Key targets: recommended Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) ; Pay attention to Shanghai Zijiang Enterprise Group Co.Ltd(600210) , Guangdong Hoshion Aluminium Co.Ltd(002824) , Pylon Technologies Co.Ltd(688063) , Jiangsu Azure Corporation(002245) , Guizhou Zhenhua E-Chem Inc(688707) , Guangdong Fangyuan Environment Co.Ltd(688148) , beiteri, Shanghai Putailai New Energy Technology Co.Ltd(603659) .
Investment perspective:
1. Pay attention to investment opportunities related to Byd Company Limited(002594) industrial chain.
Byd Company Limited(002594) Tengshi held a brand press conference, and the new high-end mpvd9 was launched for pre-sale: Tengshi brand strategic development Byd Company Limited(002594) led, Mercedes Benz assisted and adhered to the luxury route. Under the new strategy, the first model Tengshi D9 was also officially launched for pre-sale, with a pre-sale price range of 335000460000 yuan.
Viewpoint: the current penetration rate of MPV new energy vehicles is low, and Tengshi D9 is expected to become a popular model, helping to rapidly improve the penetration rate of new energy vehicles in the market segment. At the same time, we are firmly optimistic about the opportunities brought by the soft packed iron lithium battery. Attention: Shanghai Zijiang Enterprise Group Co.Ltd(600210) .
Byd Company Limited(002594) ctb technology is the world’s first, and the seal, the first CTB model, is on pre-sale: CTB is both an energy body and a structure. It adopts the concept of natural honeycomb, improves the volume utilization rate of battery system to 66%, and integrates the body floor with the upper cover, so that the vertical riding space of the whole vehicle is increased by 10mm, the weight is lighter and the cost is lower. Launch four EV Models: the range is 550700km, and the pre-sale price (after comprehensive subsidy) is 2128289800 yuan. The high-efficiency power structure of front asynchronous and rear synchronous motor is adopted, with 0.3.8s. Use E3 0 platform, high voltage, eight in one system, boost 500V, charge 300km in 15min.
Viewpoint: the whole vehicle is positioned in the range of 20-30w, which is the first CTB vehicle of Byd Company Limited(002594) to realize mass production and sale. We are optimistic about the resulting increase in the share of lithium iron phosphate models above 20W. By tracking the orders of the head new energy vehicle factory, we believe that even after multiple rounds of price increases in Q1, the supply of new energy vehicles is still in the stage of catching up with demand, Byd Company Limited(002594) , the orders in hand of Tesla and other head enterprises still exceed the release rate of production capacity, and no significant decline in new orders is found. With the recovery of the impact of the epidemic in June and the stimulation of automobile consumption policies in the second half of the year, we maintain the annual sales expectation of 500550w new energy vehicles, and the subsequent sales are expected to rebound rapidly, with both supply and demand booming. Attention: Guangdong Hoshion Aluminium Co.Ltd(002824) .
2. The profit margin of 22q1 battery decreased significantly, and pay attention to companies with a good rhythm of favorable price. With the release of the first quarterly report of 22 years, we have counted the financial data of 71 companies in the lithium battery industry. Among them, the weighted average gross profit margin of 2022q1 battery link is 14%, and the weighted average net profit margin is 3%. Compared with 2021q4, the gross profit margin decreases by 7pct and the net profit margin decreases by 6pct. This is mainly because the price of upstream raw materials has risen rapidly since the second half of the year, and the favorable price of battery link is not timely enough, resulting in the pressure on the profit of Q1. With the completion of the overall price increase of battery link in Q2, we suggest to pay attention to: (1) battery enterprises that remain ahead in the supply chain and can better bind downstream vehicle enterprises. At the same time, the short-term profit is under pressure, and the leading battery companies that are expected to improve rapidly through favorable price in the future are recommended: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) ; (2) Among household energy storage and electric tools, enterprises with a faster rate of favorable price and less affected by the price fluctuation of raw materials: pay attention to Pylon Technologies Co.Ltd(688063) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) .
Risk warning: the production and sales of new energy vehicles are less than expected; Risks of changes in industrial policies and subsidies; The production expansion of overseas automobile enterprises is less than expected, the competition is intensified, and the profitability is declining; Technical route changes.
