In the first quarter, the profit was only 800 million. What did BYD support the trillion market valu

Sandian and one core plus lithium ore confession to support BYD's future.

In the past two years, the market has witnessed the rise of new energy vehicles.

With the continuous improvement of technology, the performance of new energy vehicles has continued to improve, and finally opened the terminal application market and captured many user groups. The penetration rate of new energy vehicles is less than 6%from early 2021, and it has been close to 20%in the first quarter of 2022. The future development prospects of the industry are bright.

The problem is not without. On the surface, the scenery of the new energy vehicle is gone, but in fact, the undercurrent of the interior is surging. The competition of car companies is fierce and cruel, and the situation is unpredictable.

Recently, new energy vehicles have announced May sales one after another, and the pattern is still a very strong situation. BYD (002594.SZ) has a sales volume. The GAC Ean, which "Wei Xiaoli" was "An Xiaowei", had no words, and continued to maintain a high growth trend, ranking secondary.

The sales volume of ideal cars (Li.us/02015.HK) and Xiaopeng Automobile (XPEV.US/09868.HK) gradually recovered, and Nezha Automobile, Zero Running Car, and Xiaokang (601127.SH) stood out from the second echelon.

Of course, there are also no lack of lonely people. The former new power leader (NIO.US/09866.HK) is less than expected.

Data source: mysteel

In addition, the new forces represented by Weilai Automobile and Xiaopeng Automobile increased their income and did not increase their income, and they suffered a sharp loss all year round. In the first quarter of 2022, Xiaopeng Automobile's revenue was 7.45 billion yuan, an increase of 152.6%over the same period in 2021; net loss was 1.71 billion yuan, a year -on -year expansion of about 116.2%.

Weilai Automobile lost 1.825 billion, an increase of 62.56%year -on -year; operating income was 9.911 billion yuan, an increase of 24.16%year -on -year. The huge capital expenditure made new energy vehicle companies not see profits, and they were suspected of losing money.

However, parts and components have made a lot of money. The upstream lithium resource double -headed Ganfeng Lithium (002460.SZ) and Tianqi Lithium (002466.SZ) took 3.525 billion and 3.328 billion in the first quarter of 2022; Huayou Cobalt (603799.SH) made a net profit of 1.206 billion in the first quarter, and Ensijie (002812.SZ) earned 916 million. As strong as BYD, the profit in the first quarter was only 808 million.

New energy vehicles have strong demand. As a part of face -to -face investors, car companies should enjoy this feast. However, in terms of actual results, car companies charged their volume as a runner and did not show the right to speak.

On the one hand, in the context of the continuous soaring raw material costs, the pressure on prices is transmitted downstream, and new energy vehicle companies can only endure.

On the other hand, the capital of various ways flocked, and the younger batch of car companies began to rise, constantly eating market share, and the competition between car companies gradually became hot. It can be described as internal and external trapped, and can only survive in the gap.

The industry is no longer clear about this status quo. If the change is common, it is unchanged. In 2022, major car companies made more bold attempts and breakthroughs than in the past. Although the specific strategies were different, the goal was to extend the integrated layout longer and longer.

This article has entered the future strategic layout of major car companies with everyone.

01 upward integration

In 2021, in addition to the soaring lithium salt, it is also a major feature of lithium batteries.

2021 is the first year of the outbreak of new energy vehicles. The huge growth broke the original industrial balance. As the heart of the new energy vehicle, the lithium battery market is tight, and there is a shortage of supply.

In fact, many car companies cannot get the battery. It is not to say that there are no batteries on the market, but the lack of battery that meets the standards of new energy vehicles. Although there are some small factories in stock, car companies dare not.

It is not difficult to understand that the safety problem is the lifeline of the car company. Well -known battery factories not only have good safety, but also are far better than their peers.

Therefore, a scene of a new forces of a well -known car building for a week to ask for a well -known battery manufacturer's product. Many car companies have to go to the eastern coastal cities to seek cooperation.

Over time, the battery plant has a higher right to speak in virtue, and the car company has lived a "grievance little daughter -in -law". Even if the needs of installation and product research and development cannot be met, they dare not offend the battery factory.

