SMM March 18: recently, after the first batch of lithium industry chain enterprises showed their eye-catching results in 2021, more and more enterprises joined the pace of releasing financial reports. Among them, there are many well-known enterprises, such as Ganfeng lithium industry, Yongxing materials, multi-fluorine and so on. SMM did some integration, and the final result is as follows:
From the above data, it is not difficult to see that the most profitable company is Nord, which specializes in lithium copper foil business, while Duofudo, which has been far ahead of performance growth by virtue of lithium hexafluorophosphate, ranked second this time. Specifically:
Nord shares: (mainly engaged in lithium, electricity, copper foil and other business)
On the evening of February 28th, Nuode shares released its performance KuaiBao. In 2021, the company realized operating income of 4.479 billion yuan, an increase of 107.88% over the same period last year, and a net profit of 404 million yuan belonging to the owner of the parent company, an increase of 7409.93% over the same period last year.
Nord shares said that in 2021, the company seized the market development opportunity of the new energy industry, increased the development of the copper foil market, and its profitability continued to increase. At the same time, the demand for new energy power battery orders from downstream enterprises increased significantly compared with the same period last year. The demand for lithium copper foil increased significantly.
Nuode shares wins overseas Lithium Copper foil orders net profit in 2021 increases by more than 74 times compared with the same period last year.
Polyfluorodol: (mainly engaged in electrolyte and other business)
On March 10 th, Dofuoduo released its 2021 results KuaiBao. According to the report, the company achieved a total operating income of 7.809 billion yuan belonging to shareholders of listed companies in 2021, an increase of 83.95% over the same period last year, while net profit belonging to shareholders of listed companies was 1.26 billion yuan, an increase of 2490.80% over the same period last year.
For the reasons for the great increase in the company's performance, Polyfluorodo said that during the reporting period, the company's new materials business sector was in a trend of sustained growth, with strong market demand for new material products represented by lithium hexafluorophosphate, and sales prices ushered in new highs. The new production capacity exceeded expectations, grabbed the market opportunity, and the supply of products fell short of demand.
"the net profit of polyfluorodo in 2021 soared over the same period last year. More than 2490% lithium hexafluorophosphate and other products are in short supply.
Ganfeng lithium industry: (lithium mine leader)
On the evening of March 14, Ganfeng Lithium Industry, one of the "Lithium duo", released its 2021 results, KuaiBao. During the reporting period, the company achieved a total revenue of 11.162 billion yuan, an increase of 102.07% over the same period last year. The net profit belonging to shareholders of listed companies is 5.175 billion yuan, up 405.03% from the same period last year.
Referring to the reasons for the performance growth, Ganfeng Lithium Industry said that on the one hand, with the rapid development of new energy vehicles and energy storage industry, downstream customers' demand for lithium products is growing strongly. The company's lithium product production and sales volume increased in 2021, and the average product sales price increased significantly compared with 2020. The company's lithium battery plate new projects have been put into production one after another, and the production capacity has been gradually released. In addition, the increase in the fair value change income of the company's financial assets such as Pilbara is also a major reason for the company's performance growth compared with the same period last year.
Ganfeng Lithium Industry's 2021 net profit soared by more than 405%. 40,000 tons of lithium carbonate is scheduled to go into production in the second half of the year.
Divine material: (electrolyte)
On the evening of March 21, Tianci released its annual report for 2021, saying that the company's operating income in 2021 was 11.091 billion yuan, an increase of 169.26 percent over the same period last year, and its net profit was 2.208 billion yuan, an increase of 314.42 percent over the same period last year.
Tianzi material said that under the influence of factors such as the continued promotion of policies, technological progress, market maturity, and so on, the market scale of the lithium power industry in 2021 ushered in sustained and rapid growth. Throughout 2021, the delivery pressure of lithium salts, solvents, additives and other upstream materials for lithium electricity continued to be tight, and the market supply fell short of demand. The company seized the opportunity to expand and increase the production capacity of internal electrolytes and self-produced key raw materials in a timely manner. At the same time, through close communication and linkage with the upstream and downstream to ensure the timely supply of raw materials and the timely delivery of products, won the praise of customers. The company delivered more than 144000 tons of electrolyte in the whole year, an increase of more than 97.3% over the same period last year, and its market share further increased.
