Contemporary Amperex Technology Co.Limited(300750) this week, the share price once fell below the 400 yuan mark 23456 and the total market value fell below the trillion mark, with a weekly decline of about 7%. Since December last year, the cumulative maximum decline of has exceeded 40% .
Data show that Contemporary Amperex Technology Co.Limited(300750) received net foreign investment purchases for four consecutive days, and total net purchases reached 2.018 billion yuan . In the last two trading days, under the background of substantial net purchases of RMB 7.676 billion by northbound funds, Contemporary Amperex Technology Co.Limited(300750) ranked first with 632 million and 642 million respectively for the second consecutive day 23456 .
On April 21, Contemporary Amperex Technology Co.Limited(300750) released its annual report for 2021, realizing an 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%. According to the calculation, the company’s Q4 net profit in 2021 was 8.18 billion yuan, an increase of 150% month on month, creating a record high in single quarter performance .
At present, Contemporary Amperex Technology Co.Limited(300750) ‘s revenue segment is mainly composed of power battery system, lithium battery materials and energy storage system. For the significant growth of performance last year, the announcement shows that the revenue of power battery business, which accounts for the largest proportion, increased by 132% year-on-year year-on-year ; Lithium battery materials and energy storage business had the highest year-on-year growth rate, reaching 351% and 601% respectively .
However, under the influence of soaring prices of lithium, nickel and other raw materials, the profitability of the company’s power battery and energy storage business has been eroded gross profit margin decreased by 4.56 percentage points and 7.51 percentage points respectively year-on-year .
At present, although the price of raw materials such as lithium carbonate tends to be stable as a whole, the price remains high because the inventory remains low. According to the data of Shanxi Securities Co.Ltd(002500) Research Report, as of April 15, the price of lithium carbonate was 495000 yuan / ton, and the price of lithium iron phosphate cathode was 166000 yuan / ton.
Shanxi Securities Co.Ltd(002500) Xiao Suo and others pointed out in the Research Report on April 22 that in the near future, it is expected that the tight supply of lithium resources in the upstream will not alleviate and the increase of raw material cost will compress the profits of middle and downstream enterprises . Superimposed with the adverse effects of the epidemic on the industrial chain, it is expected that the overall lithium battery market will maintain a bottom shock .
It is worth noting that recently, there are rumors in the market that the net profit of Contemporary Amperex Technology Co.Limited(300750) in the first quarter of this year may be significantly lower than that of previously expected by the market .
In this regard, some market analysts said that if the news is true, it may be lower than expected for only one reason, the favorable price of lithium carbonate price rise is not timely . The unit price of lithium carbonate in March is estimated to be 100000 yuan higher than that from January to February. According to the calculation that the output of Contemporary Amperex Technology Co.Limited(300750) single month is about 25 GWH, the corresponding cost of increases by 800-1 billion yuan .
In addition, in the current price game with Tesla and other auto companies, if there is a large area of price transmission delay, it may also lead to pressure on the performance of the first quarter.
However, Huaan Securities Co.Ltd(600909) Chen Xiao mentioned in the Research Report on April 22 that for the relatively scarce upstream lithium resources, Contemporary Amperex Technology Co.Limited(300750) ensures the supply of lithium resources through investment, long-term cooperation, self mining and recycling. At the end of 2021, the inventory was 43 billion yuan. The higher product inventory and raw material inventory can effectively hedge the rise of Q1 raw materials in 22 years .
On April 20, Contemporary Amperex Technology Co.Limited(300750) subsidiary Yichun times won Yichun’s largest lithium mine with 865 million yuan, with an estimated lithium carbonate equivalent of about 6.6 million tons. At present, Ningde has arranged many upstream lithium and nickel resources .
Soochow Securities Co.Ltd(601555) Zeng duohong and others also said in the Research Report on April 22 that the company is expected to have sufficient inventory and lithium battery materials, mainly due to the strong demand of the industry, and the company prepares goods in advance. In 2021, the company’s battery system inventory was 40.19gwh, with a year-on-year increase of 183%. it is expected to issue 13gwh + of goods and 26gwh + of goods in stock, laying the foundation for the high growth of Q1 in 2022 .
Up to now, Contemporary Amperex Technology Co.Limited(300750) has not disclosed the performance of the first quarter of this year. According to the analysts’ prediction and valuation of the whole year’s profit in 2022, considering the impact of epidemic factors, the net profit attributable to the parent company of xiaxiu company in 2022 will reach 28.6 billion yuan (the original prediction was 30.2 billion yuan), the year-on-year growth rate of decreased significantly from 98% of the original prediction to 49.99% , and the year-on-year growth rate of net profit in 2023 is only 39.33%.
( Soochow Securities Co.Ltd(601555) Zeng duohong et al. Reported the profit forecast and valuation on April 22)
( Soochow Securities Co.Ltd(601555) Zeng duohong et al. Reported the profit forecast and valuation on February 14)
