Recently, Contemporary Amperex Technology Co.Limited(300750) disclosed the annual report of the world's largest power battery company. In 2021, the company achieved a net profit of 15.931 billion yuan, a year-on-year increase of 185.34%, exceeding market expectations.
it is noteworthy that the annual report data show that Tesla, the global electric vehicle giant, has become the largest customer of Contemporary Amperex Technology Co.Limited(300750) for the first time. In 2021, the sales volume of Contemporary Amperex Technology Co.Limited(300750) to Tesla was 13 billion yuan, accounting for 10% of the company's total annual sales
Today, it is rumored that Hillhouse capital has withdrawn from Contemporary Amperex Technology Co.Limited(300750) top ten shareholders. In this regard, the person in charge of Contemporary Amperex Technology Co.Limited(300750) said that it was caused by the renaming of shareholders.
Contemporary Amperex Technology Co.Limited(300750) 2021 third quarterly report shows that the eighth largest shareholder of the company is Hillhouse Capital Management Co., Ltd. - China Value Fund, with 42.6 million shares. The 2021 annual report shows that the eighth largest shareholder of the company has been changed to hhlr Management Co., Ltd. - China Value Fund, which also holds 42.6 million shares. It is understood that hhlr Management Co., Ltd. was renamed from Hillhouse Capital Management Co., Ltd.
In the secondary market, Contemporary Amperex Technology Co.Limited(300750) share price has retreated nearly 40% since its high in December last year, and fell below trillion market value on April 20. On April 22, boosted by the financial report data, Contemporary Amperex Technology Co.Limited(300750) rose by 1.52%, with the latest market value of 968.1 billion yuan.
Citic Securities Company Limited(600030) comment Contemporary Amperex Technology Co.Limited(300750) financial report said that the company's power battery business is in a period of rapid growth, and the energy storage business will gradually enter the growth period from the introduction period. With high growth certainty and medium and long-term investment value, the company will be given about 45 times PE in 2023, corresponding to the target market value of 1755 billion yuan in 2023 and maintain the target price of 754 yuan / share.
"ningwang" annual report was released, making a huge profit of 15.9 billion last year
On April 21, Contemporary Amperex Technology Co.Limited(300750) disclosed an unexpected annual report. In 2021, the company achieved a total operating revenue of 130356 billion yuan, a year-on-year increase of 159.06%; The net profit was 15.931 billion yuan, a year-on-year increase of 185.34%.
Contemporary Amperex Technology Co.Limited(300750) 2021 net cash flow from operating activities was 42.9 billion yuan, a significant 133% year-on-year, and only 18.43 billion yuan in the same period last year.
During the reporting period, the company achieved sales of 133.41gwh of lithium-ion batteries, with a year-on-year increase of 184.82%. Among them, the sales volume of power battery system was 116.71 GWH, with a year-on-year increase of 162.56%.
In the fourth quarter of 2021, Contemporary Amperex Technology Co.Limited(300750) revenue was 56.994 billion yuan, an increase of 203.21% year on year and 94.61% month on month; The net profit attributable to the parent company was 8.180 billion yuan, a year-on-year increase of 267.41% and a month on month increase of 150.36%.
Contemporary Amperex Technology Co.Limited(300750) 's leading position in global power battery is stable. According to sneresearch statistics, the usage of Contemporary Amperex Technology Co.Limited(300750) power batteries ranked first in the world for five consecutive years from 2017 to 2021, and the market share of Contemporary Amperex Technology Co.Limited(300750) power batteries in 2021 was 32.6%. In 2021, the usage of the world's top ten power battery enterprises accounted for 91.2%, of which the top three were Contemporary Amperex Technology Co.Limited(300750) , LG Chemical and Panasonic. According to the data of ICC Xinlun information, Contemporary Amperex Technology Co.Limited(300750) global energy storage battery production accounted for the first in the market in 2021.
