Effect of Lithium Battery Industry Chain Differentiation on Profit and Loss of Battery Industry

With the sales of new energy vehicles exceeding 700,000 in 2017, the growth of the upstream lithium battery industry runs through the year. According to the statistics of the Shanghai Stock Exchange, there are currently 31 lithium battery companies that have disclosed the 2017 performance forecast, and 24 news companies have reached 24, accounting for nearly 80 % of the total. Among them, 10 companies with a profit growth ceiling of more than 100 % account for the number of forecasts. One third. However, there are also companies in the fierce competition in the decline, 2017 performance deficit.

Recently, Koheng SHARES estimated that the total annual net profit in 2017 will reach 135 million yuan to 145 million yuan, an increase of 301.95 % to 331.73 % year-on-year. The company stated that the performance growth is mainly due to the company's main product, lithium battery positive electrode material sales orders increased significantly year-on-year, lithium battery positive electrode material production line full load production, and due to the release of some of the new production capacity, production and sales volume increased significantly from the same period last year. The gross profit margin for sales rose significantly compared with the same period last year.

Keheng shares revealed the current production capacity in the recent institutional survey. The company's Jiangmen and Yingde bases total about 800 tons of capacity per month, of which 600 tons are ternary materials. The second phase of the company plans to produce 5,000 tons/year of power ternary and about 3,000 tons/year of high-voltage lithium cobalt oxide. At present, infrastructure construction has begun, and some production capacity is expected to be realized this year.

Similarly, the company's net profit in 2017 is expected to increase 157.5 % year-on-year to 187.79 %, benefiting from a surge in business performance in the positive-end business of lithium battery materials. The company's net profit is expected to increase by 131.65 % year-on-year to 152.8 % in 2017.

Also at the forefront of the growth was lithium electric equipment companies such as lead intelligence, winnings and technology, and nebula shares. Lead Intelligence expects net profit in 2017 to reach 494 million yuan to 581 million yuan, an increase of 70 % to 100 % year-on-year. The company stated that benefiting from the state's support for the new energy industry and actively exploring new customers, the company's lithium battery equipment business has achieved continuous and rapid growth.

"At present, the lithium cathode material industry has been differentiated, the competition for low-end products is fierce, and high-end lithium cobalt acid and three yuan are mainly imported. According to the current growth rate of new energy vehicles, the current production and sales of high-grade materials in China is far from satisfactory. If 2017 is taken as a watershed, then the positive material company is not only the production capacity, but also a technology level, research and development capabilities. "Industry people said.

When the company said, the future concentration of the positive materials industry will further increase. In the future, only enterprises that truly master the skills of technology, management, capital, and upstream resource capabilities can win.

There are also some enterprises in the fierce competition in the decline. Kelida, Xingyuan Material, Chengfei Integration, etc. are expected to decline in 2017. Among them, Chengfei Integration estimated that the company's net profit loss in 2017 was 62 million yuan to 102 million yuan. The company stated that due to the sharp slope of the National new energy vehicle subsidy, the vehicle factory will pass the pressure of the reduced subsidy to the power battery manufacturer and continue to reduce the price. The company caused the fourth quarter of 2017 lithium battery prices fell more than expected; In addition, the company's losses have increased due to the lower than expected purchase costs and the more than expected decline in the price of lithium battery products.

Houguoyou, director of the Tianneng Group Technology Center, said that the entire lithium power industry is currently under great pressure. On the one hand, the cost can not come down. On the other hand, the burden of battery recovery is all put on battery manufacturers. Now the vehicle factory has signed with the battery factory. The production responsibility system extension system, When the battery life is over, the manufacturer is responsible for recycling.

Similarly, it is subject to multiple pressures. Star Source Materials expects net profit for 2017 to fall by 26.01% year-on-year to 32.44%. According to Xingyuan Material, the decline in performance is mainly due to the policy factors such as the declining standard of subsidies for new energy vehicles in 2017 and the strict subsidy standards, and the failure of local subsidy policies to be timely. The demand of battery separator products for downstream customer battery manufacturers is Slowed down.

Kedali said that due to the influence of policy factors such as the reduction of new energy vehicle subsidy standards and the expectation of strict subsidy standards, the downstream customer manufacturers focused on destocking in the fourth quarter, and the demand for products decreased. At the same time, the price of raw materials in the second half of 2017. Has risen, as a result, fourth-quarter net profit fell less than expected, so the company estimated that full-year net profit fell 22.64 % to 29.08 % from a year earlier.

"In the short term, the slope of subsidies may affect the profits of some enterprises. However, in the long run, the gradual slope of subsidies can force some enterprises to pursue technological progress, reduce costs, and improve performance. It will also help the long-term development of the entire industry. "An insider of a battery manufacturer told reporters.

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