The first three quarters of the power battery installed capacity: Ningde era accounted for half of the country! BYD "trotting to catch up"

With the power battery taking the lead in the market value of the big brother Ningde era exceeded 1.50 trillion yuan, the industry is also positive continuously, according to the statistics of the Institute of High Industry Industry (GGII), the domestic new energy vehicle sales in the first three quarters of 2021 were about 1.826 million units, an increase of 46%; the installed capacity of power batteries was about 82.42GWh, an increase of 152% year-on-year.

From the perspective of installed battery types, the installed capacity of ternary power batteries in the first three quarters of 2021 was about 47.67GWh, an increase of 105% year-on-year; the installed capacity of lithium iron phosphate power batteries was about 34.55GWh, an increase of 274% year-on-year.

It is worth mentioning that the installed capacity of lithium iron phosphate power batteries has increased from 28.2% in the first three quarters of last year to 41.9%, step by step, pressing ternary power batteries, in fact, lithium iron phosphate batteries have exceeded ternary high-nickel batteries in output.

Models on the market have gradually tended to lithium iron phosphate batteries, BYD Automobile has now chosen to plan full capacity planning lithium iron phosphate batteries, Tesla announced that the ordinary version of the Model3 and ModelY will be equipped with lithium iron phosphate batteries, Xiaopeng's P7 and G3 models have also launched lithium iron phosphate battery versions; Weilai Automobile plans to use lithium iron phosphate batteries in the fourth quarter of 2021; Mercedes-Benz is expected to first launch a pure electric SUVEQB equipped with lithium iron phosphate batteries in 2024. In 2025, lithium iron phosphate batteries will be used simultaneously in the next-generation Mercedes-Benz EQA and EQB.

Due to the cost advantages of lithium iron phosphate batteries and the performance of endurance, charging and other performance can meet the requirements of car owners, as well as more advantages in the field of energy storage, the trend of installed capacity catching up with ternary high-nickel batteries has intensified, so the upstream material concept stocks of lithium iron phosphate batteries are still worthy of attention.

From the perspective of installed capacity applications, the installed capacity of new energy passenger vehicles in the first three quarters was about 73.69GWh, an increase of 201% year-on-year; the installed capacity of new energy buses was about 5.16GWh, down 19% year-on-year; the installed capacity of new energy special vehicles was about 3.57GWh, an increase of 93% year-on-year.

From the perspective of different battery shapes, to the enterprise level, according to the data disclosed by the China Automotive Power Battery Industry Innovation Alliance, the ranking of domestic power battery companies in the first three quarters of 2021 is as follows:

In the domestic installed capacity ranking in the first three quarters of 2021, CATL topped with 46.79GWh, accounting for 50.8%, which means that half of the domestic power battery industry has been at the helm of NINGDE Times, which is no wonder its stock price has recently soared.

Looking at the global market, the global installed capacity of CATL in the first three quarters of 2021 was 60.9GWh, with a global market share of 30.9%, far exceeding the second-place LG by seven percentage points.

According to the financial report data released by CATL in the third quarter of 2021, the revenue in the first three quarters was 73.362 billion yuan, an increase of 132.73% year-on-year, the net profit attributable to the mother was 7.751 billion yuan, an increase of 130.9% year-on-year, and the gross profit margin and net profit margin rose steadily compared with the first half of the year, 27.51% and 12.47% respectively. In the third quarter, the single quarter achieved revenue of 29.287 billion yuan, an increase of 130.73% year-on-year, an increase of 17.58% month-on-month; the net profit attributable to the mother was 3.267 billion yuan, an increase of 130.16% year-on-year, an increase of 29.18% month-on-month, a gross profit margin of 27.90%, an increase of 0.66pct, a net profit margin of 13.04%, an increase of 1.07pct, and an improvement in profitability.

Although it is already the position of the leader, the pace of expansion in the Ningde era has never stopped, and the male lion has been running wildly.

The plan to raise 58.2 billion yuan before CATL is to further increase production capacity for the expansion of lithium batteries and energy storage systems, of which 41.9 billion yuan is planned for a total of 137GWh power, energy storage batteries and 30GWh energy storage cabinet projects.

Brokers expect that by the end of 2021, the production capacity of the Ningde era will reach about 200GWh, and the new 137GWh project is expected to gradually land in the next 2-3 years, and the sole assets will reach 320GWh by the end of 2022, and it is expected to exceed 600GWh in 2025.

For a power battery concept stock, its stock price is closely related to production capacity, thanks to the global leading position and future layout of the production capacity plan, the market value of the Ningde era has now exceeded 1.50 trillion, the stock price has exceeded the 600 yuan mark, whether it can break into the 700 yuan mark before the end of the year, it is worth looking forward to.

The second domestic installed capacity ranking is BYD, the first three quarters of the domestic installed capacity of 14.73GWh, the domestic market share of 16%, and the first Ningde era some hopeless, of course, BYD's main business is still mainly new energy vehicles, take the battery to compare is indeed a bit wronged.

In the global installed capacity of power batteries, BYD's performance is also remarkable, ranking fourth in the world with 15.4GWh in the first three quarters.

