GTHT: Strong Performance in November for New Energy Vehicles, Power Battery Production and Sales Show Year-on-Year and Month-on-Month Growth

Stock News12-15

In November, China's new energy vehicle (NEV) production reached 1.88 million units, marking a 20% year-on-year increase. Cumulative NEV production from January to November totaled 14.907 million units, up 31.4% year-on-year.

Domestic power battery installations in November stood at 93.5GWh, rising 39.2% year-on-year and 11.2% month-on-month. Among these, ternary battery installations accounted for 18.2GWh (19.4% of total installations), growing 33.7% year-on-year and 9.9% month-on-month. Lithium iron phosphate (LFP) battery installations reached 75.3GWh (80.5% of total installations), increasing 40.7% year-on-year and 11.6% month-on-month.

The NEV market maintained positive momentum in November, with both production and sales of power batteries achieving year-on-year and month-on-month growth. Driven by year-end seasonal effects, NEV sales are expected to climb further.

**Key Highlights:** - **Production:** November NEV output totaled 1.88 million units (+20% YoY). Cumulative output from January to November was 14.907 million units (+31.4% YoY). - **Sales:** November NEV sales reached 1.823 million units (+20.6% YoY), with a penetration rate of 53.2%. Cumulative sales from January to November were 14.78 million units (+31.2% YoY), with a cumulative penetration rate of 47.5%. - **Exports:** November NEV exports surged to 300,000 units (+~260% YoY, +17.3% MoM), including 294,000 new energy passenger vehicles and 7,000 commercial vehicles. Cumulative exports from January to November hit 2.315 million units (+~100% YoY).

**Power Battery Performance:** - **Production:** Combined output of power and other batteries in November was 176.3GWh (+49.2% YoY, +3.3% MoM). Cumulative output from January to November reached 1,468.8GWh (+51.1% YoY). - **Sales:** Total battery sales in November were 179.4GWh (+52.2% YoY, +8.1% MoM), with power battery sales at 134.0GWh (+52.7% YoY, +7.8% MoM). Cumulative sales from January to November were 1,412.5GWh (+54.7% YoY). - **Exports:** November battery exports totaled 32.2GWh (+46.5% YoY, +14.1% MoM), including 21.2GWh of power battery exports (+70.2% YoY, +9.4% MoM). Cumulative exports from January to November were 260.3GWh (+44.2% YoY).

**Installations:** November power battery installations grew 39.2% YoY and 11.2% MoM to 93.5GWh. Cumulative installations from January to November reached 671.5GWh (+42.0% YoY).

**Investment Recommendations:** With rapid growth in downstream demand for lithium batteries, power battery manufacturers and key material suppliers are poised to benefit. Recommended stocks include CATL (300750.SZ), BYD (002594.SZ), Gotion High-Tech (002074.SZ), EVE Energy (300014.SZ), CALB (03931), Hunan Yuneng (301358.SZ), and Tinci Materials. Related stocks include Dingsheng New Materials (603876.SH) and Tianji Holdings (002759.SZ).

**Risk Warning:** Potential underperformance in NEV downstream demand and slower-than-expected development of new technologies.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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