On the evening of March 29, Ganfeng Lithium released its 2022 annual report, with annual revenue of 41.82 billion yuan, a year-on-year increase of 274.68%, and a net profit attributable to the parent of 20.503 billion yuan, a year-on-year increase of 292.16%. In contrast, CATL, a new energy vehicle company, achieved revenue of 328.594 billion yuan in 2022, a year-on-year increase of 152.07%, and a net profit of 30.730 billion yuan, a year-on-year increase of 92.89%. The profit performance of Ganfeng Lithium, which "sells lithium", can be called a huge profit, which is not much different from the "lithium-using" Ningde era.
Ganfeng Lithium said that the performance growth benefited from the development of the global new energy industry, and the demand for lithium salt was strong. The sales price of lithium salt products in 2022 will increase significantly compared with 2021; The production capacity of the lithium battery segment was rapidly released, and the sales volume increased significantly. In 2022, Ganfeng Lithium's revenue of lithium series products will be 34.58 billion yuan, accounting for 82.68%, and the annual sales of lithium series products will be 97,300 tons of LCE, a year-on-year increase of 7.32%.
In terms of price, the average selling price of lithium products in the second half of the year increased by 9.68% compared with the first half. The annual revenue of lithium products business was 34.58 billion yuan, accounting for 82.68%, and the gross profit margin was 56.11%. Ganfeng Lithium started from the manufacturing of midstream lithium compounds and lithium metal, and its business runs through upstream lithium resource development, midstream lithium salt deep processing and metal lithium smelting, downstream lithium battery manufacturing and comprehensive recycling of retired lithium batteries.
In contrast, although the net profit margin of Ganfeng Lithium is comparable to 5 times that of the Ningde era, the net profit of "Ningwang" is still as high as 30.7 billion, which is more than Ganfeng Lithium, which is also gratifying. However, in the latest GAC Group's 2022 performance report, its total operating income in 2022 is about 514.605 billion yuan, but the net profit attributable to shareholders of listed companies is only about 8.068 billion yuan, with 12 times the income of Ganfeng Lithium, but only 40% of the net profit, making people have to think again about the "part-time work theory" proposed by Zeng Qinghong, chairman of GAC Group, in his speech at the 2022 World Power Battery Conference: Who are new energy vehicle companies working for?
This article is the original of [Car Review Network], author: observer Xiao Liu, editor: Tian Miao, pay attention to [Car Review Network], "good cars and bad cars, all in one net".
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