The global market share reached 32.6%, but the cost pressure caused by the rise in raw material prices is still reflected in the gross profit margin.
On the evening of April 21, Contemporary Amperex Technology Co.Limited(300750) released the annual report of 2021. In 2021, Contemporary Amperex Technology Co.Limited(300750) achieved an operating revenue of about 130356 billion yuan, a year-on-year increase of 159.06%; The net profit attributable to shareholders of listed companies was about 15.931 billion yuan, a year-on-year increase of 185.34%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 13.444 billion yuan, a year-on-year increase of 215.2%; The basic earnings per share is 6.876 yuan. As of the closing on April 22, Contemporary Amperex Technology Co.Limited(300750) closed at 415.34 yuan / share, up 1.52%, with a total market value of 968.1 billion yuan.
The increasing penetration rate of new energy vehicles has also driven the increase in the demand for power batteries, and Contemporary Amperex Technology Co.Limited(300750) has also achieved a rapid rise in performance. In 2021, Contemporary Amperex Technology Co.Limited(300750) operating revenue exceeded 100 billion yuan for the first time, and the net profit exceeded the sum of 20182020. Bai Wenxi, chief economist of IPG China, told the shell finance reporter of Beijing news that the higher than expected growth of Contemporary Amperex Technology Co.Limited(300750) performance is related to the strong demand for energy storage and power batteries in the development of new energy industry and Contemporary Amperex Technology Co.Limited(300750) as a leading enterprise has strong industry pricing power.
global market share is 32.6%, and Tesla‘s purchase amount exceeds 13 billion yuan
On January 27 this year, Contemporary Amperex Technology Co.Limited(300750) said in the announcement of performance increase in 2021 that it is expected to realize a net profit of 14 billion yuan to 16.5 billion yuan in 2021, with a year-on-year increase of 150.75% to 195.52%; From the Contemporary Amperex Technology Co.Limited(300750) official annual report, the actual profit in 2021 is close to the upper limit of the forecast. In addition, the average profit forecast of several institutions for Contemporary Amperex Technology Co.Limited(300750) in 2021 was 11.23 billion yuan, and the actual net profit of 15.931 billion yuan meant that the performance of Contemporary Amperex Technology Co.Limited(300750) exceeded the market forecast.
“The higher than expected growth of Contemporary Amperex Technology Co.Limited(300750) performance is related to the strong demand for energy storage and power batteries in the development of new energy industry and Contemporary Amperex Technology Co.Limited(300750) as a leading enterprise has strong industry pricing power,” said Bai Wenxi, chief economist of IPG China
“In the context of the rising prices of upstream products of lithium resources last year, the profit growth of Contemporary Amperex Technology Co.Limited(300750) was higher than expected, which fully reflects its resource integration ability and industry voice as a leading enterprise.” Qi Haizhen, President of Beijing Teyi sunshine new energy, told the shell finance reporter of the Beijing news that “there are three advantages: first, the strategic extension of the industrial chain and the strengthening of the cost reduction ability; second, the improvement of scale efficiency and efficiency efficiency under advanced technology; third, the reasonable transmission and cooperation ability of price cost have been enhanced.”
According to the financial report, Contemporary Amperex Technology Co.Limited(300750) core business is divided into power battery system, lithium battery material and energy storage system; Last year, the operating revenue of power battery system was 91.49 billion yuan, a year-on-year increase of 132.06%, accounting for more than 70% of the total operating revenue; The operating revenue of lithium battery materials and energy storage system increased by more than 3.5 times and 6 times year-on-year to 15.46 billion yuan and 13.62 billion yuan respectively. In addition, last year, Contemporary Amperex Technology Co.Limited(300750) overseas market business also achieved rapid growth, with an operating revenue of 27.87 billion yuan, a year-on-year increase of 2.5 times; The proportion of revenue increased to 221.38% from 15.71% in the same period last year, and the overseas gross profit margin was 30.48%, higher than that in China.
In 2021 Contemporary Amperex Technology Co.Limited(300750) achieved 133.41gwh of lithium-ion battery sales, with a year-on-year increase of 184.82%, including 116.71gwh of power battery system sales, with a year-on-year increase of 162.56%. According to SNE research, the market share of Contemporary Amperex Technology Co.Limited(300750) power battery consumption in 2021 is 32.6%.
