Driven by the significant increase in sales of new energy vehicles, lithium battery sales in the global and Chinese regions also accelerated in 2015. However, the situation in the first quarter of this year is different.
Sales of new energy vehicles have fallen sharply from the previous quarter. Will this affect the development of the upstream battery industry? At present, from the digital point of view, major battery companies have not yet been significantly affected, and the business growth of last year has continued.
New energy vehicle sales decline
According to the report, the total output of lithium batteries in the world in 2015 was 100.75 GWh, an increase of nearly 40% year-on-year. Among them, the proportion of 3C batteries has been reduced from 90% to 66%; the proportion of power batteries (including new energy vehicles) rose to 28%. This year, the production of power batteries may surpass smartphones and become the leader in the lithium battery market segment.
The total output of lithium batteries in China is 47.13Gwh, accounting for 46.78% of global production. China Battery Network's data also mentioned that in the field of large-scale lithium batteries, BYD has left behind Panasonic and LG, ranking first in the market with 14.3% market share. Companies such as Guoxuan Hi-Tech, ATL, and Lishen also have a place in the global power battery market.
Take BYD as an example, the company covers the rechargeable battery business including lithium batteries and nickel batteries. The financial report shows that last year the company’s revenue from this part of the business totaled 5.75 billion yuan, a year-on-year increase of 15.46%. BYD has built the world's largest lithium iron phosphate battery production base, and also plans to continue to increase the energy density of lithium iron phosphate batteries to reduce costs; and simultaneously develop new batteries with higher energy density to increase the mileage of new energy vehicles. And overall competitive advantage.
However, under the influence of the new energy subsidy policy and government supervision “cheat compensationâ€, the sales of new energy vehicles are also falling. According to data from the China Association of Automobile Manufacturers, in the first quarter of 2016, 62,663 new energy vehicles were produced, with sales volume of 58,125 units, and production and sales data increased by 1.1 times and 1.0 times respectively over the same period. However, the Ministry of Industry and Information Technology pointed out that in the fourth quarter of 2015, a total of 222,800 vehicles were produced.
Although there may be some differences in figures on different calibers, in the first quarter of this year, the sales of new energy vehicles “slightly decreased month-on-month†has reached a consensus in the industry.
The highly-received new energy vehicles, due to the difficulty of some companies enjoying subsidies and unable to enter the new catalog of new energy vehicles, have reduced or stopped production, resulting in the overall sales of new energy vehicles in the first quarter was unsatisfactory. The battery supplier's business will produce a chain effect? ​​From the data of the first quarter of this year, the major battery companies have not yet been affected by the decline of new energy vehicles, the profit growth continues.
Guoxuan Hi-Tech (002074.SZ) reported in a quarterly report that its 2.745 billion yuan revenue increased by 170.67% year-on-year, and net profit attributable to the company was between 299 to 320 million yuan, an increase of 320% to 350% year-on-year. The analysis of Changjiang Securities also pointed out that Guoxuan Hi-Tech's products are still in short supply, and its production in Hefei, Kunshan, and Nanjing has also been relatively smooth.
The profit for the first quarter of Yijia Lithium Energy (300014.SZ), another battery company, was 37.65 million yuan, a year-on-year increase of 37.95%. At present, the first phase of its three-phase power battery project has been completed with a production capacity of 150,000.
For the future of the lithium battery industry, companies are also more valued. If Guoxuan Hi-Tech did not take the road of a single lithium battery, it is also building a diaphragm production line with other companies. The business of charging and distribution boxes are all in progress.
This reporter learned that Tianneng Power (00819.HK) continued to lay out the lithium battery industry. Just last year, the company’s lithium battery revenue was about 556 million yuan. From this year, 60% of its capital expenditures will be towards the lithium battery industry, and the production capacity will increase from the current 2.25GWh to 4GWh in mid-2017.
An executive from Tianneng Power also explained to the reporter that at present, the company plans to spin off the lithium battery business entity Zhejiang Tianneng Energy Technology Co., Ltd. (hereinafter referred to as “Tianneng Energyâ€), and it will be listed on the New Third Board. After the listing, the company's battery product structure is more optimized, thereby promoting the company's transformation and upgrading. At present, Tianneng Energy has cooperated with Kangdi, Zhongtai and other mini electric vehicles.
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