in short supply this week, and the whole is still at a high level.
Lithium resources: lithium carbonate 476400 yuan / ton, mom + 0.20%, lithium hydroxide 490900 yuan / ton, Mom – 2.58%;
Positive electrode: lithium iron phosphate 156000 yuan / ton, month on month (- 4.29%), ternary positive electrode (622) 370000 yuan / ton, month on month (- 3.14%);
Negative electrode: artificial graphite: the middle end is 58000 yuan / ton, with a month on month ratio of + 5.45%;
Electrolyte: lithium iron phosphate 79000 yuan / ton, month on month -12.71%; electrolyte: ternary cylinder 94500 yuan / ton, month on month -9.57%.
Diaphragm: dry method: 0.95 yuan / m2, mom -12.71%, wet method: 1.33 yuan / m2, mom + 8.13%.
(see the text for details)
Investment advice
Recently, the top of raw material prices fell, but still remained high. With the increase of the price of new energy vehicles, the price of power battery cells increased, and the gross profit margin of battery manufacturers improved. Considering that the valuation of the lithium battery sector is at the bottom in recent years, the increasing demand for energy storage, some regions begin to subsidize automobile consumption, and the sales of new energy vehicles in downstream non epidemic areas are still strong, it is optimistic that the volume and price of relevant companies in the lithium battery industry chain will rise in the later stage. Suggestions on the upstream of lithium battery industry chain: Tianqi Lithium Corporation(002466) , Zhejiang Huayou Cobalt Co.Ltd(603799) ; Suggestions on the middle reaches of the power battery industry chain: Yunnan Energy New Material Co.Ltd(002812) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Ningbo Shanshan Co.Ltd(600884) , beiteri; It is suggested to pay attention to the downstream of power battery industry chain: Byd Company Limited(002594) , Contemporary Amperex Technology Co.Limited(300750) .
Risk tips
Substantial policy adjustments, changes in raw material prices, repeated epidemics and changes in technical routes.
