Ningde Times 2022 Half -annual report: 1.5 times revenue increased by 1.5 times the net profit of the battery price increase to stop falling

In the second quarter, the net profit of returning mother in Ningde in the second quarter increased sharply to 6.675 billion yuan, an increase of 163.93%year -on -year, and rose from a decline in one fell swoop. Why does net profit in the second quarter return to increase? Ningde Times stated at the first half of the first half of August 23 that after the second quarter, the company's profitability was better repaired after negotiation with customers.

Author: Xi Zhenyu Zhang Qian

Figure: Tuwa Creative

The decline in net profit in the first quarter of Ningde Times was reversed after the performance in the first half of the year. On the evening of August 23, the Ningde Times announced the financial report in the first half of 2022. The financial report shows that in the first half of this year, the operating income of Ningde Times was 112.971 billion yuan, an increase of 156.32%year -on -year; net profit at home was 8.168 billion yuan, an increase of 82.17%year -on -year.

The increase in revenue is due to the blowout of the new energy vehicle market, which has driven a large increase in demand for power batteries. According to the China Automobile Industry Association, the cumulative sales of Chinese new energy vehicles in the first half of the year reached 2.6 million, an increase of 115%year -on -year. According to SNE Research data, the global power battery used in the first half of the year was 203.4GWh, an increase of 76.8%year -on -year.

As for the changes in net profit, the Ningde Times achieved a net profit of only 1.493 billion yuan in the first quarter of this year, a new low in a single quarter since 2021, a year -on -year decrease of 23.62%. At that time, the explanation of the Ningde era was that the price of upstream raw materials in the new energy industry increased rapidly, and the battery cost pressure of the industry gradually increased.

In the second quarter, the net profit of returning mother in Ningde Times increased sharply to 6.675 billion yuan, an increase of 163.93%year -on -year, and rose from a fall. Why does net profit in the second quarter return to increase? Ningde Times stated at the first half of the first half of August 23 that after the second quarter, the company's profitability was better repaired after negotiation with customers.

The practice of the Ningde Times through product price increases to realize the stopping of net profit and fall, which is not surprising. In April of this year, Jiang Li, deputy general manager and secretary of the board of directors of Ningde Times, has publicly stated that because the raw materials have increased too fast and too fierce this year, it has far exceeded the reasonable level. Adjustment.

"Most power battery customers have basically completed the price adjustment consultation in the second quarter." Ningde Times mentioned at the performance briefing meeting that in the first quarter, due to the sharp increase in raw materials, the process of negotiating price adjustment with customers.

In addition to the price increase, the Ningde Times stated in the financial report that the company has established information systems that have timely tracking important raw material market supply and price changes in response to the price fluctuations and supply risks of raw materials, and ensure raw material supply and control procurement costs through measures such as early procurement. The company has adopted measures to ensure the safety of the supply chain by signing the order of the chief coordination, investment cooperation, recycling, and self -mining.

In terms of upstream mineral mining, in April this year, the Ningde Times announced that it was intended to invest in the construction of the power battery industry chain project in Indonesia, involving red earth nickel mine development. In addition, in the first half of the Ningde Times, it also further promoted the development and construction of Yichun -containing lithium porcelain mines, Guizhou and Yichang phosphorus resources industry chain projects in Jiangxi.

Although the revenue and net profit in the first half of the Ningde era increased, the gross profit margins of the three major product sectors have decreased year -on -year. Among them, the gross profit margin of the power battery system was 15.04%, a year -on -year decrease of 7.96%; the gross profit margin of lithium battery material was 20.65%, a year -on -year decrease of 0.5%; the gross profit margin of the energy storage system was 6.43%, a decrease of 30.17%year -on -year.

The energy storage system is the focus of the layout of the Ningde era in the past two years. Regarding the sharp decline in the gross profit margin of the energy storage system, the Ningde Times said at the performance briefing that the business model of energy storage and power was different from customers. The interest rate is low. Similar to the trend of power batteries, the gross profit margin is expected to improve.

In terms of market rankings, the Ningde era still settled in the leader of the domestic power battery industry in the first half of the year, but its share has declined. According to data from the China Automotive Power Battery Industry Innovation Alliance, in the first half of this year, the market for power battery installation of the Ningde Times accounted for 47.67%, and the number in 2021 was 52.1%.

It is worth noting that although the income scale of overseas battery business in the first half of Ningde Times was less than the country, the gross profit margin level was better than the domestic. The financial report shows that the overseas battery business revenue in Ningde was 22.254 billion yuan in the first half of the year, an increase of 123.35%year -on -year, and the gross profit margin was 15.15%.

Overseas markets are also the current focus of the Ningde era. In July this year, Ningde Times announced that it had established a global strategic cooperation relationship with Ford Motors. The cooperation content covered the power battery supply in China, Europe and North America. In August this year, Ningde Times announced that the company intends to invest in the construction of battery factories in Hungary, Europe to further improve the global strategic layout.

Regarding the performance of the second half of the year, the Ningde Times stated at the performance communication meeting that in the second half of the year, market demand continued to grow, and the price consultation with customers continued to land. It is expected that the company's profitability will continue to improve.

Economic Observation Network reporters have noticed that most of the domestic securities institutions' expectations for the annual net profit of the Ningde era this year are mostly 23 billion to 24 billion yuan. In other words, in addition to the net profit of 8.168 billion yuan in Ningde Times in the first half of the year, the Ningde Times need to achieve a net profit of at least 15 billion yuan in the second half of the year, which is consistent with market expectations.

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