SMM

CITIC Securities Research Report pointed out that with the vehicle enterprises represented by BYD, Xiapeng, Lixiang, and battery factories represented by Ningde Times continuing to release fast-charging models & battery products, we believe that electric vehicle fast charging enters into a large-scale promotion stage. We think the market should pay attention to the investment opportunities in the vehicle, parts (including batteries), and charging pile sectors. The focuses are as followed: 1) Vehicle & parts: vehicle enterprises prioritize the layout of fast charging platforms (800V and other high voltage) and parts manufacturing plants whose valuation increases with the product pressure level up; 2) Battery & main and auxiliary materials: material enterprises whose fast charge technology leading the market and that benefit from fast charge; 3) Charging pile: device and operation enterprises that benefit from power, cooling, and other performance upgrades.