Power battery company's net profit drops

by:CTECHi     2021-09-05
In addition to the 'former giant' Jinrui Woneng, which has been on the verge of bankruptcy, the continuous loss-making Chengfei Integration and the deep-seated Mengshi Technology, more power lithium-ion battery companies have begun to face the problem of slowing net profit growth. . Among the ten power lithium-ion battery companies counted by Jiemian News, half of them are expected to have a year-on-year decline in net profit in 2018. Power lithium-ion battery companies are being double-squeezed by rising raw material prices and rapid decline in power lithium-ion battery prices. At the same time, they have to face pressures such as overproduction, rapid increase in energy density requirements, and intensified competition between Japanese and Korean companies. The battery industry unicorn Ningde era also failed to maintain the high rise of previous years. The performance forecast shows that it expects the net profit attributable to shareholders of listed companies in 2018 to be 3.531 billion yuan to 3.75 billion yuan, a year-on-year decrease of 8.94% to 3.3%. In 2017, CATL achieved a year-on-year increase of 31.4% in net profit. From 2015 to 2017, its net profit compound annual growth rate was as high as 112.39%. Ningde Times stated that the company's 2018 net profit declined mainly because of the disposal gains from the transfer of equity in Beijing Pride New Energy Battery Technology Co., Ltd. last year. Jianrui Woneng is expected to lose 5 billion-5.45 billion yuan in 2018, a year-on-year decrease of 35.72%-47.93%. This is mainly because the crisis continues to ferment, and the sales and service businesses of its subsidiary Watermar's lithium-ion batteries and new energy vehicles have been significantly reduced. This is the second year that Jianrui Woneng has suffered a large loss after its performance in 2017 changed from a profit of 522 million yuan to a loss of 3.689 billion yuan. Jianrui Woneng will also set aside a provision for bad debts of approximately 2.2 billion yuan. In an interview with the Securities Daily, the relevant person in charge of Jianrui Woneng said that the company's revenue in 2018 was about 3.9 billion yuan, mainly from asset disposal. The notice shows that at present, Jianrui Woneng has a total of 105 frozen bank accounts, involving a total of about 91.19 million yuan in frozen amount, and the cumulative value of fixed assets is about 692 million yuan. In addition, 83.5 million yuan of subsidiary Waterma was frozen. Another battery company, AVIC Lithium Battery (Luoyang) Co., Ltd. (hereinafter referred to as AVIC Lithium Battery), due to the impact of falling subsidies and falling prices of lithium-ion batteries, accrued a reserve of 43,598,100 yuan for inventory decline. This behavior is expected to reduce the net profit attributable to the parent company Chengfei Integration in 2018 by RMB 14.0745 million. Chengfei Integration expects a loss of 210 million yuan to 300 million yuan in 2018, more than double the loss of 108 million yuan in 2017. According to data from the Research Department of the Power Lithium-ion Battery Application Branch of the my country Chemical and Physical Power Supply Industry Association, driven by the rapid increase in electric vehicle sales, the total installed power of lithium-ion batteries in my country reached 56.89GWh in 2018, an increase of 56.88% year-on-year. Industry concentration is increasing, and the market share of leading companies continues to rise. In 2018, CATL’s installed capacity reached 23.5GWh, and its share of the total domestic market was 41%, an increase of more than 12% year-on-year; BYD’s installed capacity reached 11.4GWh, with a market share of 20%. The combined market share of these two companies exceeds 60%. The combined market share of the top five companies reached 73.9%, a year-on-year increase of 12.4 percentage points. Ping An Securities believes that the high concentration of market share reflects the insufficient supply of high-quality and high-end output under the overall overproduction of the battery industry. According to data from the my country Power Lithium-ion Battery Industry Innovation Alliance, the total domestic power lithium-ion battery output in 2018 was 70.6GWh. According to incomplete statistics, the planned output of the power lithium-ion battery company has exceeded 200GWh. Compared with power lithium-ion battery companies, upstream battery materials companies face slightly less pressure. At present, 16 battery material companies have announced their performance forecasts, of which 13 companies are expected to increase, one is the same, and two are expected to decrease. Cathode material is one of the four major materials for power lithium-ion batteries, accounting for nearly 40% of battery production costs. The most commonly used cathode materials are lithium cobalt oxide, lithium manganate, lithium iron phosphate and ternary materials. According to data from the Institute of Lithium Battery Research Institute, my country's total output value of cathode materials in 2018 was 53.5 billion yuan, a year-on-year increase of 22.7%; total shipments were 275,000 tons, a year-on-year increase of 28.5%. Among them, the shipment of ternary materials was 136,800 tons, a year-on-year increase of 57.06%; the shipments of lithium iron phosphate materials were 58,400 tons, a slight decrease of 1.2% year-on-year; the shipments of lithium cobalt oxide increased by 20% year-on-year; Cargo volume increased by 15% year-on-year. As the subsidy policy continues to increase the energy density of power lithium-ion batteries, the demand for ternary materials, especially high nickel ternary materials, is rising rapidly. Thanks to the double increase in production and sales of ternary materials, Dangsheng Technology expects to achieve a net profit of 300 million to 330 million yuan in 2018, a year-on-year increase of 19%-31%.
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