The first quarter report was less than expected, and Contemporary Amperex Technology Co.Limited(300750) fell sharply in early trading.
In early trading today, the heavyweight Contemporary Amperex Technology Co.Limited(300750) on the gem opened sharply lower, with an intraday decline of 13.77% and a market value of less than 850 billion yuan. By midday closing, the trading volume had exceeded 17.1 billion yuan, a new high since listing.
There is an inflection point in performance growth, and the “ningwang” in the eyes of investors is facing a severe test.
Contemporary Amperex Technology Co.Limited(300750) hot line answers questions about raw material prices, futures hedging risk exposure and other issues. According to the reporter, the company will also arrange an investor Q & A on the afternoon of May 5. Many institutions also said they were still optimistic about the performance of Contemporary Amperex Technology Co.Limited(300750) in the second quarter.
upstream material cost surge causes the first quarterly report to change face
Contemporary Amperex Technology Co.Limited(300750) 2021 revenue 130356 billion yuan, an increase of 159.06%; The net profit attributable to the parent company was 15.931 billion yuan, with a year-on-year increase of 185.34%. The revenue and net profit reached a record high, even higher than the sum of revenue and net profit from 2018 to 2020.
However, the first quarterly report, which was postponed to the evening of April 29, made the market fall below its glasses. In the first quarter of 2022, Contemporary Amperex Technology Co.Limited(300750) achieved a revenue of 48.68 billion yuan, a year-on-year increase of 153.97%; The net profit was 1.49 billion yuan, a year-on-year decrease of 23.62%, and the deduction of non net profit decreased by 41.57%.
Industry experts pointed out that behind Contemporary Amperex Technology Co.Limited(300750) increasing revenue without increasing profit, there is obvious pressure on the cost side. In the first quarter, the company’s operating cost was 41.628 billion yuan, a year-on-year increase of 198.66%, significantly higher than the growth rate of revenue. For the surge in costs, Contemporary Amperex Technology Co.Limited(300750) said that first, it increases with the growth of sales, and second, the rapid increase in the price of some upstream materials leads to the increase in costs.
According to the data of China automotive power battery industry innovation alliance, from the beginning of 2021 to March 2022, the average price of cathode ternary lithium material increased from 124000 yuan / ton to 368000 yuan / ton, an increase of 196.8%; The average price of lithium iron phosphate material soared from 40000 yuan / ton to 162000 yuan / ton, an increase of 305%. Spodumene rose by 444%, and the average price rose from 25000 yuan / ton to 136000 yuan / ton, driving the battery grade lithium carbonate to rise from 53000 yuan / ton to 495000 yuan / ton, an increase of more than 800%.
Contemporary Amperex Technology Co.Limited(300750) is not the only listed company suffering from the rise in the price of raw materials.
Gotion High-Tech Co.Ltd(002074) in the first quarter, the revenue was 3.916 billion yuan, a year-on-year increase of 203.14%, but the net profit was only 322037 million yuan, a year-on-year decrease of 32.79%. During the reporting period, the operating cost of the company reached 3.349 billion yuan, an increase of 245.44% over the previous year.
in the first quarter of 2014, the revenue increased by 127.69% year-on-year to RMB 6.734 billion, and the net profit decreased by 19.43% year-on-year to RMB 521 million.
many institutions are still optimistic about Contemporary Amperex Technology Co.Limited(300750) second quarter performance
After the release of the first quarterly report, Contemporary Amperex Technology Co.Limited(300750) frequently spoke to the public. Jiang Li, the company’s board secretary, explained the first quarterly report on the financial channel of China Central Television on the evening of April 29. On May 4, Contemporary Amperex Technology Co.Limited(300750) disclosed the record of investor relations activities to explain the futures hedging risk exposure concerned by all parties.
In addition, Contemporary Amperex Technology Co.Limited(300750) relevant people told reporters that investors’ Q & A will be arranged in the afternoon of May 5.
“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.” The main reason is that the price of raw materials has been negotiated too quickly with the customer, so the effect of negotiation with the upstream is really too fast. 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.
As for whether it is squeezed by the upstream and downstream, resulting in the decline of the company’s competitiveness, Jiang Li said that the bargaining power of the upstream and downstream is determined according to the supply and demand, which is dynamic, and ultimately depends on who has the ability of technological innovation. Resources are not scarce, but only need time.
Jiang Li said that in the context of the global joint promotion of the “double carbon” goal, the development of the new energy industry will not change due to these short-term fluctuations, and the prospect is still broad Contemporary Amperex Technology Co.Limited(300750) has been dealt with through upstream layout, resource recovery and other measures.
In addition, the company is accelerating the expansion of production to meet the future market demand, and strengthening the company’s leading position in the industry through the dual business drive of power battery and energy storage.
Contemporary Amperex Technology Co.Limited(300750) 5 disclosed the record of investor relations activities on May 4. When asked about the hedging risk exposure of futures, the company said that based on the needs of ensuring the stable supply of raw materials and reducing costs, the company has laid out some nickel resource industry chains; In order to prevent the risk of sharp fluctuations in raw material prices, the company carried out hedging business for nickel and other related products in combination with its own business conditions and business needs. The company conducts accounting treatment and relevant financial information disclosure of hedging business in strict accordance with the accounting standards for business enterprises and relevant regulations, which has little impact on the company’s performance as a whole.
