current position:Home>In the first quarter, the power battery enterprises fell into the "crack" of the industrial chain

In the first quarter, the power battery enterprises fell into the "crack" of the industrial chain

2022-05-07 15:05:3936kr

Get into 4 Since the month , Although the rising trend of raw material prices has been curbed to some extent , But prices are still high . In the face of constant pressure , More and more power battery enterprises have begun to transmit the cost pressure of raw materials to downstream vehicle manufacturers . however , This is only a measure with limited effect , It's not a long-term plan .

since this year on , Power battery enterprises generally fall into the dilemma of revenue growth but profit decline . In recent days, ,A stocks 5 Listed companies of power batteries successively released their first quarter financial reports . Results show that , Ningde era 、 GuoXuan high tech 、 Xinwangda Yiwei lithium energy Funeng technology Revenue maintained growth , among 4 The year-on-year growth rate of more than 100%.

Revenue growth is not surprising to the outside world , Behind it is the blowout of demand in the end market of electric vehicles . While the revenue generally increases , The profits of the five enterprises fell in the first quarter , Among them, Funeng technology is in a state of loss .

For the decline in net profit , Jiang Li, deputy general manager and Secretary of the board of directors of Ningde times, responded at the investor conference call ,2021 Since then , The price of raw materials in the upstream of the new energy industry has increased rapidly , The pressure of battery cost in the industry is gradually increasing . In order to maintain the healthy and sound development of new energy vehicles and power battery industry , Ningde era is very cautious in price , In the early stage, I chose myself to bear the pressure of rising raw material prices .

Yiwei lithium energy is also mentioned in the financial report ,“ Upstream, material prices have risen sharply 、 Under the premise of great pressure , As a backbone enterprise in the industry , No aggressive pricing strategy ”. At the forum of electric vehicle hundred people's meeting a few days ago , Zhang Feng, senior vice president of Funeng technology, also said ,“ Recently, the life of battery enterprises is very sad , Mainly affected by the rising price of raw materials ”. Besides , Xinwangda executives also said at the performance presentation meeting , Now the price rise of raw materials upstream of power batteries is an industrial problem .

Get into 4 Since the month , Although the rising trend of raw material prices has been curbed to some extent , But prices are still high . In the face of constant pressure , More and more power battery enterprises have begun to transmit the cost pressure of raw materials to downstream vehicle manufacturers . however , This is only a measure with limited effect , It's not a long-term plan .

Mixed results

Results show that , The first quarter of this year , The total operating income of Ningde times is 486.78 One hundred million yuan , Year-on-year growth 153.97%; Xinwangda's operating income is 106.2 One hundred million yuan , Year-on-year growth 35.11%; The operating income of GuoXuan high tech is 39.16 One hundred million yuan , Year-on-year growth 203.14%; The operating income of Yiwei lithium energy is 67.33 One hundred million yuan , Year-on-year growth 127.69%; The operating income of Funeng technology is 15.29 One hundred million yuan , Year-on-year growth 317.09%.

Revenue growth depends on strong downstream demand . According to the data of China Automotive Power Battery Industry Innovation Alliance , The first quarter of this year , The output of power batteries in China is 100.6GWh, Year-on-year growth 206.9%; The sales volume of power batteries is 65GWh, Year-on-year growth 172.6%.; The loading capacity of power battery is 51.3GWh, rose 120.7%.

From the perspective of market ranking , The first quarter of this year , The Times of ningde 25.51GWh The loading volume ranks first in China , Market share reached 49.75%, GuoXuan high tech to 2.57 GWh The loading volume of the ranks fourth 、 Yiwei lithium energy 、 Funeng technology 、 Xinwangda ranked seventh respectively 、 The eighth 、 The ninth .

Increase income at the same time , None of the five battery companies achieved profit increase . The first quarter of this year , The net profit attributable to the shareholders of the listed company of Ningde times is 14.92 One hundred million yuan , Year-on-year decline in 23.62%; Xinwangda's net profit attributable to the shareholders of the listed company is 9492.32 Ten thousand yuan , Year-on-year decline in 26.13%; The net profit of GuoXuan high tech attributable to the shareholders of the listed company is 3220.37 Ten thousand yuan , Year-on-year decline in 32.79%; The net profit of Yiwei lithium energy attributable to the shareholders of the listed company is 5.21 One hundred million yuan , Year-on-year decline in 19.43%; Funeng technology's net profit attributable to the shareholders of the listed company is a loss 2.44 One hundred million yuan .

The direct reason for the decline in profits is the rising price pressure of raw materials . data display , from 2021 From the beginning of the year to this year 3 month , The average price of cathode ternary lithium material is from 12.4 Ten thousand yuan / Tons up to 36.8 Ten thousand yuan / Tons of , Increase is 196.8%; The average price of lithium iron phosphate material is from 4 Ten thousand yuan / Tons soared to 16.2 Ten thousand yuan / Tons of , Increase is 305%; The average price of electrolyte for ternary lithium batteries has risen 146.2%; The electrolyte of lithium iron phosphate battery increased on average 190.2%.

