Subsidy ‘breaks’ net profit decline CATL Will you keep the rivers and lake?

Subsidy 'breaks' net profit decline CATL Will you keep the rivers and lake?

From the capital market, the wind is in today’s net profit revealed, CATL witnessed and led the rise of the new energy automotive industry, and became a minority of the industry’s development context.. Today, the new energy car subsidies will have a big potential, CATL is forced to “wealth”, and the company will look through the layout overseas, expand production to improve the profitability, but there are still many problems that truly solved.

. Since 2019, the subsidy has an impact on the sales of new energy vehicles..

September dynamic lithium battery data show: The power lithium battery load rate is more than 30% year-on-year, and it is a three-year new low.. CATL has continuously fallen sharp margin continues to decline, the first time is less than 30%; the performance growth rate is no longer, in the third quarter of this year, the company’s return to the net profit decline.

And all of this, for the CATL just “weaning”, it is only one beginning.. In the third quarter, CATL recently announced the third quarter earnings report.

The third quarter of 2019 was reached 12.592 billion yuan, up to 28.80% year-on-year, but net profit fell by 7.

2% to 1.362 billion yuan..

It is worth noting that the net profit of CATL reached 1.047 billion yuan and 1.055 billion yuan in the first two quarters, and the decline in the third quarter is the first quarter of the first net profit in 2019.

. Regarding the year-on-year decline in the third quarter, CATL believes that because some of the products are price decline, the gross profit margin has decreased..

Second, it has been rising from research and development in the third quarter, and the management cost has increased, and the cost of income has increased.. CATL is working hard to seek second rising curve.

On October 18, the company is located in the first overseas factory in Turin, Germany.. According to the plan, the construction area is 23 hectares, the production line includes the battery and module products, which is expected to achieve 14GWH battery production in 2022.

. In recent years, CATL has been actively laying out of the globalization strategy. At present, it has established subsidiaries in Germany, Japan, and the United States.

The European Production Base Plan has formed partial production in 2021, and the idea of ​​the business, seizes overseas markets.. Traditional car sales “Golden Nine Silver Ten” third quarter, the new energy automotive industry suffered heavy frustration, sales have a significant decline, especially in September this year, new energy vehicles completed 89,000 production and sales, respectively, 29.

9% year-on-year, 34.2%. And the corresponding thing is a year-on-year decline in loading.

In September, my country’s power lithium battery loading is 4.0GWH (Gigabit), down 30.9% year-on-year, creating the biggest decline in three years.

CATL in the storm is also difficult to alone. This is also one of the reasons why the company deducted net profit from 11% to 1146 million yuan this year..

In fact, CATL performance is not unexpected, and even chapters can follow. From 2015 to 2018, CATL operating income rose from 5.703 billion yuan to 29.

61 billion yuan, but the net profit of return is slightly worse, only from 931 million yuan to 3.387 billion yuan..

Difficult is the net profit increase rate, from 2015, a year-on-year increase of 1609.94%, down to -12.66%.

Its net profit growth is far from revenue, and it is a gradual decline in its profitability.. From 2016 to 2019, the company’s gross profit margins were 43.

7%, 36.29%, 32.79%, 29.

08%, respectively.. In the third quarter of 2019, CATL also emphasized this: “The important reason for the decline in the third quarter is that some of the products decline, the gross profit margin is lowered; the research and development investment in the third quarter increased, the management fee added, fees Accounting proportion.

“As the industry enters the washed buffet, the prices of the raw materials in the superimposed, the future trend or more intensified. In addition, the accounts receivable are too high, and the sword of Damoris is hanging on the CATL head..

In the first three quarters of 2015 to 2019, the company’s bills and accounts reached 2.816 billion yuan, 7.886 billion yuan, 12.

37 billion yuan, 15.968 billion yuan, 18.411 billion yuan.

