Shanghai Investment Morgan Zhao Longlong: new energy vehicle valuation price ratio has highlighted the focus on mining more competitive companies

2022-07-18 0 By

In the past two years, the new energy industry is undoubtedly the “king” of the whole market performance.However, since the fourth quarter of last year, the circuit has seen a significant wave of corrections.So, can the new energy vehicle industry “king return” in the future market?Look from the point of view of investment, how should undertake layout again?In view of these hot topics, Morgan fund manager Zhao Longlong made it clear that based on the current valuation level of new energy vehicles and expected growth of industry profits, now the cost performance of the plate has been highlighted, but compared with last year, the need for more stringent stock selection, select more competitive segments of the company.Zhao noted that investment in new energy vehicles in 2022 is not pessimistic.Driven by the dual carbon target, the trend of steadily increasing penetration rate of new energy vehicles will continue, and it is expected that the growth rate of new energy vehicles in 2022 is still in the first echelon compared with other industries.”In the process of the rise of new energy vehicles last year, the increase of share price is more from its own performance growth.After a period of adjustment in the past, we can see that the leading companies of new energy vehicles or better companies in the competitive landscape have returned to the valuation level of about 40 times, and the corresponding growth rate is expected to be more than double the growth.Zhao Longlong analysis pointed out that from the perspective of dynamic valuation, the current valuation level of new energy vehicles has been adjusted to a relatively cheap level.Combined with the forecast of future performance growth rate, the valuation of the new energy vehicle industry has been highlighted.About new energy vehicles segment investment opportunities, Zhao Longlong think can be the key layout from three aspects: the first is to find four materials: in the field of battery anode, cathode, electrolyte and the diaphragm, including copper foil, these links, which links in 2022 or in relative shortage situation, can continue investment opportunities brought by the tension between supply and demand in 2021.The second is to pay attention to the overseas market, especially the US market, the penetration of new energy vehicles brought by the industry chain growth opportunities.The third is to focus on technological breakthroughs in battery technology and new materials.Zhao longlong stressed that this year new energy vehicles face more stringent stock selection standards, the need to focus on finding more competitive enterprises.In 2022, with the gradual release of production capacity of most enterprises, the contradiction between supply and demand has been greatly improved compared with that in 2021.In the process of the whole supply and demand structure being less tense, those enterprises with strong competitiveness still have the ability to seize market share and expand profits due to their own technological and cost advantages.