2024H1，公司实现三元正极出货5.3 万吨，同比+17%，全球市占率11%，国内市占率40%，份额进一步提升，其中高镍出货1.2 万吨，占比近25%，前驱体销量同比增长11%继续创新高；盈利方面，公司三元正极单吨毛利同比去年有所下降，主要源于三元前驱体加工费下滑，以及碳酸锂原料价格下降带来的减值影响。其他正极材料也在快速推进，盈利方面其他仍有亏损，但整体呈收窄趋势，此外公司2024H1 海外业务放量，占比达17%，同比提升16pct。拆分至24Q2，公司三元正极出货2.65 万吨，环比Q1 基本持平，单吨毛利估算环比明显提升，主要得益于原材料价格回暖以及前驱体自供比例进一步提升，单吨净利环比扭亏为盈。韩国基地Q2 仍以小批量出货为主；其他正极材料亏损环比Q1 明显收窄，此外公司Q2 少数股东权益0.13 亿元，与子公司业绩扭亏有关。Description of the event
The company released its 2024 semi-annual report. 2024H1 achieved operating income of 6.888 billion yuan, realized net profit of 0.01 billion yuan, -97.28% year-on-year, and realized deduction of non-net profit of -0.004 billion yuan; split into the second quarter, the company achieved operating income of 3.196 billion yuan, or -29.39% year-on-year, and realized attributable net profit of 0.048 billion yuan, turning loss into profit month-on-month, achieving deduction of 0.035 non-net profit billion yuan.
Incident comments
With 2024H1, the company achieved 0.053 million tons of ternary cathode shipments, +17%, a global market share of 11%, and a domestic market share of 40%, further increasing its share. Among them, high-nickel shipments of 0.012 million tons, accounting for nearly 25%, and precursor sales continued to reach new highs; in terms of profit, the company's gross profit per ton of ternary cathode declined compared to last year, mainly due to the decline in processing costs for ternary precursors and the impairment effect of falling raw materials for lithium carbonate. Other cathode materials are also progressing rapidly. There are still losses in terms of profit, but the overall trend is narrowing. Furthermore, the company's 2024H1 overseas business volume accounted for 17%, an increase of 16 pcts over the previous year. Split to 24Q2, the company shipped 0.0265 million tons of ternary cathodes, which remained flat compared to Q1. The estimated gross profit per ton increased markedly from month to month, mainly due to the recovery in raw material prices and a further increase in the proportion of self-supply of precursors, which turned the net profit of a single ton into a profit month-on-month. Q2 of the Korean base was still dominated by small-batch shipments; losses in other cathode materials narrowed markedly compared to Q1. Furthermore, the company's Q2 minority shareholders' equity was 0.013 billion yuan, which was related to the subsidiary's performance loss.
The other cathode materials business is progressing steadily: 1) Lithium manganese has been shipped for more than 23 years, and the hybrid ternary solution for first-generation EV products has been mass-produced, and 24H2 is expected to be fully mass-produced; 2) sodium electrodes are delivered to well-known customers in small batches; 3) large cylinders are mass-produced, and demand for high-nickel terminals is picking up; 4) In terms of solid state batteries, the demand for high-nickel terminals is picking up; 4) In terms of solid state batteries, we have established cooperative relationships with more than 40 domestic and foreign battery companies such as Ningde Times and Weilan New Energy. The product has been applied to the end customer 1000 In models with an ultra-long battery life, shipments of ternary cathode materials for all-solid-state batteries are growing steadily, and solid electrolytes are actively deployed. Global layout wins step by step: 1) Korea base:
Currently, there is still a slight loss. Shipments from overseas customers such as LG are growing steadily. It is expected to be completed by the end of 24, and the precursor production line will be basically completed by the end of 24. Shipments to overseas customers will be completed within the year. Shipments to overseas customers will be completed within the year. In the early demonstration of 0.02 million tons of phosphate production capacity, it is expected that shipments will be completed in 26 years; 2) Europe: Complete the acquisition of a factory owned by a British company in Poland, and the subsequent construction of a 0.02 million-ton project. The plant and other infrastructure are expected to be promoted in the future.
Looking ahead to the whole year, Q3 shipments are expected to continue to increase month-on-month, single-ton profits are expected to remain stable, Korean and European bases are progressing steadily, and other cathode materials businesses are waiting to blossom. There is considerable room for long-term growth, so I continue to recommend it.
Risk warning
1. Market competition increases risk;
2. The risk that demand in the power battery industry falls short of expectations.
