The charging infrastructure of the hottest lithium

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Lithium battery industry: the charging infrastructure is steadily improving. The lithium battery index is weaker than the CSI 300 index. From the beginning of 2019 to November 12, 2019, the lithium battery index rose 11.08%, while the CSI 300 index rose 31.43% over the same period

China's automobile sales are under short-term pressure, and it is expected to grow steadily in 2020. In 2019, China sold 947900 vehicles, a year-on-year increase of 11.17%, accounting for 4.59%, and it has decreased year-on-year for four consecutive months since July, which is generally lower than market expectations, mainly due to the sharp reduction of subsidies, the depression of the automotive industry, and the implementation of the national six emission standard mine bolt cutter (steel bar cutter) for trimming the bolt length in advance. The electrification trend of the automotive industry is determined. Tesla and Shanghai Super factory will have a far-reaching impact on China's new energy industry and supply chain; The orderly opening up of China's new energy vehicle and power battery industry is conducive to the long-term development of the industry. The long-term mechanisms such as double points and the 13th five year plan for new energy vehicles are continuously being built, and China's new energy vehicle charging infrastructure is steadily improving. It is estimated that China's new energy vehicle sales will reach 1.55 million in 2020, an increase of 24.0% year-on-year

the sector will increase revenue but not profit, and the performance is expected to grow steadily in 2020. In the first three quarters of 2019, the revenue of lithium battery sector increased by 9.26% year-on-year, while the net profit decreased by 18.96% year-on-year, mainly due to the increase in cost reduction pressure caused by the reduction of subsidies and the overall pressure on the prices of upstream raw materials. It is expected that global intelligence will resume single digit growth in 2020, and the overall decline in upstream raw material prices will slow down. The growth of new energy vehicles in China will drive the growth of power batteries, and the growth rate of power batteries is higher than the growth rate of new energy vehicle sales. Combined with the orderly production of Tesla and new energy vehicles in China, the overall performance of the sector will grow steadily

the transformation and upgrading of enterprises can no longer wait and see the main line of industry rating and investment. Since 2013, the valuation of the lithium battery sector has been generally equivalent to that of, and has continued to move downward since June 2015. As of November 12, 19, the valuations of lithium battery and gem were 29.65 times and 3 times respectively. Therefore, the company did not reduce the sales price by 9.15 times due to the high inventory. At present, the valuation is significantly lower than the industry median level of 47.53 times in the past 13 years. In combination with the development prospect of the industry, maintain the rating of "synchronous market". In 2020, it is suggested to focus on the following main lines: first, the start of new energy vehicles in Europe will benefit the corresponding battery and upstream material enterprises; Second, Tesla and its battery factory supporting enterprises; Third, the global intelligence has resumed its growth and the share of China's smart brands has continued to increase, and the relevant targets will benefit; Fourth, the prices of lithium carbonate, lithium hydroxide and other products will basically hit the bottom, and the growth of downstream demand will benefit related targets for a long time; Fifth, the concentration of power battery and other industries has increased, which has benefited the growth of leading industries in the subdivided fields for a long time

risk warning. The macroeconomic decline at home and abroad exceeded expectations; The sales of new energy vehicles are less than expected; The implementation of industrial policies is not as strong as expected; Industry competition intensifies; The prices of the sub sectors fluctuated significantly

(: lixianjie)

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