"Divine material 2021 battery material revenue of 9.733 billion yuan to deliver more than 144000 tons of electrolyte
Bertre: (positive and negative materials)
On the evening of February 28th, Bertre released its performance KuaiBao. In 2021, the company achieved a total operating income of 10.596 billion yuan, an increase of 138.02% over the same period last year. The net profit belonging to shareholders of listed companies was 1.422 billion yuan, up 187.46% over the same period last year. Basic earnings per share was 2.93 yuan, an increase of 171.3% over the same period last year.
As for the reason for the substantial increase in performance, Bertre said that it was mainly due to the rapid growth of the company's sales of positive and negative materials in 2021, which led to a substantial increase in the company's current performance compared with the same period last year.
"production and marketing of positive and negative materials. Net profit of Wangbetri in 2021 is 1.422 billion.
Dangsheng Technology: (cathode material)
On March 10, Dangsheng Technology released its 2021 annual results report. In 2021, Dangsheng Technology achieved a total operating income of 8.374508 billion yuan, an increase of 163.07% over the same period last year, while the net profit belonging to shareholders of listed companies was 1.0913598 billion yuan, an increase of 183.54% over the same period last year. During the reporting period, the company's lithium cathode material market competitive advantage is outstanding, domestic and foreign customers' demand for the company's products is growing rapidly, the company's annual product sales and income have increased significantly in 2021, and profitability continues to maintain a leading level in the industry.
"the volume and price of lithium cathode materials rose together, and the net profit of science and technology increased by 183.54% in 2021 compared with the same period last year.
Tianqi Co., Ltd.: (lithium battery recycling)
Tianqi shares released the 2021 results of KuaiBao, the company's total revenue of 3.917 billion yuan, an increase of 9.06% over the same period last year. The net profit belonging to shareholders of listed companies was 155 million yuan, an increase of 154.31% over the same period last year.
During the reporting period, the overall recovery volume and production capacity of the company's lithium battery recycling plate were greatly improved compared with the same period last year, and the product structure continued to be optimized, while benefiting from the rapid development of new energy vehicles and energy storage market, the overall prosperity of the lithium battery industry chain continued to improve, and downstream customers' demand for cobalt, lithium and nickel products increased strongly.
"Lithium related business greatly increased Tianqi shares 2021 net profit up more than 154% year-on-year!
Enjie shares: (diaphragm)
On March 17th, Enjie shares released its 2021 results, KuaiBao. In 2021, the company achieved revenue of 7.982 billion yuan, an increase of 86.37% over the same period last year, and the net profit belonging to shareholders of listed companies was 2.718 billion yuan, an increase of 143.60% over the same period last year.
As for the reasons for the company's performance growth, Enjie said that its competitive advantage continued to consolidate in 2021, benefiting from the rapid development of the new energy industry and the continuous improvement of the company's wet lithium battery separator capacity. The company pays close attention to the industry development opportunity of lithium battery separator business, continues to open up the market, and the output and sales volume of wet lithium battery separator membrane continue to grow steadily.
"Wet diaphragm production and sales have continued to grow steadily. Enjie's net profit in 2021 exceeded 2.7 billion yuan.
Blue Lithium Core: (lithium Battery)
On the evening of March 21, Azure Lithium Core revealed its annual report for 2021. The company's operating income in 2021 was 6.68 billion yuan, an increase of 57.80 percent over the same period last year, while the net profit belonging to shareholders of listed companies was 670 million yuan, an increase of 141.09 percent over the same period last year.
Among them, the Azure lithium-core lithium battery business achieved an operating income of about 2.674 billion yuan last year, an increase of 84.8% over the same period last year. Jiangsu Tianpeng achieved a net profit of about 537 million yuan, and the net profit contribution of the lithium battery business ranked first among the company's businesses, accounting for nearly 80 per cent of the net profit belonging to shareholders of listed companies.
