Net gross profit double drop, domestic power lithium battery giants’ naked “Warfare Japan and South Korea giants

Net gross profit double drop, domestic power lithium battery giants' naked

On April 25, the power lithium battery giant CATL handed over the first annual transcript after the listing.. Annual report show that 2018, CATL revenue has risen nearly 50%, but net profit and important business sector gross profit margin have fallen.

. In the past two years, with the competition of the industry, my country’s powered lithium battery industry is accelerating into the “Washing period”, especially in the background of new energy subsidies, and Japanese and Korean battery companies accelerate into China, although CATL is not Eliminate the risk of outing the game, but want to keep the dominant status for a long time, it is not difficult to face. The first annual report was released.

In 2018, CATL revenue was 29.61 billion yuan, up 48.08% year-on-year; net profit attributable to shareholders of listed companies was 3387 million yuan, down 12.

66% year-on-year; attributable to the shareholders of listed companies Net profit was 3128 million yuan, up 31.68% year-on-year. According to the product, the 2018 CATL power lithium battery system revenue is 2.

4515 billion yuan, up 47.18% year-on-year, accounting for 82.79% of total revenue; the energy storage system revenue is 189 million yuan, up 1051.

89% year-on-year; lithium ion battery material It took 3.86 billion yuan, up 56.27% year-on-year; other business revenue is 1045 million yuan, up 22.

57% year-on-year. Regarding the revenue increase, CATL said in the annual report that the new energy automobile market rapidly increased, the company strengthened the market promotion, market share improvement. New revenue cost, due to the increase in business costs, as well as the company’s important raw material price drop, lower than the price of product sales prices.

Previously, the CATL performance express report showed that the total amount of profit decreased in 2018 was the above-year transfer of Beijing Prad New Energy Battery Technology Co., Ltd. (hereinafter referred to as “Place”) equity.

. In April 2017, CATL transferred the 23% equity equity in the Oriental. The transfer price was 47.

5 yuan per share, corresponding to 23% of the equity value of 1093 million yuan.. From the product, the total amount of domestic power lithium battery is 56.

9GWh, which has risen by nearly 51% year-on-year, of which CATL is 41% from other companies in 23.4GWH installed capacity..

Despite the leading market share, the gross profit margin of CATL important business sector has declined. In the branch, the gross profit margin of the electrical machinery and equipment manufacturing fell by 3.5% year-on-year;.

Cost pressure highlights the decrease in hair rate and the cost pressure of CATL face. From the perspective of the annual report, the CATL is important for the sector, and the growth rate is faster than the revenue growth..

In 2018, CATL power lithium battery system revenue growth rate is 47.18%, and the growth rate of operating cost is 49.8%; the growth rate of lithium-ion battery material is 56.

27%, and the growth rate of operating costs is as high as 64.72%..

In March 2019, Chairman CATL said in the sixth G20 Lithium-Summit, the next three to four years will be the most difficult period of the power lithium battery and industry chain, especially on the pressure, The downstream company will face an unprecedented challenge, which is to cooperate with the whole industry chain.. About Catl with cost wishes, the new parties that will then come back is not a good news.

. In March 2019, the Ministry of Finance and other four commissions were announced “Notice on Further Improvement of New Energy Automobile Promotion Application and Financial Subsidy Policy”. In the 2019 subsidy policy, new energy vehicles less than 250 kilometers of the new energy vehicle will no longer enjoy subsidies, and other models have grown sharply.

. At the same time, subsidy new politically has greatly improved the requirements of quality energy density of dynamic lithium battery system, minimum requirements from 105WH / kg to 125WH / kg. Cui Dongshu, secretary-general of the National Passenger Car Market Information, said that the above policy will bring a certain pressure to automakers, but the manufacturer does not transfer price increase to consumers, and will balance the benefits by reducing the production cost or profit of automotive products.

. Industry insiders believe that after further resurrection, the vehicle manufacturers who seek the balance of the benefit will require the upstream battery manufacturers to reduce the price, plus the price of raw materials such as cobalt continues to rise, the battery production cost is increased, and the battery company will be severely compression. Face-faced competition is not only cost pressure, but in 2019, in the past, there will be a domestic power lithium battery company such as policy dividends, and will also bring more Japanese and Korean battery giants to the front competition.

. Previously, my country has always had a “white list” of the power lithium battery company. Only by using the list of battery companies in the list can get the national subsidy, but there is no foreign battery company entering in this list.

. However, with the “automobile power storage battery and hydrogen-fuel power battery industry white list (first batch)” in May 2018, the Japanese and Korean batteries of the white list were first entered to return to my country’s powered lithium battery battlefield..

In 2018, South Korea’s company LG and Huayou cobalt industry jointly established two companies, producing lithium-electric three-dollar precursors and three-dimensional material materials.. In August, the Korean battery manufacturer SKI also announced that the dynamic lithium battery plant was established in my country Jiangsu Changzhou Jintan Development Zone.

It is estimated that the annual output is 7.5GWH; in February 2819, there is news that Panasonic plans to spend “billion US dollars Deploy two new production lines in my country’s Battery Factory. In the context of foreign competitors accelerate into China, CATL chose to bundle in advance to build a “moat”.

According to the information, only 2018, CATL has successively and Dongfeng, Guangzhou Automobile, BMW, Jiangling, Geely set up joint venture, CATL has also become the company’s largest company in the dynamic lithium battery sector and car enterprise joint venture. From the CATL perspective, and the company has established a joint venture company to bind future orders in advance to lock the industry status..

For car companies, the battery accounts for nearly 40% of electric vehicles, and joint ventures also have a stable supplier of important raw materials.. However, this kind of bundling relationship is not difficult.

. It is understood that domestic large-scale automotive groups are supplied with power-lithium batteries, except for the selected company as the main supplier, will also establish supplies with other companies..

For example, the SAIC Group has established a joint venture company in addition to CATL, and also maintains battery supply cooperation relationship with the Group.. In addition, the President of Geely Automobile Group and CEO will reveal that day-Korean batteries will be selected as the second supplier in a joint venture.

. In the future, during and foreign battery companies compete for the order of the car, the cost is undoubtedly a “soft rib” of CATL..

The cost report of the battery production company announced by the International Investment Analysis Institute, 2018, showing that the lithium-ion battery produced by the four battery manufacturers is found, and the Panasonic 21700 cylindrical lithium ion battery cost is 111 US dollars / kWh, LG chemistry The cost is 148 US dollars / kWh, the cost of Samsung SDI and CATL exceeds $ 150 / kWh, where the CATL cost is the highest.. “Currently, LG Chemical, Samsung SDI, Panasonic’s power lithium battery supplier is important to Japan and Korean companies, superior to domestic companies in terms of supplier product quality.

“Cui Dongshu said that with the continuous improvement of the domestic medium-resection materials companies in China, LG Chemical, Samsung SDI, Panasonic After realizing localization, domestic companies are very likely to be an important supplier, and these Japanese and Korean batteries are expected. Continue to decrease. .

Leave a Comment

Your email address will not be published.

Scroll to Top