Two days later, the first quarter performance veil of “ningwang” was finally lifted.
On April 29, Contemporary Amperex Technology Co.Limited(300750) disclosed that the first quarterly report showed that during the reporting period, the company achieved an operating revenue of 48.678 billion yuan, a year-on-year increase of 153.97%; However, the net profit in the first quarter fell by more than 20% to 1.493 billion yuan. The decline in performance is mainly due to the sharp rise in the price of raw materials such as lithium carbonate. In the first quarterly report, Contemporary Amperex Technology Co.Limited(300750) said that the operating cost increased with the growth of sales, and the rapid rise in the price of some upstream materials caused the increase of costs, Contemporary Amperex Technology Co.Limited(300750) operating cost increased by 198.66% compared with the same period last year.
Under the background of rising prices of raw materials such as lithium carbonate, the performance of listed companies with lithium mineral resources soared in the first quarter Ganfeng Lithium Co.Ltd(002460) in the first quarter, the operating revenue was 5.365 billion yuan, a year-on-year increase of 233.91%; The net profit attributable to the parent company was 3.525 billion yuan, a year-on-year increase of 640.41%.
On the 29th, Jiang Li, the Board Secretary of Contemporary Amperex Technology Co.Limited(300750) said that since 2021, the price of upstream raw materials has risen, and battery manufacturers are facing the challenges of supply shortage and price rise. Contemporary Amperex Technology Co.Limited(300750) in order to maintain the healthy development of the industry, it is very cautious in terms of price and has maintained a good relationship with customers. However, this year’s price rise is too fast and too fierce, so we have to negotiate with major customers to jointly deal with the pressure of the supply chain. Now the negotiation effect is good. At present, the upstream price increase has slowed down, and the demand is still very strong, so we are still optimistic about the development prospects of the industry and the company.
In terms of ensuring supply, the company cooperates with upstream manufacturers in the form of long-term association and joint venture. However, on the one hand, the mining and development of mineral resources takes a certain time, on the other hand, the shipment of power batteries of the company increases very fast, so it is still affected to a certain extent. The company has also recently arranged the exploitation of resources with partners in Jiangxi and other places. With the release of production capacity, the decline of price should be a trend. It is expected that the relationship between supply and demand will be better reversed in the second half of this year.
Institutional analysis believes that the price of lithium salt will fluctuate at the current level, or there may be a slight correction. At present, the upstream and downstream are still in a game state. The downstream still purchases on demand, the wait-and-see mood is strong, the upstream manufacturers show signs of loosening, and the lithium carbonate futures price has fallen.
Contemporary Amperex Technology Co.Limited(300750) first quarter net profit fell 23%
Contemporary Amperex Technology Co.Limited(300750) performance in 2021 still maintained high growth, but the performance in the first quarter of 2022 declined, which may surprise many investors.
On April 29, Contemporary Amperex Technology Co.Limited(300750) released the report for the first quarter of 2022. The company achieved an operating revenue of 48.678 billion yuan, a year-on-year increase of 153.97%; The net profit was 1.493 billion yuan, a year-on-year decrease of 23.62%.
The main reason for the decline in performance was the sharp increase in operating costs during the first quarter. According to the data, the operating costs of Contemporary Amperex Technology Co.Limited(300750) in the first quarter of this year reached 41.663 billion yuan, a year-on-year increase of 198.66%, which significantly exceeded the growth of operating revenue. In the first quarterly report, Contemporary Amperex Technology Co.Limited(300750) said that the operating cost increased with the growth of sales, and the rapid rise in the price of some upstream materials increased the cost.
In addition, the expenses of Contemporary Amperex Technology Co.Limited(300750) ‘s period also increased significantly. The sales expenses in the first quarter were 1.533 billion yuan, an increase of 121.68% year-on-year, mainly because the accrued after-sales comprehensive service fees increased compared with the previous period; The management fee was 1.246 billion yuan, a year-on-year increase of 73.73%; The R & D cost was 2.568 billion yuan, a year-on-year increase of 117.49%.
