每經AI快訊，2024年1月18日，海(hai)通證(zheng)券發布研報點評新(xin)能源(yuan)板(ban)塊行業。

2023年(nian)12月(yue)(yue)公(gong)(gong)樁(zhuang)新增(zeng)10.0萬(wan)(wan)臺(tai)，同/環比(bi)(bi)+51.2%/-0.9%。根據中國充(chong)(chong)(chong)電(dian)聯(lian)(lian)盟(meng)微信公(gong)(gong)眾(zhong)號，2023年(nian)12月(yue)(yue)公(gong)(gong)共(gong)充(chong)(chong)(chong)電(dian)基礎設施新增(zeng)10.0萬(wan)(wan)臺(tai)，同/環比(bi)(bi)+51.2%/-0.9%。其(qi)中：1）充(chong)(chong)(chong)電(dian)樁(zhuang)：截至12月(yue)(yue)，聯(lian)(lian)盟(meng)內成(cheng)員單位總計(ji)上報公(gong)(gong)共(gong)充(chong)(chong)(chong)電(dian)樁(zhuang)272.6萬(wan)(wan)臺(tai)，其(qi)中直流充(chong)(chong)(chong)電(dian)樁(zhuang)120.3萬(wan)(wan)臺(tai)、交流充(chong)(chong)(chong)電(dian)樁(zhuang)152.2萬(wan)(wan)臺(tai)；2）充(chong)(chong)(chong)電(dian)量(liang)：2023年(nian)12月(yue)(yue)全國充(chong)(chong)(chong)電(dian)總電(dian)量(liang)約(yue)38.1億度，較11月(yue)(yue)增(zeng)長2.7億度，同/環比(bi)(bi)+78.1%/+7.5%；3）樁(zhuang)車(che)增(zeng)量(liang)比(bi)(bi)：2023年(nian)全年(nian)充(chong)(chong)(chong)電(dian)基礎設施增(zeng)量(liang)為338.6萬(wan)(wan)臺(tai)，新能源(yuan)汽車(che)銷量(liang)949.5萬(wan)(wan)輛(liang)，樁(zhuang)車(che)增(zeng)量(liang)比(bi)(bi)為1：2.8。

12月(yue)新能(neng)源(yuan)汽車(che)銷(xiao)量(liang)119.1萬(wan)(wan)(wan)輛，同(tong)比(bi)(bi)+46.4%。根(gen)據中汽協會數據微(wei)信公眾號(hao)，2023年12月(yue)新能(neng)源(yuan)汽車(che)產/銷(xiao)為117.2萬(wan)(wan)(wan)輛/119.1萬(wan)(wan)(wan)輛，同(tong)比(bi)(bi)+47.5%/+46.4%，滲(shen)透率達(da)到37.7%。其(qi)中，國內銷(xiao)量(liang)108.0萬(wan)(wan)(wan)輛，同(tong)/環(huan)比(bi)(bi)+47.5%/+16.2%；新能(neng)源(yuan)汽車(che)出口(kou)11.1萬(wan)(wan)(wan)輛，同(tong)/環(huan)比(bi)(bi)+36.5%/+15.2%。2023年新能(neng)源(yuan)汽車(che)銷(xiao)量(liang)為949.5萬(wan)(wan)(wan)輛，同(tong)比(bi)(bi)+37.9%。其(qi)中，國內銷(xiao)量(liang)829.2萬(wan)(wan)(wan)輛，同(tong)比(bi)(bi)+33.5%；出口(kou)120.3萬(wan)(wan)(wan)輛，同(tong)比(bi)(bi)+77.6%。

