新能源車:供需重新平衡,技術引領未來
本文來自格隆匯專欄:開源證券研究所,作者:劉強
2022年上半年,疫情導致新能源車出現短期銷量的低谷。但從投資的節奏看,供需矛盾最大的階段已過去,短期有望是較好的佈局期。近期,開源證券電力設備與新能源團隊發佈2022年中期投資策略《供需重新平衡,技術引領未來——新能源汽車行業2022年中期投資策略報吿》,展望新能源車下半年投資機會,開源證券電力設備與新能源團隊核心觀點為:
下半年產業鏈供給端加速釋放,成長環境將會更好。供需新平衡週期中考驗企業的成本控制&客户綁定&技術壁壘能力。行業格局在近兩年已經基本確定,留給新進入者的機會較少,龍頭企業擴產落地後行業集中度有望再次提升。應重視三方向的投資機會:(1)核心成長:按照壁壘高低投資(電池、鋰資源、隔膜、負極等);(2)後周期:按照增速的彈性投資,比如儲能、換電等板塊;(3)新技術:按照滲透率提升速度投資,比如4680、扁線等。











































風險提示:宏觀經濟下行,疫情反覆影響,行業競爭加劇等。
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