Founder Securities Co.Ltd(601901) believes that the performance of Contemporary Amperex Technology Co.Limited(300750) in the second quarter is determined. Futures hedging and lithium carbonate inventory do not have a great impact on the company’s performance. The market generally believes that as long as the upstream and downstream enterprises have lithium inventory, there will be a certain excess return. As the company is a battery manufacturer, it will not directly use lithium carbonate. The company will not reserve a large amount of cathode materials. Generally, the reserve is enough for one quarter. Even if there is a part of low-cost inventory, it will be digested and used up soon.
Huachuang securities also believes that it is optimistic about the gradual recovery of Contemporary Amperex Technology Co.Limited(300750) in profitability after the stabilization of raw material prices and the favorable price of customers in the second quarter.
Citic Securities Company Limited(600030) believes that in 2021 and the first quarter of 2022, the new energy vehicle industry continued to have a high outlook, and the structural mismatch of insufficient demand and supply continued. The upstream lithium cobalt, electrolyte, cathode materials and other middle and upstream industries benefited from the strong demand of the downstream, with high revenue and profits. The profits of battery plants and vehicle plants were under pressure, and prices were raised to a certain extent.
With the accelerated launch of new models in China, the continuous promotion of European policies and the improvement of electric vehicles in the United States, at the same time, the production and sales side are expected to recover after the local epidemic is alleviated, Citic Securities Company Limited(600030) it is estimated that the global new energy vehicles are expected to continue to grow at a high rate in 2022. ” Contemporary Amperex Technology Co.Limited(300750) remains a high-quality enterprise in the supply chain of new energy vehicles with global competitiveness.
”A senior auto industry analyst told reporters.
first quarter results are lower than expected
some leading stocks fell sharply
On the first trading day after May Day, the three major A-share indexes opened low and went high. Affected by the Contemporary Amperex Technology Co.Limited(300750) sharp decline, the gem index once fell by about 3%. As of the afternoon closing, the Shanghai index and Shenzhen composite index closed up, and the decline of the gem index narrowed sharply to 0.15%.
From the disk point of view, the first quarter results of some new energy enterprises were lower than expected, which dragged down the stock price performance. The military industry sector rose strongly. The first quarter performance of the sector maintained a high boom, and individual stocks in the sector rose one after another.
The brokerage research team believes that “with performance, the performance exceeds expectations, and the performance is hard enough and sustainable” is still the iron law of institutional allocation. The high boom track is expected to be divided, that is, the high boom will shrink from multiple industrial chains and links in 2021 to a few industrial chains and links in 2022.
Except for Contemporary Amperex Technology Co.Limited(300750) and “Youmao” Yihai Kerry Arawana Holdings Co.Ltd(300999) was once down by more than 9%, and the decline narrowed to 6.48% as of the close. The report shows that the company’s net profit in the first quarter decreased by 92.71% year-on-year.
Lin rongxiong, chief strategist of Anxin securities, said that the key for institutional investors to judge the high boom growth track still lies in the support strength of the profit side and the degree of achievement expected by the market. Even in the downward market environment, “there is performance, the performance exceeds expectations, and the performance is hard enough to be sustainable” is still the iron rule of institutional allocation.
“Judging from the results of the first quarter report, although some high boom track stocks have fallen short of expectations to some extent, we believe that the performance fulfillment degree of most high boom varieties is still high. However, the phenomenon of differentiation has become more prominent. The high boom is expected to shrink from multiple industrial chains and links in 2021 to a few industrial chains and links in 2022.” He said.
national defense industry and Baijiu sector rose strongly
In early trading, the military industry sector strengthened, and the military industry index rose by more than 4%. Lihang technology, Guizhou Space Appliance Co.Ltd(002025) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Avic Xi’An Aircraft Industry Group Company Ltd(000768) and others rose sharply one after another.
The first quarterly report of military industry stocks ushered in a good start, and the high boom continued to be verified. According to the statistics of Citic Securities Company Limited(600030) team, the net profit attributable to the parent company of the core military industrial standard in 2021 was 29.071 billion yuan, a year-on-year increase of 40.17%; In the first quarter of 2022, the net profit attributable to the parent company was 6.841 billion yuan, with a year-on-year increase of 29.58%. Under the rise of raw material prices and repeated local epidemics in the first quarter, the performance still maintained a rapid growth trend.
China Securities Co.Ltd(601066) Securities believes that the military industry has a planned nature and is “immune” to macroeconomic fluctuations and is less affected by the epidemic. Therefore, the biggest pressure facing the industry is not the deterioration of fundamentals or investment logic, but the suppression of long-term stocks by the overall risk appetite and market style of the market. The current valuation level of the sector is equivalent to the lowest valuation in 2021, with higher investment cost performance.
In addition, the Baijiu sector also rose strongly, with Anhui Gujing Distillery Company Limited(000596) rising by more than 8%, and Anhui Golden Seed Winery Co.Ltd(600199) Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) .
Everbright Securities Company Limited(601788) food and beverage team said that from the performance of the first quarter, the Baijiu sector had a smooth start in 2022. The second quarter was the off-season of the industry. Liquor enterprises focused on digesting inventory, cultivating consumers and promoting terminal dynamic sales. In addition, a good foundation had been laid in the first quarter, so it was estimated that the sales pressure in the second quarter was relatively small. At present, China’s local market is still disturbed by the epidemic, and consumption scenes such as banquets and drinks may be subject to certain restrictions, but it is estimated that there will be no more than expected impact on the fundamentals.
