[5.27 Lithium Express] Tianfeng Securities: sodium battery release difficult Lithium electricity long logic predicts that the price of lithium hydroxide will continue to rise * Geely Associated Co., Ltd. new new energy vehicle sales, etc.

[Geely related companies add new new energy vehicle sales, etc.] according to App, recently, industrial and commercial changes have taken place in Zhimada Automobile Co., Ltd., with new vehicle sales of new energy vehicles; second-hand car distribution; charging pile sales; smart vehicle equipment sales; electronics sales, and so on. Zhimada Automobile Co., Ltd. was established in December 2019 with a registered capital of 5.4 billion yuan and the legal representative is Tong Xiangbei. According to shareholder information, the company is jointly owned by Geely Automobile Group Co., Ltd. and Mercedes-Benz Co., Ltd., with a shareholding ratio of 50%.

[car Association: retail sales in the car market in the third week of May slightly increased year on year in the second half of the year the shortage of chips will be greatly alleviated] according to the statistics of the car Association, retail sales in the car market reached an average of 42000 vehicles per day in the third week of May, a slight increase of 0.1% compared with the third week of May 2020. however, it fell by 5% compared with the third week of May 2019, and the performance was relatively weak. Commenting on the news that TSMC has increased production of its microcontroller unit (MCU) by 60 per cent this year, car companies and channels will speed up shipments of inventory chips. Some strategic reserve chip companies will not rush to buy too aggressively, in view of TSMC's huge capacity advantage, so the chip shortage in the second half of the year will be greatly alleviated.

[Yiwei Lithium Energy (300014.SZ): subsidiary Yiwei Power products get UL9540A Test report] May 27th news, Yiwei Lithium Energy: subsidiary Yiwei Power LF280K energy storage battery obtained UL9540A test report, which can effectively reduce the risk of customers in license approval by AHJ regulatory authorities across the United States, thus helping Yiwei Power to better develop the international energy storage market.

[Tianfeng Securities: sodium Battery issues difficult Lithium long Logic expects Lithium hydroxide prices to continue to rise] Tianfeng Securities Research report believes that Ningde's announcement of the release of sodium batteries around July is difficult to disturb lithium long logic. Sodium battery does not pose a threat to lithium battery, and the two can complement each other in the field of energy storage. Sales of new energy vehicles are not weak in April, and the penetration of large-size new energy vehicles is expected to lead to an increase in demand for lithium salt. The price of lithium hydroxide is expected to continue to rise. It is expected that the supply of lithium hydroxide is likely to be tight during the peak demand season in the second half of this year.

[Huachuang Securities: Yiwei Lithium can lay out Indonesian laterite nickel mine, the resource side continues to rise] Yiwei Lithium Energy wholly-owned subsidiaries Yiwei Asia and Yongrui Holdings, Huayou International Cobalt, LINDO and Glaucous plan to build a laterite nickel hydrometallurgy project in WedaBay Industrial Park, Hama Hera, Indonesia, with an annual output of about 120000 tons of nickel and about 15000 tons of cobalt. The shareholdings of Yonghui, Glaucous, Huayou International Cobalt, Yiwei Asia and Lindo joint ventures are 31%, 30%, 20%, 17% and 2%, respectively. Huachuang Securities pointed out that Yiwei lithium can distribute nickel resources, and the industrial chain continues to expand upward. The power battery business has been gradually realized and has become a quasi-first-tier enterprise. It is estimated that the return net profit of the company from 2021 to 2023 is 32max 45 / 6 billion yuan respectively, the corresponding EPS is 1.69max 2.38max 3.18 yuan, and the corresponding PE is 61-43-32 times respectively. Considering that the company is the leader of lithium primary battery in the world, the ternary soft pack battery is deeply bound to big customers such as Daimler, Hyundai Kia and Xiaopeng, while 48V battery enters the supply chain of BMW in Germany, the expansion of lithium iron phosphate battery continues to accelerate, it is expected that the company's shipments will increase significantly in the future, and the company's performance will continue to increase due to scale effect. We give the company 70 times PE, in 2021 corresponding to the target price of 118.61 yuan, maintaining the "push" rating.

[Citic Securities: the global economy of new energy vehicles resonates upward, and the value of high-quality supply is highlighted] CITIC Securities pointed out that it is expected that the global economy of the industry will continue to resonate in the second half of 2021, and the integration of domestic and foreign industrial chains will be accelerated. Tesla continues to lead the global wave of electric intelligence, with the accelerated launch of more productive new models in China, and increased electrification rates in Europe driven by subsidy policies and new carbon emissions regulations. In the medium and long term, the trend of electric and intelligent cars is irreversible, and we judge that the penetration rate of new energy vehicles in China and Europe is expected to exceed 20% in 2025. From a global perspective, China's electrified supply chain is developing rapidly and is the most perfect, with the advantages of production capacity, technology, cost and customers. a large number of suppliers have been matched globally and are expected to fully enjoy the growth dividend of the industry. as the value of high-quality manufacturing assets in the world. Recommend high-quality enterprises in the supply chain of new energy vehicles with global competitiveness, especially Tesla, Volkswagen MEB, LG Chemistry, Ningde era supply chain and so on.