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The H1 performance of cathode material enterprises was much lower than expected, and the overseas revenue of dangsheng technology accounted for more than 50%



In the first half of the year, the company's overseas shipments of diversified cathode materials accounted for more than 50% of the company's total shipments of diversified cathode materials,”Recently,Dangsheng TechnologyMeans that if it is divided by income,In the first half of this year, three of its top five customers were overseas customers。 Although affected by the epidemic, the business of the whole industry has been affected to a certain extent, due to the continued increase in support for electrification in Europe, North America and other regions, the demand for overseas lithium battery materials is rapidly exploding. Dangsheng technology seized the opportunity, the "going to sea" speed of lithium battery materials was further accelerated in the first half of the year, and the overseas market expansion achieved remarkable results.

Recently, listed companies of lithium battery materials have successively released financial reports for the first half of 2020. The decline in revenue and net profit has almost become a common feature. The lower than expected demand for new energy vehicles and power batteries caused by the impact of the epidemic is also a high-frequency word in the financial reports. However, despite the common macro environment, many enterprises have focused their business on overseas markets, or increased the development of large and small power and consumer markets, making the overall performance significantly better than that of other enterprises.

Semi annual report: due to the impact of the epidemic, the performance of cathode materials of most enterprises has declined


Note: 1. Greenmead's revenue includes cathode materials and ternary precursors; 2. Xiamen tungsten cathode material revenue also includes hydrogen storage alloy business. Revenue owner in the table

In the first half of this year, the revenue and net profit of most lithium battery cathode material enterprises fell in the first half of this year. The main reason is that the impact of the epidemic led to the decline in the demand of downstream markets such as power batteries and new energy vehicles, and the production and sales of enterprises were affected to a certain extent. At the same time, the price of cathode materials continued to decline, resulting in a decline in performance.

According to battery china.com,Dangsheng TechnologyIn the first half of the year, the operating revenue fell by 18.61% year-on-year to 1.090 billion yuan, and the net profit fell by 3.32% year-on-year to 146million yuan. In comparison, the revenue and decline of dangsheng technology in the first half of the year was smaller than that of other leading enterprises. "Under the situation that the epidemic has led to a sharp decline in the overall demand of the domestic market, the company's capacity utilization remains at a high level, and the proportion of overseas sales continues to rise." According to dangsheng technology.

Keheng sharesIn the first half of the year, the business of cathode materials achieved a revenue of 391 million yuan, a year-on-year increase of 1.70%, and the sales of cathode materials were 3700 tons, a year-on-year increase of 32.14%. So far, it is the only enterprise with positive revenue growth of cathode materials.

In the first half of the year,Shanshan sharesShanshan energy, its main cathode material, achieved a revenue of 1.337 billion yuan, a year-on-year decrease of 30.03%; The net profit was 22.5212 million yuan, a year-on-year decrease of 81.70%. "The weak demand in the downstream market, especially in the new energy vehicle market, has led to a decline in the sales of cathode materials; on the other hand, the continuous decline in the prices of raw materials cobalt and lithium, as well as the downturn in downstream demand and intensified industrial competition, have led to a year-on-year decline in the price of cathode materials, which has led to a decline in gross profit margin." Shanshan explained.

Rongbai TechnologySaid that, on the one hand, domestic and European car factories have staged downtime, and large battery manufacturers have subsequently adjusted the supply rhythm, affecting the production and stock up of upstream cathode manufacturers; On the other hand, there were insufficient downstream orders and some of the company's production capacity was idle, which made it difficult to reduce labor and manufacturing costs and expenses, resulting in a year-on-year decrease of 36.80% in the company's operating revenue in the first half of the year to 1.232 billion yuan; The net profit attributable to the parent company decreased by 52.73% year-on-year to 54.282 million yuan.

