Editor's Note: Review the new energy industry data and macro policies, and collect the weekly stock price changes, hot company events, global new energy focus topics, and pay attention to the views and investment opportunities of well-known securities companies.
Author: Chambers
1. China's electric vehicle subsidies will be completely withdrawn by the end of this year
2, "Wei Xiaoli" in 2021 delivery volume straight to 100,000!
Tesla recalled more than 475,000 Model 3/Ss last week
4. New Street Research: Maintain Tesla's price target of $1580
First, a week's list of new energy companies
Quotes source: Huasheng Securities
As of the end of the nearly week, the stock prices of new energy car manufacturers have mostly risen. Faraday will rise nearly 25% in the coming week to rank first, followed by Evergrande Automobile and Xiaopeng Automobile. Rivian is at the bottom of the 4.08% decline in the past week, and Lucid, Xiaomi Group Office and others have also performed poorly.
Second, the macro data and industry policies of new energy vehicles
1, China's electric vehicle subsidies have entered the end, and the subsidies will be completely withdrawn at the end of this year
On December 31, 2021, the Ministry of Finance, the Ministry of Industry and Information Technology and other four ministries and commissions issued the "Notice on the Financial Subsidy Policy for the Promotion and Application of New Energy Vehicles in 2022", maintaining the framework and threshold requirements of the current new energy vehicle purchase subsidy system in 2022; the non-public sector subsidy standard will decline by 30% on the basis of 2021, the public sector subsidy will decline by 20%, and the subsidy will be completely withdrawn after December 31, 2022.
Source: Electric Vehicle Watcher
2. The 2021 version of the negative list of foreign investment access was released, and the provision on the proportion of shares in joint venture car companies was deleted
The National Development and Reform Commission and the Ministry of Commerce issued a negative list of special administrative measures for foreign investment access and foreign investment access in pilot free trade zones. The two lists will come into force on 1 January 2022. Compared with the 2020 version of the document, the new list removes the two major restrictions on the share ratio of foreign investment in the auto industry in China and the number of joint ventures.
3. Guangzhou Municipal Development and Reform Commission issued the "14th Five-Year Plan", and it is expected that the penetration rate of new energy vehicles will exceed 50% in 2025.
On December 30, the Guangzhou Municipal Development and Reform Commission issued the 14th Five-Year Plan. The plan proposes that by 2025, the production capacity of new energy vehicles will exceed 2 million, entering the top three cities in the country; the penetration rate of new energy vehicles will exceed 50%. He also expressed support for vehicle companies to organically combine with key technologies of intelligent vehicles on the basis of existing traditional fuel vehicles and new energy vehicles to become bigger and stronger.
4, lithium materials in short supply, battery costs will continue to rise in 2022
The data shows that because the supply of lithium and other raw materials cannot keep up with the ever-expanding demand, the price of electric vehicle batteries is expected to rise in 2022 after a sharp decline in 10 years. In 2021, the seaborne price of lithium carbonate rose by 413%, and the price of lithium hydroxide rose by 254%.
Third, the dynamics of key companies of new energy vehicles
1. The new forces of car manufacturing have sunn the 2021 report card, and the annual sales of "Wei Xiaoli" are approaching 100,000
On January 1, the brands of the new car-making forces posted the monthly delivery report card as scheduled, in the past December, Xiaopeng, Ideal, Weilai, Nezha delivered more than 10,000 vehicles that month, followed by zero running, the delivery of the month reached 7807 vehicles, and the delivery of Weima in December continued to be stable at about 5000 vehicles.
Throughout the year, the total delivery volume of Xiaopeng, Weilai and Ideal in 2021 will exceed 90,000 vehicles, so the first echelon of new forces has approached the annual sales of 100,000 vehicles. In the second echelon, the total delivery volume of Nezha Automobile in the whole year is close to 70,000 vehicles, and the delivery gap between WM and Zero Runs exceeds 40,000 vehicles, and the delivery gap between the second echelon brands is further widened.
Source: Gestapo Cars
2. BYD: In 2021, the sales volume of new energy passenger cars will reach nearly 600,000, setting a record in China
In December 2021, BYD's new energy passenger cars soared by 236.4% year-on-year to 92,823, breaking through the 90,000 mark for two consecutive months, once again breaking the record.
The company's annual sales in 2021 reached 730093, an increase of 75.4% year-on-year; the annual sales of new energy passenger vehicles 593745, an increase of 231.6% year-on-year. This is also a new Chinese record as of now, which is 2.4 times the previous Chinese record.
3. Tesla's sales in 2021 increased by 87.4% year-on-year to 936,000 units
Tesla announced the fourth quarter and full year of 2021 car production and delivery data the day before yesterday. According to the data, Tesla's global sales in 2021 increased by about 87.4% year-on-year to 936,000 units. In the fourth quarter, Tesla sold 308,000 units, once again setting a record delivery.
