Different from the car company's bleak, the performance of the third quarter of Ningde era is dazzling.
On October 12, Ningde Times released the results forecast for the first three quarters of 2018. The report shows that the net profit attributable to shareholders of listed companies in the Ningde era in the first three quarters of this year was 2.335 billion to 2.323 billion yuan, down 9.16%-5.74% year-on-year; After the profit and loss, the net profit attributable to shareholders of the listed company was 1.954 billion-20.32 billion yuan, an increase of 80.57%-87.75%.
In the third quarter, the net profit attributable to shareholders of listed companies in Ningde era was 1.424 billion-15.12 billion yuan, an increase of 87.52%-99.12% year-on-year; after deducting non-recurring gains and losses, the net profit attributable to shareholders of listed companies was 1.257 billion-1.35 billion yuan, a year-on-year increase. 119.88%-133.48%.
Ningde Times announced that the reason for the company's net profit pre-reduction in the first three quarters was related to the transfer of equity income in the same period last year. In the same period last year, the equity of Beijing Pride New Energy Battery Technology Co., Ltd. was transferred in the Ningde era. After deducting this effect, the performance of Ningde Times this year A sharp rise, major investment institutions also agreed that the performance of the first three quarters of the Ningde era exceeded expectations, thus giving a "buy" or "overweight" rating.
On October 15th, Ningde era responded to the daily limit, and the stock price reached 69.15 yuan/share, which led to the rise of several power battery related concept stocks, which brought a bright color to the bleak auto stocks in recent years. Ningde Times said that there are three reasons for the company's performance increase. First, the rapid development of the new energy auto industry drove the growth of the demand for the power battery market; Second, the company strengthened market development, the release of production capacity in the early stage, and the increase in production and sales; Third, the proportion of company expenses to revenue decreased.
In the final analysis, the performance of the Ningde era has been related to its leading position in the industry. According to the data of the China Automobile Association, the cumulative output of domestic new energy vehicles from January to September was 735,000 units, an increase of 73.0% year-on-year; The volume was 28.7GWh, an increase of 103% year-on-year. The installed capacity of Ningde was 11.7GWh, ranking first, accounting for more than 40% of the market.
According to the quarterly statistics, according to the high-tech lithium battery data, the lithium battery shipments in the first three quarters of Ningde era were 2.3GWh, 4.2GWh and 5.5GWh, respectively, and the net profit was 269 million yuan, 428 million yuan and 1.3 billion yuan respectively. The upward trend.
However, in the same industry background in which new energy vehicle sales are rising, the days of vehicle manufacturing companies are far less than those in the Ningde era. The continuous increase in subsidy thresholds and the continuous decline in subsidies have led to a reduction in the profitability of vehicle companies, even BYD, JAC, BAIC and other companies with leading sales of new energy vehicles are also hard to rely on the new energy vehicle business to support beautiful performance.
According to industry research data, batteries in pure electric vehicles account for 1/3 to 1/2 of the overall cost. The cost of batteries can play a decisive role in the price of an electric vehicle. However, in the case of the battery manufacturer represented by the Ningde era, it is not unreasonable to look at the sharp rise in profits in the first three quarters of the Ningde era.
Vehicle companies are certainly aware of the problems, so they have been "selling" battery manufacturers to cut prices. Ningde era has said that its annual R & D investment is 5% -6% of its sales, by 2020, to invest more than 30 billion to develop and upgrade production capacity; At the same time, some car companies are also making every effort to participate in battery manufacturing, whether it is joint venture with battery manufacturers, or a battery company, or a self-built battery production research and development company, Reduce the risk that the lifeblood is controlled by others.
With the continuous development of the new energy vehicle market, the performance of the Ningde era is expected to continue to improve, but the Ningde era is not without any worries, the price reduction requirements of the whole vehicle companies, the eye-opening of multinational battery manufacturers, the gap in technology level, the price of raw materials. Problems such as instability are objective. In the Ningde era, which grew up in the policy "greenhouse", although it has already achieved flowering outside the wall, there are still inadequacies.
As for the whole vehicle enterprises, the competition in the new energy market is intensifying, and the policy support is also weakening. The enterprises that are mainly low-end models such as Beiqi New Energy have already suffered setbacks in the continuous improvement of the subsidy threshold, and whether they can fully market in the future. It’s hard to say after standing firm.
No matter whether it is a battery company or a vehicle manufacturing enterprise, there is no core technology and a forward-looking strategic layout. I am afraid I can only work for others.
