Four rounds of price increases a year!GAC crying is poor, King Ning is bitter, who is a profitable person?

◎ Zhigu Trend (ID: ZGTREND) | Wang Zhanxin

On the first day of August, the little cousin in Shanghai was "fried".

She survived the three -month -old baby depression period, the two -month "city static period" and two -month job search period. I wanted to reward herself a new car, but I didn't expect to wait for the price increase.

On August 1st, Smart China announced that starting from 00:00 on August 3, 2022, the official retail price of Premium's model will increase RMB 5,800.

At the same time, Zero Running Motors also raised the price of T03 5600 -6600 yuan up.

Native

"Price increase" seems to have become the theme of the car market in 2022. Since this year, more than 30 car companies have planned more than 80 models to announce the price increase. Tesla Model Y is the most "willful" and raised prices within a week.

Consumers who declined after the epidemic were very angry. They compared the owners of car companies such as Wang Chuanfu and Li Shufu as "blood -sucking bats".

However, the car guys felt very wronged. Zeng Qinghong, chairman of GAC Group, teased at the 2022 World Power Battery Conference: "At present, the cost of power batteries accounts for 60%of the total cost of the car. Are we not working for Ningde Times?"

Wu Kai, the chief scientist in Ningde Times, was also on the venue. He "returned": "I usually encounter some customers complaining about us, saying that the entire vehicle factory is not very profitable, is it your battery plant (business) that puts profits by your battery factory (business) Have you taken away? In fact, although the Ningde era has not lost money this year, it is very painful to struggle on the edge of profit. Wherever the profit goes, everyone can imagine. "

My little cousin looked at these materials and was still aggressive. She really can't figure out who is "fighting workers" and who is "big boss"?

Make money without making money, the data is the final say.

Let's take a look at the "new forces of car manufacturing" listed in the US Hong Kong stock market.

According to the first quarter financial report, Weilai Automobile's sales gross profit margin was 14.6%, operating income was 9.916 billion yuan, gross profit was RMB 1.446 billion, and net loss was 1.78 billion yuan.

The sales gross profit margin of the ideal car in the first quarter was 22.6%, the total revenue was 9.56 billion yuan, the gross profit was 2.16 billion yuan, and the net loss was 10.9 million yuan.

The gross profit margin of Xiaopeng Automobile in the first quarter was 10.4%, revenue was RMB 2.951 billion, and a net loss was 1.7 billion yuan.

Let's take a look at traditional car companies listed in China.

Except for hippocampus, the gross profit margin of other car companies did not exceed 20%, and BAIC Blue Valley was the worst, and it became a negative number. If all kinds of taxes and fees are deducted, you will find that car companies are "generating electricity with love."

Obviously, the gross profit margin of Chinese car companies is not high, and the net interest rate is even more unbearable. My cousin's intuition was wrong, and Wang Chuanfu was really not a "black -hearted capitalist".

Is that as Zeng Qinghong said, Qian has been earned by battery factories such as Ningde Times?

To answer this question, we must first insert a knowledge point. The top eight power battery brands in China's market share are Ningde Times, BYD, China Innovation Airlines, Guoxuan Hi -Tech, LG New Energy, Honeycomb Energy, Xinwangda, Yimei Lithium energy.

BYD's primary business is not a battery. China Innovation Airlines and Hive Energy have not been listed. LG new energy is a Korean company. Their business data is not good. So our attention should be placed on four other companies.

In the first quarter of this year, the gross profit margin of Ningde Times was 14.48 %, operating income of 48.678 billion yuan, and net profit of 1.493 billion yuan.

Guoxuan Hi -Tech's sales gross profit margin was 14.49%, revenue achieved 3.916 billion yuan, and net profit was about 32.2 million yuan.

The gross profit margin of 100 million latitude is 13.7%, revenue is 6.7 billion yuan, and net profit is 520 million yuan.

Xinwangda's sales gross profit margin was 13.45%, operating income was 10.621 billion yuan, and net profit was 94.923 million yuan.

It can be seen that the sales gross profit margin of battery manufacturers is roughly 14%, and it does not look low. But don't forget that these companies have exceeded 20%in the past few years.

Who is the "true murderer" that promotes the price increase?

"It is said that we are working for upstream raw material companies. It is indeed the same. It is the most crazy non -lithium salt since this year." Many battery manufacturers told the Securities Daily that in this case Paper price increase.

Is this really the case?

We have to turn over the ledger of listed companies with "homes and minerals".

In the first quarter of this year, the sales gross profit margin of Tianqi Lithium was 85.28%, the main revenue was 5.257 billion yuan, and the net profit attributable to the mother was 3.328 billion yuan.