Lithium iron phosphate was a big fire in the first half of the year with its low cost, high safety, long life and other characteristics. New energy passenger vehicles equipped with lithium iron phosphate batteries can be seen frequently in the catalogue of new energy vehicles published by the Ministry of industry and information technology. At the same time, the prosperity of 5g base station backup power supply, electric ships, electric bicycles and other markets has also added a lot of strength to the recovery of lithium iron phosphate battery market. However, the performance of listed companies of lithium iron phosphate cathode materials in the first half of the year did not seem to "benefit" from this.

according toGerman nanoIt was revealed that in the first half of the year, its output of lithium iron phosphate cathode materials was about 12304.49 tons, accounting for about 27.2% of the total output of lithium iron phosphate materials in the country in the same period. At the same time, the company shipped more than 10000 tons of lithium iron phosphate in the same period, with a year-on-year increase of 20.21%, but the sales growth has not yet reached the expectations at the beginning of the year. In addition, in the second quarter of this year, the price of lithium iron phosphate fell significantly year-on-year, and the downstream purchase demand was lower than expected, and the company's production fell significantly in April and may. Affected by multiple factors, the company's revenue in the first half of the year fell by 22.13% year-on-year, only 356million yuan, while the net profit fell by 114.36%, with a loss of 6.7396 million yuan.

Coping with the impact of the epidemic: overseas and small power markets break through together

According to battery china.com, in the first half of this year, dangsheng technology sold about 4095.01 tons of overseas diversified cathode materials, with a sales revenue of about 491 million yuan. The total overseas sales revenue of the company in the first half of this year was about 502million yuan, an increase of about 71.55% over the same period last year; In the same period, due to the impact of the epidemic, the sales revenue of domestic diversified cathode materials and lithium cobalt oxide decreased by about 45.97% year-on-year.

Dangsheng technology said that since this year,The overseas electric vehicle market is developing rapidly, and Europe and other places have become the new engine for the growth of the global electric vehicle market,"The company has established in-depth cooperation with many major international power lithium battery customers and car manufacturers, and has become the company that exports the largest number of power lithium battery cathode materials in China,And become the world's largest supplier of a famous overseas power battery enterprise.

According to the data, in the first half of this year, the sales of new energy vehicles in Europe increased by 50% year-on-year to 400000, compared with the same period, the sales of new energy vehicles in China fell by 44% year-on-year to 335000, with an increase and a decrease. It has become an established fact that China has been overtaken by Europe, and the annual sales may maintain the current situation.

For industrial chain enterprises, the active layout of overseas markets, on the one hand, is to tap new growth potential, but also can effectively reduce the risks caused by fierce competition and uncertainties in the single market.

In addition, actively increasing investment in other fields has also contributed greatly to the performance of its cathode materials. According to dangsheng technology, in the first half of the year, the company quickly adjusted its marketing strategy in combination with factors such as the adjustment of domestic subsidy policies and changes in market conditions,While consolidating the power lithium battery market, we firmly seized the opportunity of the growing demand of some small lithium battery terminal markets, such as e-cigarettes, UAVs, TWS headphones, two wheeled vehicles and other market segments, and achieved the rapid growth of small lithium battery material product shipments.

At present, Keheng shares, the only positive growth in the revenue of cathode materials in the first half of the year, also benefited from the demand of consumption and small power market. "In the first half of 2020, affected by the COVID-19 and other major environmental impacts, the domestic production of new energy vehicles was about 352000, a year-on-year decrease of 42%, and the installed capacity of power batteries was about 17.5gwh, a year-on-year decrease of 42%." According to Keheng, in this context,In the first half of 2020, the company focused on the development and promotion of digital products in the business of cathode materials, and achieved good results,The business scale was basically maintained under the adverse overall macroeconomic and industrial situation.

GrammyIt is also pointed out in the financial report,In the case of declining orders in the global ternary material market, the company resolutely strategically adjusted the new energy business structure, immediately expanded the capacity of Co3O4 materials for consumer batteries, and seized the global orders of Co3O4 materialsIn the first half of the year, the shipment of Co3O4 materials was nearly 6000 tons, with a year-on-year increase of 57%, which hedged the impact of the decline of ternary precursors to the greatest extent.

Article source:Battery China

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