15 lithium battery listed companies' performance is good

After the Spring Festival, the lithium battery plate index achieved 7 consecutive positive, which is closely related to some positive factors from the whole plate recently. The new energy vehicle field downstream of the lithium battery sector has achieved rapid growth year-on-year since the beginning of this year. In the month, the production and sales of new energy vehicles were 40,569 and 38,470 respectively, up 4.6 times and 4.3 times respectively. In addition, the global giants, including Apple, recently rushed to purchase upstream cobalt mines, which also pushed the entire lithium battery upstream mineral materials to a higher boom cycle.

From the current 48-year lithium battery sector company that has announced the 2017 results forecast in the A-share market (the interface news is for the power lithium battery companies, and excludes companies with operating revenues below 5%), 2017 In the year, most companies achieved positive growth. The net profit of 36 companies belonging to the shareholders of the company (hereinafter referred to as net profit) predicted that the growth limit was positive, and the lower growth limit of 15 companies even exceeded 100%.

49 lithium battery sector companies' performance growth rate distribution

Despite this, the interface news found that the growth rate of listed companies in the lithium battery sector in 2017 has begun to show a significant differentiation. The lower growth rate of net profit is mainly concentrated in the upstream cobalt ore, lithium ore and lithium battery positive and negative materials. .

Throughout 2017, the three fields of cobalt mine, lithium mine and lithium battery copper foil are still in short supply. The prices of industrial products remain high. The growth rate of production and sales of new energy auto industry in 2017 is stable (the growth rate of production and sales in 2017 is over 50%). ), it is not difficult to understand the accelerated growth of the performance of related listed companies. As a core component of the power lithium battery cost of 40%, related companies of lithium battery positive and negative materials also benefit from the continued development of the industry, compared to 2016, Keheng shares (300340.SZ) and Shanshan shares (600884. SH) The year-on-year growth rate of net profit has increased significantly.

In contrast, the 12 companies with negative net profit growth rate at the same time are mainly concentrated in the sub-segments of lithium-ion power batteries, lithium hexafluorophosphate and lithium battery separators. It is particularly noteworthy that compared with 2015-2016, the year-on-year growth rate of related companies' net profit in 2017 can be said to have changed.

In 2017, lithium-ion battery, lithium hexafluorophosphate and lithium battery separator industries all experienced different levels of overcapacity. In the past few years, the lithium battery industry ushered in an outbreak, which led many companies to compete in the over-investment, and the release of capacity was the main reason. The problem of low-end overcapacity and insufficient high-end capacity has also directly led to a significant decline in the industry's profit margin.

Especially in the field of lithium-ion power batteries, in the context of subsidies for new energy vehicles, on the one hand, the upward transmission effect of the downstream manufacturers' compression costs, on the other hand, the pressure from the rapid increase of upstream raw materials, the net profit growth rate from the previous It is not surprising that continuous growth has turned to negative growth.

For the lithium battery industry, as the subsidies for new energy vehicles are declining in advance, the whole vehicle enterprises require power battery companies to lower the supply price. In the battery materials, lithium battery copper foil materials have large gaps, and imports of raw materials such as positive and negative electrodes. Larger, limited space for cost reduction, the diaphragm industry is inevitably the most affected area.

As for the lithium hexafluorophosphate industry, overcapacity is particularly serious. The product price has dropped from around 400,000 Yuan/ton at the beginning of 2017 to a minimum of 130,000 Yuan/ton in the second half of 2017, a drop of 67.5%. The leading company in the segment, Duofuoduo (002407.SZ), also fell from the continuous high growth rate in 2015-2016, and the net profit growth rate has increased from several times to 50%.

From the current situation, the cobalt ore and lithium mines upstream of the lithium battery segment in 2018 will still be in short supply and have good investment opportunities. However, in view of the recent rapid rise in stock prices of related companies, investors still need to pay attention to investment rhythm problem. In addition to the existing overcapacity in the subsectors, other subsectors of the industrial chain may also face a certain degree of excess crisis in 2018. Investors should be cautious of risks.

The page contains the contents of the machine translation.