The price change of each of the above raw materials , Will significantly affect the cost of power batteries . Ma Xiaoli, Deputy Secretary General of China automotive power battery industry innovation alliance, said , According to the industry average , Cathode materials account for the cost of power battery materials 40%, The negative material accounts for 15%-20%, The film accounts for 15%-20%, Electrolyte accounts for 15%, Other materials such as binder account for about 10%.

In the short term, prices rise downward

In order to alleviate the urgent need of high raw material costs , Since the second half of last year, more and more power battery enterprises have announced to raise product prices .

Jiang Li said :“ Indeed, since this year ( raw material ) The increase is really fast 、 Too fierce , Has far exceeded the reasonable price level , Ningde era has to , be a servant Guest We have come to negotiate with each other in a friendly way , Everybody Face the pressure of supply chain together , Dynamically adjust the price .”

Yiwei lithium energy also announced , Price discussions have been held with key customers , A consensus has been reached . Xinwangda also said , According to different customers 、 Project and product structure , The selling price has been adjusted accordingly , The rising range refers to the level of leading companies in the industry . Zhang Feng, vice president of Funeng technology, said at the electric vehicle hundred people's meeting forum , Funeng technology also held the second round of consultation with customers , We hope to share the increase in the price of raw materials with customers .

Why, when the price increase has been announced , The net profit of power battery enterprises in the first quarter still fell significantly ? Manager of International Research Department of China Merchants Bank 、 Bai Yiyang, an auto industry analyst, said , Power battery products have a price adjustment cycle , Like the Ningde era , It should be the second quarter of this year before the real large-scale price increase , Therefore, its cost in the first quarter is still significantly affected by the rise in the price of raw materials .

But the price increase is not a long-term plan for power battery enterprises . This year, 1 month 、3 month , In order to release the cost pressure of materials such as batteries , The whole vehicle factory has launched two rounds of research on electric vehicles respectively “ Rising prices ”, The cumulative increase in the market terminal price of models exceeds 40 paragraph , The highest price rise of a single model exceeds 3 Ten thousand yuan .“ Rising prices ” It will increase the cost of buying cars , Crack down on their enthusiasm to buy cars .

In addition to affecting consumer enthusiasm , The effect of the power battery price increase measure itself is actually limited . In Bai Yiyang's opinion , At present, the expansion of battery plants is more radical , Many car companies have also gradually formed a diversified battery supply system , Therefore, the bargaining power of battery manufacturers has been weakened compared with the past , Therefore, the cost pressure of raw materials is not expected to be fully transmitted to car enterprises , The battery factory will still bear part of .

Rely on the layout for a long time

  The direct reason for the soaring price of raw materials for power batteries , It is the relative shortage of upstream supply . Industry consensus , The relative shortage of supply is related to the outbreak of downstream demand , It is also related to the speculation of some upstream traders and even raw material production enterprises .

Chen Shihua, Deputy Secretary General of China Automobile Industry Association, said ,“ The price of raw materials is higher than that of conventional materials , Deviated from the normal relationship between supply and demand , It belongs to irrational rise , There is speculation to grab the last window period before lithium capacity expansion , store up goods to make a good bargain 、 Acts of unfair competition such as deliberately driving up prices .”

And many power battery enterprises , In order to avoid being attacked by upstream enterprises “ Squeeze ”, Choose to strengthen the layout upstream of the industrial chain , To ensure the supply of raw materials and enhance the voice in the upstream .

2021 year 4 month , Ningde Times announced its stake in Luoyang molybdenum industry in Congo ( gold ) Copper cobalt project .2021 year 9 In June, Ningde Times announced that it had acquired Canadian lithium mining enterprises Millennial Lithium Reach an agreement , The latter has super in Argentina 1 Ten thousand hectares of Salt Lake . This year, 4 month , Yichun times, a holding subsidiary of Ningde times, bought ceramic soil in jianxiawo mining area, zhenkouli, Yifeng County, Jiangxi Province ( Lithium containing ) Prospecting rights .

Not only the Ningde era , Other power battery companies are “ mining ” We are not willing to show weakness .2021 year 7 month , Yiwei lithium energy announced that its controlling shareholder would buy Dahua Chemical 29% equity , The latter holds the mining right of Dachaidan Salt Lake . This year, 3 month , GuoXuan high tech announced that , It is planned to invest in the construction of the production base for the upstream raw materials and battery recycling of power lithium battery in Feidong , Total planned investment 120 One hundred million yuan .

however ,“ dig ” Such as upstream layout can not be effective quickly .“ We have been trying to do some work in the layout of the supply chain , Including the long-term relationship with upstream enterprises ( period ) Association ( discussion )、 Joint venture and cooperation, etc , But on the one hand, because the development and mining of mineral resources takes a certain time , On the other hand, our own power battery shipments are growing very fast , therefore ( at present ) It seems true that we are still affected .” Jiang Li said .

This article is from WeChat official account. “ Economic observer network ”(ID:eeojjgcw), author : Pu Zhenyu ,36 Krypton authorized release .

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