Affected by the tight supply chain, the net cash flow generated in the first quarter was 7.5 75 yuan, which was also increased by 75 year-on-year due to tight supply chain and 75 of materials.
In response to the rising price of raw materials, Contemporary Amperex Technology Co.Limited(300750) said that the company has established an information system to track the market supply and demand of important raw materials and price changes in time, so as to ensure the supply of raw materials and control 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.
At the same time, the intensification of market competition is also a problem that the company needs to face. In the 2021 annual report, the company said that in recent years, while the lithium-ion battery market has developed rapidly, it has also continuously attracted new entrants to participate in competition through direct investment, industrial transformation or mergers and acquisitions. At the same time, the existing power battery enterprises have also expanded their production capacity, and the market competition is becoming increasingly fierce. The company’s future business development will face a certain risk of intensified market competition.
In this regard, Contemporary Amperex Technology Co.Limited(300750) said that the company continues to pay attention to R & D investment and R & D talents, takes continuous R & D investment as an important measure to maintain the company’s core competitiveness, and maintains the company’s product competitiveness by continuously improving product performance and product quality.
lithium carbonate price has exceeded 500000 yuan / ton
the main raw materials required for Contemporary Amperex Technology Co.Limited(300750) 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.
Affected by the price changes of relevant materials and market supply and demand, the purchase price and scale of the company’s raw materials will also fluctuate to a certain extent. At the same time, the price of raw materials represented by lithium carbonate has risen sharply, putting great pressure on the cost.
Over the past year, the price of lithium carbonate has risen sharply. Since 53000 yuan / ton at the beginning of 2021, it once climbed to more than 500000 yuan / ton, with a cumulative increase of more than 8 times during the period.
The sharp rise in the price of lithium carbonate has attracted the attention of Contemporary Amperex Technology Co.Limited(300750) chairman Zeng Yuqun. During the two sessions this year, Zeng Yuqun submitted four proposals, involving issues such as stable supply and price of lithium resources, new energy storage, battery carbon footprint and road transportation of lithium batteries. In the proposal to ensure the supply and price of lithium resources, Zeng Yuqun proposed that the current supply and demand situation of lithium resources is severe and the development of the industry is facing challenges. “We should speed up the exploration and development of China’s lithium resources and ensure the safety of the supply chain. At the same time, we should strengthen independent innovation and scientific and technological research, and improve the level of recycling and efficient utilization of resources.” He said.
On the same day, the Ministry of industry and information technology also said that this year, it will focus on meeting the production needs of power batteries, moderately accelerate the development progress of lithium, nickel and other resources in China, and crack down on unfair competition such as hoarding and raising prices. At the same time, we will improve the recycling system of power batteries, support technical breakthroughs such as efficient disassembly and recycling, and constantly improve the recycling rate and resource utilization efficiency.
After a short-term shock above the price of 500000 yuan / ton, the price of lithium carbonate has been corrected, and the latest price is 461500 yuan / ton.
“Since January, due to the maintenance of lithium salt plant, there has been a huge gap in lithium salt in China.
With the completion of the overhaul, the seasonal production capacity in Qinghai recovered, the supply of lithium salt in China rebounded significantly, and the shortage of lithium carbonate in China was alleviated. ” The Pacific Securities Co.Ltd(601099) securities Li ShuaiHua believes that the upstream and downstream are still in a game state. The downstream is still purchasing on demand, and the wait-and-see mood is strong. The upstream manufacturers show signs of loosening and dumping. Affected by this, the futures price of lithium carbonate has declined, but it has little impact on the spot market.