At the customer level, Contemporary Amperex Technology Co.Limited(300750) said that it had reached cooperation with most of the major auto companies in the market. Among them, it is worth noting that the reporter found from the Contemporary Amperex Technology Co.Limited(300750) financial report that Tesla became the largest customer of Contemporary Amperex Technology Co.Limited(300750) for the first time in 2021.
The financial report shows that in 2021, the total sales of Contemporary Amperex Technology Co.Limited(300750) top five customers accounted for 31.32%, of which the sales of the first largest customer was 13.04 billion yuan, accounting for 10% of the total annual sales; At the same time, Contemporary Amperex Technology Co.Limited(300750) said that the purchase contract with Tesla last year was 13.04 billion yuan, which means that the largest customer of Contemporary Amperex Technology Co.Limited(300750) is Tesla.
gross profit margin fell, and energy storage became a new growth engine
Although the revenue and net profit increased more than expected, the gross profit margin of Contemporary Amperex Technology Co.Limited(300750) showed a downward trend Contemporary Amperex Technology Co.Limited(300750) 2021 sales gross profit margin was 26.28%, down 1.48 percentage points year on year; It is worth noting that the gross profit margin of Contemporary Amperex Technology Co.Limited(300750) has continued to decline in recent years, with the gross profit margin of 29.06% and 27.76% in 2019 and 2020 respectively.
As the main business of Contemporary Amperex Technology Co.Limited(300750) the power battery system, while maintaining a high growth rate, its revenue proportion and gross profit margin decreased. According to the financial report, the operating revenue of Contemporary Amperex Technology Co.Limited(300750) power battery system business in 2021 was 91.49 billion yuan, a year-on-year increase of 132.06%, but its proportion in Contemporary Amperex Technology Co.Limited(300750) total revenue decreased to 70.19% from 78.35% in 2020.
In addition, in 2021, the gross profit margin of Contemporary Amperex Technology Co.Limited(300750) power battery system was 22%, down 4.56 percentage points year-on-year. Regarding the decline of the gross profit margin of the power battery system, Contemporary Amperex Technology Co.Limited(300750) explained that the purchase price and scale of the company’s raw materials will also fluctuate due to the price changes of relevant materials and market supply and demand; At the same time, the price of raw materials represented by lithium carbonate has risen sharply, putting great pressure on the cost.
Bai Yiyang, research manager of China Merchants Bank International Securities Co., Ltd., told the shell finance reporter of the Beijing News, “the decline in gross profit margin is mainly caused by the rise of raw materials. At the same time, battery factories and downstream car factories have the problem of price adjustment cycle. The market expects Contemporary Amperex Technology Co.Limited(300750) to face the same problem in the first quarter of this year.”
As the second curve business of Contemporary Amperex Technology Co.Limited(300750) profit, the gross profit margin of energy storage system also declined, with a year-on-year decline of 7.51 percentage points to 28.52% in 2021. In 2021, the operating revenue of Contemporary Amperex Technology Co.Limited(300750) energy storage system business reached 13.62 billion yuan, a year-on-year increase of 601%. Therefore, the proportion of revenue increased significantly from 3.86% to 10.45%.
According to the data of ICC Xinlun information, Contemporary Amperex Technology Co.Limited(300750) global energy storage battery output accounted for the first in 2021.
Bai Yiyang said that ” Contemporary Amperex Technology Co.Limited(300750) energy storage shipments are growing rapidly, mainly due to the increase in energy storage demand driven by China’s dual carbon background, which is expected to maintain high-speed growth.” Bai Wenxi also has the same view, “as an important means to solve the instability of new energy, energy storage will have better development prospects with the implementation of the dual carbon strategy and the rapid increase of the proportion and scale of new energy.”
Soochow Securities Co.Ltd(601555) analysis shows that the demand for energy storage begins to burst, and it is expected that the energy storage of Contemporary Amperex Technology Co.Limited(300750) 2022 is expected to reach 50gwh Cinda securities analyzed that with the growth of energy storage business, it is expected to improve Contemporary Amperex Technology Co.Limited(300750) overall profitability.
