Investment summary:
Talk every Monday: the deadlock in the development of power exchange market is expected to be broken
Contemporary Amperex Technology Co.Limited(300750) release evogo, the power exchange service brand, and the overall solution of combined power exchange composed of three products: “power exchange block, quick exchange station and app”. The scheme has three characteristics: one electricity and multiple vehicles, renting electricity on demand and being rechargeable and replaceable. Together with the existing home charging and fast charging, it forms the energy supplement mode of the whole scene.
Contemporary Amperex Technology Co.Limited(300750) the layout of the power exchange track has the following advantages:
Contemporary Amperex Technology Co.Limited(300750) has sufficient capital layout and power exchange, and has formed a huge user network. The annual installed capacity of Contemporary Amperex Technology Co.Limited(300750) in 2021 was 80.51gwh, accounting for 52.1% of the Chinese market, far ahead of the second Byd Company Limited(002594) . Such a high market share, coupled with the importance of power batteries for new energy vehicles, gives Contemporary Amperex Technology Co.Limited(300750) a high voice in the field of charging and changing electricity, which is conducive to promoting the standardization of battery specifications.
From the perspective of automobile enterprises, cooperation with evogo can remove the battery cost, greatly reduce the selling price, improve product competitiveness, reduce R & D costs and safety risks, and avoid production capacity problems.
In terms of policy, the warm wind blows vigorously. Relevant state departments encourage the development of power exchange mode and have started the pilot application of power exchange mode of new energy vehicles.
The number of new energy vehicles continues to grow, the contradiction between charging facilities and energy supplement demand is becoming increasingly prominent, and there is still a lot of room for growth in the energy supplement market. Power exchange will become an inevitable form of the popularization of new energy vehicles in the whole scene and an effective supplement to charging. With the improvement of policy, capital and its own product power, 2022 is expected to be the first year of rapid development of the power exchange industry.
Listed companies in the power exchange industry chain are expected to benefit. It is recommended to pay attention to Gcl Energy Technology Co.Ltd(002015) , Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Bozhon Precision Industry Technology Co.Ltd(688097) , Shandong Weida Machinery Co.Ltd(002026) , etc.
Market review:
As of the closing on January 21, the auto sector was – 3.4%, and the CSI 300 index was 1.1%. The increase of the auto sector lagged behind the CSI 300 index by 4.5 percentage points. From the sector ranking, the auto industry ranked 25th among the 28 sectors of Shenwan last week, with poor performance in the week. Since the beginning of the year, the automobile sector has been – 5.9%, ranking 20th among the 28 sectors of Shenwan.
Weekly gains and losses of sub sectors: passenger cars (- 1.2%), commercial trucks (- 5%), commercial buses (- 2.2%), auto parts (- 4.4%), and auto services (- 3.6%).
The top five in terms of rise and fall: Kuangda Technology Group Co.Ltd(002516) , Kunshan Huguang Auto Harness Co.Ltd(605333) , Chongqing Sokon Industry Group Stock Co.Ltd(601127) , Chengdu Haoneng Technology Co.Ltd(603809) , Sichuan Chuanhuan Technology Co.Ltd(300547) .
The top five in terms of rise and fall: Nanjing Chervon Auto Precision Technology Co.Ltd(603982) , Shanghai Baolong Automotive Corporation(603197) , Ningbo Jifeng Auto Parts Co.Ltd(603997) , Wencan Group Co.Ltd(603348) , Jiangsu Olive Sensors High-Tech Co.Ltd(300507) .
Investment strategy and key recommendations this week:
The automobile sector should pay more attention to the companies whose profits are determined to grow and the companies whose valuation center is improved. At the same time, it is suggested to pay attention to the problem of core shortage and the opportunities for vehicle and traditional parts enterprises in the improvement stage. Therefore, we suggest paying attention to the competitive Vehicle Enterprises: Great Wall Motor Company Limited(601633) , Geely Automobile, Guangzhou Automobile Group Co.Ltd(601238) , Byd Company Limited(002594) . High quality enterprises in the parts sector with reasonable valuation at present: Ningbo Tuopu Group Co.Ltd(601689) , Zhejiang Shuanghuan Driveline Co.Ltd(002472) , Mingxin Automotive Leather Co.Ltd(605068) , Bethel Automotive Safety Systems Co.Ltd(603596) , Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Hunan Oil Pump Co.Ltd(603319) , Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) ; Technical service enterprises that are not significantly affected by the fluctuation of production and sales and have strong growth certainty: China Automotive Engineering Research Institute Co.Ltd(601965) etc.
Recommended combinations this week: Byd Company Limited(002594) 20%, Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) 20%, Zhejiang Shuanghuan Driveline Co.Ltd(002472) 20%, China Automotive Engineering Research Institute Co.Ltd(601965) 20% and Mingxin Automotive Leather Co.Ltd(605068) 20%.
Risk tip: the car sales volume is lower than expected; The implementation of stimulus policies for the automobile industry was less than expected; The risk of intensified market competition; Risk of shortage of key raw materials such as chips and rising cost of raw materials; The epidemic control was less than expected.
