On the evening of April 21, Contemporary Amperex Technology Co.Limited(300750) released the annual report of 2021.
In the current period, the company achieved a total operating income of 130.36 billion yuan, a year-on-year increase of 159.06%, and the net profit attributable to shareholders of listed companies was 15.93 billion yuan, a year-on-year increase of 185.34%.
In terms of product sales, the overall growth rate is basically consistent with that of downstream new energy vehicles. In 2021, the company achieved a sales volume of 116.71 GWH of power battery system, with a year-on-year increase of 162.56%.
In terms of specific business, the power battery system continues to maintain the main revenue of the company, and the current revenue of 91.5 billion yuan accounts for 70.19% of the company's total revenue.
However, this proportion is lower than that in 2020, which shows the trend of diversification of the company's overall income structure.
The other two main products, lithium battery materials and energy storage system, have maintained rapid growth in the past year, with an increase of 350.74% and 601.01% respectively compared with the previous year, further increasing their proportion in the company's revenue.
In other words, as the company occupies 50% of the power battery market, the overall growth rate is difficult to exceed the average growth rate of the industry. However, thanks to the explosion of lithium battery materials and energy storage system products, the revenue end of the company continues to increase steadily.
However, the impact of the rise in the price of raw materials on the profit side of the company cannot be avoided.
In terms of the above three main products, in addition to the increase in the gross profit margin of lithium battery materials, the cost increase of the company's power battery system and energy storage system is greater than that of revenue.
Among them, the gross profit margin of the company's power battery system in 2021 was 22%, with a year-on-year decrease of 4.56 percentage points, which was further lower than that of the semi annual report in 2021, with a decrease of 3.5 percentage points at that time.
In contrast, the gross profit margin of energy storage system decreased more significantly.
In the first half of 2021, the gross profit margin of the product was 36.6%. In the whole year of 2021, the gross profit margin of the product decreased to 28.52%, a year-on-year decrease of 7.51 percentage points.
"The main raw materials required by the company's production and operation include cathode materials, cathode materials, diaphragm and electrolyte. The above raw materials are greatly affected by the prices of bulk commodities such as lithium, nickel and cobalt or chemical raw materials... At the same time, the price of raw materials represented by lithium carbonate has increased sharply, putting great pressure on the cost." Contemporary Amperex Technology Co.Limited(300750) points out.
The solutions provided by the company include ensuring the supply of raw materials and controlling procurement costs through measures such as advance procurement. In addition, the company has taken measures such as signing long-term cooperative orders, investment cooperation, recycling and self mining to ensure the safety of the supply chain, and dynamically adjust the prices of some battery products to transmit the pressure of raw material price rise to a certain extent.
In addition, Contemporary Amperex Technology Co.Limited(300750) also pointed out that the company laid out the recycling field in advance and has leading recycling technology, with the recovery rate of nickel, cobalt and manganese reaching more than 99%.
On April 20, the official website of Yichun Natural Resources Bureau showed that Yichun Times New Energy Mining Co., Ltd., a Contemporary Amperex Technology Co.Limited(300750) subsidiary, finally won the exploration right of Jiangxi Yichun porcelain lithium mine for 865 million yuan.
In addition, the company has also established Sichuan Kant new energy resources Co., Ltd. with Sichuan state-owned assets. Its business scope includes beneficiation, mineral washing and processing, metal ore sales, etc.
In addition, he previously took shares in North American lithium, Pilbara and Neo lithium and signed a long-term agreement contract through his subsidiary Tianyi lithium, Contemporary Amperex Technology Co.Limited(300750) is trying to ensure the stability of its supply chain and seek to reduce the cost side.
However, in the short term, in addition to the practical help of the long-term agreement contract of lithium concentrate, the cycle of realizing large-scale production through self mining is relatively long, and the company will still bear the pressure of high priced raw materials in the medium and short term.
