Dianxin’s performance outperformed the industry average. The total net profit of the power equipment and new energy industry in 2021 is about 144.9 billion yuan, ranking 11th, with a year-on-year increase of 32% in net profit, outperforming the industry median by 8%; in 2022, Q1 net profit totaling 48.1 billion yuan, ranking 10th, Net profit increased by 30% year-on-year, significantly outperforming the industry median of 34%.
High raw material prices benefit the middle and upper reaches and pressure on the lower reaches. The rapid rise in the prices of raw materials such as lithium carbonate in the second half of 2021 and in Q1 2022 is the root cause of the large-scale performance of upstream material companies exceeding expectations. In contrast, downstream battery companies have a negative year-on-year increase in net profit and a median performance growth of 28 %, the performance of most companies was lower than expected, and the profit distribution of the industrial chain was obviously inclined to the upstream.
Upstream raw materials are in a price hike cycle, which may further increase profits. In the medium and long term, lithium carbonate will still be in a tight balance, and it is expected that the price of lithium carbonate will remain high during the year, which will promote the continuous high growth of related industrial chains and company performance.
The performance elasticity of cathode materials is more derived from downstream demand, the anode enters a price increase cycle, and it is difficult to slow down the supply and demand in the graphitization process. Driven by price increases and demand, the performance of cathode material companies in Q1 in 2021 and 2022 will increase significantly. In the future, the performance elasticity of cathode material companies will be more derived from the growth of downstream demand. The negative electrode graphitization production capacity is still seriously affected by the dual control of energy consumption. The environmental protection and other reviews have a great impact on the project’s production expansion progress. It is difficult to complete the capacity ramping work for the short-term graphitization production capacity. It is expected that the graphitization supply will continue to exceed demand in the next year. , the price of negative electrode materials is more difficult to fall.
Electrolyte integrated enterprises may dominate, and the release of diaphragm supply and demand may be lower than expected. With the subsequent release of production capacity of materials such as lithium hexafluorophosphate and VC, the relationship between supply and demand has eased. In the process of price decline, integrated enterprises with high long-term cooperation ratio are expected to maintain a relatively high growth rate in the price decline cycle. Due to factors such as long expansion cycle of diaphragm equipment and limited supply of equipment, the supply release may be lower than expected, and the price of short-term dry and wet diaphragms is also expected to continue to rise, driving the performance of related companies to fully release.
The cost of lithium batteries is under pressure in the first half of the year, and there is an expectation of improvement in the second half of the year. The performance of the lithium battery sector in the first and second quarters is difficult to perform due to cost pressures and the impact of the epidemic. The orders after the price increase are likely to be confirmed in the third quarter. Therefore, from the second half of the year and even in the long run, there is a possibility of profit improvement and certain expectations. Difference.
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