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Financial Investment News reporter Lin Ke
Recently, the lithium battery sector has been significantly stronger than the performance of the major indexes. The sector's early correction has been sufficient, and the valuation of some high-quality targets in the sector is low. At the same time, recent industry policies With the introduction of close cooperation, the automobile industry has become an important starting point to boost the economy.
Centaline Securities analyst Mou Guohong pointed out that based on domestic and foreign industry trends, price trends in subdivisions, monthly sales and industry development trends, the overall industry boom continues to improve. In the medium and long term, the development prospects of the new energy automobile industry at home and abroad are certain, and the sector deserves special attention. At the same time, it is expected that the performance and trends of stocks and will also diverge. It is recommended to continue to focus on the leading layout in the segmented fields.
At present, the impact of the epidemic on the production side has gradually eased. Based on downstream sales and upstream capacity utilization, it can be seen that lithium batteries are still in short supply, and companies are expanding production capacity.
Shanxi Securities analyst Li Zhaoqi pointed out that in terms of raw materials, domestic new energy vehicles are more cost-sensitive. The demand for lithium iron phosphate is stronger than the ternary precursor , and prices remain high. At present, the price of battery cells has increased, and the gross profit margin of battery manufacturers has improved. The upstream of the lithium battery industry chain is recommended to pay attention to Tianqi Lithium and Huayou Cobalt ; the middle reaches of the power battery industry chain is recommended to pay attention to separator and anode companies Enjie Co., Ltd. , Rongbai Technology, Shanshan Co., , and Bei Terry power battery manufacturers recommend paying attention to BYD and CATL .
Potential stock selection
Tianqi Lithium (002466)
Control more high-quality resources
Bohai Securities pointed out that spodumene mining end, the company controls the world's best spodumene mine Greenbush, and realizes lithium concentrate is self-sufficient, providing a foundation for the expansion of lithium salt production capacity. At the same time, the mine's high-grade resources and large-scale mining ensure the company's low-cost advantage. On the Salt Lake side, the company has a stake in Atacama, the world's best salt lake. Under the boom in the lithium industry, SQM's rapid growth in performance is expected to bring high investment returns to the company, and also complete the company's salt lake resource territory. In addition, in terms of domestic resource reserves, the company owns the Yajiang Cuola spodumene mine and Zabuye Salt Lake. As a leading company in the lithium industry, the company controls high-quality global resources. With the gradual release of financial risks and the orderly deployment of production capacity, the company's performance is expected to enjoy the dividends brought by the rapid development of the industry.
Enjie Holdings (002812)
global share continues to increase
No. 1 Shanghai Securities pointed out that the company has entered the field of lithium battery separators since 2018, and the separator business has developed rapidly. By the end of 2021, the company has established operations in Shanghai, Wuxi , Diaphragm production bases have been deployed in Jiangxi, Zhuhai, Suzhou and other places, with a production capacity of 5 billion square meters and a shipment volume of over 3 billion square meters. As the largest supplier of lithium battery separators in the industry, the company continues to expand domestic and overseas production capacity. It is expected that the company's production capacity will reach 7 billion and 10 billion square meters in 2022 and 2023. With the continuous release of new production capacity, it is expected to continue to increase its global market share. .
Rongbai Technology (688005)
has experienced high growth in shipments for two consecutive years
Soochow Securities pointed out that the performance of high-nickel batteries has been greatly improved and there is huge room for cost reduction. This is the general trend of the industry and its share will continue to increase. It is expected to increase with the increase in the first half of 2022. 4680 battery and other mass-produced penetration rates are accelerated by . The production capacity will be 120,000 tons by the end of 2021, and the company expects the production capacity to exceed 250,000 tons by the end of 2022. In 2025, the company will expand its high-nickel cathode production capacity to more than 600,000 tons, and the production capacity plan is huge. The company's order certainty in 2022 is relatively high, and shipments are expected to continue to increase for two consecutive years. Overall, the company is the leader in high-nickel cathodes. With increased capacity utilization and integrated production, profitability has gradually recovered, and it is expected to maintain high growth in the next few years.
Shanshan Co., Ltd. (600884)
has integrated production capacity advantages
Zheshang Securities pointed out that the company has broken through the core technology of batch synthesis of silicon-based anode material precursors, completed the mass production of second-generation silicon-oxygen products, and actively promoted third-generation silicon-oxygen and new The development of a first-generation silicon-carbon product leads the company in performance indicators such as cycle life, expansion rate, and specific capacity. At present, the company's silicon anodes have achieved hundreds of tons of sales in the consumer and power tool fields, and have entered the supply chain of global high-quality power tool manufacturers; in the field of power batteries, the products have passed the product certification of global high-quality power customers and have begun to be supplied in batches. . The 10,000-ton production capacity planned this time will effectively meet the market demand in 2024 and beyond, helping the company occupy the technical commanding heights and profit growth points of the anode material market.
Bettery (835185)
leads the development of high-tech materials
Guojin Securities pointed out that the company has further extended the industrial chain with natural graphite as the core. Graphene material has superior performance and is widely used in consumer electronics, computers, photovoltaics , It has been widely used in new energy and electric vehicles and other fields. The company currently has an annual production capacity of 600,000 square meters of graphene thermal conductive film. After reaching production, it is expected to contribute 450 million yuan in revenue, corresponding to a profit increase of approximately 100 million yuan. Overall, the company is a long-term competitor in new materials, with silicon anodes and continuous graphite leading the way. High-nickel ternary is expected to welcome rapid overseas volume expansion and extend the graphene industry to provide new growth points.
CATL (300750)
has a solid market leading position
Minsheng Securities pointed out that the total domestic and global battery consumption is expected to be 1006GWh and 1966GWh respectively by 2025, with a four-year compound growth rate of 40.62% and 41.65% respectively from 2021 to 2025. Global power battery manufacturers are steadily increasing supply. At the core technology level, the company has MP3 cathode materials, aluminum composite current collectors, sodium-ion batteries , sulfide solid electrolytes, third-generation CTP technology-Kirin batteries, heatless diffusion technology and related technology accumulation and technology iteration in the field of battery replacement. Speed continues to lead the market. The company's technology iterations are ahead of the market, its production capacity expansion is accelerating, and its market leadership position is solid.
editor | Chen Yuhe proofread | Yuan Gang review | Liao Xiaotao
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