Data show that from January to September this year, the production and sales volume of new energy vehicles increased by 40.2% and 37.7% respectively. Under the policy push, new energy vehicles still face large development opportunities, which will drive the growth of the entire industrial chain. The upstream raw material field is expected to continue, while the middle and lower reaches of the motor electronic control, battery and other links are expected to turn around or further improve.
Raw material prices continue to rise
New three-board enterprises such as Ronghui Lithium, Baijierui, Jinyuan New Materials, Jinchuan Technology, Zhongyi Shares, Jiayuan Technology, Jinli Permanent Magnet are engaged in the production of upstream raw materials for new energy vehicles, including lithium carbonate, lithium hydroxide and cobalt sulfate. , cobalt trioxide, electrolytic copper foil, permanent magnet materials, and the like.
In the first half of this year, the overall performance of these companies increased significantly. The data shows that the above seven companies achieved operating income of 3.05 billion yuan in the first half of the year, a year-on-year increase of 62%; net profit at home reached 706 million yuan, a year-on-year increase of 288%. The sharp increase in performance was mainly due to strong downstream demand and high prices of related products. Taking Ronghui Lithium as an example, the company said that lithium battery new energy market continued to be hot, lithium battery demand remained strong, industry development opportunities were highlighted, downstream lithium battery manufacturers demand for lithium carbonate remained strong, and lithium carbonate prices remained high.
It is worth noting that the performance of cobalt companies has increased tremendously. Jinchuan Technology produces cobalt sulphate, cobalt metal and nickel-cobalt manganese. In the first half of this year, it achieved a net profit of 447 million yuan, a year-on-year increase of 2545.63%. The company said that the price of cobalt metal increased rapidly in the first half of the year, and the price of the company's products increased significantly. In particular, the nickel-cobalt-manganese ternary precursor product completed the product certification of many customers, and the production and sales volume increased significantly compared with the previous year. Jinyuan New Materials produced battery-grade cobalt trioxide, cobalt sulfate and industrial grade lithium carbonate. In the first half of this year, it achieved a net profit of 13.263 million yuan, an increase of 835.34%. The company said that with the development of the new energy industry, the demand for the downstream industry chain has increased; at the same time, since 2017, the cobalt market has rebounded and prices have continued to rise.
Some companies' performance has increased slightly. Baijierui produces lithium salt, which is mainly used in new energy vehicles, energy storage and 3C electronics. The net profit in the first half of the year only increased by 5.88%. The main reason is that the price of raw materials for lithium salt continued to fluctuate at a high level in the first half of the year, and rose slightly. The company has adopted appropriate measures to facilitate the long-term cooperation customers in the sales price.
According to industry analysts, the development prospects of new energy vehicles are good. Cobalt is an important element of cathode materials for power batteries, and demand is growing rapidly. Cobalt prices have risen by about 60% this year and have been adjusted recently, but they are still expected to rise in the fourth quarter, which will still have a positive impact on the performance of related companies.
Prospects for ternary materials are promising
The positive electrode material of the power battery has a great influence on the performance of the battery, and the added value is high. 12 new three-board companies such as Anda Technology, Betray, Tianli Lithium Energy, Oscar Energy, and Golden Lithium Technology produce cathode materials. From the operating situation in the first half of this year, the performance of Sanyuan Materials Co., Ltd. has grown rapidly, while the performance of lithium iron phosphate enterprises has declined to some extent.
The data shows that in the first half of the year, the above 12 enterprises achieved operating income of 4.944 billion yuan, an increase of about 49% year-on-year; net profit of 560 million yuan, an increase of 26.3%. Overall growth is relatively fast. From the ternary materials and the growth of the performance of lithium iron phosphate related companies, there is a big difference. The net profit of seven lithium iron phosphate enterprises such as Anda Technology and Zhuoneng Materials declined in the first half of the year. Among them, three companies suffered losses. In the first half of the year, Anda Technology's operating income decreased by 16.29% compared with the same period of last year; while net profit decreased by 51.05% compared with the same period of last year; gross profit margin decreased from 44.99% in the same period last year to 31.81%. The main reason is that the price of the product lithium iron phosphate has been appropriately adjusted. In addition, the price of battery-grade lithium carbonate, the main raw material, has risen, resulting in an increase in the cost of lithium iron phosphate. In the first half of the year, Jiu Zhao Technology suffered a loss of 4.97 million yuan, and the net profit for the same period last year was 4.57 million yuan. The company said that due to the adjustment of the subsidy policy for new energy vehicles, the production, sales volume and revenue of major products in the first half of 2017 decreased sharply, while the new product lithium iron phosphate A15 is still in the stage of R&D and customer verification.