"the net profit of the business of blue lithium battery exceeds 500 million yuan in 2021, and the output is expected to reach 700 million this year.
Yongtai Technology: (electrolyte)
On March 11, Yongtai Technology disclosed its 2021 performance KuaiBao. The report shows that in 2021, the company's annual operating income was 4.542 billion yuan, an increase of 31.65% over the same period last year; the operating profit was 471 million yuan, an increase of 359.76% over the same period last year; and the net profit belonging to shareholders of listed companies was 284 million yuan, an increase of 136.80% over the same period last year.
Yongtai Technology said that in 2021, thanks to the high boom in the downstream new energy vehicle industry, the rapid development of the lithium battery industry has driven the strong demand for lithium electric materials. The company actively seizes the opportunity of industry development, through R & D and innovation, project construction, technology optimization and other measures to increase the production capacity of the company's lithium materials while reducing costs and efficiency, and rapidly develop and expand the company's lithium materials business. achieve a substantial year-on-year increase in sales volume and sales, followed by an increase in business income and profitability.
"there is a strong market demand for lithium materials. Yongtai Technology's net profit in 2021 increased by 136.8% compared with the same period last year.
Star source material: (diaphragm)
On the evening of February 28th, Xingyuan disclosed its annual report that the company's operating income in 2021 was 1.861 billion yuan, an increase of 92.48% over the same period last year, and its net profit was 283 million yuan, an increase of 133.49% over the same period last year. Among them, the company's lithium diaphragm achieved an operating income of 1.842 billion yuan in 2021 (accounting for 99.02% of the operating income), an increase of 109.71% over the same period last year.
According to the annual report, sales of lithium diaphragms made of Xingyuan material were 1.219643 billion tons in 2021, an increase of 74.25 percent over the same period last year, while production was 1.2148504 billion tons, an increase of 64.14 percent over the same period last year, mainly due to the increase in sales orders.
"Xingyuan material lithium diaphragm in 2021 has a revenue of 1.842 billion yuan and a sales volume of more than 1.2 billion yuan."
Salt Lake shares: (lithium salt)
On the evening of March 11th, Salt Lake Co., Ltd. released its 2021 results, KuaiBao. In 2021, the company achieved a total operating income of 14.462 billion yuan, an increase of 3.18% over the same period last year, and the net profit belonging to shareholders of listed companies was 4.268 billion yuan, an increase of 109.27% over the same period last year.
Salt Lake shares said that the company's main business potassium chloride and lithium carbonate production and sales stability, affected by the rise in product market prices, the company's operating performance increased greatly compared with the same period last year.
"Salt Lake shares made a net profit of 4.268 billion yuan in 2021, selling about 19200 tons of lithium carbonate.
Large family of lasers: (power battery equipment)
On February 28, Dazu Laser disclosed its performance, KuaiBao. In 2021, the company achieved a total operating income of 16.317 billion yuan, an increase of 36.63% over the same period last year. The net profit belonging to shareholders of listed companies was 2.002 billion yuan, an increase of 104.47% over the same period last year.
Dazu Laser said that in 2021, the main business was carried out in an orderly manner, downstream consumer electronics, high-power laser processing and other areas of equipment demand is strong, product orders maintain a steady growth compared with the previous year. Among them, PCB industry special equipment, new energy power battery industry special equipment, Miniled special equipment, Led packaging equipment and other business orders and shipments are significantly higher than the previous year.
"the revenue of power battery equipment with a net profit of more than 2 billion in 2021 has increased by more than 6 times compared with the same period last year.
Lanxiao Technology: (lithium salt)
On March 9, Lanxiao Technology disclosed KuaiBao's performance in 2021. during the reporting period, the company achieved operating income of 1.195 billion yuan, an increase of 29.57 percent over the same period last year, and the net profit of shareholders belonging to listed companies was 311 million yuan, up 54.09 percent over the same period last year.