The contradiction has been intensified, and then it finally erupts. It is rumored that a new forces of a car are intended to get rid of the control of a battery plant and introduce another battery supplier. Regardless of whether it is true or not, the embarrassment of the car company's "stuck neck" by the battery is fact.

In this context, the car company's thoughts and pains decided that the idea of ​​independent research and development and production of batteries came into being. It not only solved the problem of being constrained by the battery, but also could be integrated and optimized resources to reduce costs.

At this stage, with the large -scale promotion of technology, many capital participation has made the threshold of battery manufacturing technology more vague, and the opportunity of integrated production has arrived.

Among the many domestic car companies, the planning of self -produced batteries, Great Wall Motors (601633.SH) can be said to be a pioneer. In 2017, the power battery department was independent and established. GWH enters the top ten global installed capacity. Today, the hive has developed rapidly and shouted the 600GWh production capacity planning in 2025.

Coincidentally, the news of Weilai Automobile's own production of batteries has also been heard.

According to reports, recently, the environmental information disclosure platform of Shanghai Enterprises and Institutions shows that Shanghai Weilai Automobile Co., Ltd. plans to build a new R & D project in Anting Town, Jiading District, Shanghai, including 31 R & D laboratories engaged in lithium -ion batteries and battery packages And 1 lithium -ion battery test line and 1 battery pack Pack line, it is planned to invest 218.5 million yuan. It is expected to be constructed from August to October this year. The new forces of the car building are menacy, dare to fight. The Gongyong Automobile released the Tiangong battery, which is taken from "Tiantong Kaiwan". Focus on optimizing the safety design of battery structure, thermal management system, and intelligent cloud management.

Although there is no lithium battery for its own mass production, the close relationship with the Ningde Times (300750.SZ) makes Nezha's integration strategy also effective.

This vigorous integration promotion is naturally indispensable for the Ningde era. In 2021, the Ningde Times participated in the D2 round of financing of Nezha Motors. In addition to providing core guarantees for Nezha Motor Power Battery, it will also jointly develop new energy vehicle innovation and integration technology with Nezha Automobile.

Not only this, the Ningde Times also entered the Director An Automobile Company Avita. In Ningde Times, with a shareholding ratio of 23.99%, it officially became the second largest shareholder of Avita Technology.

Avita is positioned as "Emotional Smart Electric Vehicles". It was jointly built by Huawei, Changan Automobile (000625.SZ) and Ningde Times, which is highly expected by the market.

The GAC Ean, which has achieved "Wei Xiaoli" into the small goal of "An Xiaowei", has stepped forward in the development of batteries.

In March 2021, GAC Ean released the world's first magazine battery system safety technology (referred to as "magazine battery"). Essence One year later, in March of this year, GAC Ean's self -developed power battery trial line piles were opened.

Foreign companies are also in -deploying self -produced batteries. According to reports, in February this year, Volcar B announced that it would cooperate with NorthVolt to establish a new battery factory in Gothenburg, Sweden, with a total of 30 billion Swedish Cron.

Following the main State Xuan Gaoke (002074.SZ), Volvan (VWAGY.US) accelerates the layout of power batteries. On March 25, Volkswagen announced that it would invest more than 7 billion euros with supplier Siate brand to build a vehicle battery plant in Valencia, eastern Spain.

The response of well -known car companies such as Benz, F.US (F.US) is also fast, and participates in the form of self -built research and development centers and joint ventures.

Even Tsla.us began to set up a battery production line at the end.

Since the release of 4680 batteries in September 2020, global leading battery manufacturers including Ningde Times, LG New Energy (373220.KS), and Yiwei Lithium (300014.SZ) have actively deployed large cylindrical batteries.

You know Tesla has focused on battery design in the past, but this time, Tesla personally ended this time. It is reported that Tesla produces a 4680 battery in four super factories in California, Texas, Nevada, and Berlin, Germany.

On February 19, Tesla tweeted that California's pilot factory produced 1 million 4680 batteries in January, and the yield of 13 4680 battery production lines has reached 95%. This undoubtedly marks the official entering phase of the 4680 battery.

