Deep 丨 Battery Company Profitability Comparison: Catlvs Overseas Power Lithium Battery Giants

Deep 丨 Battery Company Profitability Comparison: Catlvs Overseas Power Lithium Battery Giants

Recently, overseas power lithium battery giants have intensively disclosed 19 years of Q2 data, we combine their quarterly data one by one, and conduct in-depth analysis of their power lithium battery services. LG Chemistry: The company only discloses secondary battery business data. In 2019, H1 secondary battery income reached 21.

3 billion yuan, up 27% year-on-year, with profitability, since 2017, the secondary battery service has begun, but 2019 H1 business The profit margin dropped to -8%, which is important because the fixed assets depreciation after the new production line of the power lithium battery increases and the disposable loss caused by the explosion of energy storage business.. Panasonic: In April 2019, the company raised the power lithium battery service from the three-level department to the secondary department, and began to disclose the power lithium battery data.

. In 2018, Panasonic power lithium battery income is about 23 billion. Since there is no storage capacity such as energy storage in Panasonic power lithium battery income, it is calculated that its battery unit cost is high, and the price of Panasonic unit according to Panasonic unit is calculated in 2018.

0.95 yuan / WH, the same period Ningde power lithium battery unit price is 1.15 yuan / WH.

Compared to the price of the two, the price advantage of the unit of Panasonic is obvious. It is about 17% cheaper than Ningde unit. It is an important reason.

It is expected that the cost of NCA will decrease, and it is expected that the Ningde 811 battery is quantified, the unit price gap Be expected to shrink. Samsung SDI: Korean energy storage demand reduction has caused a decline in large battery income. The company currently only discloses large-battery income data.

The big battery income in 2016-2018 is 5.6 billion yuan, 9 billion yuan, 17.7 billion yuan, with a year-on-year increase of more than 50%, and the increase of income is steadily increased, 2016-2018 proportion 19%, 23%, 31%, respectively.

In 2019, the income of H1 big batteries has increased, down 7% year-on-year, with a decrease of revenue to 27%, and important causes have frequent domestic demand for Korean storage.. SKI: The company’s dynamic lithium battery business is small, and 2018 income is only 2.

1 billion yuan, accounting for less than 1% income.. The company’s power lithium battery business has been in a large loss of loss, but has gradually losses.

The business profit loss is as high as 1.15 billion, and the operating profit rate is -91%. The 19-year Q2 business profit loss is 400 million yuan (division data has not disclosed motion lithium battery business income), which has lost 110 million yuan in the previous month, of which 0.

73 billion yuan is produced The cost reduction is caused; the key issue is discussed: Compared with CATL’s high profit, the overseas battery factory is still in a loss? We believe that there are three reasons for the production rate. The production utilization rate is low, the equipment is high, and the cost of raw materials is high;. In 2018, the production utilization rate of CATL and Samsung SDI is the highest, 73% and 61%, respectively, and the two operating profit margins (CATL is the net interest rate) correspond to the positive, and the yield utilization rate of LGC is less than 50%.

, SKI even only 19%, too low yield utilization makes fixed cost expenditure, and it is inevitable.. 2) Equipment single-line investment is higher, with LG chemistry as an example, its large battery single line put more 40 million yuan / GWH.

Due to the construction cycle of the power lithium battery production, we judged the capital expenditure of H1 in 16-19 in the 2017-2020 new production line.. Calculated that CATL’s power lithium battery is 33 million yuan / gWh.

The single-line input of LG chemical high battery is 270 million yuan / gWh, and the two differ from 40 million yuan / GWH. We believe that it is 1) LG chemistry The production line is a soft package production line, and the square single-line investment is large; 2) Ningde’s equipment investment is mostly domestic supply, the price is low; CATL has strong control of supplier control, and the material cost advantage is obvious..

CATL has made a lot of work in the past few years, and the equipment and equipment have been a large number of work, and it grows with a group of suppliers, so there is a good control ability to industrial chain resources.. At present, important suppliers in Japan and South Korea battery are still Japanese and Korean materials, and there is a certain advantage in the country, but the procurement cost is high.

With the continuous optimization of domestic suppliers, Japan and South Korea has begun to introduce domestic supply. Commercial (most B is for B), the cost advantage of the future CATL will be reduced. Text 1.

Overseas Battery Factory Dynamic Lithium Battery Analysis 1.1.LG Chemical: Secondary Battery R & D Input and CATL close, 2018 is a main business of 2 billion yuan LG chemistry, including basic materials and chemistry, secondary batteries, information electronics Materials, Life Sciences, etc.

, of which secondary battery is the second largest business of LG chemistry, 2018 income is about 40 billion yuan, accounting for 23%.. LG chemical secondary battery business revenue has continued to rise, 2019 H1 income reached 21.