. CATL has repeatedly prompted the risk of “higher payment balances and bad debts”. And it is reflected in the secondary market, the stock price is weak.

. WIND data shows that since March this year, CATL stock prices have fallen in a state of decline, and the cumulative fell by 21.5% from March to October.

The market value evaporates about 46 billion yuan.. The industry’s inflection point is not expired to the public information.

CATL is established in 2011. At this time, the domestic new energy vehicle enters the high-speed development period..

Protected by the national government, the international giants are blocked outside the door. CATL enjoys a policy bathing, a power lithium battery system supplier, which is transformed into the world’s sales, is also included in BYD, Panasonic, Samsung and other domestic and foreign opponents behind him..

If you say the rise of CATL, it is desirable to open the soil of the new energy car. So, when it is today, the territory has gradually cool, and the turning point is not expired..

In May this year, the Ministry of Industry and Information Technology officially announced, which clearly expressed the abolition of the “Standard Conditions of Automobile Power Battery Industry” from June 21 this year, and cancel the power lithium battery “White list”. Long-term Panasonic, Samsung SDI, LG Chemical, etc..

BYD is also in strong chasing. In the middle of this year, BYD announced that he was developing a powerful lithium battery and electric vehicle. At the same time, it was ready to launch a lower cost of power lithium battery.

In the future, the power lithium battery sector is independently listed.. In this context, the problem of insufficient competitiveness in CATL market is rapidly enlarged.

. According to the data disclosed in the first electric network, the energy density of the Catlncm811 battery is 235.8Wh / kg.

. Panasonic company supplied as TSLA supplied, the 21700 cylindrical battery supplied, the energy density of the monomer battery has been capable of reaching 300Wh / kg. On October 15th, Huang Shilin, vice chairman of CATL, said, “On the energy density, by 2020, CATL hopes to do 300WH-350WH / kg.

However, the energy density of the industry leader or far exceeds this value. “In addition, the company is far from the cost of battery costs, and a research report of Ruiyin has said..

In November 2018, Ruiyin calculated that CATL’s battery cost exceeded US $ 150 / kWh, higher than Panasonic, LG Chemical, Samsung SDI, where Panasonic Battery cost is 111 US dollars / kWh. In addition to the “strong enemy” of the tiger, it has been in the industry’s abutment point. The CATL own business is a single issue may be more solved.

Unlike BYD with a variety of business, energy storage, information electronics, cloud tracks, etc., CATL only battery and Self-reservoir two business support results. CATL once in 2018, “Insufficient production is one of the company’s competitive disadvantages.

“There are also brokers to optimize the company’s internal problems, and CATL hopes to reduce cost and expand production by expanding production scale.. In recent years, the company has built Jiangsu Fuyang, Fujian Ningde, Qinghai Lake West San Datini-Battery Production Base.

base. In the future, the above base production is expected to exceed 200GWH..

At the same time, CATL has been binded to the upstream vehicle enterprises, consolidating its own status.. In the past year, CATL and SAIC, Guangzhou Automobile, Geely, Dongfeng, FAW and other heads have established joint ventures, and also sign the corresponding binding agreement with Beiqi, Chang’an, Yutong, and even BMW, Volkswagen, Daimler.

. However, these strategies are not smooth..

Taking Geely as an example, in 2017, he acquired the power lithium battery company in Nanjing in 2017, preparing for the self-built plant.. At the same time, Ji Li and CATL have established a joint venture company, and announced a Japanese and South Korea company to select a Japanese and Korean supplier.

. Despite this, there are also brokers to optimize CATL future prospects..

Recently, Shanghai Securities Announcement Head: “CATL is the absolute lead company of the lithium industry, technology superimposed scale, the company’s market share is expected to continue to improve; the company is among overseas high-end supply chains, benefiting from the global electric motorization process, six During the month, maintain the company ‘cautious increase in’ rating. “.

Leave a Comment

Your email address will not be published.

Scroll to Top