With the promotion of resumption of work and production, lithium battery ushered in the horn of counterattack. According to the wind data. The price of lithium carbonate was 271500 yuan / ton on December 30, 2021, and rose to 502500 yuan / ton on March 31, 2022, an increase of 85% (the price of lithium carbonate was 60 Faw Jiefang Group Co.Ltd(000800) 00 yuan / ton in the same period last year). The gross profit margin of the enterprise decreased by 35. The price of lithium carbonate this week was 461000 yuan / ton, down 8% from that on April 1. The prices of other materials decreased by varying degrees. With the slight decline in the prices of upstream raw materials such as lithium, battery enterprises are actively reducing prices and transmitting them to the downstream. With the promotion of resumption of work and production, profits will be further improved, and the sector will usher in the horn of counter attack.
Battery enterprises actively layout upstream materials. On April 28, 2022, Sunwoda Electronic Co.Ltd(300207) established a joint venture with Jinyuan Zhongke and Guizhou Chanhen Chemical Corporation(002895) to integrate and develop lithium resources in salt lakes in Argentina. On May 20, 2022, Gotion High-Tech Co.Ltd(002074) subsidiary Yichun GuoXuan mining won the general survey and exploration right of porcelain clay (lithium containing) ore in Shuinan mine section of Keshili mining area, Yifeng County, Jiangxi Province, with a starting price of 460 million yuan. In addition, previously, battery enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) etc. have laid out the layout of upstream raw materials to strengthen the supply chain guarantee.
Affected by the epidemic, new energy vehicles fell 38% month on month in April. In mid April 2022, the output of Shanxi Guoxin Energy Corporation Limited(600617) vehicles was 312000, with a year-on-year increase of 43.9%; The sales volume was 299000, a month on month decrease of 38.3% and a year-on-year increase of 44.6%. The penetration of new energy vehicles accelerated, reaching 25.3% in a single month, an increase of 12 PCT over 2021. In China, Byd Company Limited(002594) sold 104700 vehicles, a year-on-year increase of 313%, Xiaopeng delivered 9000 vehicles, a year-on-year increase of 74.9%, ideal vehicles delivered 4200 vehicles, a year-on-year decrease of 24.8%, and weilaifen delivered 5100 vehicles, a year-on-year decrease of 28.6%. In addition, Byd Company Limited(002594) announcement: the whole vehicle production of fuel vehicles will be stopped from March 2022. In the future, the automobile sector will focus on pure electric and plug-in hybrid vehicles to ensure the high growth of sales of new energy vehicles. Consumers have tolerance for the price increase of terminal vehicle manufacturers, and the price transmission will not affect the demand. In March, the price of Byd Company Limited(002594) pure electricity increased by 6000 yuan. According to the sales volume in April, Byd Company Limited(002594) new energy vehicles ranked first, among which Qin and Han models were favored. Key concerns: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Hunan Zhongke Electric Co.Ltd(300035) , Guangdong Guanghua Sci-Tech Co.Ltd(002741) .
Risk tip: due to changes in the macro environment, the price of upstream resources increased significantly, resulting in the transmission of prices to the downstream, and the sales volume of new energy vehicles was lower than expected.