During the reporting period, with the lithium-related industry chain as the leader, the company's metal resources business has developed well. The three industrial salt lake lithium extraction projects implemented by the company, namely, Tibetan Mining, Jintai Lithium Industry and Minmetals Salt Lake, have been successfully put into production, indicating that the adsorption lithium extraction technology with independent intellectual property rights has been fully opened. Newly signed unilaterally, Jintai Lithium Industry Phase II, Minmetals Salt Lake Phase II renovation, Guoneng Mining, Jinhai Lithium Industry, Tibet Everest, Jinkunlun Lithium Industry and other projects continue to fail. Up to now, a total of 9 salt lake lithium extraction production line projects have been completed and implemented, with a total lithium carbonate / lithium hydroxide production capacity of 73000 tons, with a total contract value of more than 2.5 billion yuan.
Lanxiao Technology: net profit in 2021 increased by 54.09% year on year to 311 million yuan. Three salt lake lithium extraction projects have been put into production.
Jiangsu Cathay Pacific: (electrolyte)
After trading on March 4, Jiangsu Cathay Pacific released its annual results for 2021, KuaiBao. According to the report, the company achieved a total of 39.135 billion yuan during the reporting period, an increase of 29.85 percent over the same period last year, while the net profit belonging to shareholders of listed companies was 1.209 billion yuan, an increase of 23.67 percent over the same period last year.
"Jiangsu Cathay Pacific has a net profit of more than 1.2 billion yuan in 2021, with an electrolyte production capacity of 70, 000 tons per year.
Topband shares: (energy storage)
On the evening of March 21, Tuobang shares disclosed its annual report for 2021 that the company's operating income in 2021 was 7.767 billion yuan, an increase of 39.69 percent over the same period last year, and the net profit attributed to shareholders of listed companies was 565 million yuan, an increase of 6.16 percent over the same period last year.
Among them, in 2021, the new energy sector of Topang achieved 1.241 billion of sales revenue, an increase of 38.86% over the same period last year. New energy sector has become the company's third growth curve, mainly focusing on energy storage, green travel and other areas. Among them, in the field of energy storage, the company achieved sales revenue of 881 million yuan in 2021, accounting for about 70% of the new energy sector, a year-on-year growth rate of 37.74%. Green travel, the company achieved sales revenue of 360 million yuan in 2021, accounting for about 30% of the new energy sector, a year-on-year growth rate of 41.66%.
"Tuobang shares made a net profit of 565 million in 2021, and the sales income of the new energy sector was 1.241 billion.
The price of raw materials has soared. Some lithium battery companies are happy and others are worried.
Of course, the sharp rise in the price of lithium-related products is also different for a large number of lithium industry chain companies, and some battery companies fall into a situation of falling gross profit margin or even losing money because they fail to lock in an adequate supply of raw materials. The more typical ones are Tianneng shares and Funeng Technology.
Tianneng Co., Ltd. (lithium battery)
After trading on Feb. 25, Tianneng released its 2021 results, KuaiBao. According to the announcement, during the reporting period, the company achieved revenue of 38.654 billion yuan, an increase of 10.13 percent over the same period last year. The net profit belonging to shareholders of listed companies was 1.366 billion, down 40.07 percent from the same period last year.
As for the reason for the decline in the company's net profit, the company explained that the sharp rise in the price of raw and auxiliary materials for its main products during the reporting period led to a lower gross profit margin than in the same period last year. The details are as follows:
1) the sharp rise in the price of main auxiliary materials has led to a lower gross profit margin of lead battery than that of the same period last year. For many years, the settlement price of lead battery agreed between the company and downstream customers and dealers has been anchored to adjust the change of lead price, while other auxiliary materials such as sulfuric acid, tin, ABS and other auxiliary materials have not been included in the company's lead battery settlement price adjustment mechanism because of their overall stable prices.
