Since the beginning of the year, the new energy concept sector has ushered in a correction, and brokers believe that the main reason is the high valuation of some targets.
However, at the same time, the global sales of new energy vehicles and the installed capacity of power batteries increased rapidly, driving the demand for equipment. Many securities companies believe that the long-term high view of the sector will not be changed.
lithium battery equipment enterprises will usher in the increase of sector net interest rate
China Securities Co.Ltd(601066) Securities believes that the capacity of lithium battery equipment enterprises mainly depends on the number of employees and site.
Since 2021, in order to cope with the high demand of downstream, China's major lithium battery equipment enterprises have begun to increase personnel and site expansion. For example, the total number of employees of Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Shenzhen United Winners Laser Co.Ltd(688518) , Shenzhen Yinghe Technology Co.Ltd(300457) and other companies has nearly doubled, resulting in more confirmation of employees' salaries and pre positioning of costs and expenses.
Assuming that the order price of the industry remains stable, China Securities Co.Ltd(601066) securities expects that with the recognized income of goods issued, the company's new personnel costs and expenses will be diluted, and the company's profitability is expected to improve marginally.
the rise of second-line power lithium battery manufacturers benefits the targets of relevant lithium battery equipment
At present, the new energy market presents a blowout development. In 2022, the China Federation of trade unions ( Shanxi Guoxin Energy Corporation Limited(600617) ) has increased the sales target of the China's Shanxi Guoxin Energy Corporation Limited(600617) vehicle. It expected that 4 million 800 thousand new energy passenger cars will be sold in 2022, and now it will be adjusted to more than 5 million 500 thousand vehicles. The penetration rate of new energy vehicles will reach 25%, while the new energy vehicles will break through 6 million vehicles and the penetration rate of new energy vehicles will be around 22%. Therefore, power batteries are still in short supply.
In order to resist the risk of "power shortage" and ensure the safety of the supply chain, car enterprises have expanded the list of battery suppliers, and more second-line manufacturers are being competed. At present, second-line power manufacturers are expected to take advantage of the trend to expand production and rise.
At present, beehive energy, China Innovation airlines and Gotion High-Tech Co.Ltd(002074) have announced large-scale production expansion plans. Since 2022, beehive energy has made continuous actions, successively establishing Shanghai R & D center, starting Yancheng 10 billion power battery production base, and investing in upstream copper foil and cathode material enterprises.
More and more lithium battery equipment companies are going public. Previously, honeycomb energy has completed four rounds of financing, with a financing amount of 20.78 billion yuan. According to the latest understanding of starting point lithium power big data, honeycomb energy is starting listing guidance, and The Pacific Securities Co.Ltd(601099) securities is expected to complete the application of science and innovation board in the first half of 2022. In addition, China Innovation Airlines completed a financing of 12 billion yuan last year and submitted an application to the CSRC at the end of the year, which will start listing and fund-raising in Hong Kong. It is expected that on the basis of obtaining the additional support of listed capital, the second-line lithium battery manufacturers will accelerate the implementation of large capacity investment and construction.
the sales volume of new energy vehicles and the installed capacity of power batteries increased rapidly, driving the demand for equipment
The sales volume and penetration rate of medium Shanxi Guoxin Energy Corporation Limited(600617) vehicles are: in December 2021, the sales volume of new energy vehicles was 498000, with a year-on-year increase of 113.9%. In 2021, the sales volume of new energy vehicles was 3.521 million, a year-on-year increase of 157.5%, and the penetration rate of new energy vehicles was 13.4%, of which the retail penetration rate of new energy passenger vehicles in China was 14.8%.
The installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery is: in December 2021, China Shipbuilding Industry Group Power Co.Ltd(600482) battery installed capacity was 26.2gwh, with a year-on-year increase of 102.4%. From January to December 2021, China Shipbuilding Industry Group Power Co.Ltd(600482) battery installed capacity accumulated 154.5gwh, with a year-on-year increase of 142.8%.
global new energy vehicle sales and penetration rate: in November 2021, the registered number of new energy passenger vehicles was 720000, an increase of 72% year-on-year, and the penetration rate reached 11.5%. From January to November 2021, the global sales volume of new energy passenger vehicles exceeded 5.57 million, and the penetration rate increased to 8.1%.
global power battery installed capacity: in November 2021, the installed capacity of Contemporary Amperex Technology Co.Limited(300750) , LG, Byd Company Limited(002594) , Panasonic and SK on power batteries were 12.1, 5.5, 3.6, 2.9 and 1.9gwh respectively, accounting for 36.7%, 16.7%, 10.9%, 8.8% and 5.8% of the market respectively. From January to November 2021, the installed capacity of Contemporary Amperex Technology Co.Limited(300750) , LG, Panasonic, Byd Company Limited(002594) , SK on power batteries were 79.8, 51.5, 31.3, 22.5 and 14.6gwh respectively, accounting for 31.8%, 20.5%, 12.5%, 9.0% and 5.8% of the market respectively.
