公司2021~2023 年收入分别为40.5 亿、140.7 亿和87.3 亿元人民币，对应净利润为4.33 亿、10.3 亿和-15.1 亿元人民币。2024 年H1，公司收入35.69 亿元，低于去年同期的38.14 亿元。公司在2023 年之后出现收入和利润下滑的主要原因是碳酸锂价格下滑造成公司毛利率下降并产生存货跌价准备。我们认为公司短期内收入和利润增长仍存有较大不确定性，建议谨慎申购。Subscription suggestions:
The company is a major global manufacturer of lithium iron phosphate cathode materials and a well-known automotive fine chemicals manufacturer in mainland China. According to Frost & Sullivan data, in terms of sales volume in 2023, the company is the fourth largest manufacturer of lithium iron phosphate cathode materials in China and the world, with a global market share of 6.5%, with the largest three manufacturers accounting for 30.5%, 12.9% and 10.5% of the market share; the third largest diesel engine exhaust treatment liquid manufacturer in mainland China, with a market share of 9.1%, while the two largest manufacturers account for 29.1% and 12.9% of the market share respectively; and the third largest coolant manufacturer in mainland China, with a market share of 5.8%, while the two largest manufacturers each had a market share of 5.8% It accounts for 12.3% and 8.8% of the market share.
Driven by the Chinese government's dual goals of “carbon peak” and “carbon neutrality,” the NEV industry experienced rapid growth, leading to a significant increase in demand for NEV batteries. In particular, shipments of new energy vehicle batteries in mainland China are expected to increase from 816.6 GWh in 2024 to 1,860.5 GWh in 2028, with a compound annual growth rate of 22.9%; shipments of the energy storage system battery industry in mainland China are expected to increase from 300.4 GWh in 2024 to 863.3 GWh in 2028, with a compound annual growth rate of 30.2%; vehicle ownership in mainland China is expected to increase from 354.3 million in 2024 to 430.5 in 2028 Million vehicles, with a CAGR of 5.0%. According to Frost & Sullivan, sales of lithium iron phosphate cathode materials in mainland China are expected to increase further at a CAGR of 17.2% from 2,056.0 kilotons in 2024 to 3,884.0 kilotons in 2028, while sales of diesel engine exhaust treatment fluids, automotive lubricants, coolants and vehicle maintenance products in mainland China are expected to grow at CAGR of 9.4%, 1.8%, 8.5% and 4.0% respectively from 2024 to 2028.
The company's revenue for 2021-2023 was 4.05 billion, 14.07 billion yuan, and 8.73 billion yuan, respectively, and corresponding net profit was 0.433 billion yuan, 1.03 billion yuan, and -1.51 billion yuan. In 2024 H1, the company's revenue was 3.569 billion yuan, down from 3.814 billion yuan in the same period last year. The main reason for the decline in the company's revenue and profit after 2023 is that the decline in lithium carbonate prices caused the company's gross margin to fall and prepared for a fall in inventory prices. We believe that there is still great uncertainty about the company's revenue and profit growth in the short term, and it is recommended to purchase carefully.