During the reporting period, the prices of the main auxiliary materials of lead-acid batteries rose sharply, but under the original price adjustment mechanism, the settlement price of lead-acid batteries could not be reflected in time and transmitted downstream, resulting in the gross profit margin of lead-acid batteries during the reporting period lower than that of the same period last year.
2) the continued sharp rise of major raw materials led to a lower gross profit margin of lithium batteries than that of the same period last year. During the reporting period, the prices of major raw materials of lithium batteries continued to rise and increased significantly, although the company locked in a certain amount of raw material supply through price locking, but it was still unable to hedge the cost pressure caused by rising prices of raw materials, resulting in a lower gross profit margin of lithium batteries than that of the same period last year.
"Tianneng shares made a net profit of 1.366 billion in 2021. The rise in the price of raw and auxiliary materials for major products led to a decline in gross profit margin.
Funeng Technology: (lithium battery)
On February 27th, Funeng Technology, as Science and Technology Innovation Board's "first share of power battery", released its results KuaiBao. In 2021, the company achieved revenue of 3.403 billion yuan, an increase of 203.97% over the same period last year. The net profit belonging to shareholders of listed companies was-974 million yuan, compared with-331 million yuan in the same period last year.
Funeng Technology said that the main reason for the sharp increase in operating revenue in 2021 compared with the same period last year was that the project between the company and a number of customer vehicle manufacturers entered the stage of mass production, including the supply of power batteries for Daimler EQS, EQA, EQB and other models, while GAC GROUP's procurement volume also increased significantly.
"the price of raw materials increases the net loss of Gaofuneng Technology to 974 million yuan in 2021.
However, Funeng Technology also continues to look for a solution, recently said on the interactive platform that the company has completed most of the major customer price negotiations, the company's product prices have increased to varying degrees in 2022.
In addition, although the power battery giant Ningde era is not stretched because of the rising prices of raw materials, the recent Ningde era also admitted that due to the impact of downstream price increases, the Ningde era has dynamically adjusted the prices of some battery products. Since the second half of 2021, the price of power batteries in the Ningde era has risen twice. According to the battery cost of a new energy vehicle, the price of some batteries in the Ningde era has increased by 20,000 yuan. From this, we can also see the pressure of rising raw material prices on battery enterprises.
Lithium prices continue to rise. Companies benefited a lot in the first two months of 2022.
In addition to KuaiBao's performance in 2021, many enterprises have also made some forecasts for the past January, February, or the first quarter of 2022:
Yongxing material:
Yongxing material release company from January to February 2022 major operating data announcement. Yongxing material said that it is mainly due to the sustained and rapid development of the lithium electricity new energy industry, driving up the price of lithium carbonate. In the past two months, in the lithium power new energy business alone, the company achieved revenue of about 620 million yuan, an increase of about 670% over the same period last year, and a net profit of about 420 million yuan belonging to shareholders of listed companies, an increase of about 3700% over the same period last year.
"in the first two months of this year, the net profit of lithium electricity business of Yongxing Materials increased by about 3700% compared with the same period last year. 10,000 tons of lithium carbonate production line went into production at the end of the first quarter.
Divine materials:
On March 10, Tianci disclosed the announcement of the main operating data from January to February 2022. As the related industries of new energy vehicles maintained a high level of development, the production and marketing of the company's main products were booming, the new production capacity climbed smoothly, and the self-production rate of major raw materials increased steadily. Good operating results have been achieved. According to the company's preliminary accounting, from January to February 2022, the company achieved an operating income of about 3.3 billion yuan, an increase of about 260% over the same period last year, and a net profit of about 860 million yuan belonging to shareholders of listed companies, an increase of about 470% over the same period last year.
"the net profit of Divine Materials in the first two months of this year is about 860 million, an increase of 4.7 times compared with the same period
Ganfeng Lithium Industry:
Ganfeng Lithium said that its operation was stable from January to February 2022, product prices rose further, and sales increased compared with the same period last year. After preliminary calculation, the company is expected to achieve a total revenue of 3.6 billion yuan in the first two months of 2022, an increase of about 260% over the same period last year; the net profit belonging to shareholders of listed companies is about 1.4 billion yuan, an increase of about 300% over the same period last year.
