20230504-东吴证券-电动车2022年报_2023一季报总结_淡季叠加去库影响_行业盈利触底_龙头竞争力强化_50页_2mb

报告摘要

Power Equipment and Electric Vehicle Industry Depth Report Summary

Global electric vehicle (EV) sales in 2022 reached 10.11 million units, representing a significant increase of 62.1%. Domestic and international sales were approximately 6.87 million and 391.5 thousand units, respectively, driven by strong demand and policy support.
In 2023 Q1, EV sales recovered slightly in April, indicating potential demand bouncing back by May, with
total sales for the first quarter showing some improvement despite seasonal lulls.

2022 Performance Highlights:
- Revenue across the industry grew by 40.96%, with net profit surging to 10.55% increase due to master need faster spread of upstream segments.
- Market profitability improved, with overall margi
  growth, strongly impacted by electrification transition.
2023 Q1 Performance:
- Revenue and net profit declined, with the battery sector maintaining strong earnings while other segments like additives and copper foil face downward pressure due to inventory adjustments and demand slowdown.

First-Priority Sectors:
- Battery leaders with integrated battery technology: Notable companies include CATL (宁德时代) and other key players to benefit from rising demand.
- Joint venture partners and core component suppliers should also be considered for stable returns.
Underlying Factors:
- Consumer and utility sectors remain optimistic, indicating solid progress.
- Upstream metals contribute significantly getting better.

Competition: Increased rivalry and price pressures potentially eroding profit margins.
Supply Shocks: Omicron and inflation risks remain un e source and geополитическая situation.
Market Volatility: Inconsistencies in policy contexts and regional supply chains.
Recession Fears: Global slowdown concerns may dampen overall sector growth trajectory.

Further details are available within the full report.

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