market review:
This week, the SW power equipment sector closed at 11725.82 points, down 1.16%. In the lithium battery new energy vehicle sector, electrolyte rose 1.82%, cathodes rose 0.71%, lithium batteries fell 0.58%, new energy vehicles fell 0.89%, separators fell 1.70%, and anodes fell 3.11%.
Industry chain data:
html The sales data of some new energy vehicle companies in June have been announced, with a total of 235,800 vehicles, a month-on-month increase of 20.62%, and excellent performance.
Tesla delivered 254,700 vehicles globally in the second quarter, a year-on-year increase of 26.5% and a month-on-month increase of -17.9%, mainly because the epidemic affected the production of the Shanghai factory.
Compared with last week, the prices of ternary cathodes, cobalt, and nickel have declined, while the prices of other raw materials have remained unchanged.
Investment advice:
html The automobile consumption stimulus policy will be officially launched in June, and the industry will continue to maintain high prosperity. All car companies have maintained high year-on-month growth. Annual sales were raised to more than 5.6 million vehicles, a year-on-year increase of 60%. Raw material prices are stable and downstream cost pressure is small.
focuses on: leading car companies that benefit from automobile consumption stimulus policies; power battery companies that implement price increases and restore profitability; separator companies that have a good competitive landscape and tight supply and demand; raw material suppliers that benefit from technological changes.
Risk warning:
The sales growth of new energy vehicles is less than expected; the price of raw materials fluctuates too much; the impact of the epidemic is greater than expected.
1. Overview of the market last week
This week, the SW power equipment sector closed at 11725.82 points, down 1.16%. Shanghai Composite Index rose 1.13%; Shenzhen Composite Index rose 1.37%; GEM Index fell 1.50%. In the lithium battery new energy vehicle sector, electrolytes rose by 1.82%, cathodes rose by 0.71%, lithium batteries fell by 0.58%, new energy vehicles fell by 0.89%, separators fell by 1.70%, and anodes fell by 3.11%.
Chart 1: The rise and fall of the lithium electronics sector this week (20220703)
Data source: Wind Compiled by China Guangdong Research
In terms of , the stock with the highest gain this week is JAC, which rose 27.18%. The top ten stocks with the highest gains in the new energy vehicle sector are shown in the table below.
Chart 2: Growth and decline of new energy vehicle index stocks this week (20220703)
Data source: compiled by wind China Guangdong Research
2. Industry chain tracking
2.1 June sales data of some new energy vehicle companies
1 ) ideal:6month Delivered 13,024 units of and ideal ONE, a year-on-year increase of 68.86% and a month-on-month increase of 13.29%.
html On June 21st, the full-size SUV Lili L9 was officially released. The L9 is designed to accommodate 6 seats for family users. The CLTC has a comprehensive cruising range of 1,315 kilometers and a national unified retail price of 459,800 yuan. Deliveries of the new car will begin before the end of August.
A total of 60,403 vehicles were delivered from January to June 2022, a year-on-year increase of 100%.
2) Xiaopeng : delivered 15,295 vehicles in June, a year-on-year increase of 132.98% and a month-on-month increase of 51.06%.
Looking at specific models, Xpeng P7 delivered 8,045 units, a year-on-year increase of 70.08%, and a month-on-month increase of 90.46%; Xpeng P5 delivered 5,598 units, a month-on-month increase of 51.87%; , a month-on-month increase of 25.42%.
The large five-seat smart luxury SUV Xpeng G9 has been listed in the catalog announced by the Ministry of Industry and Information Technology. Pre-orders will start in August and will be officially launched in September. The price is expected to be less than 500,000 yuan.
A total of 68,983 vehicles were delivered from January to June 2022, a year-on-year increase of 124%.
3) NIO : 6 delivered a total of 12,961 new cars, a year-on-year increase of 60.35% and a month-on-month increase of 84.52%.
Specifically, Weilai ES8 delivered 1,684 units, a year-on-year increase of 12.42%, a month-on-month increase of 125.74%; ES6 delivered 5,100 units, a year-on-year increase of 35.82%, a month-on-month increase of 73.71%; EC6 delivered 1,828 units, a year-on-year increase of -35.41% , a month-on-month increase of 11.80%; 4,349 ET7 vehicles were delivered in June, a month-on-month increase of 154.77%.
html The supply chain and vehicle production have been fully restored in June, and the second production base in Xinqiao is expected to be officially put into production in the third quarter. On June 15, the medium-to-large pure electric 5-seater NIO ES7 was officially released, with a price range of 468,000-526,000 yuan, and delivery will begin on August 28.
A total of 50,827 vehicles were delivered from January to June 2022, a year-on-year increase of 21%.
4) Nezha: 6 delivered 13,157 vehicles in June, a year-on-year increase of 156.07% and a month-on-month increase of 19.51%.
Nezha S Yaoshi Edition officially started pre-sale on June 6, with a pre-sale price of 338,800 yuan and a limited edition of 999 units. At the same time, Nezha will announce the configuration and prices of other Nezha S models in July. An important shareholder, 360 Security Technology Co., Ltd., transferred 43.53% equity of Nezha Automobile. The transfer consideration was 0 yuan. After the transfer, 360 still holds 11.43% equity of Nezha Automobile. Nezha will quickly start the company's joint-stock restructuring work.