Hongta Securities Co.Ltd(601236) song Xinnan believes that the lithium resource price of 500000 yuan / ton basically reaches the current acceptable limit of downstream manufacturers, and the price of lithium salt continues to rise due to external factors such as the impact of the Shanghai epidemic on the industrial chain. However, at the same time, under the condition that there is not enough new capacity at the lithium source end such as upstream lithium concentrate, mica mine and salt lake, the conditions for the sharp decline of lithium salt price are not yet available.
“At present, the price of raw materials remains high, and there is no expectation of price reduction for terminal vehicles in the short term. Combined with the impact of the shortage of the whole supply chain caused by the epidemic in Changchun and Shanghai in April, the growth rate of subsequent terminal production and sales may decline further.” Song Xinnan said.
lithium resource leader performance soared
Benefiting from the increase of sales volume and price of lithium salt products, the performance of Ganfeng Lithium Co.Ltd(002460) leader of lithium resources increased significantly.
On April 27, Ganfeng Lithium Co.Ltd(002460) released the financial report for the first quarter of 2022. According to the report, in the first quarter of this year, Ganfeng Lithium Co.Ltd(002460) achieved an operating revenue of 5.365 billion yuan, a year-on-year increase of 233.91%, and a net profit attributable to the parent company of 3.525 billion yuan, a year-on-year increase of 640.41%.
In mid March, Ganfeng Lithium Co.Ltd(002460) disclosed its operation in the first two months of this year. According to the announcement at that time, after preliminary accounting, Ganfeng Lithium Co.Ltd(002460) achieved an operating revenue of about 3.6 billion yuan in the first two months, with a year-on-year increase of about 260%, and a net profit attributable to the parent company of about 1.4 billion yuan, with a year-on-year increase of about 300%.
It can be inferred that in March this year, the scale of revenue and net profit reached a phased high.
Ganfeng Lithium Co.Ltd(002460) has a number of high-quality lithium resources, which is the source of the company’s core competitiveness, and the company is also improving its resource competitiveness by expanding the capacity of lithium resources and increasing the proportion of lithium resources’ equity.
Since 2022, the company’s resource side layout has continued to advance, including signing a strategic framework agreement with Haixi Prefecture, Qinghai Province; Invested in convertible bonds in Shanghai jujingui and obtained its lithium mica mine; The acquisition of golamina lithium mine in Mali was completed. MINRES, the company’s main lithium concentrate supplier, announced that it would expand the capacity of mtmarion lithium concentrate to Shanghai Pudong Development Bank Co.Ltd(600000) tons / year in 2022, corresponding to the increase of the company’s equity capacity by about 15000 tons of LCE, and the company’s raw material self-sufficiency rate increased significantly.
Ganfeng Lithium Co.Ltd(002460) plans to form a lithium product supply capacity with an annual output of 300000 tons of LCE by 2025 and a lithium product supply capacity of no less than Shanghai Pudong Development Bank Co.Ltd(600000) tons of LCE in the future. Overseas, 40000 tons of lithium carbonate in phase I of cauchari olaroz lithium salt lake project is expected to be put into operation in the second half of the year; 20000 tons of lithium chloride capacity in phase I of Mariana lithium salt lake project and 50000 tons of lithium hydroxide capacity in phase I of Sonora lithium clay project are under construction; In China, Jiangxi’s 50000 ton / year lithium battery new energy material project and Yichun’s 7000 ton metal lithium and lithium material project are about to be put into construction.
Citic Securities Company Limited(600030) believes that the sharp rise in lithium price led to a significant increase in the company’s profit in the first quarter. It is expected that the company will continue to benefit from the high profitability brought by the rise in the price of exported lithium products and the improvement in the self-sufficiency rate of raw materials in 2022. Based on the company’s total lithium resources of about 30 million tons of LCE, the average market value reserve ratio of domestic and foreign lithium industry companies (including Tianqi Lithium Corporation(002466) , Qinghai Salt Lake Industry Co.Ltd(000792) , ALB and sqm) is 120 million yuan / 10000 tons, and the market value reserve ratio of the company is 110 million yuan / 10000 tons.