蔚來(lai)上海(hai)首批(pi)V2G目充站正式(shi)投運(yun)，換(huan)(huan)電(dian)(dian)(dian)業務(wu)達(da)成三項戰(zhan)(zhan)(zhan)略(lve)(lve)合(he)作(zuo)。根(gen)據蔚來(lai)微信公眾(zhong)號，1月(yue)9日(ri)蔚來(lai)上海(hai)首批(pi)10座V2G目充站正式(shi)投運(yun)，V2G（雙(shuang)向逆變式(shi)充電(dian)(dian)(dian)技(ji)術(shu)(shu)）使電(dian)(dian)(dian)動(dong)車(che)不僅可(ke)(ke)以從電(dian)(dian)(dian)網(wang)(wang)獲取(qu)電(dian)(dian)(dian)力充電(dian)(dian)(dian)，還可(ke)(ke)以將車(che)載電(dian)(dian)(dian)池中(zhong)的(de)(de)電(dian)(dian)(dian)能反饋到電(dian)(dian)(dian)網(wang)(wang)中(zhong)，V2G的(de)(de)應(ying)(ying)用(yong)可(ke)(ke)實現電(dian)(dian)(dian)動(dong)汽車(che)的(de)(de)分(fen)布式(shi)移動(dong)儲(chu)能單元功能，在(zai)(zai)用(yong)電(dian)(dian)(dian)低谷(gu)時(shi)充電(dian)(dian)(dian)，在(zai)(zai)用(yong)電(dian)(dian)(dian)高峰(feng)時(shi)向外放電(dian)(dian)(dian)。此(ci)外1月(yue)11日(ri)在(zai)(zai)安徽(hui)(hui)省(sheng)委省(sheng)政(zheng)府的(de)(de)大力支(zhi)持下(xia)，中(zhong)安能源（安徽(hui)(hui)）有限公司正式(shi)揭(jie)牌成立(li)，安徽(hui)(hui)省(sheng)能源集(ji)(ji)團、安徽(hui)(hui)省(sheng)交(jiao)控集(ji)(ji)團和蔚來(lai)達(da)成戰(zhan)(zhan)(zhan)略(lve)(lve)合(he)作(zuo)，支(zhi)持新設(she)立(li)的(de)(de)中(zhong)安能源建(jian)設(she)1000座儲(chu)充換(huan)(huan)一(yi)體站，并將在(zai)(zai)儲(chu)充換(huan)(huan)產(chan)業涉及的(de)(de)電(dian)(dian)(dian)池標準(zhun)、充換(huan)(huan)電(dian)(dian)(dian)技(ji)術(shu)(shu)、電(dian)(dian)(dian)池資產(chan)管理及運(yun)營、新型電(dian)(dian)(dian)力系統合(he)作(zuo)、儲(chu)充換(huan)(huan)設(she)備(bei)生產(chan)制(zhi)造相關供應(ying)(ying)鏈合(he)作(zuo)等方(fang)面開(kai)(kai)展全(quan)方(fang)位(wei)、多(duo)(duo)層(ceng)次(ci)的(de)(de)深度(du)戰(zhan)(zhan)(zhan)略(lve)(lve)合(he)作(zuo)。同時(shi)蔚來(lai)與(yu)江淮汽車(che)集(ji)(ji)團、奇瑞汽車(che)分(fen)別簽署(shu)了換(huan)(huan)電(dian)(dian)(dian)戰(zhan)(zhan)(zhan)略(lve)(lve)合(he)作(zuo)框架協議，將在(zai)(zai)電(dian)(dian)(dian)池標準(zhun)、換(huan)(huan)電(dian)(dian)(dian)技(ji)術(shu)(shu)、換(huan)(huan)電(dian)(dian)(dian)服務(wu)網(wang)(wang)絡(luo)建(jian)設(she)及運(yun)營方(fang)面開(kai)(kai)展全(quan)方(fang)位(wei)、多(duo)(duo)層(ceng)次(ci)的(de)(de)深度(du)戰(zhan)(zhan)(zhan)略(lve)(lve)合(he)作(zuo)。

