Hot sales performance, new energy vehicle concept stocks generally rise, demand is expected to continue to rise in 2021
On December 1, the three major US stock indexes collectively opened higher. The Dow rose 1.0%, the Nasdaq rose 0.94%, and the S&P 500 rose 0.95%.
New energy auto stocks generally rose. As of press time, Ideal Motors rose more than 8%, Xiaopeng Motors and Tesla both rose more than 4%, and Weilai rose 3%.
Earlier, Goldman Sachs raised the rating of Weilai Auto from sell to neutral, and raised its target price from US$7.7 to US$59.
Goldman Sachs admitted that it underestimated the leading role of NIO's breakthrough in power systems, BaaS battery leasing services, and regulatory incentives.
The bank said that the above factors are the key to the rising sales of Weilai in the auto market where demand continues to be weak, and it provides “obvious benefits” for Weilai.
In addition, Goldman Sachs also raised the target price of the ideal car from US$20 to US$60 and maintained a "buy" rating.
Sales of new car-making forces are bright
The hot sales performance also supported the rise in the stock price of concept stocks in new energy vehicles.
On December 1, Weilai announced the number of deliveries in November 2020.
According to data, NIO delivered 5,291 new cars in November, surpassing 5,000 units after October, setting a new high in monthly deliveries for the brand for the fourth consecutive month, and achieving a year-on-year doubling for the eighth consecutive month since April this year. .
In the first eleven months of 2020, Weilai delivered a total of 36,721 units, an increase of 111.1% year-on-year, and a total of 68,634 units have been delivered since June 2018.
On the same day, the number of deliveries in November disclosed by Xiaopeng Motors showed that the company's total monthly delivery reached 4,224 units, an increase of 342% year-on-year; the cumulative delivery of 21,341 units from January to November 2020, an increase of 87%; the monthly delivery of Xiaopeng P7 The volume was 2732 units, an increase of 30% month-on-month; 11,371 units have been delivered since the start of mass delivery at the end of June this year; Xiaopeng G3 delivered 1492 units in a single month, an increase of 59% month-on-month, a new high in 2020.
Agency: The intensive launch of new models is expected to stimulate demand in 2021
Goldman Sachs said that China's electric vehicle penetration rate will increase from 5% this year to 20%, which will triple the demand in the next four years.
The current valuation of the electric vehicle industry shows that the market is ignoring the profit cycle and reflecting decades of expansion opportunities in the current stock price.
Goldman Sachs said that as part of the global government's response to climate change, Chinese regulators have increased their efforts to decarbonize.
The Chinese government continues to support the development of the electric vehicle industry in the form of subsidies and regulatory incentives.
New Era Securities stated that the intensive launch of domestic new energy vehicles and new models, and the increase in overseas subsidies, will help the recovery of new energy vehicle consumption.
In October, major automakers such as BYD and New Carmakers had strong sales. It is expected that the overall new energy vehicle industry will continue to maintain an upward trend.
What is the prospect of the new energy automobile industry in 2021?
Bank of China Securities believes that the epidemic will impact domestic sales in the first half of 2020, and demand will pick up in the second half of the year. New forces such as Weilai, Ideal, Weimar, and Xiaopeng have emerged, with outstanding sales performance; domestic subsidy policies continue, long-term planning to lead the industry Development, the intensive launch of new models is expected to stimulate demand in 2021.
The agency believes that the midstream competition landscape continues to optimize, the global supply chain is accelerated, and midstream companies with global competitiveness are expected to enjoy high growth dividends; the supply and demand pattern of lithium iron phosphate and lithium hexafluorophosphate improves, and prices are expected to continue to rebound.
Recommend Ningde Times, Xinwangda, Yiwei Lithium Energy, Tianci Materials, Xinzhoubang, Defang Nano, Dangsheng Technology, Zhongke Electric, Putailai, Enjie, Xingyuan Material, Shanshan, Keda Li, Jiayuan Technology, etc., it is recommended to pay attention to Xiangfenghua, Funeng Technology, Polyfluoride, etc.
The fundamentals of upstream cobalt and lithium resources have bottomed out, and the long-term supply and demand pattern is expected to continue to improve. Huayou Cobalt, Hanrui Cobalt, and Ganfeng Lithium are recommended.