On the evening of February 28, the market value of Beijiao stock exchange, Ge Beirui (835185, BJ), released the annual performance express in 2021. It is expected to realize an operating revenue of about 10.6 billion yuan in 2021, with a year-on-year increase of 138.02%; The net profit attributable to shareholders of listed companies was about 1.42 billion yuan, a year-on-year increase of 187.46%.
The reporter of the daily economic news noted that in 2021, with the boom of the downstream industry of positive and negative materials, beiteri's sales volume increased rapidly, and it was also expanding its production capacity.
"The company accelerated the layout of production capacity, improved the utilization rate of comprehensive production capacity, realized the scale effect, and the sales volume and sales volume of lithium-ion battery materials increased significantly year-on-year." Betty said.
net profit increased significantly
As for the doubling growth of operating revenue and net profit, beiteri said that it was mainly due to the rapid growth of sales of positive and negative materials during the reporting period, and the booming production and sales made the company's current performance increase significantly year-on-yearp align="center" style="text-align:center;"> Image source: screenshot of beiteri announcement
The reporter of "daily economic news" noted that the downstream power battery showed a high outlook thanks to the increased penetration of electric vehicles. The performance of Listed Companies in the field of positive and negative materials has increased significantly, including Ningbo Shanshan Co.Ltd(600884) ( Ningbo Shanshan Co.Ltd(600884) , SH), Hunan Zhongke Electric Co.Ltd(300035) ( Hunan Zhongke Electric Co.Ltd(300035) , SZ), Beijing Easpring Material Technology Co.Ltd(300073) ( Beijing Easpring Material Technology Co.Ltd(300073) , SZ) and Ningbo Ronbay New Energy Technology Co.Ltd(688005) ( Ningbo Ronbay New Energy Technology Co.Ltd(688005) , SH).
From the sales gross profit margin, the gross profit margin of beiteri showed a gradual decline in the first three quarters of 2021. The single quarter gross profit margin of beiteri in the first three quarters of 2021 was 29.48%, 27.14% and 26.02% respectively.
According to beiteri's prospectus, the direct materials and processing fees of its cathode products account for more than 60% of its overall proportion. Among them, the purchased raw materials are mainly flake graphite, spherical graphite and coke raw materials; The processing fee mainly includes the cost of outsourcing processing such as graphitization, crushing and granulation.
According to Gaogong lithium, in the fourth quarter of 2021, Inner Mongolia, where China's graphitization capacity accounted for nearly half, strictly controlled the high-energy consumption industry and limited the production of film phonolite inking to about 40%. The graphitization capacity of negative electrode enterprises such as Shanshan, Zichen and snow was affected to varying degrees. Among them, the overall impact of head negative electrode enterprises was 10% - 20%, and small and medium-sized enterprises had no choice but to close down. The judgment of the industry is that the graphitization production cycle is long, and the impact of power restriction area has not been fully revealed. It is expected that this wave of shortage will continue until the first half of 2022 or even the end of 2022.
capacity expansion
It is worth noting that with the expansion of beiteri's revenue and profit scale, beiteri's capital expenditure also increased significantly in 2021. According to the third quarterly report of beiteri in 2021, the cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets in the first three quarters of 2021 reached about 1.05 billion yuan, while the subject was about 690 million yuan in 2020.
"In order to expand production capacity, the company increased fixed investment, and the balance of projects under construction increased significantly." Betty said.
In recent years, beiteri's capacity expansion has gradually accelerated. In 2019, beiteri's negative material capacity is about 71000 tons and the positive material capacity is about 36000 tons. By 2020, beiteri's negative material capacity has increased to about 104000 tons, and the positive material capacity has increased to about 42000 tons.
With the launch of production capacity, beiteri's sales volume is also rising. In 2020, beiteri sold about 75000 tons of negative materials and 21000 tons of positive materials; In the first half of 2021 alone, beiteri's sales of negative materials have reached about 62000 tons, and the sales of positive materials have reached about 20000 tons.
The reporter of the daily economic news noted that since this year, beiteri has announced its investment plan twice. In January this year, beiteri announced that it plans to plan the integrated base project of lithium battery cathode materials with an annual output of 200000 tons in Xiangyun County, Yunnan Province; In February this year, beiteri plans to invest in the construction of a 40000 ton silicon-based negative electrode material project in Guangming District, Shenzhen, with a total investment of 5 billion yuan.
