[SMM Analysis] Performance Review of Listed Ternary Cathode Materials Companies in Q3 2024

Published: Nov 5, 2024 09:56

Source: SMM

Save

According to SMM statistics, China's production of ternary cathode materials in Q3 2024 was 178,000 mt, up 5% YoY, with an operating rate of around 41%. Although production increased YoY, the revenue and net profit of ternary cathode materials companies were lower-than-expected, mainly due to multiple factors such as intensified market competition and declining raw material prices. For instance, the monthly average price of 6-series ternary cathode materials (monocrystalline/power type) dropped from 131,000 yuan/mt in July 2024 to 125,000 yuan/mt in September 2024, according to SMM data. The significant decline in material prices had a substantial impact on the companies' revenue.

Based on the Q3 financial reports disclosed by listed ternary cathode materials companies, the revenue of companies in Q1-Q3 2024 declined significantly YoY. Ronbay Technology consistently ranked first in revenue but had relatively low net profit, with 120 million yuan in Q1-Q3. Easpring Technology, although having a revenue of 5.5 billion yuan in Q1-Q3, achieved a net profit of 460 million yuan, maintaining a leading gross profit margin in the industry.

Looking ahead to Q4, with raw material costs continuing to decline, ternary cathode materials prices are also expected to lack effective support in Q4. The increasing market share squeeze and rising market concentration will pose greater challenges to ternary cathode materials companies.

SMM price New Energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

[SMM Analysis] This Week's Hydrometallurgy Recycling Market: Salt Prices Fluctuated, and Market Transactions Were Sluggish (2026.3.16-2026.3.19)

Raw material side, spot lithium carbonate prices fluctuated this week, cobalt sulphate prices remained temporarily stable, and nickel sulphate prices dropped slightly.

10 hours ago

11 hours ago

NDRC Launches a New Batch of Major Foreign-Invested Projects, with Planned Investment of $13.4 billion

The National Development and Reform Commission recently launched a new batch of 13 landmark major foreign-invested projects, with planned investment totaling $13.4 billion. The newly selected projects are mainly concentrated in manufacturing, including electronics manufacturing, chemicals, automobiles, machinery, and other sectors, accelerating the development of industrial clusters. This year marks the ninth time that the National Development and Reform Commission has updated the list of landmark major foreign-invested projects. Landmark major foreign-invested projects are characterized by large investment scale, strong industrial spillover effects, and prominent technological leadership.

11 hours ago

Chery's All-Solid-State Battery to Exceed 1,500 km Range, Aiming for Vehicle Integration in 2027

According to Gu Chunshan, Vice President of Chery Automobile, as the countdown to mass production and popularization begins, all-solid-state batteries have become the focus of attention for both the industry and users, and Chery will place no upper limit on its future investment in all-solid-state batteries. It is reported that Chery's Rhino Battery S Series 60Ah, 400Wh/kg solid-state battery uses a sulphide-based solid electrolyte system and high-nickel ternary cathode material; the 600Wh/kg solid-state battery uses an in-situ polymerization solid electrolyte system and lithium-rich manganese cathode material, with a driving range of over 1,500 km, and the company aims to carry out vehicle validation by 2027.

11 hours ago