The "King of Ning" was completely invincible
According to the 2021 annual report disclosed by CATL on April 21, the company achieved a total revenue of 130.356 billion yuan in 2021, an increase of 159.06% year-on-year; the net profit attributable to the shareholders of the listed company was 15.931 billion yuan, an increase of 185.34% year-on-year.
Previously, many institutions predicted the average profit forecast of CATL in 2021 at 11.23 billion yuan, an increase of 101.14% year-on-year. This means that the performance growth rate of the Ningde era far exceeds market expectations.
Revenue exceeded the 100 billion mark for the first time
The 2021 "report card" released by CATL has exceeded the 100 billion mark for the first time.
During the reporting period, CATL achieved revenue of 130.356 billion yuan, an increase of 159.06% year-on-year; net profit attributable to shareholders of listed companies was 15.931 billion yuan, an increase of 185.34% year-on-year. Achieved lithium-ion battery sales of 133.41GWh, an increase of 184.82% year-on-year.
Reviewing its revenue and net profit performance from 2015 to 2021, CATL has always maintained a strong upward momentum, and the net profit and growth rate in 2021 have reached the highest level since its listing in 2018.
In 2021, whether it is global or continental, the power battery industry has shown a strong growth trend. According to the statistics of SNE Research quoted in the annual report of CATL Times, the global power battery use of new energy vehicles reached 296.8GWh in 2021, an increase of 102.3% year-on-year.
According to the data, the operating income of the Ningde era only exceeded 50 billion yuan for the first time in 2020, which was 50.319 billion yuan, which was not much increase over 2019 (45.788 billion yuan), but the explosive growth of the performance of the Ningde era in 2021 was also expected. Compared with the operating income, the net profit of CATL has increased by a larger margin, and its net profit in 2021 is 15.931 billion yuan, an increase of 185.34% year-on-year.
It is worth noting that CATL no longer expresses the data on the income statement, cash flow statement and balance sheet in "yuan" units, but instead expresses it as "ten thousand yuan". In 2020, the numerical units of the above three major tables in the Ningde era are still "yuan", and the annual report of "Ning Wang" may enter the "era of ten thousand yuan" from then on.
The three major businesses go hand in hand
In 2021, the revenue of CATL of 130.355 billion yuan mainly comes from three major business segments:
1
Battery system business
Sales revenue was 91.491 billion yuan, an increase of 132.06% year-on-year. This year, catheter era achieved lithium-ion battery sales of 133.41GWh, of which 116.71GWh came from power battery sales, an increase of 162.56% year-on-year.
132.06%
02
Energy storage system business
The sales revenue of energy storage system was 13.624 billion yuan, an increase of 601.01% year-on-year.
According to the data of SNE Research and ICC Xinleng Information, in 2021, the market share of CATL in the field of power batteries and energy storage ranked first respectively.
03
Lithium battery materials business
The sales revenue of lithium battery materials was 15.456 billion yuan, an increase of 350.74% year-on-year. Driven by the demand for downstream new energy vehicles, customers have strong demand for battery materials.
In 2021, the sales and delivery amount of CATL to Tesla reached 13.039 billion yuan, and it can be roughly estimated that the corresponding power battery capacity sold to Tesla is around 16.6GWh.
Power battery system sales are still the main source of income of CATL, and the sales revenue of power battery systems in NINGDE times in 2021 is 91.49 billion yuan. During the reporting period, CATL deepened its long-term strategic cooperation with global customers such as Tesla, Hyundai, Ford, Daimler, Great Wall Motors, Ideal, and Nio, and signed a supply framework agreement with Tesla in June 2021 stipulating that the company would supply products to Tesla from 2022 to 2025.
Lithium battery materials are the second largest business in the Ningde era, and the sales revenue of lithium battery materials will reach 15.454 billion yuan in 2021. Driven by the downstream demand for new energy vehicles, customers have strong demand for battery materials, lithium battery material sales have increased accordingly, while the prices of major metal markets have risen, and product prices have fluctuated with metal market prices, driving revenue growth. In addition, the Catalpine era Indonesia nickel iron production project was put into operation, adding lithium battery material production capacity.