It is expected that by the end of 2022, Tesla's 4680 battery production capacity will reach 100GWh per year, which can meet 1.3 million electric vehicles.

At the same time, Tesla opened a big move in the upstream. Australian lithium miner Liontown announced that it signed a 5 -year -old spindle concentrate supply agreement with Tesla. Pull supply.

According to the announcement of Ganfeng Lithium in November last year, from 2022 to 2024, Ganfeng Lithium will supply Tesla to Tesla lithium hydroxide products. In addition, Tesla will procurely procure the value of Ya'an Lithium in Yahua Group (002497.SZ) all-funded subsidiary Ya'an Lithium.

From this point of view, major cars at home and abroad are produced by the layout of batteries. When it comes to the establishment of batteries in various car companies, one name has to be mentioned, that is BYD.

02 Self -developed self -produced

BYD's development path is very different from other car companies. BYD started with consumer batteries, entered the field of power batteries, and then entered the automobile manufacturing industry from this point.

Familiar friends should know that BYD has cultivated more than 20 years in the automotive field. Different from other companies, BYD insisted on developing self -employment and accumulation for many years at the beginning, making BYD better in the core technology of new energy vehicles, and the process of integration is higher than other car companies.

As we all know, the core of new energy vehicles is San Dian and one core, and this is the strong competitiveness of BYD.

Its blade battery has low cost, excellent performance, and high safety. It has been favored by many car companies and harvested a large number of well -known car companies at home and abroad. Just in the near future, Lian Yubo, Executive Vice President of BYD Group and Dean of the Automobile Engineering Research Institute, revealed that it would provide a battery for Tesla.

In addition to the blade batteries with excellent performance, BYD has realized its own production in motors and electrical control. Cover different models such as plug -in and pure electricity. In particular, the DM technology launched has become the largest plug -in hybrid technology in the global market. BYD semiconductor is centered on car -level semiconductors. It has mass -produced IGBT, SIC devices, IPM, MCU, CMOS image sensor, electromagnetic sensor, LED light source and display screens. In the fields of IGBT, SIC, IPM, it has gradually grown into a leading enterprise.

Today, after years of hard work, BYD has become a global new energy vehicle. In April, BYD won the global new energy vehicle sales championship with nearly 106,000 sales.

According to Cleantechnica statistics, from January to April 2022, BYD's global new energy passenger car market share was 15.40%, winning the world's number one throne.

Data source: Cleantechnica

From January to May 2022, BYD's cumulative output was 513,100 units, an increase of 347.60%year-on-year; cumulative sales of 507,300 units, an increase of 348.11%year-on-year.

BYD is undoubtedly ahead in the journey of car integration. When the increasingly fierce competition drives the industry to deploy lithium batteries, BYD has long completed the integration of vehicles and core components.

Therefore, in the industrial integration of car companies this round, BYD pre -locking on lithium resources.

Presumably the madness of the lithium salt price increase is deeply impressed. The skyrocketing lithium prices made downstream companies miserable and mastered the right to speak in the industry.

Data source: Flush iFind

Recently, according to surging news reports, BYD plans to acquire 6 Mines in Africa. According to industry insiders, the six mineral resource endowments, 2.5%of the quality lithium oxide ore reached more than 25 million tons, converted into 1 million tons of lithium carbonate, which can meet BYD's needs in the next ten years.

03 From 10,000 to 1.2 million

Twenty years ago, Wang Chuanfu, who did not understand the car, acquired Qinchuan Automobile, and also made electric vehicles, causing the market to laughed at the time. Soon after, a model called F3 was born, with good quality and hot sales.

In 2008, Buffett invested US $ 230 million to invest in BYD, and there were many external discussions.

BYD's car sales from 10,000 to 20,000 to 100,000 and 500,000 vehicles. The sales volume in 2021 was 730,000 units, and the sales target in 2022 was set up between 1.1 million and 1.2 million.

In the future, Mastering the core technology of the new energy vehicle, coupled with its own lithium resources, BYD can be described as a tiger. In terms of cost and technology, it is more competitive and is expected to further thicken performance.

- END -