With the release of performance forecasts and bulletins of listed companies, investors have "a clear idea" of the 2023 performance of most listed companies in the new energy vehicle industry chain ".

After combing through the above announcement, a reporter from the "Daily Business News" found that companies in different links in the new energy vehicle battery industry chain will be "polarized" in 2023. For example, the overall performance of battery companies is better than that of materials, but a few leading companies such as Ningde Times (SZ300750, stock price 163.9 yuan, market value 721.003 billion yuan) and BYD (SZ002594, stock price 189.27 yuan, market value 550.992 billion yuan) maintain profit growth. In the positive electrode materials, electrolytes, negative electrode materials and other materials, the reporter saw that many leading companies only maintained that their profits were not significantly reduced.

Head battery companies can maintain profit growth

on February 29, ruipu lanjun (HK00666, stock price 13.18 hong kong dollars, market value 30.01 billion hong kong dollars) announced that the company is expected to record a net loss of 1.8 billion yuan to 2 billion yuan in 2023. Earlier, Funeng Technology (SH688567, stock price 13.13 yuan, market value 16.046 billion yuan) disclosed its performance report. After preliminary accounting, the company's net profit loss in 2023 was 1.774 billion yuan.

However, the "polarization" of the battery link of new energy vehicles is also more obvious. Yiwei Lithium Energy (SZ300014, stock price 38.93 yuan, market value 79.64 billion yuan) is expected to have a net profit of about 4 billion yuan to 4.2 billion yuan last year, an increase of 15% to 20% year-on-year. However, the non-net profit of Yiwei Lithium Energy in 2023 is expected to change little (-5% to 5%) compared with the previous year. Guoxuan Gaoke (SZ002074, stock price 19.72 yuan, market value 35.206 billion yuan) expects last year's net profit to be 0.8 billion yuan to 1.1 billion yuan, up 157 to 253 percent year-on-year, and non-net profit to turn a profit year-on-year.

head battery companies Ningde era, BYD is even better. Ningde Times expects net profit of $42.5 billion to $45.5 billion in 2023, up 38.31 to 48.07 percent year-on-year. BYD expects a profit of 29 billion to 31 billion yuan in 2023, up 74.46 to 86.49 percent. Of course, in addition to the battery business, BYD also has a large business of complete vehicles.

even if the price of material products in 2023 has dropped compared with 2022, the benefits for battery companies are not "rain and dew".

"The competition in the industry is fierce, and they are all fighting for prices and costs. Leading companies have a large amount of material purchases and can purchase from material companies at lower prices." Real lithium research founder and president Mo Ke told reporters that when lithium prices are high, some companies also stock lithium carbonate at high prices, resulting in inventory impairment.

Overall, the battery industry chain is still showing a "leading king", the head of the enterprise's business can also maintain profit growth.

Material Enterprise Performance Declines

In contrast, the leading materials companies are more difficult to withstand the winter erosion, and the profit figures are not good-looking.

First look at the positive material link. German nano (SZ300769, share price of 42.38 yuan, market value of 11.834 billion yuan) is expected to return to the mother net profit loss of 1.4 billion yuan to 1.65 billion yuan in 2023, the same period in 2022 net profit of 2.38 billion yuan, performance year-on-year from profit to loss. One of the reasons for the loss in 2023 was an impairment loss on raw material inventories during the year. Long-term lithium (SH688779, share price of 5.98 yuan, market value of 11.54 billion yuan) after preliminary accounting results show that the company's net profit in 2023 also directly turned into a loss, deducting non-profit also lost 0.19 billion yuan.

German nano represents the direction of lithium iron phosphate technology, while long-term lithium represents ternary material technology, which can also see the overall decline of positive material performance last year. On the whole, the poor performance of cathode materials enterprises is still affected by factors such as product price reduction and the decline in the price of some raw materials inventory.

negative material enterprises are slightly similar to positive materials: Zhongke Electric (SZ300035, share price 8.98 yuan, market value 6.495 billion yuan) is expected to reduce net profit by more than 87% year-on-year in 2023; Sindh New Material's net profit is expected to decrease by more than 69.8 year-on-year.

but the performance of anode material leader betre (BJ835185, stock price 19.31 yuan, market value 21.56 billion yuan) fell less than that of its peers. According to the company's preliminary accounting performance report, Beitri achieved operating income of 25.119 billion yuan in 2023, down 2.18 percent from the same period last year, net profit attributable to the mother of 1.651 billion yuan, down 28.5 percent from the same period last year, and net profit after deducting non-profit of 1.565 billion yuan, down 3.44 percent from the same period last year.

"betrey is the leader of negative electrode, and the competition is good for it. (negative electrode material) the main product is natural graphite, and the profit can be guaranteed if there is ore." Moke Analysis.

Looking at the electrolyte link again, the electrolyte market is more compatible with lithium price fluctuations. The main component of the electrolyte is lithium hexafluorophosphate, and the price of the latter is greatly affected by the price of lithium. In 2021, when lithium prices are high, lithium hexafluorophosphate prices are also high. In 2023, lithium hexafluorophosphate and lithium carbonate out of the downward trend.

The performance bulletin of Duofuduo (SZ002407, stock price 13.37 yuan, market value 15.957 billion yuan) shows that after preliminary accounting, the company's revenue in 2023 was 11.937 billion yuan, a year-on-year decrease of 3.41, and the net profit attributable to the parent was 0.509 billion yuan, a year-on-year decrease of 73.89%. Tianci Materials (SZ002709, stock price 20.34 yuan, market value 39.137 billion yuan) performance bulletin shows that after preliminary accounting, the company's revenue last year also decreased by about 31% year-on-year, and the profit attributable to the parent fell by about 67% year-on-year.

The lithium salt link is also the material end, and the performance status is similar to that of positive materials, negative materials and electrolytes. For example, lithium mining leader Ganfeng Lithium (SZ002460, share price of 40.02 yuan, market value of 80.727 billion yuan) is expected to 2023 home-to-home net profit fell 79.52-69.76 percent year-on-year.

Source of cover image: Visual China