On August 16, Tesla's industrial chain stocks experienced mass daily limit, such as Xusheng Co., Ltd. (41.810, 3.80, 10.00%), Wuzhou New Year (21.130, 1.92, 9.99%), etc., and the "Ningwang" - CATL (523.800, 7.70, 1.49%) soared 4% during the session. The reason why Tesla concept stocks have received continuous attention from the market is largely due to the dividends of the new energy vehicle industry chain brought about by Tesla's continuous sales.
"Red Weekly" noticed that many companies have frequently disclosed their latest cooperation trends with Tesla recently. Stimulated by this, the stock prices of some companies have been rising steadily, even setting record highs. For some targets, there are many top-tier funds that offer "benefit-of-pocket" purchases.
Tesla's "Friends" expansion
Huayou Cobalt Industry (81.150, -2.15, -2.58%) and other companies signed contracts with it
From historical data, benefiting from the dividends of entering Tesla, the leading companies in related lithium batteries, parts and other fields have previously experienced a significant increase in market share and performance. Therefore, related stocks entering Tesla's supply chain will receive greater attention from the market.
At present, there are many stocks in Tesla's industrial chain, such as lithium ore, lithium batteries, electric drives, body, central control, chassis and other fields. According to the latest disclosure by Tesla's senior officials, Tesla's supply chain localization rate in China has exceeded 95%. This also brings rich opportunities to related local industrial chain companies.
Recently, several companies have disclosed the situation of signing large orders with Tesla.
As Huayou Cobalt Industry announced on July 31 that recently, the company's holding subsidiary signed an agreement with Tesla, intending to supply battery material ternary precursor products to Tesla from July 1, 2022 to December 31, 2025.
On the same day, Zhongwei Co., Ltd. (122.820, 1.44, 1.19%) announced that after signing a contract with Tesla in March last year, the company "renewed" with Tesla on July 30 this year. According to the agreement, the company will supply battery material ternary precursor products to Tesla from January 2023 to December 2025. The amount of the contract transaction accounts for more than 50% of the company's audited main business income in the most recent fiscal year. "Red Weekly" noticed that based on the revenue of Zhongwei Co., Ltd. of 20.072 billion yuan in 2021, the contract amount is as high as 10 billion yuan.
In fact, with Tesla's domestic production and the continuous increase in production capacity of Shanghai's super factory, Tesla's "circle of friends" is also expanding. In recent years, local auto parts listed companies in my country are accelerating their entry into Tesla's supply chain.
"Red Weekly" noticed that in addition to Huayou Cobalt Industry and Zhongwei Co., Ltd., some companies have also frequently disclosed related trends such as related business cooperation and business expansion with Tesla recently. Including Xusheng Co., Ltd., Kedali (149.180, 1.35, 0.91%), Jintian Co., Ltd. (8.320, 0.05, 0.60%), Wuxi Zhenhua (14.910, 0.19, 1.29%), Chaoda Equipment (37.820, 1.16, 3.16%), Linglong Tires (25.500, -0.32, -1.24%), Huayu Automobile (20.300, -0.13, -0.64%), Wanxiang Qianchao (6.170, 0.13, 2.15%), Haimuxing (95.000, 5.00, 5.56%), Juchen Co., Ltd. (100.150, -2.76, -2.68%), China Mining Resources (93.560, -0.55, -0.58%), Xinwei Communications (17.830, -0.25, -1.38%), Molding Technology (5.830, 0.13, 2.28%), etc.
For example, molding technology, regarding the company and Tesla orders that investors are concerned about, the company stated at the end of July that it would supply Model Y bumpers to Tesla. In 2021, the company supplied 195,000 bumpers to Tesla. Wanxiang Qianchao also said at the end of July that it has different products from Tesla, such as electronic calipers and electronic assisted braking systems.
In addition, some companies are accelerating their expansion to Tesla’s circle of friends. Ru Xinwei Communications stated on July 29 that it is developing related products and is engaged in business and project contact with Tesla and others. Asia Pacific Co., Ltd. (10.900, 0.34, 3.22%) said on July 18 that Tesla is one of the company's potential customers. The company and Tesla continue to maintain communication and are actively promoting the company's chassis system components, automotive electronics, wire-controlled and hub motors to Tesla, and will try its best to strive for more projects (see Table 1).
Table 1: Recent announcement of cooperation and expansion with Tesla's industrial chain
Data source: Wind
Stimulated by this, the stock prices of related companies have risen significantly in the near future. For example, Wuzhou New Year, it said on June 22 that the components of the automotive thermal management system were supported by Tesla by downstream customer Valeo, France, and the company's stock price has risen by 27% so far. For example, Haimuxing said at the end of July that it has accumulated customers such as Tesla in the application fields such as new energy batteries, and the company's stock price has continued to hit historical highs recently.
But Red Weekly noticed that some listed companies that are not affiliated with Tesla have also been frequently asked about their "business cooperation" with Tesla, but were clarified.
For example, on July 29, an investor asked Zotye Auto whether to negotiate OEM with Tesla, Zotye Auto said that the company has not negotiated OEM with Tesla at present. On July 27, an investor asked Liance Technology (55.040, 0.11, 0.20%) whether Tesla uses your company's power system intelligent test system and whether it has other business transactions. Liance Technology stated that Tesla is not a customer of the company at present.
