Citic Securities: it is estimated that about 190000 electric heavy trucks will be sold by 2025 and the penetration rate will reach 16%.

[Citic Securities: the penetration rate of about 190000 electric heavy trucks is expected to reach 16% by 2025]. According to the CITIC Securities Research report, recently, Ningde Times has released a solution for the replacement of heavy truck chassis-Vernon. The products released this time further promote the electrification of heavy trucks from three aspects: 1) the battery is more modular and standardized; 2) to improve economy and save 30,000-60,000 yuan per year; and 3) to replace the backpack type. Chassis power change to improve driving safety and increase battery capacity expansion space. We believe that the current singularity of electric heavy truck penetration acceleration has arrived. It is estimated that about 190000 electric heavy trucks will be sold by 2025, with a penetration rate of 16%. Leading enterprises in all aspects of the industrial chain are recommended.