The gross profit margin of Ganfeng Lithium was 66.65%, operating income was 5.365 billion yuan, and net profit was 3.525 billion yuan.

Rongjie's main revenue was 478 million yuan, an increase of 339.46%year -on -year, and net profit attributable to mothers was 254 million yuan, an increase of 13996.26%year -on -year.

Shengxin Lithium's operating income was 1.687 billion yuan, an increase of 212.59%year -on -year, and net profit attributable to mother was 1.070 billion yuan, an increase of 900.96%year -on -year.

It can be seen that the gross profit margin of lithium ore companies is indeed very high this year, which has greatly improved compared with last year.

By the way, we do n’t forget to have another forces on the lithium battery industry chain. The lithium battery positive materials (divided into lithium cobaltate, lithium manganate, lithium iron phosphate, ternary material and other types) suppliers.

In the first quarter of this year, Betry achieved operating income of 4.079 billion yuan, an increase of 120.08%year -on -year, and the net profit attributable to shareholders of listed companies was 451 million yuan, an increase of 72.22%year -on -year; 270.75 %, net profit of 293 million yuan, an increase of 144.66 % year -on -year. It can be seen that the net interest rate of the positive material dealers is not high, and compared with last year, it has declined. From the perspective of financial data, compared with the vehicle factory, battery factory, and positive material vendors, the gross profit margin and net interest rate of lithium ore companies are so high that it is suffocating. Under the current situation, the entire new energy industry chain is working for lithium mine companies.

Seeing the thief eating meat, he did not see the thief beating.

Liu Neng (a pseudonym) of the director of a lithium ore company told the daily economic news reporter: "We enjoy the high red profit of this period of time because we have been playing for many years. The lithium industry always has a peak and a low valley. Isn't it normal for you to eat for so many years? Isn't it normal to make money for a year or two? "

Liu Neng's words are not false, and lithium companies generally have experienced a long night period. When the lithium prices are sluggish, even employees' salary cannot be paid.

In 2018, there was a big event in the lithium mining industry. "Tianqi Lithium Industry" with a book capital of only 5.524 billion yuan actually bid 28 billion yuan to acquire 23.77%of the global lithium resource giant Chilean Chemical Mining Corporation (hereinafter referred to as SQM).

In order to complete this "snake swallow" type of acquisition, Tianqi Lithium not only borrowed $ 1 billion from overseas financial institutions, but also signed a "Loan Promise letter" with the bank to raise $ 2.5 billion.

At the end of the year, the long -term borrowing of Tianqi Lithium rose from the previous 1.433 billion yuan to 25.326 billion yuan.

You know, at that time, the staff of Tianqi Lithium only had a total of 1612 employees. After the stall, the per capita liabilities were 15.71 million yuan.

What is even more worrying is that as soon as the acquisition was completed, Tianqi Lithium Industry encountered lithium periodic downward. The price of lithium carbonate continued to fall down, and he didn't know it.

By the end of 2020, the "Tianqi Lithium Industry" ushered in the dark moment. The book funds were only 994 million yuan, and the short -term borrowing was as high as 2.737 billion yuan. The non -current liabilities due within one year reached 20.958 billion yuan.

At that time, the capital market generally looked at the Lithium Lithium industry, and its stock price continued to be sluggish. Some financial writers even shouted that Tianqi Lithium did not live in 2021.

With the outbreak of demand for the new energy vehicle market, the lithium industry finally ushered in the turnaround in 2021. The price of lithium carbonate suddenly fluttered to 260,000 yuan/meal. The performance of Tianqi Lithium has also skyrocketed. In 2021, operating revenue was 7.663 billion yuan, an increase of 137%year -on -year.

In the first half of this year, the price of lithium carbonate doubled again, and historically exceeded the 500,000 yuan mark. The Tianqi Lithium industry ushered in the "Qi Tian Moment". The net profit returned to her mother in the first half of the year is expected to be 9.6 billion yuan to 11.6 billion yuan, an increase of 11089.14% to 13420.21% year -on -year.

Did you find it?

The performance of Tianqi Lithium Industry and other companies is closely related to the price cycle of lithium carbonate. When the lithium price is on the rising cycle, everyone drinks and eat meat. When the lithium price is in the downward cycle, everyone can only bear the hunger.

If Muyuan and Wen's companies work for the "pig cycle", then lithium companies such as Tianqi Lithium are working for the "lithium cycle".

On July 14, Tesla CEO Musk wrote on Twitter that lithium batteries are new oil.

Musk's words are not false. Petroleum is a strategic material that can change international relations, as is lithium resources.

On July 22, Argentina and Chile's Foreign Ministers reached strategic consensus on how to develop lithium value chains, focusing on lithium triangle areas composed of Argentina, Chile, and Bolivia.