A total of 63,131 vehicles were delivered from January to June 2022, a year-on-year increase of 199%.
5) Leaprun: 6 delivered 11,259 vehicles in June, a year-on-year increase of 185.69% and a month-on-month increase of 11.82%. As of June 28, the Leapmo C01, which started pre-sales in May, has received orders for 60,000 units and is expected to be launched in the third quarter.
A total of 51,994 vehicles were delivered from January to June 2022, a year-on-year increase of 265%.
6) GAC Aian: 6 delivered 24,109 vehicles in June, a year-on-year increase of 182.44% and a month-on-month increase of 14.50%. GAC Technology Day will be held on June 28 to release a number of mass-production technologies in the fields of intelligence and electrification.
Cumulative sales from January to June 2022 were 100,251 units, a year-on-year increase of 134%.
7) Geely Ji Krypton: html delivered 4,302 vehicles in June, a month-on-month increase of -0.65%.
A total of 19,010 vehicles were delivered from January to June 2022.
8) Cyrus: 6 sold 7,658 vehicles in June, a year-on-year increase of 524.12% and a month-on-month increase of 40.77%. Among them, the AITO brand Wenjie M5 model jointly created by Cyrus and Huawei sold 7,021 units in June, and will officially release the second model - Wenjie M7 on July 4, positioned as a medium and large SUV.
A total of 21,581 vehicles were delivered from January to June 2022, a year-on-year increase of 885%.
9) BYD : 6 sales volume in June was 134,036 units, a year-on-year increase of 224.02% and a month-on-month increase of 16.61%.
html In terms of power, there were 69,544 pure electric passenger cars, a year-on-year increase of 247.44%, and 64,218 plug-in hybrid passenger cars, a year-on-year increase of 219.49%.
Cumulative sales of new energy vehicles from January to June 2022 were 641,350 units, a year-on-year increase of 315%.
The total sales of new energy vehicle companies that have announced sales reached 235,800 units, a month-on-month increase of 20.62%, maintaining a high year-on-month growth trend and performing well.
2.2 Tesla's second quarter sales data
Tesla's global production in the second quarter was 258,600 vehicles, a year-on-year increase of 25.3%, a month-on-month increase of -15.3%, of which model S/X produced 16,400 vehicles, a year-on-year increase of 601.3%, a month-on-month increase 15.4%; model 3/Y produced 242,200 units, a year-on-year increase of 18.7% and a month-on-month increase of -16.8%.
Tesla’s global delivery volume in the second quarter was 254,700 vehicles, a year-on-year increase of 26.5%, and a month-on-month increase of -17.9%. Among them, model S/X delivered 16,200 vehicles, a year-on-year increase of 752.9%, and a month-on-month increase of 9.8%; model 3/Y delivered 23.85 million vehicles, a year-on-year increase of 19.6% and a month-on-month increase of -19.2%.
Looking at regions, the United States as a whole continues to have a strong production and sales boom, with sales of 48,000 and 48,000 units in April and May respectively, a year-on-year increase of 192% and 66%, and higher than the average monthly sales level in the first quarter; sales in China and Europe have increased There were obvious fluctuations, mainly due to the impact of the epidemic on production. China's sales in April and May were 0.15 million and 32,000 vehicles respectively, which was a large drop from the first quarter's monthly average of 60,000 vehicles. Europe's sales in April and May were 0.15 and 1,500 vehicles, respectively. lower than past levels.
From the perspective of the impact of the epidemic, Tesla’s Shanghai factory suspended production on March 28, resumed single-shift production on April 19, and gradually increased it to two-shift production at the end of May. Therefore, the Chinese region and the export of Shanghai factory’s production capacity Sales in Europe were greatly affected in April and May; since June, the Shanghai factory is expected to return to full production, with monthly output expected to reach 70,000 vehicles.
In terms of production capacity, Tesla’s Shanghai factory is expected to reach an annual production capacity of 1 million vehicles in the second half of the year (it will be shut down for two weeks for renovations in July, and its monthly production capacity will be increased to 88,000 vehicles). According to future plans, the Shanghai factory will expand to Produced 2 million units.
2.3 Industry chain price data
Looking at prices this week, battery cells, lithium iron cathodes, anodes, separators, electrolytes, and lithium were all flat; ternary cathodes, cobalt, and nickel fell.
Chart 3: Month-on-month price changes in the industry chain
Data source: Wind Compiled by China Guangdong Research
3. Investment suggestions
html The auto consumption stimulus policy will be officially launched in June, and the industry will continue to maintain high prosperity. Judging from the data of new energy vehicle companies that have announced June sales, the total reached 235,800 units, a month-on-month increase of 20.62%, which is a good performance. All car companies have maintained high year-on-month growth. Annual sales were raised to more than 5.6 million vehicles, a year-on-year increase of 60%. At present, raw material prices are stable and downstream cost pressure is small.
focuses on: leading car companies that have benefited from automobile consumption stimulus policies; power battery companies that have implemented price increases and restored profitability. Diaphragm companies with a good competitive landscape and tight supply and demand; related raw material suppliers that benefit from technological changes.
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