Affected by the price rise of raw materials and other factors, the gross profit margin of Contemporary Amperex Technology Co.Limited(300750) 2021 declined. Specifically, the company's gross profit margin in 2021 was 26.28%, down 1.48 percentage points from 2020. Among them, the gross profit margin of energy storage system decreased by 7.51 percentage points to 28.52%, that of power battery system business decreased by 4.56 percentage points to 22%, and that of lithium battery materials business increased by 4.66 percentage points to 25.12%.
Quarterly, the gross profit margin of the company in the first quarter, the second quarter, the third quarter and the fourth quarter of 2021 were 27.28%, 27.24%, 27.90% and 24.70% respectively. Some securities companies said that with the battery price increase in the first quarter of 2022 to transfer the cost pressure, the company's gross profit margin is expected to usher in an inflection point in the second quarter.
three major businesses go hand in hand, and the energy storage business breaks out
Contemporary Amperex Technology Co.Limited(300750) has three main businesses: power battery system, energy storage system and lithium battery materials.
The sales of power battery system is still the main source of revenue for Contemporary Amperex Technology Co.Limited(300750) . In 2021, the business contributed 70.19% of the company's revenue. According to the data, the sales revenue of Contemporary Amperex Technology Co.Limited(300750) power battery system in 2021 was 91.49 billion yuan, a year-on-year increase of 132.06%. During the reporting period, Contemporary Amperex Technology Co.Limited(300750) deepened the long-term strategic cooperation with Tesla, Hyundai, Ford, Daimler, Great Wall Motor Company Limited(601633) , ideal, velai and other global customers. The supply framework agreement signed with Tesla in June 2021 agreed that the company would supply products to Tesla from 2022 to 2025.
Lithium battery materials are the second largest business of Contemporary Amperex Technology Co.Limited(300750) . In 2021, the company achieved a sales revenue of 15.454 billion yuan of lithium battery materials, with a year-on-year increase of 350.74%. Driven by the demand for downstream new energy vehicles, customers have a strong demand for battery materials. The sales volume of lithium battery materials of the company increases accordingly. At the same time, the prices of main metal markets rise. The price of the company's products fluctuates with the metal market prices, driving the growth of revenue. In addition, Contemporary Amperex Technology Co.Limited(300750) Indonesia ferronickel production project was put into operation, adding lithium battery material capacity.
Energy storage system is the third largest business of Contemporary Amperex Technology Co.Limited(300750) and the business with the fastest growth rate. In 2021, the company realized the sales revenue of energy storage system of 13.624 billion yuan, a year-on-year increase of 601%. The company's main energy storage application field is the pre meter market, including power generation side and transmission and distribution side. During the reporting period, Contemporary Amperex Technology Co.Limited(300750) signed strategic cooperation agreements with national energy group, China Energy Engineering Corporation Limited(601868) , China Huadian, Three Gorges group, Sungrow Power Supply Co.Ltd(300274) , Atlas, Eaton and other enterprises.
Tesla became the largest customer of Contemporary Amperex Technology Co.Limited(300750) for the first time
It is worth mentioning that according to the data disclosed by Contemporary Amperex Technology Co.Limited(300750) in the annual report, Tesla, the global electric vehicle giant, has become the largest customer of Contemporary Amperex Technology Co.Limited(300750) for the first time.
in the financial report, Contemporary Amperex Technology Co.Limited(300750) disclosed that the total sales amount of the company's top five customers was 40.8 billion yuan, accounting for 31.32% of the total annual sales. Among them, the sales volume of the largest customer was 13.039 billion yuan, accounting for 10% of the total annual sales
Subsequently, Contemporary Amperex Technology Co.Limited(300750) also disclosed the performance of major sales contracts signed by the company, specifically referring to Tesla. According to the data, in 2021, Contemporary Amperex Technology Co.Limited(300750) and Tesla fulfilled the purchase contract with an amount of 13.039 billion yuan, which is the same as the sales of Contemporary Amperex Technology Co.Limited(300750) to the largest customer, which means that Tesla is the largest customer of Contemporary Amperex Technology Co.Limited(300750) .
It is understood that Contemporary Amperex Technology Co.Limited(300750) signed an agreement with Tesla in February 2020 to supply lithium-ion power battery products to Tesla from July 2020 to June 2022. In June 2021, the cooperation between the two sides will be further upgraded, and Contemporary Amperex Technology Co.Limited(300750) will continue to supply Tesla from January 2022 to December 2025.
