Lithium battery inventory in the first quarter -Lithium - Ion Battery Equipment
As an industry observer of the lithium battery industry for more than ten years, I have witnessed several ups and downs of the lithium battery industry, and also formed an industry analysis framework based on technology, output, supply chain, capital and competition pattern.
Looking back on the first quarter of this year, the lithium battery industry was bustling with excitement, but it was basically in line with expectations.
Since the end of last year, this official account has continued to emphasize the decline in the gross profit margin of the lithium battery industry and the risk of impacting the industrial structure in terms of material costs, production release, and price transmission. It also emphasized that these will be reflected in the first quarter report.(Lithium - Ion Battery Equipment)
By the end of April, these views were gradually verified.
01
Review of viewpoints
In the past six months, this official account has covered some articles on the current situation and trends of the lithium battery industry, such as:
On December 25, 2021, "Lithium Battery Begins Involution: Supply Chain Crisis, Accelerated Differentiation of Interest Pattern";
February 10, 2022 "The lithium battery industry is in pain and happy, and the gross profit margin is looking for the lowest reasonable level";
February 20, 2022 "Cost is king, lithium battery competition is becoming less and less technical? ";
March 24, 2022 "Lithium battery in the first quarter, the gross profit margin is under great pressure, when can it be reversed? ".
These articles basically summarize the situation faced by the lithium battery industry in the first quarter of this year and the expected results:
1) The cost of upstream materials continued to rise, especially the price of lithium carbonate accelerated in the first quarter, which was regarded as a concentrated outbreak of imbalances and conflicts between the upstream and downstream of the lithium battery industry chain;
2) Stimulated by downstream demand, the lithium battery company's own production utilization rate/yield rate has reached the upper limit, and it is difficult to endogenously digest the material cost pressure through its own efforts;
3) The price of lithium batteries has gradually increased locally, and the material cost pressure has been exogenously absorbed by downstream customers, but the magnitude and breadth are still less than the upstream cost increase, and the price transmission is not easy and lagging;
4) In recent years, the new production of lithium batteries has been gradually put into production and has potential to climb, and the increase in the depreciation of fixed assets and the low utilization rate of potential production have superimposed effects.
These factors eventually led to the decline in gross profit margin and profitability of lithium battery companies, which were fully reflected in the first quarter.
02
Performance inventory
In terms of finance, in the first quarter, the important financial data of several typical listed companies in the lithium battery industry:
CATL's operating income was 48.7 billion yuan, up 154% year-on-year, operating costs increased by 199% year-on-year, deducted non-net profit of 980 million yuan, up -42% year-on-year, and gross profit margin was 14.48%, compared with 27.28% in the same period last year.
Guoxuan Hi-Tech's operating income was 3.9 billion yuan, an increase of 203% year-on-year, operating costs increased by 245% year-on-year, deducted non-net profit of 9.79 million yuan, gross profit margin was 14.49%, and 24.96% in the same period last year.
Funeng Technology's operating income was 1.5 billion yuan, a year-on-year increase of 317%, operating costs increased by 305% year-on-year, deducted non-net profit of -297 million yuan, and the company's gross profit margin was 6.81%, compared with 3.89% in the same period last year.
It can be seen that the operating income of lithium battery companies has increased significantly due to the stimulation of downstream demand, but the gross profit margin has generally declined or is low, and the profitability is weak. The increase in material costs is considered to be the primary factor.
From the middle of last year to the end of the first quarter of this year, lithium carbonate increased by about 500%, lithium hydroxide increased by about 400%, ternary materials increased by about 130%, lithium iron phosphate materials increased by about 220%, electrolyte increased by about 40%, anode materials and Diaphragm prices also rose slightly.
Looking back on the first quarter of this year, the lithium battery industry was bustling with excitement, but it was basically in line with expectations.
Since the end of last year, this official account has continued to emphasize the decline in the gross profit margin of the lithium battery industry and the risk of impacting the industrial structure in terms of material costs, production release, and price transmission. It also emphasized that these will be reflected in the first quarter report.(Lithium - Ion Battery Equipment)
By the end of April, these views were gradually verified.
01
Review of viewpoints
In the past six months, this official account has covered some articles on the current situation and trends of the lithium battery industry, such as:
On December 25, 2021, "Lithium Battery Begins Involution: Supply Chain Crisis, Accelerated Differentiation of Interest Pattern";
February 10, 2022 "The lithium battery industry is in pain and happy, and the gross profit margin is looking for the lowest reasonable level";
February 20, 2022 "Cost is king, lithium battery competition is becoming less and less technical? ";
March 24, 2022 "Lithium battery in the first quarter, the gross profit margin is under great pressure, when can it be reversed? ".
These articles basically summarize the situation faced by the lithium battery industry in the first quarter of this year and the expected results:
1) The cost of upstream materials continued to rise, especially the price of lithium carbonate accelerated in the first quarter, which was regarded as a concentrated outbreak of imbalances and conflicts between the upstream and downstream of the lithium battery industry chain;
2) Stimulated by downstream demand, the lithium battery company's own production utilization rate/yield rate has reached the upper limit, and it is difficult to endogenously digest the material cost pressure through its own efforts;
3) The price of lithium batteries has gradually increased locally, and the material cost pressure has been exogenously absorbed by downstream customers, but the magnitude and breadth are still less than the upstream cost increase, and the price transmission is not easy and lagging;
4) In recent years, the new production of lithium batteries has been gradually put into production and has potential to climb, and the increase in the depreciation of fixed assets and the low utilization rate of potential production have superimposed effects.
These factors eventually led to the decline in gross profit margin and profitability of lithium battery companies, which were fully reflected in the first quarter.
02
Performance inventory
In terms of finance, in the first quarter, the important financial data of several typical listed companies in the lithium battery industry:
CATL's operating income was 48.7 billion yuan, up 154% year-on-year, operating costs increased by 199% year-on-year, deducted non-net profit of 980 million yuan, up -42% year-on-year, and gross profit margin was 14.48%, compared with 27.28% in the same period last year.
Guoxuan Hi-Tech's operating income was 3.9 billion yuan, an increase of 203% year-on-year, operating costs increased by 245% year-on-year, deducted non-net profit of 9.79 million yuan, gross profit margin was 14.49%, and 24.96% in the same period last year.
Funeng Technology's operating income was 1.5 billion yuan, a year-on-year increase of 317%, operating costs increased by 305% year-on-year, deducted non-net profit of -297 million yuan, and the company's gross profit margin was 6.81%, compared with 3.89% in the same period last year.
It can be seen that the operating income of lithium battery companies has increased significantly due to the stimulation of downstream demand, but the gross profit margin has generally declined or is low, and the profitability is weak. The increase in material costs is considered to be the primary factor.
From the middle of last year to the end of the first quarter of this year, lithium carbonate increased by about 500%, lithium hydroxide increased by about 400%, ternary materials increased by about 130%, lithium iron phosphate materials increased by about 220%, electrolyte increased by about 40%, anode materials and Diaphragm prices also rose slightly.