Energy storage system is the third largest business in the Ningde era, and it is also the fastest growing business, achieving sales revenue of 13.624 billion yuan in 2021. The main energy storage application areas are the pre-meter market, including the power generation side and the transmission and distribution side. During the reporting period, CATL signed strategic cooperation agreements with National Energy Group, China Energy Construction, China Huadian, China Three Gorges Group, Sungrow Power, Canadian Solar, Eaton and other enterprises.
Tesla is the number one customer
In 2021, the total sales of the top 5 customers of catheter times accounted for 31.32% of total sales, an increase of 1.62 percentage points compared with 2020, of which the sales of the first major customer were 13.04 billion yuan, accounting for 10% of the total annual sales, accounting for about 14% of its power battery system revenue. CATL also pointed out that the first major customer is Tesla.
In 2020, CATL's sales to Tesla were 1.626 billion yuan. By the end of 2021, CATL has supplied Tesla with a cumulative supply of 14.665 billion yuan.
At present, CATL mainly supplies China-made Model 3 and Model Y standard endurance versions of lithium iron phosphate batteries to Tesla. Combined with the battery capacity of 55 degrees and 60 degrees of the Model 3 and Model Y standard endurance versions respectively, the batteries supplied by the Ningde era in 2021 can meet the load capacity of more than 270,000 vehicles.
In June 2021, Tesla signed a supply framework agreement with CATL. The lead time of the subsequent agreement between the two parties has been extended from the original July 1, 2020 to June 30, 2022 to 2022 to 2025.
At present, in terms of factory construction, CATL is also closely following its biggest customer Tesla. Previously, the Lingang factory of the Ningde era has begun to supply the Shanghai Tesla Gigafactory, and this year invested 2.8 billion yuan in the layout of the battery project in Shanghai Lingang, only 3 kilometers away from the Tesla factory. On April 6, CATL announced that its first overseas factory in Thuringia, Germany, has officially obtained a license for the production of batteries, which is only more than 300 kilometers away from Tesla's Berlin Gigafactory.
In addition to Tesla, other important customers of CATL in 2021 include Hyundai, Ford, Daimler, Great Wall Motors, Ideal, Weilai and so on.
Taking Weilai and Ideal as an example, in 2021, the batteries of the two companies are mainly supplied by the Ningde era, and the annual sales of both companies are more than 90,000 units, and the models of Weilai in 2021 are mainly equipped with 70 degree batteries, and the batteries of the ideal ONE are around 40 degrees, and the two together can contribute about 10GWh of installed capacity to the Ningde era.
Deeply tied to the Ningde era, the performance of leading intelligence has doubled
On the evening of April 24, Pilot Intelligence disclosed that the company's operating income exceeded the 10 billion mark for the first time last year, reaching 10.03 billion yuan, an increase of 70% year-on-year. Net profit was RMB1.58 billion, doubling year-on-year. Pilot Intelligence announced on the same day that in the first quarter of this year, the company's revenue exceeded 2.9 billion yuan, an increase of 142% year-on-year, and net profit was 350 million yuan, an increase of 72% over the same period last year.
The pilot intelligent business covers equipment manufacturing of lithium batteries, photovoltaics and 3C products. Last year, the company's lithium battery production equipment revenue was 6.95 billion yuan, accounting for nearly 70% of the total revenue. Pioneer Intelligence said that the doubling of revenue from the lithium battery production equipment business is the main reason for its performance growth.
According to data from the research institute EvTank, the global lithium battery equipment market reached 95.2 billion yuan last year, an increase of more than 60% year-on-year. Among them, the domestic lithium battery equipment market size accounts for two-thirds of the world.