Looking ahead, Musk hopes to increase Tesla sales to 20 million vehicles a year over the next nine years. To achieve that, Tesla is preparing to produce the Model Y at its new plant in Texas this year.
Tesla recalled more than 475,000 Model 3/Ss last week
The National Highway Traffic Safety Administration (NHTSA) said last week that Tesla was recalling more than 475,000 Model 3 and Model S electric vehicles in the United States. Among them, the rearview camera on the Model 3 model may malfunction, which will increase the risk of traffic accidents.
Source: Network
5, Ford surpassed Tesla to become the highest-gained auto stock in 2021
Ford's stock price surged more than 140 percent in 2021, beating out Tesla, General Motors and a slew of electric car startups to become the best-performing car stock in 2021. Ford's CEO said it launched a "Ford Plus" restructuring plan to shift more resources to manufacturing electric vehicles, such as the upcoming F-150 Lightning pickup EV.
6. Chuanheng New Energy began mass production of Hengchi 5
Evergrande Automobile surged more than 24% last week, and there is market news that Evergrande Automobile's first mass-produced car, Hengchi 5, has been "rolled off the production line" at the Tianjin plant on December 31, 2021. Some analysts pointed out that Evergrande Automobile must roll off the first model in 2021, otherwise the factory's new energy vehicle production license will be withdrawn.
7. Extreme Kr will cooperate with Waymo to develop self-driving taxis
Geely Holding Group said zeekr, the group's high-end electric vehicle brand, will produce electric vehicles for Alphabet's self-driving arm Waymo and will deploy them across the United States as fully autonomous taxis. The Krypton European Innovation Centre (CEVT) will design and develop these electric vehicles before integrating with Waymo's autonomous driving technology.
8. Rivian announced that pickups and SUVs equipped with large battery packs have been delayed until 2023
Electric vehicle maker Rivian (RIVN. US) CEO RJ Scaringe said Tuesday that the delivery of its electric pickup trucks and sport utility vehicles (SUVs) equipped with large battery packs will be delayed until 2023. Rivian said the company faces production challenges, including global supply chain constraints, the pandemic, labor shortages and battery module production issues.
Fourth, the new energy vehicle agency views and investment ratings
1. New Street Research: Maintaining Tesla (TSLA). O) with a target price of $1580, deliveries are expected to reach 1.5 million units in 22 years
According to the New Street Research research report, Tesla (TSLA. O) Deliveries in the fourth quarter of 2021 exceeded expectations, maintaining its Buy rating and a target price of $1580, which is currently the highest price on Wall Street.
The bank said ramp-ups in the Berlin and Texas plants mean Tesla could easily deliver 1.5 million units in 2022, up 60 percent year-over-year. In addition, the bank expects Tesla to announce the opening of 4-5 new factories in the next few years to continue to maintain an annual growth rate of 50%; it is expected to announce it by mid-2023 at the latest.
2, Citi: upgraded BYD's sales of new energy vehicles in the past three years and reiterated the buy rating
Citi published a research report that due to BYD'1211.HK s backlog of orders in December last year, more than 200,000 units were unintended, while shipments of its major car models beat expectations even in the face of supply chain problems, while the Group's Xi'an plant has resumed production.
The bank expects BYD's January sales and production to continue to record month-on-month improvements, and has raised its new energy vehicle sales forecast from 2022 to 2024 to 1.3 million, 1.75 million and 2 million units respectively, and raised its H-share target price from HK$536 to HK$587, reiterating its "buy" rating. The stock is now trading at HK$269.4, with a total market capitalisation of HK$784.262 billion.
3. China Merchants Securities International: Maintain Great Wall Motor's "Buy" rating with a target price of HK$40
China Merchants Securities International released a research report saying that it maintained great wall motor (02333) "buy" rating with a target price of HK$40, equivalent to 28.2xP/E in 2022.
Recently, Great Wall Motors (02333) under the A round of financing of nearly 1 billion yuan, the valuation of more than 1 billion US dollars, became China's first large-scale mass production of autonomous driving unicorns, after this round of financing, Great Wall Holdings and Great Wall Motors held 35.5% and 33.9% of the shares. Compared with the black box solution of some traditional car companies using third-party suppliers, the technology of the end of the millennium is in the hands of the Great Wall, always grasping the strategic dominance, and the adaptability is stronger, and the landing speed is faster.
The above is all the content of this week's new energy weekly report, if you want to understand the latest developments in the new energy vehicle industry and companies, please continue to pay attention to the Huashengtong APP "New Energy Car Manufacturing Forces" and related reports.
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