板块业绩承压，豫股锂电池合计业绩占比低。2024年上半年，锂电池板块营收9939亿元，同比下降6.08%，营收为近年来首次负增长，营收同比增长个股占比43.43；板块净利润519.9亿元，同比下降33.83%，净利润同比增长个股占比39.39%；板块净利润增速及正增长公司占比均弱于营收增速及占比；细分领域业绩差异显著，动力电池和负极材料表现较好。豫股锂电池合计3家标的，标的数量在锂电池板块中占比2.94%;豫股锂电池营收和净利润规模总体较小，其中豫股锂电池总营收占比在1.1%左右波动、而净利润波动较大，2024年上半年合计净利润为负值。Central China released research reports stating that in 2024, the lithium battery index was weaker than the CSI 300 index.
Finance and Economics APP learned that Central China released research reports stating that in 2024, the lithium battery index was weaker than the CSI 300 index. In the first half of the year, the lithium battery sector's revenue was 993.9 billion yuan, a 6.08% decrease year-on-year. Considering the industry's development prospects and valuation levels, the industry's 'outperforming the market' rating is maintained. Based on the characteristics of the domestic and international new energy auto industry, trends in lithium battery industry chain prices, and performance in specific areas, it is recommended to focus on quality investment opportunities in the sector.
The main viewpoints of central China Securities are as follows:
Sector performance is under pressure, and the total performance of Yugu Li-ion batteries is low. In the first half of 2024, the lithium battery sector's revenue was 993.9 billion yuan, a 6.08% decrease year-on-year, marking the first negative revenue growth in recent years. Stocks with negative revenue growth accounted for 43.43%. The sector's net income was 51.99 billion yuan, a 33.83% decrease year-on-year, with stocks showing an increase in net income accounting for 39.39%. Companies with positive net income growth rates are weaker than those with positive growth rates in revenue and stock shares. There is significant performance divergence in specific areas, with good performance in power battery and anode materials. Among the 3 symbols in the Yugu Li-ion battery sector, the proportion of symbols is around 2.94% in the lithium battery sector; the overall revenue and net income of Yugu Li-ion batteries are relatively small, with the total revenue proportion fluctuating around 1.1%, while net income fluctuates significantly, reaching a negative value in the first half of 2024.
Demand for new energy autos continues to grow. From January to July 2024, global new energy passenger vehicle sales reached 8.5554 million units, a 23.57% year-on-year increase, accounting for 18%. From January to August 2024, China's new energy auto sales reached 7.034 million units, a 30.96% year-on-year increase, totaling 37.49%, including exports of 0.819 million units, a 12.97% year-on-year increase. China's combined production of power and other batteries reached 623.10 GWh, a 36.3% year-on-year increase, with exports of 107 GWh, reducing the export share to 17.01%. The driving force in the new energy auto industry is gradually transitioning to strong product-driven, and China's new energy auto industry chain has a global competitive advantage.
Industry chain prices are still under pressure, expected to be under pressure for the whole year. Since 2024, prices of major lithium battery industry chain materials have been continuously under pressure. As of September 20, lithium carbonate prices were 0.0745 million yuan/ton, down 24.75% from the beginning of the year. The decline in industry chain prices is mainly related to the continuous release of new production capacity and the slowdown in demand growth. Combining expectations of production capacity release and downstream demand, overall major material prices are expected to remain under pressure throughout the year.
Risk Warning: Macroeconomic downturn exceeds expectations both domestically and internationally; New energy auto sales fall short of expectations; Industry policy implementation is below expectations; Industry competition intensifies; Significant price fluctuations in specific areas; Systematic risks.