According to China Securities Co.Ltd(601066) securities, from the data analysis, with the continuous growth of the demand and penetration of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in the world and China, the installed capacity of power batteries may also increase with the sales volume.
lithium battery equipment investment logic
China Securities Co.Ltd(601066) Securities believes that:
It is recommended to bind the equipment companies of foreign customers in China. On the one hand, the demand for medium Shanxi Guoxin Energy Corporation Limited(600617) vehicles broke out, the battery supply was tight, and all battery enterprises actively increased their production. However, only battery enterprises with fast production expansion, strong equipment debugging ability and fast capacity climbing are expected to seize the dividend of this wave of industry demand growth. Correspondingly, equipment companies that bind high-quality battery enterprises can better enjoy the dividends of customer capacity expansion. On the other hand, the shortage of battery supply in European and American markets is more serious. Battery factories will increase their capacity expansion, but the expansion cycle is slower than that in China. Equipment companies that have entered or are entering the supply chain of LG, Samsung, Panasonic and local battery factories in Europe and America have more room for growth.
Recommend long-term equipment companies with clear logic and strong expansibility. In the long run, equipment enterprises that rely on the single power battery industry have the risk of cyclical fluctuations in performance. Enterprises with strong technology scalability and other industrial layout can achieve stable performance growth.
securities companies pay attention to relevant subjects:
Wuxi Lead Intelligent Equipment Co.Ltd(300450) (300450. SZ): the company is a global leader in new energy equipment, covering lithium battery equipment, photovoltaic equipment, 3C testing equipment, intelligent warehousing and logistics system, automobile intelligent production line and other businesses.
Zhejiang Hangke Technology Incorporated Company(688006) (688006. SH): the company is a high-tech enterprise engaged in the design, R & D and production of rechargeable batteries. It has core technology and ability in the R & D and production of core equipment of post-treatment system such as charging and discharging motor and internal resistance tester, and can provide overall solutions for post-treatment system of lithium-ion battery production line.
Shenzhen United Winners Laser Co.Ltd(688518) (688518. SH): the company is a leading supplier of precision laser welding equipment and automation solutions in China, specializing in the R & D, production and sales of precision laser welding machines and complete sets of laser welding automation equipment. The company's products are widely used in power batteries, automobile manufacturing, hardware and household appliances, consumer electronics, optical communication and other manufacturing fields.
Shenzhen Colibri Technologies Co.Ltd(002957) (002957. SZ): the company is engaged in the R & D, design, production, sales and technical services of industrial automation equipment, as well as the manufacturing of precision parts. The products are mainly used in mobile terminal, new energy, automobile, hard disk, medical health, logistics and other industries.
China National Electric Apparatus Research Institute Co.Ltd(688128) (688128. SH): as one of the first batch of national transformed scientific research institutes, the company has long been engaged in the research on the basic laws and mechanisms of environmental adaptability of electrical products, and is committed to improving the adaptability of Chinese electrical products in different complex environments such as climate, machinery, chemistry and electromagnetism, and improving the quality level of electrical products.
Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) (688559. SH): the company is a comprehensive solution provider of laser and automation and a national high-tech enterprise. With deep R & D strength and continuous innovation ability, the company has accumulated leading customers such as apple, Huawei, Foxconn, Flextronics, Luxshare Precision Industry Co.Ltd(002475) , BOE, Lens Technology Co.Ltd(300433) , Tesla and other application fields.
Shenzhen Yinghe Technology Co.Ltd(300457) (300457. SZ): the company is a leading enterprise in the China Shipbuilding Industry Group Power Co.Ltd(600482) battery intelligent automation equipment industry. It is also the only enterprise in the world that can provide intelligent digital factory solutions for power batteries.
