According to the data, as of April 1, 42 of the 79 lithium battery concept stocks have released the 2021 performance report, 32 have released the performance express and performance forecast, and another 5 companies have not released the performance related data.
Among the companies that have issued annual reports, the net profit attributable to parent companies of Nuode Investment Co.Ltd(600110) and Guangdong Tonze Electric Co.Ltd(002759) have increased by more than 70 times, and the net profit attributable to parent companies of Chengxin Lithium Group Co.Ltd(002240) , Shenzhen Dynanonic Co.Ltd(300769) and Do-Fluoride New Materials Co.Ltd(002407) have also increased by more than 24 times. The performance is satisfactory. In terms of performance scale, 13 enterprises have a revenue of more than 10 billion yuan.
industry upstream performance “huge increase”
Among the listed companies that have released performance, the net profits of many upstream enterprises in the lithium battery industry chain have increased significantly.
In 2021 Nuode Investment Co.Ltd(600110) realized a net profit attributable to the parent company of 404 million yuan, with a year-on-year increase of 740993% Nuode Investment Co.Ltd(600110) said that the main reasons for the significant increase in performance include that in 2021, the company actively grasped the market development opportunities of the new energy industry, strengthened the development of the copper foil market, continuously improved the operation quality and efficiency, and increased the profitability of the company; At the same time, the order demand for new energy power batteries of downstream enterprises increased significantly year-on-year, and the demand for lithium battery copper foil increased accordingly. Guangdong Jiayuan Technology Co.Ltd(688388) , located at the same lithium copper foil track, had a revenue of 2.804 billion yuan in 2021 and a net profit attributable to the parent company of 550 million yuan, with a growth rate of more than 100%.
Do-Fluoride New Materials Co.Ltd(002407) 2021 net profit attributable to the parent company reached 1.260 billion yuan, an increase of 249080%. The company said that the performance growth was mainly due to the strong market demand for new material products mainly lithium hexafluorophosphate, the gradual release of new production capacity of relevant products, and the capacity utilization rate reached a high level.
The ultra-high increase in net profit also reflects the high prospect of lithium battery copper foil market and new material product market dominated by lithium hexafluorophosphate. “Due to the hot new energy market, major manufacturers have arranged one after another to drive the demand of lithium battery copper foil market. Most lithium battery copper foil enterprises in China are full of production and sales, and the product supply is in short supply. In the future, with the continuous development of new energy market, the demand of lithium battery copper foil in China will also maintain a rapid development trend.” Shao Jian, electrolyte analyst of Shanghai Ganglian E-Commerce Holdings Co.Ltd(300226) new energy division, said in an interview with Securities Daily.
According to the research of Longzhong information, China’s lithium hexafluorophosphate has started the rising cycle from September 2020. Since 2021, the market price has soared from 110000 yuan / ton at the beginning of the year to 565000 yuan / ton at the end of the year, an increase of more than four times.
“Leading enterprises maintain full load operation, the spot market continues to be in short supply, and enterprises focus on the orders of old customers in the early stage.” Shao Jian told the Securities Daily. Since March 2022, the market has weakened, and the price of lithium hexafluorophosphate has decreased continuously. As of press time, the mainstream price of lithium hexafluorophosphate in the market is 440 Sichuan Jinlu Group Co.Ltd(000510) 000 yuan / ton, with a decrease of 19.49% during the year. However, the future development prospect of lithium hexafluorophosphate is optimistic. “In the first half of 2022, the existing capacity and output of lithium hexafluorophosphate are insufficient. In the first quarter, due to the recent multi-dimensional effects such as positive and negative poles, the terminal demand is restrained, resulting in a downward price. It is expected that it will recover in the second quarter, and the planned capacity will enter an explosive growth stage in the future.” Shao Jian told the reporter of Securities Daily.
So, are these upstream companies the most profitable ones in the lithium battery industry chain? Zhang Xiang, President of the New Energy Vehicle Technology Research Institute of Jiangxi new energy technology vocational college, told the Securities Daily that generally speaking, in an industrial chain, it is not limited to the lithium battery industry chain. On the premise of mature and stable development of the industry itself, the integrated company should have the highest profit. However, at present, the development of new energy industry is still in the initial stage, and the technical route often changes. In this case, which link has the most severe price rise and which link has the highest profit. In the final analysis, it is because the industry is currently in a rapidly changing stage.
industry downstream enterprises under pressure
The upstream of the industrial chain continues to raise prices, and the downstream faces great pressure. Among them, the net profit of battery manufacturers is affected to a certain extent.
Specifically, there is a certain gap between the net profit growth of battery manufacturers and the upstream. The pre increase limit of the growth rate of industry leaders does not exceed 200%, and the net profit growth of other companies is not very large. For example, Hengdian Group Dmegc Magnetics Co.Ltd(002056) 2021 achieved a revenue of 12.607 billion yuan, an increase of 55.54% over the same period last year; The net profit attributable to shareholders of listed companies was 1.12 billion yuan, an increase of 10.54% over the same period last year.
According to the annual report data, it can be found that the revenue growth rate of some battery manufacturers is higher than the net profit growth rate. “The sales volume of new energy vehicles doubled in 2021, so the performance growth of lithium battery industry is also relatively beautiful.” Yang Delong, the managing director of Qianhai open source fund, told the Securities Daily, “the revenue growth rate is greater than the net profit growth rate, which shows that many of these enterprises are expanding. At the same time, the cost is affected by the price rise of upstream lithium and nickel, resulting in the net profit growth of the company not as fast as the revenue growth rate. However, the prosperity of this industry is still very high.”
The rising price of lithium battery raw materials is the direct pressure faced by battery manufacturers. The price of some lithium batteries has increased by more than 200% in 2021. “This will make battery manufacturers face a pattern of ‘strong and constant strength’.” “Because large battery manufacturers use a large amount of materials and have high bargaining power, their profitability will be relatively good and it will be easier to obtain capital assistance,” Moke, chief analyst of real lithium research, told the Securities Daily For example, Contemporary Amperex Technology Co.Limited(300750) , the net profit attributable to shareholders of listed companies is expected to reach 14 billion yuan to 16.5 billion yuan in 2021, with a year-on-year increase of 150.75% to 195.52%.