Tesla's sales hit a new high in a row
Helps stock prices rebound continuously
The dividends of individual stocks in the Tesla industry chain are based on the overall growth of Tesla's market sales.
According to statistics, in June this year, Tesla's wholesale sales in China reached 78,900 units, a record monthly sales, an increase of 145% from May and an increase of 138% from June last year (see Figure 1). In the first half of this year, Tesla's wholesale sales in China reached 294,700 vehicles. In July, Tesla's sales in China declined due to the upgrade of its factory production line in Shanghai.
Figure 1: Tesla's monthly sales in China as of the first half of the year
Data source: Wind
In addition, according to the global delivery data released by Tesla, it delivered 310,000 vehicles in the first quarter of 2022 and 255,000 vehicles in the second quarter, and the delivery volume in the second quarter increased by 27% compared with the same period last year. In the first half of this year, Tesla has completed the global delivery of 565,000 vehicles. It is worth mentioning that Tesla's sales in China in the first half of the year accounted for half of its total global sales.
Tesla revealed in its first quarter 2022 financial report meeting that this year's target is 1.5 million cars (note: Tesla delivered 936,200 vehicles worldwide throughout the year). This means that in the second half of this year, more than 900,000 vehicles will need to be delivered.
At present, due to production capacity and other constraints, Tesla's delivery cycle is still long, which to a certain extent limits the overall sales volume. At the same time, Tesla is also actively expanding production.
According to the global production capacity plan disclosed by Tesla, after the renovation plan of the Shanghai factory began in July, the annual production capacity of the Shanghai Super Factory will be expanded to about 1.1 million to 1.2 million vehicles. Tesla CEO Musk revealed that the company has produced more than 3 million vehicles in total, and the Shanghai factory has produced 1 million of them. With the increase in production capacity, Tesla's sales situation is expected to improve accordingly.
Affected by factors such as continuous sales and expansion of production capacity, since July (as of the close of August 15), Tesla's stock price has ushered in a low rebound, with an increase of nearly 40% during the period (see Figure 2).
Figure 2: Tesla's stock price performance
Data source: Wind
Related companies are favored by foreign capital
Feng Mingyuan has multiple funds scrambled for Huayu Auto
Tesla's industrial chain stocks have also received continuous attention from foreign capital and well-known domestic institutions.
"Red Weekly" further reviewed listed companies that recently revealed that they have related business cooperation and expansion with Tesla, and of the 10 Shenzhen Stock Connect targets counted, 6 individual stocks have received increased positions from northbound funds since the second half of the year. For example, Huayu Automobile, Huayou Cobalt Industry, Linglong Tire and other stocks that have received northbound funds to increase their holdings are all above 10 million shares. In addition, northbound funds increased their holdings of Zhongwei Co., Ltd. and Wanxiang Qianchao Co., Ltd. were 4.47 million shares and 2.42 million shares respectively, and increased their holdings of Xusheng Co., Ltd. (see Table 2).
Table 2: Northbound funds focus on buying shares (partially)
Data source: Wind
Domestic public funds are also very interested in related Tesla concept stocks. A review of the second quarter holdings of public funds showed that Feng Mingyuan, the "top-tier" fund manager with a total scale of more than 40 billion yuan in funds under his management, has won Huayu Auto into the top ten heavily held stocks.
Specifically, Feng Mingyuan currently manages 9 funds. According to incomplete review, Huayu Auto has appeared among the top ten heavily held stocks of 6 funds including Xinao New Energy Industry, Xinao Core Technology, Xinao Leading Intelligent Selection, Xinao Advanced Intelligent Manufacturing, etc., and most of them are newly entered into the top ten heavily held stocks in the second quarter.
Taking Xinao Core Technology as an example, as of the end of the second quarter, the fund held 4.6569 million shares of Huayu Auto, with a market value of 107.1083 million yuan, becoming the largest holding stock. In addition, Huayu Automobile has also become the fourth and third largest holding stocks in Xinao New Energy Industry and Xinao Zhiyuan for three-year holding period (see Table 3).
Table 3: Feng Mingyuan Fund's holdings in the second quarter Huayu Auto
Data source: Wind
Behind the increase in positions of multiple funds, institutions actively look at Tesla's overall industrial chain opportunities. For example, Guotai Junan (14.560, -0.05, -0.34%) said in early August that Tesla's industrial chain is one of the core directions of the automobile sector in the second half of the year. It pointed out that the automotive sector continues to switch from the direction of total recovery to the marginal growth of new energy vehicles, and judges that the marginal improvement of new energy vehicles will continue in the second half of the year, focusing on complete vehicles with marginal changes in sales of smart electric parts and new energy vehicles, and one of the core directions is the Tesla industrial chain. It believes that Tesla's production end was significantly impacted by the impact of the Shanghai epidemic in the second quarter. Starting from the third quarter, the Shanghai factory will strive to make up for the production gap in the second quarter. At the same time, the production capacity of Shanghai factory will continue to climb after technical transformation in July, and Tesla's Shanghai factory output will continue to improve month-on-month in the second half of the year.
In addition, because the expectations of Tesla's robots (12.650, 0.14, 1.12%) business are gradually forming, high-quality Tesla new energy vehicle parts suppliers have the potential to expand their business, which is expected to bring about valuation improvement.
Original title: "King Ning" soars! Tesla's industrial chain stocks hit the daily limit in batches, and Feng Mingyuan's funds have heavy positions to lay out "it"
Source: Securities Market Weekly
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-