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The performance of Ningde times (300750. SZ), the global leader in lithium battery, was far lower than expected, which attracted widespread attention.
Delaying the disclosure of the first quarterly report for two days, Ningde times did not expect the market to “explode”. On the evening of April 29, the first quarterly report disclosed by Ningde times showed that the company achieved an operating revenue of 48.678 billion yuan, a year-on-year increase of 1.5 times, reaching a new high. However, the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses (hereinafter referred to as deducting non net profit) was 977 million yuan, a year-on-year decrease of more than 40%.
Ningde times performance upside down, mainly due to the rapid rise in upstream material prices. The company said that in order to maintain the health of the industry, the company has undertaken the pressure of material price rise.
In the secondary market, since December last year, the stock price of Ningde times has retreated by 40.85%, and the market value has fallen below trillion to 954.134 billion yuan.
The market is worried that the current power battery field is full of smoke. Can Ningde era return to its peak?
The reporter of Changjiang business daily found that Ningde era has already actively carried out industrial chain layout, with foreign investment of more than 10 billion to deal with the risk of resource “neck sticking”. In addition, the company strengthened R & D innovation and promoted technological revolution. By the end of 2021, the company has invested 10000 employees in R & D.
Four major shareholders’ reduction in performance
The prices of lithium, nickel and other raw materials soared, and Ningde era, the “first brother” of power battery, couldn’t stand it, resulting in a big surprise in business performance.
In the first three months of this year, the operating revenue of Ningde times hit a new high in the same period, reaching 48.678 billion yuan, a year-on-year increase of 153.97%. Contrary to the trend of operating income, the net profit attributable to shareholders of listed companies (hereinafter referred to as net profit) realized by the company was 1.493 billion yuan, a year-on-year decrease of 23.62%, and the net profit deducted from non net profit was 977 million yuan, a year-on-year decrease of 695 million yuan, a decrease of 41.57%.
In the first quarter, the main culprit was the sharp rise in operating costs. According to the data, in the first quarter of this year, the operating cost of the company was 41.628 billion yuan, a year-on-year increase of 198.66%, far exceeding the growth of operating revenue. The operating cost increased significantly year-on-year. The core factor is the cost increase caused by the rapid rise of upstream material prices.
Since last year, lithium, nickel, cobalt and other major lithium battery materials have opened the price rise mode, especially in the first quarter of this year, lithium carbonate is more crazy. Public data show that in the first three months of this year, the price of battery grade lithium carbonate soared from 300000 yuan / ton to 500000 yuan / ton, and the price of spodumene increased about four times year-on-year.
In the first quarter of this year, the gross profit margin of sales of Ningde era was 14.48%, down 12.8 percentage points from 27.28% in the same period last year, a new low since the disclosure of business data of Ningde era.
Of course, the price rise of upstream materials and the pressure on the operation of lithium battery enterprises are common problems in the industry. Lithium battery enterprises, including Xinwangda, Yiwei lithium energy and GuoXuan high tech, all increased their income without increasing their profits in the first quarter of this year, and Funeng technology lost money in the first quarter of this year.
For the sharp decline in performance caused by the rise in the price of upstream raw materials, Ningde times responded to the public that in order to develop the industry healthily, the company assumed the rising pressure of raw material prices in the early stage and did not transfer the cost pressure to the downstream.
The sharp rise in the price of lithium battery materials has attracted the attention of the competent authorities. On March 26 this year, Xin Guobin, Vice Minister of industry and information technology, said that he would resolutely crack down on unfair competition such as hoarding, speculation and speculation, guide upstream and downstream enterprises in the industrial chain to strengthen cooperation and win-win development, and promote the return of key raw material prices to rationality.
Recently, some raw materials have fallen, such as cobalt sulfate and electrolyte. In April, the price of battery grade lithium carbonate fell back to the range of 400000-500000 yuan / ton.
The expectation of the industry is that with the decline of raw material prices and cost transmission, the operating performance of Ningde era will start to recover in the second quarter of this year.
The reporter of Changjiang business daily found that the performance of Ningde times “exploded” in the first quarter of this year, and the secondary market has long responded.
The K-line chart shows that on December 3 last year, the share price of Ningde era once climbed to an all-time high of 692 yuan / share, and then fell continuously. On April 27 this year, it fell to a phased low of 366.74 yuan / share. On April 29, Ningde times closed at 409.35 yuan / share, down about 40.85% at the high point. The market value of the company was 954.134 billion yuan, an evaporation of 658.918 billion yuan from the previous peak of 1.61 trillion yuan.
In the first quarter of this year, the holdings of Shanghai Stock connect, Gaoling capital, Hongshang capital and Huang Shilin were reduced. Among them, Huang Shilin holds 11.15% and is the second largest shareholder of Ningde era, and he serves as the vice chairman and deputy general manager of the company.
Over 10000 R & D personnel, accounting for 12%
Despite the unexpected performance in the first quarter, the market’s expectation of Ningde era is that this is only a temporary pressure, and the company’s comprehensive strength is strong.
Ningde times is the world’s largest power battery system provider. In the first quarter of this year, the installed capacity of domestic power batteries was about 46.87gwh, a year-on-year increase of 140%. Among them, Ningde era has a market share of more than 50% and an installed capacity of 439000 units. Globally, the global market share of Ningde era was 32.60% in 2021, and the market share further increased to 35% in the first quarter of this year.
Ningde era has already begun to carry out industrial layout. Since 2020, the company has frequently invested abroad, extended the industrial chain, controlled or participated in a number of lithium, aluminum, nickel, cobalt and other enterprises, and responded to the resource “neck” risk in advance. In the past two years, the company has invested nearly 20 billion yuan in upstream and downstream enterprises of the industrial chain, of which more than 10 billion yuan is equity investment. For example, in September last year, the company announced that it had invested 13.5 billion yuan to enter the “lithium capital of Asia” and invested in the construction of Ningde era new lithium battery production and manufacturing base (Yichun) project in Yichun, Jiangxi Province. In this investment, Ningde era focuses on Yichun, which has the largest lithium mica mine in the world.
There is no doubt that under the background of the sharp rise in the price of upstream raw materials, it will be the leader of Ningde era to run through the upstream and downstream layout of the industry and obtain the voice of the whole industrial chain