IN THE FIRST THREE QUARTERS OF 2021 ACHIEVED REVENUE OF 145.192 BILLION YUAN, +38.25% YEAR-ON-YEAR; NET PROFIT ATTRIBUTABLE TO THE PARENT WAS RMB2.443 BILLION, A YEAR-ON-YEAR-ON-28.43%,; AND NET PROFIT ATTRIBUTABLE TO THE PARENT AFTER DEDUCTION OF NON-ATTRIBUTION WAS RMB886 MILLION, A YEAR-ON-YEAR-ON-64.45%. Among them, the third quarter achieved revenue of 54.307 billion yuan, an increase of 8.85% month-on-month, a net profit attributable to the mother of 1.270 billion yuan, an increase of 35.68% month-on-month, and a net profit attributable to the mother of 518 million yuan after deducting non-deductions, an increase of 15.11% from the previous quarter.

In the secondary market, BYD's performance is as eye-catching as the Ningde era, BYD's recent stock price has exceeded the 300 yuan mark, and the market value is also sprinting towards the trillion target.

It should be pointed out that BYD's valuation path is still more reasonable according to the comprehensive aspects of new energy vehicles, power batteries, and on-board semiconductors, which may also be the reason for its recent sharp rise in stock prices.

At present, BYD in Shenzhen, Qinghai, Xi'an, Huizhou, Changsha, Bengbu and other production bases have laid out 78GWh of power battery production capacity, and the output is rapidly climbing; at the same time, BYD in the Vehicle Manufacturing-based Shenzhen factory in Guangdong also has a layout of 6GWh power battery production capacity; in addition, BYD subsidiary Chongqing Fordi Lithium Battery Co., Ltd. also plans to add 25GWh of power battery production capacity, the three cumulative is 109GWh, Although it is shorter than the 200GWh production capacity plan of the Ningde era, its highlight is still in new energy vehicles, so it is more reasonable for readers who pay attention to BYD to focus on the production and sales of new energy vehicles.

The third place in the domestic installed capacity ranking is AVIC Lithium Battery, ranking seventh in the world, the domestic installed capacity of AVIC Lithium Battery in the first three quarters of 2021 was 5.64GWh, the domestic market share was 6.1%, and the gap with the top two was also quite large, but as a non-listed company, it was not easy to beat Guoxuan Hi-Tech.

In terms of capacity expansion, AVIC Lithium Battery is full of energy, with a production capacity of 16GWh in 2020, and Liu Jingyu, chairman of AVIC Lithium Battery, said that the company's construction capacity is expected to reach more than 100GWh in 2021, and it is expected to increase the planned production capacity of 178GWh in 22-23 years, the expansion multiple is 11.13 times the 20-year production capacity, and the investment is expected to exceed 50 billion yuan.

Despite the sudden moth incident of patent infringement complaints in the Ningde era, AVIC Lithium Battery has still been steadily and steadily. At the 2021 World New Energy Vehicle Conference, AVIC Lithium Battery released a new design technology product - One-Stop Bettery, a product using this technology, lithium iron support 700km endurance, ternary support 1000km endurance, is expected to be launched in June 2022, it can be seen that AVIC lithium battery still has certain innovations in technology.

AVIC Lithium Battery has completed the last round of financing before the IPO, got 12 billion yuan of equity financing, shareholders, Tianyancha information shows that the current largest shareholder of AVIC Lithium Battery is Changzhou Sands Technology Investment Co., Ltd., the shareholding ratio is about 21.01%, the company belongs to the Changzhou Jintan Government, which means that AVIC Lithium Battery and Guoxuan Hi-Tech are the same as the national team camp.

In terms of performance, Chengfei Integration is the second largest shareholder of AVIC Lithium Battery, with a shareholding ratio of about 12.60%; in December 2020, Xiaomi Yangtze River Industry Fund invested in AVIC Lithium Battery.

According to the annual report of Chengfei Integration, in 2020, the revenue of AVIC lithium battery reached 2.67 billion yuan, and the net profit was 130 million yuan.

The fifth domestic installed capacity ranking is Guoxuan Hi-Tech, ranking eighth in the world, Guoxuan Hi-Tech in the first three quarters of 2021 installed capacity reached 4.72GWh, from the global installed capacity share, in the first 9 months of 2021, Guoxuan Hi-Tech market share rose from 1.6% in the same period last year to 2.8%, battery installed capacity reached 5.6GWh, an increase of 300% year-on-year.

In terms of performance, Guoxuan Hi-Tech achieved revenue of 5.725 billion yuan in the first three quarters of 2021, an increase of 40.4% year-on-year; net profit attributable to the mother was 67.8305 million yuan, down 20.45% year-on-year.

In the first three quarters, the gross profit margin of Guoxuan Hi-Tech was 18.3% from 25.4% in the same period last year; of which the gross profit margin in the third quarter was 15.71%, down 1.27% from the previous quarter.

Guoxuan Hi-Tech said on the investor interactive platform on October 25 that by the end of 2020, the company has a total of 28GWh of power battery production capacity. In August 2021, Guoxuan Hi-Tech launched a 100,000-ton lithium carbonate project in Yichun, the first phase of which is scheduled to be completed and put into operation at the end of 2022, and is expected to be put into operation in small batches in the fourth quarter of this year.

Due to being in the second echelon of power batteries, the performance of Guoxuan Hi-Tech in the secondary market is not as good as that of Ningde Times and BYD, and the closing price of Guoxuan Hi-Tech on November 1, 2021 is 59.00 yuan / share, with a market value of about 75.6 billion yuan.

In the future, the two major points of view of the power battery market are worth paying attention to: on the one hand, the two giants Ningde era and BYD around lithium iron phosphate and ternary lithium batteries, as well as energy storage batteries in the field of competition will be more intense; on the other hand, the second echelon of power batteries in the camp of enterprises are in a period of rapid expansion and development, who will become the leader of the second echelon?

This article originated from Caihua Network