On April 21, Contemporary Amperex Technology Co.Limited(300750) released its annual report. In 2021, the company’s total revenue was 130356 billion yuan, an increase of 159.06% year-on-year; The net profit attributable to shareholders of listed companies was 15.931 billion yuan, a year-on-year increase of 185.34%.
The average profit forecast of Contemporary Amperex Technology Co.Limited(300750) 2021 by many institutions was 11.23 billion yuan, with a year-on-year growth rate of 101.14%. This means that the performance of Contemporary Amperex Technology Co.Limited(300750) is better than the market expectation, but the stock price is not satisfactory in the near future. Data show that as of the closing on April 21, Contemporary Amperex Technology Co.Limited(300750) reported 409.11 yuan / share. Since this year, the share price has fallen by more than 30%, and the market value has fallen below trillion to 953.6 billion yuan.
On the same day, Contemporary Amperex Technology Co.Limited(300750) also announced that it would not pay dividends to expand investment and planned to invest no more than 13 billion yuan to build a new energy battery industry base. The investment amount of the project accounts for 80% of the company’s profit in 2021.
cost pressure downward conduction
The sales of power battery system is the main revenue source of Contemporary Amperex Technology Co.Limited(300750) and contributes 70.19% of the revenue. In 2021, the sales revenue of power battery system reached 91.491 billion yuan, a year-on-year increase of 132.06%; The gross profit margin was 22%, a decrease of 4.56 percentage points over the same period last year.
The sales performance of energy storage system is outstanding, contributing 10.45% of the revenue. The sales revenue in 2021 is 13.624 billion yuan, with a year-on-year increase of 601.01%; The gross profit margin was 28.52%, a decrease of 7.51 percentage points over the same period last year, but still higher than the gross profit margin of power battery, becoming a new engine for Contemporary Amperex Technology Co.Limited(300750) performance growth.
Insiders pointed out that since 2021, the soaring price of raw materials represented by lithium ore has put pressure on the profits of the whole power battery industry, Contemporary Amperex Technology Co.Limited(300750) still maintains a high gross profit of more than 20%, reflecting its strong bargaining power as an industry leader.
The pressure of rising battery costs also transmitted downward in the second quarter of this year. Li Xiang, CEO of ideal automobile, recently issued a document saying that the increase in battery costs in the second quarter was very outrageous. At present, the brands that have contracted with battery manufacturers to determine the price increase range of batteries in the second quarter have basically announced the price increase immediately. Most of the brands that have not yet increased their prices have not been negotiated, and they will generally increase their prices after negotiation.
Citic Securities Company Limited(600030) it is estimated that the global demand for power batteries of new energy vehicles is expected to reach 1380gwh in 2025, with high growth certainty, large space and fast growth. In the field of energy storage, the global demand for energy storage batteries will be about 55gwh in 2021, and it is expected that the global demand for energy storage batteries will be about 500gwh by 2025, and the industry will enter an explosive period.
energy storage and power battery market share first in the world
Contemporary Amperex Technology Co.Limited(300750) 2021 ranks first in the market share of power batteries and energy storage in the world. According to the data, in 2021, Contemporary Amperex Technology Co.Limited(300750) lithium ion battery sales reached 133.41gwh, with a year-on-year increase of 184.82%.
The power battery industry is highly competitive. SNE data shows that in 2021, Contemporary Amperex Technology Co.Limited(300750) global installed capacity reached 96.7gwh, accounting for 33% of the market share; LG’s installed capacity of new energy is 65.1gwh, with a market share of 22%, followed by it; Panasonic’s installed capacity is 36.1gwh, with a market share of 12%; The installed capacity of Samsung SDI is 13.2gwh, accounting for 4% of the market.
The performance of overseas competitors in 2021 is good, but there is still a gap compared with Contemporary Amperex Technology Co.Limited(300750) yet. Data show that in 2021, LG new energy’s operating profit was 5.5 billion yuan, turning losses into profits; Samsung SDI’s operating profit was 6.5 billion yuan, a year-on-year increase of 59%; Panasonic’s operating profit was 1.1 billion yuan, a year-on-year increase of 275.8%.
Soochow Securities Co.Ltd(601555) said that in 2022, the new energy vehicle industry continued its high momentum, and Chinese battery enterprises were rising. In 2022, the overall performance was more flexible, and the leading performance maintained a high growth expectation of 80% – 100%.
no dividend to expand investment
According to the data, as of December 31, 2021, Contemporary Amperex Technology Co.Limited(300750) consolidated financial statements have accumulated distributable profits of 34.095 billion yuan and the parent company has accumulated distributable profits of 23.902 billion yuan.
Contemporary Amperex Technology Co.Limited(300750) said that in view of the company’s major investment plans and major cash disbursements in the next 12 months, and the company’s issuance of shares to specific objects is currently in the process of implementation. The board of directors of the company proposed that in 2021, no cash dividend, no bonus shares, no conversion of provident fund into share capital, and the remaining undistributed profits should be carried forward to future years.
A lot of money is being held. The annual report shows that the annual capacity of Contemporary Amperex Technology Co.Limited(300750) battery has increased from 69.10gwh in 2020 to 170.39gwh in 2021, with a capacity utilization rate of 95%, and 140gwh of capacity under construction. According to the market demand, the company has arranged production bases in Zhaoqing, Guangdong, Yichun, Jiangxi, Guiyang, Guizhou and other places.
Contemporary Amperex Technology Co.Limited(300750) 4 announced on the evening of 21 that it plans to invest in the construction of Xiamen times new energy battery industry base project in Xiamen, Fujian Province, with a total investment of no more than 13 billion yuan. The construction content is power battery system and energy storage system production line.
At the same time, Contemporary Amperex Technology Co.Limited(300750) also stepped up the layout of the whole industrial chain to ensure the supply of raw materials. On April 20, Contemporary Amperex Technology Co.Limited(300750) holding subsidiary Yichun Shidai New Energy Mining Co., Ltd. won the exploration right of ceramic soil (including lithium) in zhenkouli Fengxin jianxiawo mining area, Yifeng County, Jiangxi Province with an offer of 865 million yuan. On April 15, puqin times, a subsidiary of Contemporary Amperex Technology Co.Limited(300750) holding company, planned to jointly invest and build a power battery industry chain project with its partners antam and IBI in Indonesia, which is rich in nickel resources, with a total investment amount of no more than US $5.968 billion.