In sharp contrast, the companies with five ternary materials such as Shanshan Energy and Zhenhua New Materials achieved operating income of 3.05 billion yuan in the first half of the year, up 96.4% year-on-year; net profit was 331 million yuan, up 161% year-on-year. Shanshan Energy produced lithium cobalt oxide and multi-component cathode materials. In the first half of the year, its operating income increased by 88.99% over the same period of last year; its net profit increased by 166.68% over the same period of the previous year. Mainly due to the expansion of the company's production capacity, customer structure optimization, sales of high-end new products, cost control and strengthening. The main products of Zhenhua New Materials are lithium cobalt nickel manganese ternary, lithium cobalt oxide and composite ternary. The operating income in the first half of the year increased by 168% and the net profit increased by 564%. Mainly due to the surge in demand from corporate customers, sales of power ternary materials increased significantly, with sales increasing by 2,453 tons year-on-year, an increase of 424.41%.
According to industry insiders, the demand for ternary cathode materials has increased significantly and the performance of lithium iron phosphate companies has declined, mainly due to policy drivers. The new energy vehicle subsidy policy introduced in 2017 has increased the battery energy density requirement, and the ternary materials can meet the high performance demand, so the demand has increased significantly, which has promoted the growth of Sanyuan Cathode Materials. The penetration rate of the future ternary materials market will further increase and the development prospects are good.
Wet diaphragm will be in short supply
Jinli, Nuomi, Huiqiang New Materials, Yingbolai and Xucheng Technology are engaged in the diaphragm business. The overall performance in the first half of this year has maintained steady and rapid growth.
The data shows that the five companies achieved operating income of 238 million yuan in the first half of the year, a year-on-year increase of 28%; net profit of 42.7 million yuan, an increase of 32%. There are certain differences in performance. Of the five companies, three grew year-on-year and two fell year-on-year. Jinli Co., Ltd. focuses on the research and development of high-end lithium battery wet diaphragm and coated diaphragm. The net profit in the first half of the year increased by 2494%. The company said that the lithium battery industry has maintained steady and rapid development and the company's production capacity has increased. At the same time, the production process has improved, the product yield rate has increased, and the increase in production capacity has led to a decline in fixed costs. The gross profit margin has increased from 30.18% in the same period last year to 42.9%.
However, in the same industry environment, Xucheng Technology, which is also mainly engaged in the research and development of lithium battery separators, saw a net profit of 39.28% in the first half of the year. The company said that due to the strict downgrading of subsidies for new energy vehicles in 2017 and the subsidy standards, as well as the policy factors such as the failure of local subsidy policies, the battery output of downstream customer battery manufacturers declined, and the demand for battery separator products Slow down.
In the same market environment, the actual operating performance of the company is different. Except for some special factors, the overall reflects the differences in competitiveness among different enterprises, including technology, quality, and marketing. According to industry analysts, the diaphragm is the highest technical barrier in lithium battery materials. The added value of the product is high, and it is optimistic about the enterprises that master the wet diaphragm production technology. From the perspective of industry supply and demand, the wet diaphragm production process is difficult and the yield rate is affected. It is expected that the effective capacity of the wet diaphragm in 2017 will be lower than the industry demand, and the wet diaphragm manufacturer faces a good market environment.
Battery company's gross profit margin decline
Ten new three-board companies, such as Tianjin, Weigen Power, Shanmu Xinneng, Dingxin Open Source, Huineng Tianxia, ​​Haidis, Xinghai Energy, Sisheng Energy, Tianfeng Power, and Tablen Energy, produce new energy vehicle batteries. From the operating situation in the first half of the year, the above-mentioned enterprises realized a total operating income of 1.675 billion yuan, a year-on-year increase of 65%; net profit of 109 million yuan, an increase of 31%. The growth rate of net profit is much lower than the growth rate of income. Gross profit margin also fell significantly. Among the above 10 companies, 7 gross profit margins in the first half of the year decreased significantly, generally down about 6 percentage points, a large drop of more than 11 percentage points.
Among them, Tianfeng Power's operating income in the first half of the year increased by 67.87%, while the net profit of the returning mother only increased by 2.24%. The overall gross profit margin for the first half of the year was 26.94%, a decrease of 11.78 percentage points from the previous year's gross profit margin of 38.72%. The company said that with the implementation of the new energy vehicle policy, the company's automotive power battery sales rose sharply and operating income increased. The decline in gross profit margin is mainly due to the impact of price factors on the company's automotive power battery, while increasing the production and sales of other power batteries with low gross margin. In the first half of the year, Granville’s operating revenue increased by 8% year-on-year, while net profit decreased by 18.31% year-on-year. The company said that during the reporting period, the operating costs increased due to the increase in the price of raw materials.