3 billion yuan, up 27% year-on-year, with profitability, since 2017, the secondary battery service has begun, but 2019 H1 business profit margin Dropping to -8%, is important because the fixed assets depreciation after the new production line of the power lithium battery and the disposable loss caused by the explosion of the energy storage business; and the research and development of CATL power lithium batteries: the two research and development The investment and R & D costs are very close. It is about 2 billion yuan in 18 years. However, approaching 40% of the second battery service of LGC is a consumption battery, although consumer battery technology iteration has slowed, but new projects still have to follow up Sustain research and development costs, therefore the R & D investment of the dynamic lithium battery may be less than 1.

5 billion, R & D investment, or less than CATL, and from the growth rate of research and development, CATL is higher than LGC, and the future CATL may exceed LGC in technology reserves. 1.2.

Panasonic: Power Lithium Battery Business Upgrade to Secondary Departments, 18 Battery Price Compared with CATL Cheap 17% In 2019, the company will move the power lithium battery service from the three-level department to the secondary department, began to disclose power lithium battery data.. Panasonic dynamic lithium battery service is the energy division of AIS (AutomotiveIndustrialsystems), AIS sectors include energy sectors, auto sectors, and industrial sectors, and the energy department is subdividing as power lithium battery services (TSLA business, other power lithium battery services) , Energy equipment business, energy solution, etc.

. Since AIS sector, the AIS sector is split into AM (Automotive) sector, and the power lithium battery service is independently operated by the energy department, and the automotive department belongs to the AM sector. The dynamic lithium battery service is raised from the three-level department to the secondary department, and the status of the power lithium battery business in the group will begin to disclose power lithium battery income since this company.

. 2018 Panasonic power lithium battery income is about 23 billion yuan. 2018 Q2-Q4 Panasonic power lithium battery income is 5.

1 billion yuan, 6.5 billion yuan, 7.3 billion yuan, 2018 Q1 energy business revenue is 8.

74 billion yuan, considering Panasonic important power lithium battery customers TSLA, TSLA delivery The quantity will significantly affect the Panasonic power lithium battery income. In 2018, Q1-Q2TSLA delivery is 30,000, 40,000, we calculate the 2018 Q1 power lithium battery income or is 4 billion yuan, the annual income will reach 22.8 billion yuan.

. In 2018, Panasonic unit price is about 0.95 yuan / WH, which is 17% cheaper than Ningde.

. Since there is no other income such as energy storage in the Panasonic dynamic lithium battery income, calculate its battery unit cost accuracy, according to SneeResearch data, 2018 Panasonic power lithium battery shipments are 24GWH, calculated the 2018 Panasonic unit The battery price is 0.95 yuan / WH, the same period Ningde power lithium battery income is 24.

5 billion yuan, power lithium battery sales (company caliber) is 21GWH, unit price is 1.15 yuan / WH. Compared to the price of the two, the price advantage of the unit of Panasonic is obvious.

It is about 17% cheaper than Ningde unit. It is an important reason. It is expected that the cost of NCA will decrease, and it is expected that the Ningde 811 battery is quantified, the unit price gap Be expected to shrink.

The company’s internal resources have tilted power lithium batteries, and capital expenditures are stable to 37%.. The AM sector revenue accounts for about 20%, but the capital expenditure is stable at 37%, and the company is currently an important investment direction as a power lithium battery sector.

In the next two years, 10GWH production will be added in Nahua, my country, adding new 20GWH production, total number of 30GWH. 1.3.

Samsung SDI: Korean energy storage demand reduction caused the 19h1 battery income to fall Samsung SDI important business as the secondary battery business and electronic material business, the company divides the secondary battery business into large batteries and small battery business, small batteries include Cylindrical batteries and polymer batteries are applied to electric tools, electric bicycles and consumer electronics; large batteries include power lithium batteries and energy storage batteries.. South Korea’s energy storage demand is reduced by large battery income.

. The company currently only discloses large-battery income data. The big battery income in 2016-2018 is 5.

6 billion yuan, 9 billion yuan, 17.7 billion yuan, with a year-on-year increase of more than 50%, and the increase of income is steadily increased, 2016-2018 proportion 19%, 23%, 31%, respectively. In 2019, the income of H1 big batteries has increased, down 7% year-on-year, with a decrease of revenue to 27%, and important causes have frequent domestic demand for Korean storage.

. 1.4.

ski: The power lithium battery business is smaller, still in depth loss, the company’s power lithium battery business is small, accounting for less than 1% of the Group’s income. The company’s main business is the petrochemical industry. In 2018, the company’s total income is up to 33.

39 billion yuan. At present, the power lithium battery business is still very small in the group, which is divided into other income categories. In 2018, the lithium battery income is 2.

1 billion yuan. Rising a year-on-year increase of 140%, accounting for only 0.6% of total revenue.

The company’s power lithium battery business has been in a large loss of loss, but has gradually losses. The business profit loss is as high as 1.15 billion, and the operating profit rate is -91%.

The 19-year Q2 business profit loss is 400 million yuan (division data has not disclosed motion lithium battery business income), which has lost 110 million yuan in the previous month, of which 0.73 billion yuan is produced The cost reduction is caused; the power lithium battery has now existing 4.7GWH production and has been planned to have a total of 39GWH.

. The company was 34.3GWH, which is 17GWH, which is 17GWH, my country.

