The performance of charging pile company is high, and the industry has entered an accelerated volume period
2022-04-28
Recently, many listed companies related to charging piles, such as easyt, have handed over their beautiful 2021 annual reports. With the vigorous development of the new energy vehicle market, the charging pile market has entered a period of accelerated volume, and the development prospect is generally optimistic. At the same time, in the face of many pain points still existing in the development of the charging pile industry, relevant supporting policies are being introduced one after another. Accelerated release of demand According to the latest data from the Ministry of industry and information technology, as of the first quarter of 2022, the promotion of new energy vehicles in China has exceeded 10 million, reaching 10.33 million. In the first quarter, the cumulative production and sales of new energy vehicles increased by 1.4 times year-on-year, and the market penetration reached 19.3%, an increase of 5.9 percentage points over 2021. In the context of the rapid development of the new energy vehicle market, the demand for supporting charging piles has been accelerated, which has driven the high growth of the performance of listed companies. Taking yishite as an example, the 2021 annual report disclosed by the company shows that benefiting from the improvement of industry prosperity and the company's brand and technical advantages, the company's new energy vehicle charging equipment business revenue reached 170 million yuan in 2021, with a year-on-year increase of 76.46%. Even for tride, whose performance has declined as a whole, its new energy vehicle charging network business still performs well: in 2021, it achieved an operating revenue of 3.106 billion yuan, a year-on-year increase of 51.85%; The gross profit was 685 million yuan, a year-on-year increase of 52.63%. Not only the charging pile equipment manufacturing enterprises, but also the downstream enterprises that provide supporting operation services for charging piles also maintained high growth. For example, in 2021, Langxin technology's energy Internet business realized a revenue of 848 million yuan, a year-on-year increase of 43.58%. By the end of the first quarter of 2022, its "xindiantu" aggregation charging platform had nearly 400000 charging piles and nearly 3 million registered users, with a year-on-year increase of more than 200% in the first quarter. Yingjie Electric said in its recent institutional research that from the operation in 2022, the charging pile business has begun to contribute profits to the overall operation of the company. Zheshang Securities believes that the charging pile business is expected to become the third largest performance support for Yingjie Electric's growth. Broad market prospects According to the latest data of China charging alliance, from January to March, the increment of charging infrastructure was 492000 units, a year-on-year increase of 3.6 times. Among them, the increment of public charging infrastructure increased by 96.5% year-on-year; The increment of charging facilities built with the vehicle continued to rise, with a year-on-year increase of 538.6%. By March 2022, the national charging infrastructure had reached 3.109 million units, a year-on-year increase of 73.9%. "Judging from the situation in the first quarter of this year, the production and sales of new energy vehicles in China continued the momentum of rapid growth. It is expected that the scale of new energy vehicles will reach 5 million throughout the year, becoming the main force of market growth." Fu Bingfeng, executive vice president and Secretary General of China Automobile Industry Association, said. As an important supporting infrastructure for new energy vehicles, charging piles usher in rare development opportunities. Data show that by the end of March, the cumulative number of charging infrastructure in China was 3.109 million, and the vehicle pile ratio was about 3.3:1. The gap is still large, and the construction of charging piles needs to be accelerated. With the acceleration of charging infrastructure construction, the market development prospect of charging pile is also generally optimistic. Zheshang securities research report predicts that the number of new charging piles in the world is expected to reach 13.99 million in 2025, with a corresponding market space of 19.3 billion yuan. Among them, the total market space of charging piles in China is 92.5 billion yuan. At the same time, new technical directions of charging pile emerge one after another, and the market is expected to continue to expand. Yishite said that with the growth of production and sales of new energy vehicles, the demand of high-power fast charging market will become more obvious, especially the power solutions represented by "optical storage and charging mode" and "storage and charging mode" will become a new direction for future development. In this context, enterprises have accelerated their layout in the charging pile market. According to Tianyan survey data, more than 60000 charging pile related enterprises have been added in the past year. Policy support While the growth of charging infrastructure is accelerating, there are still many pain points to be solved. "At present, on the one hand, there is still a large gap in the vehicle pile ratio. On the other hand, there are also problems such as low utilization rate, uneven distribution, high cost of public charging piles, poor user experience and so on." Zhang Xiang, President of the New Energy Vehicle Technology Research Institute of Jiangxi new energy technology vocational college, said in an interview with reporters. Taking the utilization rate of public charging piles as an example, the data show that the average utilization rate of public piles in 22 cities in China in 2021 is less than 10%. Even in Shenzhen, Shanghai, Beijing and Guangzhou, which have the leading density of charging piles, the average utilization rate of public piles is less than 30%. Zhang Xiang said that due to the improvement of battery life mileage of new energy vehicles and the reduction of charging times, the utilization rate of private piles is also not high. In order to solve the above pain points and accelerate the development of charging pile industry, relevant supporting policies are being introduced one after another. The urban management and development plan of Beijing during the 14th Five Year Plan period issued by Beijing on April 12 proposes to encourage the opening of charging facilities in units and residential areas, strive to "install as many charging facilities as possible" in fixed parking spaces, and meet the conditions for community public charging. At the same time, promote the social public electric vehicle charging facilities to achieve "easy to find and use". By 2025, a total of no less than 60000 social public charging piles will be built. At the beginning of this year, the implementation opinions on further improving the service guarantee capacity of electric vehicle charging infrastructure issued by the national development and Reform Commission required charging operation enterprises to strengthen operation and maintenance and improve equipment availability and fault handling capacity; Require all operation platforms to strengthen information sharing and convenient payment to improve the convenience of charging; We should give financial support to the construction of public charging piles, encourage all localities to establish operation subsidy standards linked to service quality, increase subsidies for new technologies, and promote the transformation and upgrading of the industry. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：China Securities Journal
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