Summary of the first quarter report of the new energy vehicle industry chain in 2021

Fundamentals continue to improve, performance in the first quarter of the rapid growth.
In the first quarter of 2021, the sales volume of the new energy vehicle industry was booming, the penetration rate continued to increase, and the industry performance grew rapidly. The 62 core sample companies achieved a total operating income of 189.62 billion yuan, a year-on-year increase of 84%.
Total net profit attributable to shareholders of the parent company reached 12.03 billion yuan, up 231.2% year on year;
The industry average gross margin was 19.40%, up 3.31pct year-on-year;

Average net interest rate was 6.34%, up 2.82 PCT year on year.

Revenue: the sub-industries with the highest year-on-year growth in operating revenue are copper foil (+186.4%), anode materials (+173.0%) and lithium batteries (+112.6%).

At the profit end: the sub-industries with the highest year-on-year growth rate of net profit attributable to the shareholders of the parent company were copper foil (1120.6%), upstream resources (983.0%) and lithium hexafluorophosphate (+797.2%);
Only lithium-ion equipment (-8.8%) saw net profit decline year-on-year.

Model Y mass production, focus on domestic industry chain.
The domestic Model Y was welcomed by the market immediately after its launch. In January and February, the sales volume was 1,641 units and 4,630 units respectively. The sales volume in February was second only to Wuling Hongguang MINI EV and Tesla Model 3 in the electric vehicle segment market.
With the scale effect and the increase of the upstream and middle capacity supply, there is room for the Model Y price to continue to decline, and the industrial chain is expected to share the development dividend.

To grasp the change of industry structure and pay attention to lithium iron phosphate and high nickel three yuan: the penetration rate of lithium iron phosphate material is gradually increasing in the middle and low end passenger vehicle field. We estimate that the demand increment of lithium iron phosphate material will reach 18.7/30.4/539,000 tons respectively in 2021-2023, corresponding to the industry growth rate of 109%, 62% and 77%.
Benefit from the terminal volume of high-nickel models, the shipment ratio of high-nickel power batteries of Ningde Times (300750) has increased significantly. Considering the scarcity of resources, we believe that the proportion of high-nickel power batteries is expected to continue to increase in the future.

Intelligent trend is obvious, focusing on the field of intelligent driving: At present, China's intelligent driving technology has entered the application stage of L3. Jihu Alpha S, Xiaopeng P5, Jikr 001, Zhiji L7 and other models are equipped with intelligent driving technology.
Intelligent driving will be one of the main selling points of new energy vehicles in the future. With the maturity of technology, middle and low-end models will also be equipped with intelligent driving technology to further improve the driving experience.