In December, the output of new energy vehicles was 511400, with a month on month ratio of + 96% / + 35%, in line with market expectations: according to the data of insurance caliber of GGII, the output of new energy vehicles in December 2021 was 511400, with a year-on-year increase of 96% and a month on month increase of 35%. Among them, the output of passenger cars was 481400, a year-on-year increase of 112% and a month on month increase of 32%. The output of pure electric passenger cars increased to 397400, a year-on-year increase of 110% and a month on month increase of 35%; The output of passenger cars was 14046, a year-on-year decrease of 14% and a month on month increase of 148%; The output of special-purpose vehicles was 15961, a year-on-year decrease of 7% and a month on month increase of 72%. In 2021, the cumulative output of electric vehicles reached 3.029 million, an increase of 96% year-on-year, maintaining a high-speed growth; The cumulative production of passenger cars was 2.904 million, a year-on-year increase of 152%; A total of 48300 passenger cars were produced, a year-on-year decrease of 20%; 76300 special purpose vehicles were produced, a year-on-year increase of 8%.
In December, the total installed electromechanical capacity of electric vehicles was 26.38gwh, an increase of 96% year-on-year and 45% month on month. From January to December 2021, the cumulative installed power is 139.98gwh. 1) In December, the installed electricity of Sanyuan was 11.77gwh, with a year-on-year increase of 74%, a month on month increase of 37%, and the installed capacity accounted for 45%; From January to December in 2021, the accumulated installed power of Sanyuan was 74.28gwh, with a year-on-year increase of 91.1%, accounting for 53%. 2) In December, the installed capacity of iron lithium was 14.5gwh, with a year-on-year increase of 122%, a month on month increase of 53%, and the installed capacity accounted for 55%; From January to December 2021, the cumulative installed power of lithium iron phosphate was 65.37gwh, with a year-on-year increase of 192%, accounting for 46.7%.
In terms of the average charging capacity of various models, in December, the average charging capacity of pure electric passenger cars and pure electric special vehicles increased month on month, and that of pure electric buses decreased slightly month on month. In December, the single vehicle charging capacity of pure electric passenger vehicles was 50.07kwh/vehicle, with a year-on-year increase of 12.89% and a month on month increase of 2.16%. The average charging capacity from January to December 2021 was 47.28kwh/vehicle. In December, the average single vehicle charging capacity of pure electric buses was 209.95kwh/vehicle, with a year-on-year decrease of 2.27% and a month on month decrease of 5.73%. The average charging capacity from January to December 2021 was 213.91kwh/vehicle. In December, the average single vehicle charging capacity of pure electric special vehicles increased to 116.47kwh/vehicle, with a year-on-year increase of 111.29% and a month on month increase of 6.71%. The average charging capacity from January to December 2021 was 93.67kwh/vehicle.
From the perspective of battery manufacturers, Contemporary Amperex Technology Co.Limited(300750) has a solid leading position, and Byd Company Limited(002594) and AVIC lithium potential rank second and third. Contemporary Amperex Technology Co.Limited(300750) in December, the installed power was 15.36gwh (including SAIC), up 116.6% year-on-year and 56.7% month on month. The market share of monthly installed capacity was 58.2%, ranking first. Byd Company Limited(002594) ranked second in installed capacity, with an installed capacity of 4.05 GWH in December, a year-on-year increase of 114.9%, a month on month increase of 12.9%, and the installed capacity accounted for 15.3%. The third place was AVIC lithium battery, with an installed capacity of 1.21gwh in December, a year-on-year increase of 37.6%, a month on month increase of 29.5%, and the installed capacity accounted for 4.6%.
From the perspective of models, passenger cars are still the main force of battery consumption. In December, the installed capacity of passenger cars was 21.61gwh, with a year-on-year increase of 138%, a month on month increase of 36%, and the installed capacity accounted for 82%, of which the ternary installed capacity was 11.62gwh, with a year-on-year increase of 76%, a month on month increase of 35%, and the installed capacity accounted for 54%; The installed electromechanical capacity of special vehicles was 1.87gwh, with a year-on-year increase of 98%, a month on month increase of 80%, and the installed capacity accounted for 7%; Passenger cars were 2.89 GWH, a year-on-year decrease of 15%, a month on month increase of 133%, and the installed capacity accounted for 11%.
Investment suggestion: the acceleration of global electrification is obvious, and the boom in 2022 is still very high. We continue to focus on the electric vehicle leaders in an all-round way. The first main line is optimistic about the battery links that will be repaired in 2022, with a good long-term pattern, superimposed energy storage holdings, leaders Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , Byd Company Limited(002594) , and focus on Sunwoda Electronic Co.Ltd(300207) , Jiangsu Azure Corporation(002245) , The second main line: battery technology upgrading, high nickel ternary cathode ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Cngr Advanced Material Co.Ltd(300919) , Beijing Easpring Material Technology Co.Ltd(300073) ), structural parts ( Shenzhen Kedali Industry Co.Ltd(002850) ), lithium ferromanganese ( Shenzhen Dynanonic Co.Ltd(300769) ); Additives ( Jiangsu Cnano Technology Co.Ltd(688116) ); Article 3 leading companies in continuous shortage: diaphragm ( Yunnan Energy New Material Co.Ltd(002812) ), negative electrode ( Shanghai Putailai New Energy Technology Co.Ltd(603659) ), electrolyte ( Guangzhou Tinci Materials Technology Co.Ltd(002709) , Shenzhen Capchem Technology.Ltd(300037) ), copper foil ( Guangdong Jiayuan Technology Co.Ltd(688388) (attention), Nuode Investment Co.Ltd(600110) ), lithium carbonate ( Ganfeng Lithium Co.Ltd(002460) (attention), Tianqi Lithium Corporation(002466) (attention)), etc.
Risk tip: the sales volume is less than expected, the policy is less than expected, and the industry competition is intensified.
