Summary
[CITIC Securities: Continue to recommend CATL’s global penetration rate of new energy vehicles in 2025 is expected to be close to 20%! CITIC Securities pointed out that new energy vehicles have leapfrogged from subsidy-driven to market-driven, and have entered a stage of high-speed growth of 1-N, and the global economy continues to resonate upwards, especially in China and Europe with a sharp increase in penetration and the restart of electrification in the United States. In the medium and long term, we estimate that the global penetration rate of new energy vehicles in 2025 is expected to be close to 20%. The integration of domestic and foreign industrial chains is accelerating. From a global perspective, China’s electrification supply chain has developed rapidly and is the most complete, with advantages in production capacity, technology, cost, and customers. A large number of suppliers have already provided global support and are expected to fully enjoy the industry growth dividend. The value of global high-quality manufacturing assets is highlighted. At the current time, some companies in the industry chain have high valuations, but we believe that high-quality companies in the relevant links of the supply chain have high performance growth and certainty, driven by the explosive downstream demand, and are expected to quickly digest high valuations in the future. Continue to recommend High-quality companies in the supply chain of new energy vehicles with global competitiveness, especially the supply chains of Tesla, CATL and LG Chem. (Interface News)
CITIC SecuritiesIt is pointed out that new energy vehicles have leaped from subsidy-driven to market-driven, and have entered a stage of rapid growth of 1-N, and the global economy continues to resonate upward, especially the rapid increase in penetration in China and Europe, and the restart of electrification in the United States. In the medium and long term, we estimate that the global penetration rate of new energy vehicles in 2025 is expected to be close to 20%. The integration of domestic and foreign industrial chains is accelerating. From a global perspective, China’s electrification supply chain has developed rapidly and is the most complete, with advantages in production capacity, technology, cost, and customers. A large number of suppliers have already provided global support and are expected to fully enjoy the industry growth dividend. The value of global high-quality manufacturing assets is highlighted.At the current time, some companies in the industry chain have high valuations, but we believe that high-quality companies in the relevant links of the supply chain will be driven by the outbreak of downstream demand.PerformanceThe growth rate and certainty are very high, and the high valuation is expected to be quickly digested in the future. We will continue to recommend high-quality companies in the new energy vehicle supply chain with global competitiveness, especiallyTesla、Ningde era, LG Chem and other supply chains.
(Article Source: Interface News)
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