Wet diaphragm will be in short supply
Jinli, Nuomi, Huiqiang New Materials, Yingbolai and Xucheng Technology are engaged in the diaphragm business. The overall performance in the first half of this year has maintained steady and rapid growth.
The data shows that the five companies achieved operating income of 238 million yuan in the first half of the year, a year-on-year increase of 28%; net profit of 42.7 million yuan, an increase of 32%. There are certain differences in performance. Of the five companies, three grew year-on-year and two fell year-on-year. Jinli Co., Ltd. focuses on the research and development of high-end lithium battery wet diaphragm and coated diaphragm. The net profit in the first half of the year increased by 2494%. The company said that the lithium battery industry has maintained steady and rapid development and the company's production capacity has increased. At the same time, the production process has improved, the product yield rate has increased, and the increase in production capacity has led to a decline in fixed costs. The gross profit margin has increased from 30.18% in the same period last year to 42.9%.
However, in the same industry environment, Xucheng Technology, which is also mainly engaged in the research and development of lithium battery separators, saw a net profit of 39.28% in the first half of the year. The company said that due to the strict downgrading of subsidies for new energy vehicles in 2017 and the subsidy standards, as well as the policy factors such as the failure of local subsidy policies, the battery output of downstream customer battery manufacturers declined, and the demand for battery separator products Slow down.
In the same market environment, the actual operating performance of the company is different. Except for some special factors, the overall reflects the differences in competitiveness among different enterprises, including technology, quality, and marketing. According to industry analysts, the diaphragm is the highest technical barrier in lithium battery materials. The added value of the product is high, and it is optimistic about the enterprises that master the wet diaphragm production technology. From the perspective of industry supply and demand, the wet diaphragm production process is difficult and the yield rate is affected. It is expected that the effective capacity of the wet diaphragm in 2017 will be lower than the industry demand, and the wet diaphragm manufacturer faces a good market environment.
Battery company's gross profit margin decline
Ten new three-board companies, such as Tianjin, Weigen Power, Shanmu Xinneng, Dingxin Open Source, Huineng Tianxia, Haidis, Xinghai Energy, Sisheng Energy, Tianfeng Power, and Tablen Energy, produce new energy vehicle batteries. From the operating situation in the first half of the year, the above-mentioned enterprises realized a total operating income of 1.675 billion yuan, a year-on-year increase of 65%; net profit of 109 million yuan, an increase of 31%. The growth rate of net profit is much lower than the growth rate of income. Gross profit margin also fell significantly. Among the above 10 companies, 7 gross profit margins in the first half of the year decreased significantly, generally down about 6 percentage points, a large drop of more than 11 percentage points.
Among them, Tianfeng Power's operating income in the first half of the year increased by 67.87%, while the net profit of the returning mother only increased by 2.24%. The overall gross profit margin for the first half of the year was 26.94%, a decrease of 11.78 percentage points from the previous year's gross profit margin of 38.72%. The company said that with the implementation of the new energy vehicle policy, the company's automotive power battery sales rose sharply and operating income increased. The decline in gross profit margin is mainly due to the impact of price factors on the company's automotive power battery, while increasing the production and sales of other power batteries with low gross margin. In the first half of the year, Granville’s operating revenue increased by 8% year-on-year, while net profit decreased by 18.31% year-on-year. The company said that during the reporting period, the operating costs increased due to the increase in the price of raw materials.
The sales of electric vehicles have increased, and the demand for batteries has been increasing. Therefore, battery companies have achieved a large increase in revenue, but the increase in net profit is much lower than the increase in operating income. According to professionals, this is mainly due to the continued rise in raw material prices. According to Wind statistics, the average price of 1# cobalt in the Yangtze River non-ferrous metal market was less than 300,000 yuan/ton at the beginning of this year, and reached about 415,000 yuan/ton at the end of the first half of this year, and is currently about 450,000 yuan/ton. At the same time, the price of lithium has increased significantly this year. Despite the obvious increase in operating income of battery companies, the cost increased even more and the net profit margin was compressed. Judging from the current situation, this trend is unlikely to undergo a fundamental change in the short term, mainly because of the continuous expansion of battery capacity, resulting in continued growth in demand for upstream materials. The release of production capacity of raw materials such as lithium and cobalt takes time, and the prices of bulk products are generally rising. However, the second half of the year is the peak season for new energy vehicles, and the gross profit margin of related companies is expected to rebound.