Mass production, Hungari Phase II (9.5GWH) has started in 19 years, expected to be produced in 2022, US Georgia Factory (9.8GWH) is expected to work in Q1 in 2020, expected 2022.

According to the company planning, the output of SKI power lithium battery will reach 20GWH, which is more than 300% year-on-year. Why is the overseas battery factory lose money? – Low yield utilization, high single line investment, high-standard material cost is an important cause and CATL high profit, and the power lithium battery business of overseas battery plants is still in a loss..

We selected the net profit rate of CATL, select the operating profitability of SKI power lithium battery business, due to LG Chemical, Samsung SDI and Panasonic did not disclose relevant data, we selected secondary battery and AM business profit margin to compare. It can be seen that the net interest rate of CATL has been more than 10%, while the overseas battery factory is still in a loss, of which SKI is still in the depth loss period, and the loss of Panasonic AM sector is small, close to the profit and loss line, but due to the AM sector Automobile business is always in a profitable state when it is at home, so the power lithium battery service is still the main cause of overall loss..

LG chemical secondary battery business has been turned over in 2017, but due to the large cost of fixed cost after the storage explosion and new production lines, 19 years H1 has once again a significant loss. Samsung SDI successfully achieved twisted in 2018, the operating profit margin is 6%, and it is important reason for 2018, which is affected by Korean subsidy policy. Therefore, driving the overall profitability, dynamic lithium battery or still in a loss state.

Why is the overseas battery factory lose money? We believe that there are three reasons for the production rate. The production utilization rate is low, the equipment is high, the raw material cost is high; the yield utilization is the important cause of loss, the production of CATL and Samsung SDI in 2018, the highest, respectively It is 73% and 61%. The two operating profit margins (CATL is net interest rate) correspond to positive, and the yield utilization rate of LGC is less than 50%, and only 19% of SKI is even more than 19%.

Make the fixed cost expenditure, the loss is inevitable. LogC and SKI turn-in-lost difficulty, Samsung or will re-loss. From the expansion plan from each battery factory, LGC and SKI’s production is doubled.

It is expected that with the rapid expansion of the production of the power lithium battery, the short-term production utilization is difficult, and the two turn is more difficult.. Samsung SDI has the most rapid expansion, 2 years of CAGR up to 165%, and from the installation level, the growth rate of more than 100% in 2019-2020 has a difficulty, short time Samsung SDI or will face loss again.

In terms of equipment investment, since only LG discloses the expansion capital expenditure of the secondary battery, we compare CATL and LG. 16-19 years H1, Ningde and LG chemical power lithium battery accumulated capital expenditure. Since 2018, Q4, LG only announced the total capital expenditure of secondary batteries, not classified as sustainability and expansion capital expenditure, considering that the company’s power lithium battery production is still expanded, it is expected to expand the expansion capital expenditure It will continue to expand, assuming that the expansion capital expenditure of 18Q4-19Q2 accounts for 92%, and the calculation degraded that H1 accumulated capital expenditure is 2.

35 billion yuan, and the CATL capital expenditure is 21.6 billion yuan (assuming Ningde 19Q2 capital expenditure is 3 billion yuan), the cumulative capital expenditure is relatively close. LG chemical large battery single line put more 40 million yuan / GWH.

Due to the construction cycle of the power lithium battery production, we judged the capital expenditure of H1 in 16-19 in the 2017-2020 new production line.. According to the company disclosure, CATL’s dynamic lithium battery during 2017-2020 has a cumulative output of about 92GWH.

The accumulated production of LG chemical dynamic lithium batteries is 72GWh, and the energy storage is 8GWH. Consumption is 9GWH. Since the small battery production line input and large battery are relatively small, we assume that the single line of the consumption battery is 200 million yuan / gWh, and the power-based power lithium battery of CATL is 300 million yuan / gWh, LG chemical big battery single-line input It has been 2.

7 billion yuan / gWh, the two differ from 40 million yuan / gWh, we believe that it is 1) LG chemical production line is a soft bag production line, compared to square single-line investment is large; 2) Ningde’s equipment invests most For domestic supply, the price is low;. CATL has done a lot of work in the past few years, and has made a lot of work in materials and equipment, and a batch of suppliers have grown together, including the positive light of Lifting Technology, Xiamen Tungsten, the diaphragm of Shanghai Enjie, Star source material, and electrolyte , Xinxiang, negative Purple, Kaipin, Structural parts of Cacili, etc..

In 2016, the chairman of the electric car, the chairman of the company, clearly pointed out: “Our philosophy is to lead domesticization, so the domestic labor rate is 86%, the material is 88%, driving a considerable battery company listing. “Since Ningde has successfully cultivated a large number of local suppliers, there is a good control ability for industrial chain resources..

At present, important suppliers in Japan and South Korea battery are still Japanese and Korean materials, and there is a certain advantage in the country, but the procurement cost is high. With the continuous optimization of domestic suppliers, Japan and South Korea has begun to introduce domestic supply. Commercial (most B is for B), the cost advantage of the future CATL will be reduced.

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