充電(dian)樁(zhuang)(zhuang)景氣度高企(qi)，國內(nei)(nei)+海外(wai)空間(jian)廣(guang)闊。據(ju)wind援引公(gong)安部數據(ju)，截至2023年12月底，國內(nei)(nei)新(xin)(xin)能(neng)源(yuan)汽(qi)車(che)(che)(che)保(bao)(bao)有(you)(you)(you)(you)量(liang)(liang)達(da)2041萬(wan)輛(liang)(liang)，保(bao)(bao)有(you)(you)(you)(you)量(liang)(liang)快(kuai)(kuai)速提(ti)升催(cui)生充電(dian)需求(qiu)，充電(dian)基礎設(she)(she)施建(jian)設(she)(she)進入發展(zhan)快(kuai)(kuai)車(che)(che)(che)道。據(ju)中國充電(dian)聯盟微信公(gong)眾號數據(ju)，截至2023年12月，國內(nei)(nei)公(gong)樁(zhuang)(zhuang)保(bao)(bao)有(you)(you)(you)(you)量(liang)(liang)為(wei)272.6萬(wan)臺(tai)，1-12月國內(nei)(nei)新(xin)(xin)增公(gong)樁(zhuang)(zhuang)92.9萬(wan)臺(tai)，同比(bi)+42.7%。歐(ou)美市場空間(jian)廣(guang)闊，根(gen)據(ju)AFDC數據(ju)，美國截止(zhi)1月14日公(gong)樁(zhuang)(zhuang)保(bao)(bao)有(you)(you)(you)(you)量(liang)(liang)為(wei)16.2萬(wan)個，直(zhi)(zhi)流(liu)快(kuai)(kuai)充占比(bi)為(wei)23.5%，2023年初至截止(zhi)日累計(ji)(ji)新(xin)(xin)增公(gong)樁(zhuang)(zhuang)2.6萬(wan)臺(tai)，2023年1-10月電(dian)車(che)(che)(che)累計(ji)(ji)銷量(liang)(liang)為(wei)122.1萬(wan)輛(liang)(liang)（來(lai)源(yuan)為(wei)Marklines）；根(gen)據(ju)Alternative-fuels-observatory數據(ju)，截止(zhi)Q3歐(ou)盟公(gong)樁(zhuang)(zhuang)保(bao)(bao)有(you)(you)(you)(you)量(liang)(liang)為(wei)59.3萬(wan)個，直(zhi)(zhi)流(liu)占比(bi)為(wei)12.0%，新(xin)(xin)增公(gong)樁(zhuang)(zhuang)14.6萬(wan)臺(tai)，同期電(dian)車(che)(che)(che)銷量(liang)(liang)為(wei)213.3萬(wan)輛(liang)(liang)。我們(men)預計(ji)(ji)歐(ou)美樁(zhuang)(zhuang)端(duan)建(jian)設(she)(she)有(you)(you)(you)(you)望(wang)提(ti)速，疊加大功率直(zhi)(zhi)流(liu)快(kuai)(kuai)充占比(bi)提(ti)升，海外(wai)市場空間(jian)廣(guang)闊。

投資建議。國內政策+需(xu)求發力(li)，充電樁建設年內高景氣度，中長期出口歐美及(ji)直(zhi)流(liu)(liu)樁占比提升進一步打開空間。建議關注直(zhi)流(liu)(liu)占比高的整樁企業及(ji)模塊企業:綠能慧充、金(jin)冠股(gu)份(fen)、通(tong)合科技、盛弘(hong)股(gu)份(fen)、道通(tong)科技、金(jin)冠電氣、利(li)和興、泰(tai)永長征(zheng)、特銳德、香山(shan)股(gu)份(fen)、歐陸(lu)通(tong)、英可瑞、沃(wo)爾核材、永貴(gui)電器、炬華科技等(deng)。

風險提示(shi)。新能源汽車下游不及預(yu)期(qi)(qi)風險；充電樁補貼政策不及預(yu)期(qi)(qi)風險。

(來源：慧博投研)

免責聲明：本文內容與數(shu)據僅供參(can)考，不構(gou)成投(tou)資建議，使(shi)用前請核實。據此操作，風險自擔。

(編輯 曾健輝)