CATL purchased more than 4.1 billion yuan of production equipment from Pilot Intelligence last year and is the company's first customer. At the same time, CATL currently holds 7.15% of the shares of Pilot Intelligence, making it the third largest shareholder of the company. In July last year, CATL participated in the non-public offering of Pilot Intelligent and subscribed for the above equity for nearly 2.5 billion yuan.
Last year, the amount of new orders signed by Pilot Intelligence reached 18.7 billion yuan, which also hit a new high in the calendar year, and the equipment purchase order from the Ningde era was 8.22 billion yuan. Pilot Intelligence said that it is cooperating with CATL to develop a cylindrical battery production line, and the cylindrical battery is Tesla's main battery technology route in the future. At the same time, Pilot Intelligence is strengthening cooperation with CATL at its German production base and exploring the establishment of factories in Eastern Europe, North America and Southeast Asia.
High capital expenditures and capacity expansion remain the main tone
In 2021, the capital expenditure of the Ningde era continued to grow at a high rate. For the whole of 2021, cataline times's "cash payment for the purchase and construction of fixed assets, intangible assets and other long-term assets" reached a record high of 43.768 billion yuan. Under the large capital expenditure, the production capacity of the Ningde era continues to expand, and the annual battery production capacity has increased from 69.10GWh in 2020 to 170.39GWh in 2021.
In addition, CATL revealed that it is studying the next-generation technology of moduleless power battery packs, integrating power battery cells, related components and chassis to further reduce manufacturing costs and improve the endurance performance of new energy vehicles.
In 2021, CATL's "cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets" was about 43.768 billion yuan, an increase of 229% year-on-year; 7 companies totaled 9.506 billion yuan, an increase of 211% year-on-year.
By the end of 2021, the production capacity of the battery system in the Ningde era will be 170.39GWh, and there is still a production capacity of 140GWh under construction.
"In recent years, while the lithium-ion battery market is developing rapidly, it has also continuously attracted new entrants to participate in the competition through direct investment, industrial transformation or mergers and acquisitions, etc. At the same time, the existing power battery companies have also expanded their production capacity, and the market competition has become increasingly fierce, and the company's future business development will face a certain risk of intensified market competition." Catalpa Times said.
CATL believes that one of the measures to deal with industrial competition is to maintain the leading position in technology. CATL said that in 2021, it will continue to exert efforts in the field of material innovation and structural innovation, take the lead in launching sodium-ion batteries, explore and promote CTC (integrated electric chassis) and A/B battery mix-and-match programs, and continue to promote the industrialization of new technologies. At the same time, the company signed a cross-technology licensing agreement with ATL (Amperex Technology Limited) and a CTP (Moduleless Power Battery Pack) technology licensing and cooperation intention agreement with Hyundai Mobis to achieve technology output and corresponding economic value through commercial cooperation and licensing.
"The company is studying CTP's next-generation technology, CTC, which integrates power battery cells, related components and chassis to further reduce manufacturing costs and improve the endurance performance of new energy vehicles." Catalpa Times said.
No prize quiz: Is the first quarterly report of the Ningde Times a surprise or a shock?
On the evening of April 24, CATL issued an announcement that it was scheduled to disclose the "First Quarter Report of 2022" on April 28. Based on the principle of prudence, in order to ensure the quality and accuracy of the information disclosure prepared in the First Quarter Report 2022, the disclosure time of the Company's First Quarter Report 2022 was postponed to April 30.
After the market hours on April 19, there were rumors that the net profit of CATL Q1 was expected to be less than 5 billion yuan, which would be less than expected. Stimulated by negative rumors, the company's stock price fell 7.55% the next day, falling to 70 billion yuan in 1 hour, and the total market value fell below one trillion yuan on the same day.
If the rumors are true, and considering the impact of the epidemic in April, the annual performance is likely to be lowered from 28-30 billion yuan to 25-28 billion yuan, mainly due to the cost pressure brought about by the rising price of lithium carbonate and the impact of the epidemic in Shanghai and Ningde.
So is the first quarter report of the NINGD era a surprise or a shock? Let's guess.
1