As of August 20, according to the statistics of the Flush iFinD, a total of 148 lithium battery listed companies announced the first half of 2018 performance forecast. Among them, 127 companies belonged to the parent company's net profit is positive, accounting for 85.81%. In terms of the maximum change in net profit forecast, the net profit rose by 880%, 679% and 568.49%, respectively.
Under the soaring performance, capital is flowing in the lithium battery industry. In fact, although it has entered the 2018, the lithium battery industry has exposed many industrial problems under the influence of subsidies from downstream car manufacturers and rising raw material prices, but it is huge in new energy vehicles. Under the development expectation, the capital boom of the lithium battery industry is still hot.
According to the incomplete statistics of the "Securities Daily" reporters, as of now, in the first half of 2018, there were more than 30 mergers and acquisitions cases for batteries, materials, equipment and other enterprises in the field of lithium batteries, involving more than 60 billion yuan.
It is worth mentioning that according to the data of China Automobile Association, in the first half of this year, the production and sales of new energy vehicles in China reached 413,000 units and 412,000 units respectively, an increase of 94.9% and 111.5% respectively over the same period of the previous year. Among them, the production and sales of pure electric vehicles The number of completed 314,000 units and 313,000 units respectively increased by 79.0% and 96.0% respectively over the same period of the previous year. The sales volume of new energy vehicles has basically increased as the entity has now forecasted the semi-annual reports of various lithium battery companies in 2018.
In this regard, some insiders said that the performance of lithium battery listed companies has risen too much, and it needs new highlights to continue to rise. Behind the rapid increase is due to the recognition of the turning point of the lithium battery industry and the financing of the lithium battery sector. The disk has basically been killed.
At the same time, the above-mentioned person said that due to subsidies, the sales price of power lithium-ion batteries has dropped by 20% compared with the beginning of the year. The gross profit margin of the entire power battery industry is at a low level, and this trend is expected to continue until 2020.
Nearly 90% of the company's performance is red
Although the performance of lithium batteries in the first half of the year is red, but as the midstream of the new energy vehicle industry, the two sides of the power battery sector are under significant pressure. The rising prices of upstream raw materials bring about cost increases, while the downstream car companies will shift the pressure of subsidies to the slope. 4. The power battery industry is experiencing a structural overcapacity and a depletion of cash flow.
According to the statistics of the Flush iFinD, among the 148 companies that have announced the 2018 semi-annual report, 127 companies have predicted a positive net profit, accounting for nearly 90%. Among them, the net profit rose by the top three respectively. Jie Electric, Fangda Carbon and Weihua, the growth rate reached 880%, 679% and 568.49% respectively.
In this regard, Weihua shares said that after the official launch of the company in March, with the gradual release of production capacity in the second quarter, it is expected that the lithium salt business will significantly improve the company's performance and become the company's new profit growth point.
Lithium-based lithium stocks released on April 24th, the company announced a semi-annual report on its performance. It is expected that the company's net profit for the first half of 2018 will be 69,848,700 yuan to 100,217,500 yuan, an increase of 15.00% to 65.00%. For the increase in net profit, Yanfeng Lithium said Compared with the same period of last year, the supply of raw materials was guaranteed, and the growth of production and sales of lithium products led to a corresponding increase in performance.
As a traditional lithium battery powerhouse, Guoxuan Hi-Tech, in the context of the general performance of lithium battery companies, the performance in the first half of this year was not satisfactory. As early as April 26, Guoxuan Hi-Tech released a forecast that the company is expected to achieve in the first half of 2018. Net profit of 380 million yuan to 480 million yuan, the largest year-on-year decline or 14.61%.
High receivables
In fact, the huge cost-reduction pressure in the middle reaches has made lithium-ion enterprises a 'sandwich biscuit'.
'Car companies will reduce the pressure of upward pressure; at the same time, the prices of raw materials such as cobalt rose rapidly, further reducing the profit margin. 'Lithium experts told the Securities Daily that the price of cobalt is expected to rise further this year. In 2018, the pressure on both ends of the middle reaches will be further transmitted to the electrolyte, diaphragm, anode and other links. He believes that this situation will not be improved until the battery price drops to a reasonable level, the time node or in 2020.
In addition to the backlog of profit margins in terms of marketization, at the policy level, due to the operating mileage regulations, the subsidy after-the-fact liquidation system, and the introduction of the '80 GWh' opinion draft, the issue of cash flow for lithium-ion enterprises is highlighted, and the capital chain is broken. It has become the direct cause of the closure of many lithium-ion companies.
According to the China Securities Research Report, the Securities Daily reported that in 2017, the lithium battery segment accounted for 73.9% of the revenue, ranking third in all segments. At the same time, the lithium battery field in the first half of 2018 More than 30 mergers and acquisitions cases for companies such as batteries, materials, equipment, etc., involving more than 60 billion yuan.
In this regard, some industry insiders told the "Securities Daily" reporter that many battery manufacturers who entered the early heat and subsidized because of the weak technical change ability, the products are difficult to reach the standard, resulting in the capacity being idle after no orders, the profit margin is compressed, and finally Bankruptcy; There are also some former head enterprises, blind investment expansion, affected by the subsidy period is also in jeopardy. In this context, the size, capital and technical advantages of leading enterprises will be further highlighted, the industry reshuffle will accelerate.
'It is expected that the industry will eventually have more than 10 mainstream battery factories.' The above-mentioned people believe that cost reduction is still a major issue for midstream enterprises in 2018. Leading companies have both scale, capital and technological advantages, and can achieve market share by expanding their market share. Large-scale production will reduce unit cost, strengthen internal control to improve yield, update production line and improve automation efficiency.