At the junction of the Three Kingdoms, nearly 65%of the world's lithium ore resources are enriched, and Tianqi Lithium and Ganfeng Lithium Industry also hit heavy gold here. If Argentina, Chile, and Bolivia can really make a lithium resource exporting nation -like alliance similar to OPEC, the global energy pattern will be completely rewritten.

The booming development of the new energy industry not only increases the international influence of the three South America, but also changes the fate of many cities in China.

More than 30 years ago, Zeng Yuqun struggled out of Ningde's mountain village. After doing some career, he insisted on driving the company back to Ningde.

Today, the average annual salary of employees in Ningde Times is 117,000 yuan. This money may not be worth mentioning for the Internet manufacturers in first -tier cities, but Ningde, who has an annual income of 37,000 yuan per capita, can become employees of the Ningde era. , I just eaten the dividend of the high -end manufacturing industry.

What's even more rare is that in the Ningde era, more than 70 supporting companies settled in, introduced the entry of new energy and car companies in upstream and downstream, and completely revitalized a industrial cluster. In the first half of this year, Ningde's economic growth rate was as high as 9.6%, surpassing many same cities.

This is the real curve overtaking.

The energy of diligent internal skills and betting technologies directly allows a small city that is not famous to develop new energy and battery industry clusters, and it becomes a new manufacturing capital that has a place in the world.

However, it is really better than the output of power batteries. There is a city that is better than Ningde City, which is Changzhou, Jiangsu.

Among the top five companies in China's power battery installed capacity (Ningde Times, BYD, China Innovation Airlines, Guoxuan Hi -Tech, Hive Energy), Changzhou owns four, two of which (China Innovation Airlines and Hive Energy) are the headquarters of the Chinese headquarters. The number of new energy vehicle industry chains in Changzhou reached 3,440, ranking first in the country. At present, the annual output value of Changzhou power batteries accounts for one -third of the country's share. In addition, Changzhou also attracted upstream manufacturers such as Enshie, the leader of the diaphragm, the leading material leader Betry, and the ascending technology.

In the lower reaches of power batteries, vehicle companies such as ideal, BAIC New Energy, BYD, Niu Innovation Energy have deployed production bases in Changzhou. Since the beginning of this year, the production and sales of Changzhou New Energy Vehicles exceeded 118,000 vehicles, ranking first in the province, accounting for 55%of the province's entire vehicle output of new energy vehicles.

In addition, Changzhou's local charging pile operating enterprise star charging has become one of the largest charging pile operating companies in the country.

In the field of photovoltaic new energy, Changzhou has the world's leading photovoltaic enterprise Tianghe Optical Energy, gathered a number of annual sales of more than 1 billion yuan in an annual sales of more than 1 billion yuan in an annual sales of oriental Shengsheng, Yijing Optoelectronics, Zhengxin Optoelectronics, Swick, CITIC, and Yongzhen Technology. The photovoltaic enterprise has continued to appear.

In the first half of this year, the output values ​​of the new energy vehicle manufacturing, power battery industry and photovoltaic industries above the designated size of Changzhou increased by 198.1%, 91.8%, and 35.2%year -on -year, respectively.

These three major industries have supported half of the Changzhou manufacturing industry.

"New Energy" is the largest air outlet in the world today.

Whenever a city with a good new energy industry, economic development is fast. In addition to the Ningde and Changzhou mentioned earlier, there are three major production bases (Shenzhen, Xi'an, Changsha), as well as Shanghai, Guangzhou, Hefei, and Liuzhou, which are known as the "New Energy Capital".

Whenever listed companies with new energy areas are popular stocks that are highly sought after by the capital market.

According to incomplete statistics, the new energy sector has become the largest gang of A -share, and its market value has exceeded 10 trillion yuan. BYD, with an annual profit of only 3 billion, has a market value of 10 trillion yuan. It is really "how big the heart is, how big the bubble is."

Whenever the boss who is doing new energy business is so high that it is suffocating.

The lithium ore business has created Li Liangbin, Jiangxi's richest man, and the lithium battery positive material has created Li Xiaoming, the richest man in Yunnan. The photovoltaic inverter created the richest man in Anhui Cao Renxian. The photovoltaic component created Li Zhenuo, the richest man in Shaanxi.

From this perspective, players of the new energy industry chain are "winners". No wonder, even the real estate owner Xu Jiayin and Yao Zhenhua are all in new energy vehicles.

Reference materials:

1. "China's capital market has ushered in a large earthquake, central enterprises and Moutai panic", Zhigu trends, 2021.06.02

2. "New Energy Vehicle Manufacturing," Changzhou Power "Out of Circle", Changzhou Daily, 2022.07.28

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