Coincidentally, on April 21, 2022 Beijing time, Tesla also disclosed a strong financial report, which significantly exceeded the expectations of institutions. On the same day, Tesla disclosed the first quarter financial report of 2022, which showed that from January to March this year, Tesla's total revenue was US $18.8 billion, a year-on-year increase of 81%; The net profit attributable to ordinary shareholders was US $3.318 billion, a year-on-year increase of 658%.
In the first quarter, Tesla automobile business revenue was US $16.861 billion, a year-on-year increase of 87%. The gross profit margin of automobile business reached 32.9%, a record high.
Tesla said the company's revenue growth was due in part to an increase in the number of cars delivered and an increase in average selling prices. According to public data, Tesla delivered about 310000 new cars in the first quarter of this year, a year-on-year increase of 68%.
On the earnings conference call, Tesla CEO musk said: "we have a very long list of cars, and the list of some models has even reached next year." This year, we are confident that the delivery volume will increase by at least 50% on the basis of 2021.
After the disclosure of the financial report, Tesla's share price soared by more than 11% on April 21. As of the closing, it rose 3.23% to $100878 per share, with the latest market value of $1.04 trillion.
Institution: maintain Contemporary Amperex Technology Co.Limited(300750) buy rating
In the secondary market, Contemporary Amperex Technology Co.Limited(300750) share price has recovered nearly 40% since the high of 692 yuan / share in December last year, and fell below trillion market value on April 20.
On April 22, boosted by the financial report data, Contemporary Amperex Technology Co.Limited(300750) share price rose by 1.52%, and the latest share price was 415.34 yuan / share, with a market value of 968.1 billion yuan.
after the disclosure of Contemporary Amperex Technology Co.Limited(300750) 's annual report, several securities companies released the latest research reports to maintain the company's buy rating
Citic Securities Company Limited(600030) said that considering the relatively certain trend of global vehicle electrification, the continuous shortage of high-end power batteries, the imminent outbreak of the global energy storage market and the huge market space brought by energy reform, the company, as a leader of energy reform, is expected to fully enjoy the development opportunities of the industry. The company's power battery business is in a high-speed growth period, and the energy storage business will gradually enter the growth period from the introduction period, with high growth certainty and medium and long-term investment value. Considering that the compound growth rate of the company's net profit in the next three years is expected to reach about 50%, the company will be given about 45 times PE in 2023, corresponding to the target market value of 1755 billion yuan in 2023, maintain the target price of 754 yuan / share, continue to recommend and maintain the "buy" rating.
Sinolink Securities Co.Ltd(600109) pointed out that the performance of Contemporary Amperex Technology Co.Limited(300750) 2021 exceeded expectations. Rising raw material prices put pressure on the company's gross profit margin in the fourth quarter. With the battery price increase in the first quarter of 2022 to transfer the cost pressure, 2q22's gross profit margin is expected to usher in an inflection point. It is estimated that the net profit of the company will be 30.6 billion yuan, 41.8 billion yuan and 52.8 billion yuan in 2022, 2023 and 2024. With reference to comparable companies, Contemporary Amperex Technology Co.Limited(300750) 2022 is given 50 times PE, with a target market value of 150 billion yuan and a corresponding target price of 620 yuan / share, maintaining the "buy" rating.
Soochow Securities Co.Ltd(601555) it is estimated that the energy storage shipment of Contemporary Amperex Technology Co.Limited(300750) 2022 is expected to reach 50gwh, with a year-on-year increase of nearly 200%. Considering the impact of epidemic factors, the net profit attributable to the parent company of xiaxiu company from 2022 to 2024 reached 28.6 billion yuan (originally predicted 30.2 billion yuan), 430 yuan (originally predicted 46.3 billion yuan) and 59.9 billion yuan, with a year-on-year increase of 80%, 50% and 39%, giving 55 times PE in 2022, corresponding to the target price of 676 yuan, and maintaining the "buy" rating.