In addition, there are two controversial aspects in Contemporary Amperex Technology Co.Limited(300750) financial report. One is no dividend. In this regard, Contemporary Amperex Technology Co.Limited(300750) responded that it was out of consideration of major investment and other factors. On the other hand, it is said that Hillhouse withdrew from the top ten shareholders; The third quarter of 2021 showed that the eighth largest shareholder was Hillhouse Capital Management Co., Ltd. – China Value Fund, holding a total of 42.6 million shares, while the annual report of 2021 showed that the eighth largest shareholder was changed to hhlr Management Co., Ltd. – China Value Fund, also holding 42.6 million shares; In response to this, Contemporary Amperex Technology Co.Limited(300750) responded that the rumors about the withdrawal of hilling capital from the top ten shareholders were caused by the renaming of shareholders.
capital expenditure increased by nearly 1.5 times, and the stock price suffered a “Waterloo” this year
Contemporary Amperex Technology Co.Limited(300750) financial report shows that in 2021 Contemporary Amperex Technology Co.Limited(300750) “cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets” was about 43.768 billion yuan, a year-on-year increase of 229%; The fixed assets at the end of the period were 41.3 billion yuan, a year-on-year increase of 110.7%. The balance of projects under construction in 2021 was 22.27 billion yuan, a year-on-year increase of 1072%, mainly due to the increase of investment in new production capacity. From the perspective of Listed Companies in the lithium battery industry that have issued annual reports, the amount and growth rate of capital expenditure of Contemporary Amperex Technology Co.Limited(300750) .
In 2021, the annual capacity of Contemporary Amperex Technology Co.Limited(300750) battery will increase from 69.10gwh in 2020 to 170.39gwh, an increase of about 1.47 times. The capacity utilization rate reaches 95%, and there is another 140gwh capacity under construction. Last year, Contemporary Amperex Technology Co.Limited(300750) plans to build six battery factories, including Sichuan Yibin phase V and VI projects, Guangdong Zhaoqing phase I project, Shanghai Lingang Holdings Co.Ltd(600848) project, Jiangxi Yichun project, Fujian Xiamen project and Guizhou Guiyang project, with a total investment of about 52.5 billion yuan.
In addition, Contemporary Amperex Technology Co.Limited(300750) previously said that corresponding to 30% market share, in order to achieve 455gwh sales in 2025, the capacity layout should reach about 520gwh before 2025
On the same day of releasing the financial report, Contemporary Amperex Technology Co.Limited(300750) revealed that it planned 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 the production line of power battery system and energy storage system.
However, it is worth noting that on the day of the release of the annual report, Contemporary Amperex Technology Co.Limited(300750) ‘s share price once fell to 398.9 yuan, a new low since June 2021, down 42.36% from the high of 692 yuan in December last year; As of the close of the day, the share price rose by 0.52% and still fell by trillion.
Bai Yiyang said, “there are several reasons for the recent decline in share prices. One is that the overall market sentiment is very poor and is not very friendly to Contemporary Amperex Technology Co.Limited(300750) such growth stocks; the second is the supply disturbance caused by the epidemic, and the market is worried that the production fluctuation of vehicle manufacturers will be transmitted to battery manufacturers; the third is the price rise of raw materials, which may bring short-term performance fluctuation due to the price adjustment cycle.”
Bai Wenxi added that the decline of Contemporary Amperex Technology Co.Limited(300750) share price is related to the general decline of the whole market caused by the expected decline and changes in international relations. Qi Haiyu said, “capital investment should not only care about short-term returns, but also pay attention to long-term returns. The short-sighted behavior or emotion of some speculative capital to vent stock prices to stimulate investors is particularly obvious in the near future. However, the large cycle of the development of the new energy industry has just started, so it is necessary to cultivate the mentality and concept of long-term value investment.”
“The periodic decline of stocks in the secondary market is also the influence of various comprehensive factors, which also gives real value investors the opportunity to enter the market,” Qi Haiyu said. “Short-term sharp shocks must return to the stage of rational investment.”
