Industry core view:
On January 18, Xiao Yaqing, convener of the inter ministerial Joint Conference on the development of energy conservation and new energy vehicle industry, Secretary of the Party group and Minister of the Ministry of industry and information technology, presided over the 2022 annual working meeting of the inter ministerial joint conference, summarized the work in 2021, analyzed and studied the current situation, and deployed the key work for the development of new energy vehicle industry in 2022.
Key investment points:
The scale and quality were both improved, and the sales volume increased by 1.6 times: in 2021, 3521000 new energy vehicles were sold, with a year-on-year increase of 1.6 times, and the sales of Chinese brands accounted for 76%. In terms of capital construction, 936000 charging piles, 14000 charging stations and 725 replacement stations were built, with a year-on-year increase of 193%, 90% and 356% respectively. More than 10000 power battery recycling service outlets were established, and 45 echelon and recycling backbone enterprises were cultivated. In the future, China will focus on cultivating “ecological leading enterprises” and give full play to the government’s function in infrastructure construction. Ecological leading enterprises and industrial clusters are expected to appear in Beijing Tianjin Hebei, Yangtze River Delta and Pearl River Delta. SAIC, GAC, Byd Company Limited(002594) , Contemporary Amperex Technology Co.Limited(300750) and other enterprises are expected to become ecological leading enterprises.
The planning objectives are clear, and infrastructure such as replacement power station and hydrogen station is expected to accelerate: the inter ministerial joint meeting believes that all member units should deeply implement the development plan for new energy vehicle industry (2021-2035), and proposes that by 2025, the average power consumption of new pure electric passenger vehicles will be reduced to 12.0 kwh per 100 km, and the sales penetration rate of new vehicles will reach about 20%. By 2035, pure electric vehicles will become the mainstream of newly sold vehicles, vehicles in the public domain will be fully electrified, and fuel cell vehicles will be commercialized. Energy saving and hybrid technologies are not mentioned in the plan, and pure electric vehicles may become the mainstream in the future. In terms of capital construction, it is proposed to provide financial support for the construction of charging piles. In terms of fuel cell, it mainly refers to the application support technology of hydrogen fuel cell vehicle and the construction of hydrogen supply system, and emphasizes the realization of commercial application. At present, the time point is 5-10 years slower than that of pure electricity. We are optimistic about the development of new energy infrastructure in 2022, and suggest paying attention to Shanxi Meijin Energy Co.Ltd(000723) (000723) and other enterprises involved in the construction of hydrogenation station and hydrogen supply system.
Three core technology breakthrough projects to benefit the development of upstream core main materials: the plan points out the need to achieve technical breakthrough in battery technology, intelligent network technology and basic technology of new energy vehicles. It reports to carry out research on key core technologies such as positive and negative electrode materials, electrolyte, diaphragm and membrane electrode, and strengthen high strength, lightweight, high safety, low cost Long life power cell and fuel cell system short board technology, accelerate the research and development and industrialization of solid-state power cell technology. It is recommended to pay attention to Contemporary Amperex Technology Co.Limited(300750) (300750), Beijing Easpring Material Technology Co.Ltd(300073) (300073), and Shanghai Putailai New Energy Technology Co.Ltd(603659) (603659).
Risk factors: the impact of national compensation and retreat slope; The landing of production capacity is less than expected; Policy promotion is less than expected; Macroeconomic and environmental risks.