Ganfeng Lithium Industry's 2021 net profit soared by more than 405%. 40,000 tons of lithium carbonate is scheduled to go into production in the second half of the year.
Tianqi Co., Ltd.:
Tianqi shares issued a forecast for the first quarter of 2022, and it is estimated that the net profit of shareholders belonging to listed companies in the first quarter is 85 million yuan to 95 million yuan, an increase of 110.98% 135.81% over the same period last year.
For the reasons for the company's performance growth in the first quarter, Tianqi said that it mainly benefited from the rapid development of new energy vehicles and energy storage market, the overall prosperity of the lithium battery industry chain continued to improve, and the strong growth in downstream customer demand for lithium battery material products led to a strong market demand for the company's lithium battery recycling plate products; the recovery rate of major metals was further improved; and the output of all kinds of main products increased significantly.
"Lithium related business greatly increased Tianqi shares 2021 net profit up more than 154% year-on-year!
However, with lithium prices continuing to soar, the pressure on battery companies has shifted to downstream new energy car companies, with more than 20 companies announcing price increases since March, involving more than 40 models. SMM is not done yet? The price of new energy vehicles is rising again! These car companies have "failed" in March! The article [SMM Special Topics] lists in detail the new energy car companies that have recently announced price increases. If you are interested, you can click on the title of the article to view it.
Under the background of the sharp rise in lithium prices, in order to ensure the supply and stabilize the price of lithium resource products and promote the healthy development of new energy vehicles and power batteries, the Department of Raw material Industry and the first Department of equipment Industry of the Ministry of Industry and Information Technology, together with the Price Division of the Development and Reform Commission, the General Administration of Market Supervision and Inspection and the Bureau of Anti-unfair Competition, organized a symposium on the operation of the lithium industry and the price increase of upstream materials for power batteries on March 16 and March 17. Enterprises in the upper and lower reaches of the industrial chain are required to strengthen the docking of supply and demand, work together to form a long-term and stable strategic cooperative relationship, jointly guide the rational return of lithium salt prices, and strengthen efforts to ensure market supply. better support the healthy development of China's new energy vehicles and other strategic emerging industries.
As soon as this policy comes out, the price of battery-grade lithium carbonate continues to maintain stability. According to SMM spot prices, the average domestic prices of battery-grade lithium carbonate (99.5%), power lithium iron phosphate (56.5%) and lithium hydroxide (56.5%) were 503000 yuan / ton, 162000 yuan / ton and 491500 yuan / ton respectively on March 23. Overall, the current rise in lithium prices has slowed down.
SMM believes that recently, the price of battery-grade lithium carbonate has stabilized at 503000 yuan / ton for several consecutive trading days due to the impact of the black swan incident of nickel price on the downstream demand side of the increase in lithium carbonate supply and the decline in the growth rate of lithium carbonate demand. SMM expects that the price of lithium carbonate will be stable or there will be a slight correction in the future. "View details
In response to the recent heated discussion on the price increase of raw materials, Chen Shihua, deputy secretary general of the China Automobile Association, said that the China Automobile Association has included the price increase of raw materials in the monitoring field since the second half of 2021, and has stepped up its action in the near future. put forward suggestions to the relevant competent authorities. It mainly covers three aspects: the first is to promote the price of raw materials in the upstream to return to rationality as soon as possible; the second is to strengthen the connection between supply and demand in the upstream and downstream of the new energy vehicle industry chain;
Guotai Junan Securities Research and report statistics, at present, some enterprises take goods cautiously, only retain rigid demand procurement. From the demand side, institutional analysis believes that the seasonal decline in installed capacity in February is a normal phenomenon, and the fundamentals of the lithium industry are still supported by strong demand for electric vehicles. The continuation of the contradiction between supply and demand will still support the high price of lithium salt.
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