222 The demand for new energy vehicles remained strong in the first half of 2022, and the epidemic, supply chain shortage, geopolitics and other disturbances have not changed the industry's high prosperity trend. 2022H1 Domestic/Europe (Fourteen Countries)/US electric vehicle sales were 2.243/1.027/472 million respectively, up 120.8%/+6.6%/+67.2% year-on-year respectively.
Lithium carbonate has increased its price by a high rate, and the cost is gradually transmitted to the terminal. is affected by the mismatch of supply and demand, upstream lithium resources have the highest price increase. In 22 years, the price of lithium carbonate at the end of H1 reached 469,000 yuan/ton, a year-on-year increase of 433.0%. The rise in lithium prices has driven the cost of batteries. The unit prices of iron lithium and ternary batteries rose by 50.9% and 33.3% year-on-year respectively; the subsidy reduction at the beginning of the year and the increase in battery costs, auto companies conducted 1-3 rounds of price increases in the first half of the year.
overall performance increased significantly year-on-year, with the highest elasticity on the upstream resource side. Overall, the operating income of the electric vehicle industry sector in 2022H1 reached 1142.176 billion yuan, up 33.68% year-on-year, up 5.02% month-on-month, and net profit attributable to shareholders after deducting non-operating items was 71.915 billion yuan, up 129.95% year-on-year, up 91.16% month-on-month. From the perspective of segments, the top three year-on-year growth in revenue in 2022H1 are lithium iron phosphate positive electrode (+331.46%), upstream materials (+226.19%), and batteries (+125.03%). The top three year-on-year increase in net profit attributable to shareholders after deducting non-operating items are upstream materials (+1075.55%), lithium iron phosphate positive electrode (+395.25%), and aluminum foil (+391.08%).
Profit levels in each link have differentiated. Q2 has been smoothly cost transmission, and the overall profit of the battery link has been restored month-on-month; the profit of the diaphragm link with better structure has increased year-on-year and month-on-month; the positive electrode link, due to the shrinking inventory income of Q2, the profit of the iron lithium positive electrode has fallen normally month-on-month, and the ternary positive electrode has been relatively stable due to the deepening of integrated layout; the hexafluorometer and solvents and structural parts of the negative electrode, copper foil, and electrolyte have all declined month-on-month due to the increase in the price of raw materials or the decline in the selling price of raw materials; the supply of aluminum foil is relatively tight, and the processing fees are relatively stable. Due to the increase in the proportion of battery foil products with stronger profitability, the overall profitability of aluminum foil companies has been improved.
Investment advice: The traditional peak season in the second half of 2022 + this year the national land replenishment is rushing to install. It is expected that the sales of electric vehicles will exceed 6.5 million units throughout the year. The production of batteries and materials in the second half of the year is expected to increase significantly month-on-month, and the industry maintains a very high prosperity.
Recommended attention: 1) Power battery: CATL ; 2) Iron lithium positive electrode: Dangfang Nano, Fulin Precision, Longpan Technology ; 3) Three-way positive electrode: Rongbai Technology, Xiamen Tungsten New Energy, Changyuan Lithium Technology, Dangsheng Technology, Zhenhua Technology ; 4) Negative electrode: Betrui, Zhongke Electric, Putailai, Shanshan Co., Ltd. ; 5) Diaphragm: Betrui, Zhongke Electric, Putailai, Shanshan Co., Ltd. ; 5) Diaphragm : Xingyuan material, Enjie Co., Ltd. ; 6) Electrolyte: Xinzhoubang, Tianci Materials ; 7) Copper foil: Zhongyi Technology, Jiayuan Technology ; 8) Aluminum foil: Dingsheng New Materials ; 9) Structural parts: Kedali, Zhenyu Technology ; 10) Conductive agent: Tiannai Technology, Dow Technology . @Xiaofeng Looks
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