With the withdrawal of state subsidies and the cancellation of local subsidies, new energy vehicles, which had been soaring, pressed the growth pause button for the first time in July this year, and in the following two months, sales declined each time.
Production and sales data released by the China Association of Automobile Manufacturers show that from July to September 2019, new energy vehicle sales were 80,000, 85,000 and 80,000 respectively, down 4.8%, 15.8% and 33.9% respectively year-on-year.
Affected by the decline in sales of new energy vehicles, the power battery industry, which is the “heart” of new energy vehicles, has borne the brunt of the impact. According to the latest data released by the China Automotive Power Battery Industry Innovation Alliance, in September this year, my country’s power battery installed capacity totaled 4.0GWh, a year-on-year decrease of 30.9%.
It should be pointed out that the impact of the subsidy reduction and sales decline is not only the decline in installed capacity, but also the more serious pressure on the survival of upstream power battery companies. As Mo Ke, chief analyst of True Lithium Research, said, Affected by the reduction of subsidies, competition in the power battery industry will become more intense in 2019.
It pointed out that with the serious decline of subsidies, car companies will lower prices to battery manufacturers, and the profits of battery manufacturers will decrease; secondly, the account period may worsen, and it will be difficult for companies with weak financial strength to support overseas electric vehicles. There are only four or five battery manufacturers in the market, and the domestic market will eventually be similar, with only about 10 companies left.
In this environment, what is the current survival status of power battery companies? We may be able to get a glimpse of this from the third-quarter performance reports released by many listed power battery companies.
CATL: Net profit fell 7.2% year-on-year in the third quarter
Recently, CATL (300750, Stock Bar) announced its third quarter results for 2019. The financial report shows that in the first three quarters, CATL achieved revenue of 32.856 billion yuan, a year-on-year increase of 71.7%; net profit attributable to shareholders was 3.464 billion yuan, a year-on-year increase of 45.65%.
Compared with the first half of this year, CATL’s single-quarter revenue and net profit growth slowed down in the third quarter. The financial report shows that in the third quarter of this year, CATL’s revenue was 12.592 billion yuan, a year-on-year increase of 28.8%; the net profit attributable to shareholders was 1.362 billion yuan, a year-on-year decrease of 7.2%, and the net profit after non-deductions decreased by 11.01% year-on-year.
Ningde Times stated that the main reason for the year-on-year increase in the company’s performance in the first three quarters is that with the rapid development of the new energy vehicle industry, the market demand for power batteries has increased compared with the same period last year; the company has strengthened market development, invested in the early stage to release cable production capacity, and produced and sold accordingly. promote.
The third quarter performance declined year-on-year. CATL said that it was due to the decline in the selling prices of some products and the decrease in gross profit margin. Coupled with the increase in R&D investment and administrative expenses in the third quarter, the proportion of expenses in revenue increased.
Guoxuan Hi-Tech: Net profit fell by 12.25% in the first three quarters
On October 29, Guoxuan High-Tech (002074, Stock Bar) released its third quarter report for 2019, achieving operating income of 1.545 billion yuan, a year-on-year increase of 3.68%; net profit attributable to shareholders of listed companies was 227 million yuan, a year-on-year increase of 17.22%; Net profit attributable to shareholders of listed companies, excluding non-recurring gains and losses, was 117 million yuan, a year-on-year decrease of 14.13%; basic earnings per share was 0.20 yuan.
In the first three quarters, operating income was 5.152 billion yuan, a year-on-year increase of 25.75%; net profit attributable to shareholders of listed companies was 578 million yuan, a year-on-year decrease of 12.25%; net profit attributable to shareholders of listed companies excluding non-recurring gains and losses was 409 million yuan. , a year-on-year increase of 2.02%; basic earnings per share was 0.51 yuan.
DOF: Net profit fell 62% year-on-year in the third quarter
Recently, the third quarterly report of 2019 released by Duofludo (002407, Stock Bar) showed that in the first three quarters of this year, the company achieved total operating income of 2.949 billion yuan, a year-on-year increase of 10.44%, and the net profit attributable to shareholders of listed companies was 97.6393 million yuan, a year-on-year increase of 97.6393 million yuan. It fell by 42.1%, and the decline expanded compared with the same period last year.
Among them, the company’s revenue in the third quarter was approximately 1.0 billion yuan, a slight increase of 2.1% compared with the same period last year; the company’s net profit was approximately 14 million yuan, a significant decrease of 62% compared with the same period last year. Net profit has fallen for 6 consecutive quarters.
