The market for new energy vehicles continued to grow steadily in June, with both production and sales surpassing one million.
According to a research report released by Debon Securities, the market for new energy vehicles continued to grow steadily in June, with both production and sales surpassing one million. According to data from China Association of Automobile Manufacturers, the production of new energy vehicles in June was 1.003 million, up 28.1% year-on-year, and the sales were 1.049 million, up 30.1% year-on-year.
The market for new energy vehicles continued to grow steadily in June, with both production and sales surpassing one million. According to data from China Association of Automobile Manufacturers, the production of new energy vehicles in June was 1.003 million, up 28.1% year-on-year, and the sales were 1.049 million, up 30.1% year-on-year. By vehicle type, the production and sales of pure electric vehicles were 0.58 million and 0.612 million respectively, up 6.4% and 7.4% year-on-year respectively; the production and sales of plug-in hybrid electric vehicles were 0.422 million and 0.436 million respectively, up 77.4% and 85.1% year-on-year respectively.
The number of public charging stations continues to grow. According to data from the China Charging Alliance, as of June 2024, the total number of public charging piles reported by member units of the alliance was 3.122 million, including 1.392 million DC charging piles and 1.73 million AC charging piles. From July 2023 to June 2024, an average of approximately 0.081 million public charging piles were added per month. In the first half of 2024, the increase in charging infrastructure was 1.647 million, and the domestic sales of new energy vehicles were 4.944 million. The ratio of piles to vehicles is 1:3, and the construction of charging infrastructure can basically meet the rapid development of new energy vehicles.
In June, the production of domestic power batteries and other batteries increased by 2.2% month-on-month, and the production of LFP increased by 5.3% month-on-month. According to data from the China Automotive Power Battery Industry Innovation Alliance, the production of power batteries in China in June totaled 84.5 GWh, up 28.7% year-on-year and 2.2% month-on-month. Among them, the production of lithium iron phosphate batteries was 63.8 GWh, accounting for 75.5% of the total production, up 33.9% year-on-year and 5.4% month-on-month; the production of ternary batteries was 20.5 GWh, accounting for 24.3% of the total production, up 15.0% year-on-year and down 6.9% month-on-month.
Investment advice for new energy vehicles: 1) Steady leading companies with global competitiveness in various segments: Contemporary Amperex Technology, Yunnan Energy New Material, Shanghai Putailai New Energy Technology, Guangzhou Tinci Materials Technology, Shenzhen Dynanonic, Ningbo Ronbay New Energy Technology, CNGR Advanced Material, Wuxi Lead Intelligent Equipment, Jiangsu Cnano Technology Co., Ltd., etc.; 2) Second-tier lithium battery companies focusing on power and energy storage batteries: EVE Energy Co., Ltd., Gotion High-tech, Sunwoda Electronic, Farasis Energy (Gan Zhou) Co., Ltd., Pylon Technologies, Guangzhou Great Power Energy and Technology, etc.; 3) Other high-quality targets in the lithium battery material sector: Hunan Zhongke Electric, Beijing Easpring Material Technology, Shenzhen Capchem Technology, Shenzhen Senior Technology Material, Guangdong Jiayuan Technology, GEM Co., Ltd., Do-Fluoride New Materials, etc.; 4) Leading parts companies driven by products and leading intelligence: Shenzhen Inovance Technology, Zhejiang Sanhua Intelligent Controls, Hongfa Technology, Shenzhen Kedali Industry, etc.; 5) New forces driving and leading intelligence: Tesla, NIO Inc, XPeng, Li Auto Inc.
New energy power generation investment advice: focusing on photovoltaic sector, recommending several main lines: 1) Integrated component enterprises with the advantages of increasing quantity and profit and new battery cell technology: JinkoSolar, Longi Green Energy, JA Solar Technology, Trina Solar co., ltd; 2) Battery cell links with high profit certainty and emerging new technologies: Tongwei Co.,Ltd., Shanghai Aiko Solar Energy, Hainan DRINDA NEW ENERGY TECHNOLOGY, etc; 3) The silicon chip enterprise with self-efficiency or quantity increase logic: TCL Zhonghuan Renewable Energy Technology, Shuangliang Eco-Energy Systems; 4) The inverter leading enterprises that benefits from the increase of total volume: Ginlong Technologies, Sungrow Power Supply, DEYE /integrated Energy Services Limited; 5) Energy storage batteries and suppliers: Contemporary Amperex Technology, EVE Energy Co.,Ltd., Pylon Technologies, etc. Wind power sector is suggested to pay attention to: 1) recommended attention to marine wind related symbols: Shanghai Qifan Cable, Haili Wind Power, Jiangsu Zhenjiang New Energy Equipment; 2) Upstream wind power parts manufacturers are recommended to focus on: Zhangjiagang Guangda Special Material, Jiangsu Lixing General Steel Ball, etc; 3) The whole machine business is suggested to focus on: Sany Heavy Energy, Ming Yang Smart Energy, etc.
Investment advice for industrial control and power equipment: It is recommended to focus on the power storage link, and pay attention to Xin Fengguang, Jinpan Technology, Beijing Sifang Automation, Nari Technology, etc.
Risk warning: Risk of fluctuations in raw material prices, risk of changes in industry policies, and risk of intensified industry competition.