Soochow Securities: Domestic electric vehicle sales exceeded market expectations in March, and major car companies fully blossomed

Zhitong Finance APP was informed that Soochow Securities released a research report saying that in March, electric vehicle sales of 484,000 vehicles, an increase of 114.2% / 44.9% year-on-year, better than market expectations, Q1 electric vehicle sales of 1.249 million vehicles, an increase of 143%, considering the short-term impact of the epidemic, Soochow is expected to maintain 6 million sales expectations throughout the year, an increase of 70%. Short-term because of the fear of the impact of the epidemic, the valuation fell back to 15-35 times in 2022, has been at the bottom of history, 22 years of high prosperity continued, Soochow is expected to lead 80-100% high growth, continue to look at the electric vehicle faucet in an all-round way, the first main line is optimistic about the 22-year profit repair of the battery link, the long-term pattern is good, superimposed energy storage support, the second main line: battery technology upgrade high nickel ternary, structural parts, manganese iron lithium, additives; the third is the continuous shortage of faucets: diaphragm, anode, electrolyte, copper foil Article 4: Lithium shortage and price exceed expectations.

In March, electric vehicles sold 484,000 units, +114.2%/+44.9% year-on-year, and the penetration rate was 21.7%, exceeding market expectations. According to the China Automobile Association, new energy vehicle sales in March were 484,000 units, +114.2%/+44.9% year-on-year, with a penetration rate of 21.7%, and sales of 1.249 million units in 2022Q1, an increase of 138.6%, with a cumulative penetration rate of 19.3%; the output of electric vehicles in March was 465,000 units, +115.3%/+26.4% year-on-year, and the cumulative output of 2022Q1 was 1.285 million units, an increase of 142.6% year-on-year. Among them, new energy passenger car sales in March were 461,000 units, up 117.0% year-on-year, up 43.6% year-on-year, and production was 443,000 units, up 119.3% year-on-year and 25.1% year-on-year.

The proportion of pure electricity has increased, and the demand for A00-class vehicles has gradually recovered. According to the caliber of the Association of Passenger Vehicles, the wholesale sales of new energy passenger vehicles in March were 455,100 units, +122%/+44% year-on-year, the penetration rate was 25%, +4pct month-on-month, and the cumulative sales volume of Q1 reached 1.1897 million units, a year-on-year increase of 148%. Pure electric passenger car sales of 370,600 units, +120%/+51% year-on-year, accounting for 81% of the total, +4pct: of which A00-class sales of 118,500 units, an increase of 70% year-on-year, an increase of 75% month-on-month, accounting for 32%, +4pct; A0 class sales of 54,600 units, an increase of 445% year-on-year, an increase of 63%, accounting for 15%, +1pct; A-class sales of 82,600 units, an increase of 167% year-on-year, an increase of 45% month-on-month, accounting for 22%, B/C class sales of 114,900 units, up 98% year-on-year, up 32% month-on-month, accounting for 31%, down 4pct month-on-month. Plug-in passenger car sales of 84,500 units, an increase of 151% year-on-year, an increase of 17% month-on-month, accounting for 19% of new energy vehicle sales, down 4pct month-on-month.

Judging by the type of car companies, the new forces have performed well and the market share has steadily increased. In March, self-driving car companies sold 289,800 units, an increase of 144% year-on-year, a month-on-month increase of 49%, a market share of 64%, a market share of 2pct, a penetration rate of 41%, a cumulative market share of 62% in January-March; Tesla sold 65,800 units in March, an increase of 85% year-on-year, an increase of 16% month-on-month, a market share of 14%, a market share of 3pct, a cumulative market share of 15% in January-March; a new force sales of 70,900 vehicles in March, an increase of 160% year-on-year, an increase of 83% month-on-month, a market share of 16%. The market share increased by 3pct month-on-month, with a cumulative market share of 15% from January to March.

BYD, Tesla, and Shangtong Wuling ranked in the top three, and independent brands continued to exert their strength. BYD sold 104,300 units in March, up 336%/19% year-on-year, accounting for 23%; Tesla sold 65,800 units in March, up 85%/16% year-on-year, accounting for 14%; Shangtong Wuling sold 51,200 units in March, up 23%/96% year-on-year, accounting for 11%; GAC Aian performed well, selling 20,000 units in March, +132%/+138% year-on-year. The new forces performed brightly, Xiaopeng sold 15,000 vehicles, +202%/+19% year-on-year, Nezha sold 1.2 vehicles, +270%/+69% year-on-year; zero-run and Nezha contributed major increments, of which zero-run sales were 10,000 units, +909%/+193% year-on-year; in addition, ideal sales were 11,000 units, +125%/-10% year-on-year, Weilai sold 9985 vehicles, +38%/+3% year-on-year, and WM sold 3719 units, +49%/+139% year-on-year.

Specifically, Soochow Securities said that the first main line is optimistic about the battery link of 22-year profit repair, the long-term pattern is good, the superimposed energy storage blessing, the leading Ningde era (300750.SZ), Yiwei lithium energy (300014.SZ), BYD (002594.SZ), pay attention to Sunwoda (300207.SZ), azure lithium core (002245.SZ), the second main line: battery technology upgrade high nickel ternary (recommended Ronbay Technology (688005.SH), Huayou cobalt (603799.SH), Zhongwei Co., Ltd. (300919.SZ), Dangsheng Technology (300073.SZ)), Structural Parts (recommended Kodali (002850.SZ)), Manganese Lithium (recommended German Nano (300769.SZ), Iron Lithium Links Focus on Fulin Seiko (300432.SZ), Longpan Technology (603906.SH)), Additives (Recommended Tiannai Technology (688116.SH)) The third is the leader of the continuous shortage: diaphragm (recommended Enjie shares (002812.SZ), Xingyuan material (300568.SZ)), negative electrode (recommended Putailai (603569.SH), Shanshan shares (600884.SH), focus on Beiterui, Zhongke Electric (300035.SZ)), electrolyte (recommended Tianqi materials (002709.SZ), Xinzhubang (300037.SZ)), copper foil (recommended Nord shares (600100. SH), pay attention to Jiayuan Technology (688388.SH)); Article 4: Lithium shortage and price exceed expectations, pay attention to Ganfeng Lithium (002460.SZ), Tianqi Lithium (002466.SZ), Yongxing Materials (002756.SZ), Rongjie shares (002192.SZ), Salt Lake shares (000792.SZ), Tibet Mining (000762.SZ), Tianhua Ultra Net (300390.SZ), etc.