Duofudo estimates that the company’s net profit in 2019 will be between 13 million yuan and 19.5 million yuan, a decrease of 70.42%-80.28%. Last year’s net profit was 65.9134 million yuan.
Dofluoro said in its financial report that the main reason for the profit decline was the slowdown in the profitability of fluoride salt products and the increased risk of new energy vehicle accounts receivable. The report shows that Duofuo’s accounts receivable reached 1.3 billion yuan in the first three quarters.
Xinwangda: Net profit in the third quarter increased by 31.24% year-on-year to 273 million yuan
Xinwanda’s third quarter financial report for 2019 shows that from July to September this year, Xinwanda (300207, Stock Bar) achieved operating income of 6.883 billion yuan, an increase of 23.94% over the same period last year; net profit was 273 million yuan, an increase of 31.24% over the same period last year. .
From January to September, Xinwangda achieved a total operating income of 17.739 billion yuan, an increase of 35.36% over the same period last year; net profit was 502 million yuan, an increase of 16.99% over the same period last year.
Sunwanda said that the increase in operating income in the first three quarters was mainly due to an increase in customer orders compared with the same period last year. At the same time, its operating costs, sales management and other expenses also increased. It is worth noting that from January to September this year, Sunwanda’s R&D expenses totaled 1.007 billion yuan, an increase of 61.23% over the same period last year.
In September this year, Sunwanda ranked among the top five power batteries, ranking behind CATL, BYD, AVIC Lithium Battery and Guoxuan High-Tech, achieving a substantial year-on-year growth of 2329.11%. From January to September, its cumulative installed capacity of power batteries reached 424.35MWh.
Yiwei Lithium Energy: In the third quarter, it increased by 199.23% year-on-year to 658 million yuan.
Recently, Yiwei Lithium Energy (300014, Stock Bar) disclosed its third quarter report for 2019. The report shows that in the third quarter of 2019, the company achieved operating income of 2.047 billion yuan, a year-on-year increase of 81.94%; net profit attributable to shareholders of listed companies 658 million yuan, a year-on-year increase of 199.23%.
In the first three quarters, the company achieved operating income of 4.577 billion yuan, a year-on-year increase of 52.12%; net profit of 1.159 billion yuan, a year-on-year increase of 205.94%; and earnings per share of 1.26 yuan.
Yiwei Lithium Energy stated in its financial report that the substantial growth in net profit during the reporting period was due to the following reasons: ① The demand for lithium primary batteries and SPC for ETC and smart meters has superimposed, shipments have doubled, product gross profit margin has increased, and net profit has Significant improvement; ② Small lithium-ion battery production efficiency has improved, and profitability has been further enhanced; ③ The orderly release of power battery production capacity has promoted performance growth and profitability; ④ The performance of associate company McQuay has increased.
At present, Yiwei’s lithium power battery production capacity is 11GWh, including 4.5GWh of square lithium iron batteries, 3.5GWh of cylindrical ternary batteries, 1.5GWh of square ternary batteries, and 1.5GWh of soft-packed ternary batteries. According to data from the Power Battery Application Branch, from January to September 2019, Yiwei Lithium Energy achieved a total of 907.33MWh of power battery installed capacity, a year-on-year increase of 48.78%, accounting for 2.15% of the total domestic installed capacity during the same period, ranking fifth in the industry.
Penghui Energy: Net profit in the third quarter increased by 17.52% year-on-year to 134 million yuan
Penghui Energy’s third quarter report of 2019 shows that during the reporting period, the company achieved operating income of 1.049 billion yuan, a year-on-year increase of 29.73%; net profit attributable to shareholders of listed companies was 134 million yuan, a year-on-year increase of 17.52%; The net profit after excluding non-recurring gains and losses was 127 million yuan, a year-on-year increase of 14.43%; basic earnings per share was 0.47 yuan.
In the first three quarters, Penghui Energy (300438, Stock Bar) achieved a total operating income of 2.495 billion yuan, a year-on-year increase of 40.94%; net profit attributable to shareholders of listed companies was 270 million yuan, a year-on-year increase of 0.27%; excluding non- Net profit from recurring gains and losses was 256 million yuan, a year-on-year increase of 18.28%; basic earnings per share was 0.96 yuan.
Post time: Dec-18-2023