The sales of electric vehicles have increased, and the demand for batteries has been increasing. Therefore, battery companies have achieved a large increase in revenue, but the increase in net profit is much lower than the increase in operating income. According to professionals, this is mainly due to the continued rise in raw material prices. According to Wind statistics, the average price of 1# cobalt in the Yangtze River non-ferrous metal market was less than 300,000 yuan/ton at the beginning of this year, and reached about 415,000 yuan/ton at the end of the first half of this year, and is currently about 450,000 yuan/ton. At the same time, the price of lithium has increased significantly this year. Despite the obvious increase in operating income of battery companies, the cost increased even more and the net profit margin was compressed. Judging from the current situation, this trend is unlikely to undergo a fundamental change in the short term, mainly because of the continuous expansion of battery capacity, resulting in continued growth in demand for upstream materials. The release of production capacity of raw materials such as lithium and cobalt takes time, and the prices of bulk products are generally rising. However, the second half of the year is the peak season for new energy vehicles, and the gross profit margin of related companies is expected to rebound.
Motor electronic control field will usher in a turn
Motor electric control companies mainly include Dadi, Zhonglian Nengchuang, Wei Te Electric, Depuda, Dewei Xinneng, Hengjiu Li, Ruiyang Technology, and Easy Control Electronics, and the overall operating conditions in the first half of this year good. The data shows that the eight companies achieved operating income of 760 million yuan in the first half of the year, down 15% year-on-year; net profit of -5.94 million yuan; and net profit of 120 million yuan in the same period last year, from profit to loss. Specifically, 6 of the 8 companies saw a decline in net profit and two increased.
In the first half of the year, the land and realized net profit of -19.31 million yuan, compared with 55.94 million yuan in the same period last year. The company mainly provides drive motor system products and services for new energy vehicles, including Dongfeng Motor, Jinlong Bus, Jiangling Motors and Haima Motor. The company said that due to factors such as the adjustment of subsidies policy for new energy auto industry and the renewed catalogue of new energy vehicles, the production and sales of new energy vehicles in the first half of the year were less than expected, which affected the company's sales and profits.
In the first half of the year, the operating revenue of Micro Motors decreased by 28.6% year-on-year, and the net profit decreased by 93.67%. The main reason is that the price of raw materials has increased by a large margin, while the new energy automobile industry has gradually adjusted over the previous two years, and it is difficult to increase the sales price of products.
In the first half of this year, the policies related to new energy vehicles were adjusted, which had a certain impact on sales volume and adversely affected the electronic control of the supporting motors. According to industry insiders, the impact of relevant policies is temporary and the direction of the industry is basically clear. The second half of the year is the peak season for sales of new energy vehicles. Production and sales are expected to grow, and the industry chain will usher in development opportunities. For example, Depot said that with the completion of relevant work, the arrival of the industry peak season, etc., the production and sales release period will enter the second half of the year, and operating income will increase significantly.
Charging pile company differentiation
Seven companies, including Guochong Charging, Chasing Electric and Hengrui Electric, are engaged in charging pile business. In the first half of this year, they achieved a total operating income of 966 million yuan, a year-on-year increase of 25%; net profit of 13.91 million yuan, a year-on-year decrease of 73%.
Specifically, four of the seven companies reported a year-on-year decline in net profit. Among them, Anhewei's operating income in the first half of the year increased by 15.71%, while net profit decreased by 603.6%. The company said that the gross profit margin of major engineering orders implemented in the first half of the year was lower than that of the same period of last year. At the same time, the company invested in the construction of production bases and the newly established new energy vehicle charging station investment and operation subsidiaries are still in the investment period, and have not yet generated revenue, depreciation of fixed assets, banks. Loan interest, marketing expenses and management fees increased significantly year-on-year, with losses in the first half of the year. In the first half of the year, the company achieved a net profit of 1.53 million yuan, a year-on-year decrease of 112.41%. The company said that due to the change in the delivery method of the customer from the State Grid Corporation, the delivery quantity in the first half of the year was less than the historical period and was not recognized as income during the reporting period, resulting in a decrease in operating income. The management expenses incurred in production operations have a certain monthly balance, resulting in a loss in net profit during the reporting period.
In the first half of the year, the revenue of Guochong Charging decreased by 1.27% year-on-year, mainly due to the impact of the policy. In the first half of the year, the overall energy electric vehicle industry grew slowly compared with the same period of last year; while the net profit increased by 166%. According to the company, since the second half of 2016, the company has adjusted its business to focus on the construction and operation of the charging station. The operating service revenue needs to accumulate for a certain period of time. It is expected that the profitability will appear in the second half of 2017.
Overall, the performance differentiation of charging pile companies is more obvious. Since the company has multiple businesses, the performance changes are more dependent on the combined impact of the various business combinations. In the medium and long term, the development of new energy vehicles requires the construction of a large number of charging piles. The potential space of the market is large, and the advantageous enterprises still face great development opportunities. Source: China Securities Journal
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