On the evening of April 29, Contemporary Amperex Technology Co.Limited(300750) released the first quarterly report of 2022, which achieved a total operating revenue of 48.678 billion yuan in the first quarter, a year-on-year increase of 153.97%; The net profit attributable to shareholders of listed companies was 1.493 billion yuan, a year-on-year decrease of 23.62%; The gross profit margin of sales is 14.48%.
Due to the rise of upstream cost price, the profit of the whole lithium battery industry is under pressure. However, Contemporary Amperex Technology Co.Limited(300750) maintained a high market share, with strong production and sales in the first quarter According to the data of China Shipbuilding Industry Group Power Co.Ltd(600482) battery alliance, from January to March 2022, Contemporary Amperex Technology Co.Limited(300750) power battery loading volume ranked first in China, reaching 25.52 GWH, accounting for 49.75% of the market.
According to the data, as of the closing on April 29, Contemporary Amperex Technology Co.Limited(300750) reported 409.35 yuan / share, up 5.64%, with a market value of 954.1 billion yuanP align = "center" first quarter cost increase
The cost increase in the first quarter put pressure on Contemporary Amperex Technology Co.Limited(300750) profit. According to the first quarterly report, Contemporary Amperex Technology Co.Limited(300750) operating cost was 41.628 billion yuan, a year-on-year increase of 198.66%; The net cash flow from operating activities was 7.076 billion yuan, a year-on-year decrease of 35.48%.
According to Shanghai Nonferrous Metals network (SMM), since 2022, the price of battery grade lithium carbonate has risen to 503000 yuan / ton, an increase of 83% Contemporary Amperex Technology Co.Limited(300750) said that due to the tight supply of upstream materials and the rapid rise in prices, the company's funds for enhancing supply chain security increased accordingly.
"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) Board Secretary Jiang Li said in an interview with the media on April 29.
The reporter of China Securities Journal learned from several insiders that Contemporary Amperex Technology Co.Limited(300750) withstood the cost pressure in the first quarter of this year and did not raise the price significantly downstream. A new round of price negotiation began at the end of March.
In response to the market's doubts about the bargaining power of "ningwang" in the industrial chain, Contemporary Amperex Technology Co.Limited(300750) relevant person in charge said: "the company does not make excess profits now, not without the right to speak, but to maintain the industrial chain, not to increase prices in a short time to earn downstream money. The price increase of the company is very mild, which is a long-term idea to contribute to new energy vehicles."
Jiang Li also pointed out: "this year's price rise is really too fast and 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 rise 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."P align = "center" increase the layout of upstream raw materials
Raw materials rose and Contemporary Amperex Technology Co.Limited(300750) hoarded a lot of goods. As of March 31, the Contemporary Amperex Technology Co.Limited(300750) inventory was 61.578 billion yuan, up 53.18% from 40.199 billion yuan at the end of last year. The company said that it was mainly due to the growth of business scale and the corresponding increase of inventory; With the growth of overseas shipments, materials in transit increase; At the same time, properly increase the stock of some key materials.
Contemporary Amperex Technology Co.Limited(300750) has long been laid out at the upstream end Contemporary Amperex Technology Co.Limited(300750) relevant person in charge said: "the company's investment has minerals, and its voice has been strengthened. At the same time, it has also brought investment to the local area. The battery recovery of its subsidiary, Bangpu, is also getting better and better. The recovery rate of lithium resources of Bangpu has reached 91%, and the recovery rate of nickel and cobalt has reached 99%. In the long run, the penetration rate of electric vehicles has reached 80% - 90%, so there is no need for new mining. In the medium term, the company relies on sodium ion batteries."
According to the data of Baichuan Yingfu, the mainstream market price of lithium iron phosphate (power type) was reported at 163000 yuan / ton in April, a decrease of 6000 yuan / ton over the previous month; The price of lithium carbonate in the upstream market has dropped slightly recently.
China Securities Co.Ltd(601066) said that the prices of lithium, cobalt and lithium iron phosphate have entered the downward channel due to the weakening of downstream demand and the increase of supply chain; The price of lithium hexafluorophosphate and electrolyte has been weakening due to the release of production capacity. The profits of the middle and lower reaches are expected to improve slightlyP align = "center" technological innovation improves competitiveness
Jiang Li believes that the bargaining power of upstream and downstream is determined according to supply and demand, which is dynamic. Ultimately, it depends on who has the ability of technological innovation. There is no shortage of resources, but it takes time.
Contemporary Amperex Technology Co.Limited(300750) is accelerating technology research and development to improve competitiveness Contemporary Amperex Technology Co.Limited(300750) chief scientist Wu Kai revealed recently that the third generation CTP battery technology will be launched in April this year, which is internally called "Kirin battery". It is reported that the third generation CTP technology has the characteristics of high speed, nondestructive, safety and high efficiency. It can adapt to lithium iron phosphate and lithium ternary battery systems, and the corresponding energy density can reach more than 160wh / kg and 250wh / kg respectively.
Contemporary Amperex Technology Co.Limited(300750) also set off a wave of sodium ion batteries. In July 2021, Zeng Yuqun, chairman of Contemporary Amperex Technology Co.Limited(300750) released the first generation sodium ion battery of Contemporary Amperex Technology Co.Limited(300750) which still has a discharge retention rate of more than 90% at a low temperature of minus 20 ° C. the low temperature performance is much higher than that of lithium iron phosphate battery. At the same time, the cost is low, which can effectively make up for the deficiency of lithium ion battery.
Chen zikun, chief analyst of Gf Securities Co.Ltd(000776) new electric industry, said that the products of battery factory have developed from cell to pack, and will be extended to chassis after Contemporary Amperex Technology Co.Limited(300750) introduces CTC technology in the future. With the extension of battery factory products in links and the increase of single vehicle output value, the gross profit margin may decline in the future, but the increase of gross profit is sustainable. Battery factory is not the relationship of traditional Tier1 for vehicle factory.
