Since May last year, the domestic shipments of lithium iron phosphate batteries began to push ternary lithium batteries, and the market advantage of the former is still expanding. However, with the fluctuation of upstream raw material prices, ternary lithium batteries may make a comeback. In the A-share market, the concept stocks related to the middle reaches of ternary lithium batteries rose sharply, and the share prices of many stocks reached record highs.
Fundamentally speaking, many related stocks have reported high growth. For example, Xiamen Tungsten Xinneng's net profit in the first half of the year increased by 1 12% year-on-year, which was faster than the first quarterly report.
Upstream raw material prices plummeted.
According to the research report of CITIC Securities, the price of Sanyuan 523 closed at 330,500 yuan/ton last week, the price of Sanyuan 622 closed at 350,500 yuan/ton, and the price of 8 1 1 closed at 392,000 yuan/ton, with decreases of 0.6%, 0.6% and 0.2% respectively. The decline in the price of ternary materials is mainly due to the sharp drop in the prices of related raw materials. Among them, the main contract of Shanghai Nickel plummeted by more than 47% compared with the peak at the end of March, and the price of electrolytic cobalt has fallen by more than 17% since June.
The price of upstream raw materials plummeted, which helped to increase the installed capacity of ternary lithium batteries. According to the data in May, the loading of ternary batteries surged by 90.3% month-on-month, and the loading of lithium iron phosphate batteries increased by 15. 1% month-on-month. The market share of ternary battery loading has also increased significantly. At the same time, the price of raw material phosphate rock upstream of lithium iron phosphate battery skyrocketed.
The advantages of ternary lithium batteries over lithium ferrous phosphate began to appear, and the following heavy batteries all had ternary shadows, such as Kirin battery of Amperex Technology Co., Ltd. and Tesla's 4680 battery. Everbright Securities believes that with the growth of energy storage demand and the recovery of ternary battery industry, the output and loading capacity of ternary batteries may usher in the golden period of continuous heavy volume, and high nickel and high voltage will become the mainstream upgrade path.
Beneficial stocks hit a record high
Securities Times middot According to data treasure statistics, up to now, 7 of the 10 concept stocks have predicted the results of the interim report. Among them, Changyuan Lithium Industry, Bai Rong Science and Technology and Dang Sheng Science and Technology all increased by more than 100%, and Xiamen Tungsten Xinneng's net profit increased by 1 12% in the first half of the year. In addition, the highest growth rates of Huayou Cobalt, Zhongwei and Xiamen Tungsten all exceeded 30%.
The industry boom is the main reason for the surge in performance of the above companies. Xiamen Tungsten Xinneng mentioned in the performance report that the sales of ternary materials increased year-on-year due to the increase in terminal demand. Bai Rong Science and Technology also mentioned that in the first half of 2022, the new energy industry continued to develop rapidly, the downstream demand was strong, and the company's orders maintained a rapid growth trend.
Some stocks performed strongly in the secondary market. Since April 27th, 10 stocks have risen by nearly 84% on average, far exceeding the performance of major indexes in the same period. The cumulative increase of Xiamen Tungsten Xinneng and Zhongwei shares both exceeded100%; Dang Sheng Science and Technology, Bai Rong Science and Technology, Xiamen Tungsten Industry, Huayou Cobalt Industry and other stocks all rose more than 70%. Among them, Xiamen Tungsten New Energy, Dang Sheng Science and Technology, Zhenhua New Materials and other stocks have hit record highs since July.
Since the low point in April, the share price of Xiamen Tungsten New Energy has nearly doubled. According to the data, the main products of Xiamen Tungsten New Energy are lithium cobaltate and NCM ternary materials. Company customers include Panasonic, BYD, Contemporary Ampere Technology Co., Ltd., AVIC lithium battery, Yiwei Lithium Energy and Guo Xuan Hi-Tech, and the downstream companies are all industry giants.
From the perspective of institutional attention, there are more than 20 stock rating agencies such as Dang Sheng Science and Technology, Bai Rong Science and Technology and Zhongwei Shares. There are more than 10 rating agencies for stocks such as Huayou Cobalt and Changyuan Lithium. Judging from the three-year net profit growth rate, the net profit growth rate of most stocks is relatively high. Fiona Fang's net profit increased by more than 65,438+000% this year and next, and Bai Rong Science and Technology, Zhongwei, Xiamen Tungsten Xinneng and Huayou Cobalt increased by more than 30% in three years. Judging from the latest forecast price-earnings ratio, the price-earnings ratios of Xiamen Tungsten, Huayou Cobalt and Meg are all lower than 30 times.