Power equipment industry weekly report: Chinese car companies explore Europe, sodium power GWh production to build a new windfall

Main views.

Overseas: Eight European countries / U.S. September sales of 200000 / 80,000 units, Chinese car companies continue to develop the European market

Europe eight countries in September combined sales of 203200, with / ring +10% / +68%, penetration rate of 25%, +2 pct. U.S. September sales of 80,000, with / ring +44% / -3.2%, including Tesla sales of 44,600, with / ring +40% / +4.1%. Rivian announced the recall of almost all cars, there are parts safety problems. Chinese car companies continue to explore the European market, Azure announced to start providing services in the four markets of Germany, the Netherlands, Denmark and Sweden, Byd Company Limited(002594) signed a long-term cooperation agreement with German car rental company Sixt in Berlin to provide 100000 electric cars to the latter in the next 6 years, long-term bullish on the competitiveness of Chinese Shanxi Guoxin Energy Corporation Limited(600617) car companies in the international market.

China: power battery adds another listed company, new energy vehicle sales hit a new high, sodium electricity scale mass production opens up a new market

Battery link, China Innovation Aviation Hong Kong stock listing, raising nearly RMB 9 billion, the current installed global share of 4%, the world’s seventh, China’s third, effective production capacity of 35GWh in 2022, the expected effective capacity of 90GWh in 2023; Contemporary Amperex Technology Co.Limited(300750) and Guangxi Liugong Machinery Co.Ltd(000528) signed a ten-year strategic cooperation framework agreement to develop the market of electrified construction machinery industry; Gotion High-Tech Co.Ltd(002074) The company intends to invest in 150000 tons of cathode and 50,000 tons of cathode capacity in Michigan, USA. New energy vehicle sales are climbing, Byd Company Limited(002594) September sales of more than 200000 units to a new high, the full year is expected to be more than 1.8 million units, new forces in the Azera / Peng / ideal / Nezha / zero run / extreme Krypton / ask the world, sales of 1.09 / 0.85 / 1.15 / 1.8 / 1.1 / 0.83 / 1.01 million units, of which Nezha occupies the first, Azera ideal ask the world ring growth. Sodium ion direction, Shan Xi Hua Yang Group New Energy Co.Ltd(600348) 1GWh sodium electricity production capacity put into operation, marking a milestone shift from pilot to mass production of sodium batteries, sodium electricity high safety, good low temperature performance, low cost and other advantages can be better used in the field of energy storage, as well as two-wheelers and complementary to lithium power batteries. We believe that in the medium and long term, the lithium industry chain global strong competitiveness and still maintain a high boom momentum, is still the best investment track, short-term sector adjustment is instead the layout point.

Lithium carbonate spot prices rose further, lithium pyroxene auction highlights the scarcity of resources, supply and demand to determine the lithium price continues to be high

Last week the average price of battery-grade lithium carbonate was 525000 yuan per ton, a record high of +2.94% YoY. Australia CoreLithium completed its first lithium pyroxene raw ore auction at $951/tonne, showing the scarcity of lithium resources and strongly supporting the continued high lithium prices. Whether overseas China or concentrate lithium salt, there is almost no rapid release of short-term incremental, while downstream demand remains strong and resilient, with high-quality lithium resources, high self-supply rate and integrated lithium enterprise performance growth significantly and low valuation.

Recommended to focus on.

A capacity release, cost pressure to ease the gross profit rebound battery factory: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) , etc.; two supply and demand to support the lithium price high profit release lithium resource companies: Keda Industrial Group Co.Ltd(600499) , Youngy Co.Ltd(002192) , Chengxin Lithium Group Co.Ltd(002240) , Tianqi Lithium Corporation(002466) , Jinyuan Ep Co.Ltd(000546) , etc.; three pattern clear, obvious advantages, supply and demand is still tight midstream Material links: Yunnan Energy New Material Co.Ltd(002812) , Malion New Materials Co.Ltd(300586) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Hunan Changyuan Lico Co.Ltd(688779) , Beijing Easpring Material Technology Co.Ltd(300073) , Shenzhen Dynanonic Co.Ltd(300769) , etc.

Risk tips.

The development of new energy vehicles is not as expected; disruptive breakthroughs in related technologies; product prices fall beyond expectations; capacity expansion is not as expected, product development is not as expected; raw material price fluctuations.

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