“CATL is the beneficiary of my country’s new energy vehicle high-speed rise. “April 25, CATL New Energy Technology Co., Ltd.
(hereinafter referred to as CATL, 300750), which announced the first annual report since the listing. According to the report, 2018 CATL operating income reached 29.61 billion yuan, up 48.
08% year-on-year; net profit attributable to listed shareholders was 3.387 billion yuan, down 12.66% year-on-year.
In addition, the gross profit margin is 32.8%, which reduces 3.5 percentage points from the previous year, and the net interest rate is 12.
6%, which reduces 8.4 percentage points from the previous year, which is the lowest level since 2015..
24-day fire passed, the 9-day market value of the listing exceeded BYD, and the CATL of the A-shares in the car power lithium battery industry seems to have some capital that can always be expected, so that the outside world looks like this. “Not bad” financial report, lost its interest in depth research. What is the 2018 CATL? How about the financial report? What is the information that the outside world doesn’t pay attention to? Auto prophetic connection industry authority, exclusive interpretation CATL2018 performance report.
Add 1051.89% of the storage battery service 2018, CATL operating income rose by 48.08% to 29.
61 billion yuan, attributable to the net profit of the listing shareholders, down 12.66% to 3.387 billion yuan.
. Considering the revenue and net profit, the CATL 2018 industry has a new year and profit decline..
Regarding the sharp rise in business income in the current financial report, CATL will return it to the increase in the CATL market share under the rapid rise in the new energy vehicle market.. It is important to have a decline in net profit due to the increase in sales, as well as the decline of the company’s important raw material prices below product sales prices.
. According to the data, CATL 2018 has a business in the industry to enter the industry of 199 billion, and has a 56% increase in the operating costs of 12.7 billion yuan last year.
. Among them, the direct material cost of lithium-ion battery is 16.1 billion yuan, accounting for 83.
57% of total cost, which has a decline in 83.75% in 2017..
A number of industry people said that in the case of new product shipments, the cost of lithium-ion battery-related material has a slight decline in the previous year, and the production layout and bargaining capacity of CATL in the basic lithium-ion battery material is reacted.. In addition, from the business structure, the power lithium battery system is still its core income source.
. Specifically, the “power lithium battery system” operating income is 2.452 billion yuan, and the revenue is 85.
8%.. The “lithium-ion battery material” operating income is 3.
86 billion yuan, and the revenue is 13.5%..
It is worth noting that in 2018, the CATL storage battery business achieved sales income of 1.8 billion, up 1051.89% from the same period last year, strong momentum.
According to the data, the CATL energy storage service includes battery cells, modules, electric boxes, and battery cabinets. The application areas cover large solar or wind energy power storage packages, industrial company energy storage, commercial buildings and data center energy storage, energy storage and charging station, Communication base station reserve battery, etc..
“The energy storage battery is a revolutionary technical breakthrough in the power grid.” Industry experts said that the breakthrough in the energy storage battery technology in the grid will help the stable power grid, adjust the wind power, solar power generation due to the air network caused by the weather..
In an interview, the relevant experts said that with the further maturity of lithium ion battery technology, the market application of the energy storage lithium-ion battery is going to the scale of industrialization cycle.. According to the data, the storage cost of electricity in 2017 fell from 2.
87 yuan in 2010 to 0.4 yuan, and it is close to scale from the cost..
With the gradual maturity of the energy, Ningde batteries will have a major impact on performance, and relevant experts said. In the decline in R & D investment, it began to pursue the current financial report. CATL has grown by 1991 million yuan last year, accounting for 6.
72% of operating income, and the amount of input is 22% from last year.. However, it is worth noting that 2018 R & D investment in the turnover is 17%, which is the lowest level in the past three years.
. In 2016, in 2017, it is not as follows in 2018, and CATL put into research and development, the proportion of operating income is not less than 7%..
In the detailed project of R & D, depreciation amortization has increased significantly, from 2.4 billion yuan in 2018 to 390 million yuan, up to 62% year-on-year..
At the same time, employee remuneration has a new increase of 170 million yuan, and the R & D team has increased from 3425 people to 4217 people.. Single average salary increased from 206,100 in 2017 to 2084 million in 2018.
According to the above data analysis, in this year, the research and development investment in this year has a large increase in the cost amortization and equipment of the past two years. The actual technology research and development investment should be less than the past two years; at the same time, research and development In the introduction of talents, the average salary of single people is not large, reflecting the low quality of talent introduction. Corresponding to the development of the research and development is the size effect of CATL-side pursuit.
Compared to the research and development investment in play with the concept, CATL is more generous on the scale.. Time retracted to June 2018, in the Catlipo recruitment book, CATL accumulated funds 5.
352 billion, of which 3.352 billion is used for production expansion, and the remaining 2 billion yuan is all put into “power and energy storage battery research and development project”..
The project plans to invest 42 billion yuan, of which R & D staff costs 1.987 billion yuan, accounting for 47.3% of total investment.
. In this annual report, CATL disclosed that the corresponding fundraising is detailed. As of December 31, 2018, the company has accumulated totaling funds 1.
3 billion yuan, of which CATL Hui Lithium ion power lithium battery production base project report period Introduced to 1.1 billion yuan in the report period of CATL power and energy storage battery R & D projects. In addition, in 2018, CATL added a new amount of 4.
5 billion yuan in the construction project, transferred to a fixed asset of 5.8 billion yuan..
During this financial cycle, CATL also announced the establishment of a joint venture company with a number of automobile companies to produce vehicle power lithium batteries.. Policy, market competition stress is once again highlighted in the 2018 financial report, CATL will remind investors as an important warning of market policy risks.
CATL said that with the development of the new energy vehicle market, the state has also adjusted the subsidy policy.. If the policy resurrection exceeds expectations or major adverse changes in related industrial policies, it may have a significant adverse impact on the company’s operating results.
. The financial report shows that the current production of CATL is about 32GWH. After investing in the factory in 2019, all production will increase to 45-46GWH.
. CATL and quoted the Ministry of Industry and Information Technology, which has a total of more than 1,100 new energy models last year, which is the most powerful lithium battery manufacturer of the supporting model, accounting for approximately 29%..
Most experts believe that the CATL volume is huge, policy adjustments will be enlarged on a huge shipments, thus affecting future CATL expectations.. CATL also triggered the worry of departmental companies while the new energy power lithium battery was arrogant.
As one of the core components of new energy vehicles, in recent years, with the rapid development of new energy auto industries, many companies choose to enter the motorful battery through direct investment, acquisition and industrial transformation, etc., market competition is also increasingly fierce. In the interview with the car prophet, industry-related experts also cautiously express concerns about the market.
. The other party believes that once the demand in the future market does not meet the expected level, structural, and the excessive production of excessive production will exacerbate the risk of market competition. In addition to market and policy competition, Japan and Korean companies from traditional vehicles are also snorting in my country’s powered lithium battery market.
. In May, 2018, LG Chemistry, Zhejiang Huayou Cobalt Company and Wuxi High-tech Zone signed a cooperation agreement, announced that LG began to settle in my country..
The project was built by the joint venture company established by LG Chemical and Huayou Cobalt, with a total investment of 100 billion US dollars, production planning, planning construction in September this year, and completed in September next year, it was put into production in May 2020.. Experts believe that subsidy policies are staged for the protection period of domestic power lithium battery industry, and CATL will finally compete with Japan and South Korea’s powered lithium battery giants.
At that time, CATL will test the comprehensive competitiveness of technology, research and development and so on.. Most industry persons said that although the CATL main industry is still in terms of power lithium batteries, future energy storage batteries rise quickly, which may become new performance rising points.