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EasyDoc — Intelligent Parsing
行业研报.pdf
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中原证券 CENTRAL CHINA SECURITIES锂电池
1. 业绩与行情回顾
1.1. 业绩回顾
1.1.1. 板块营收与净利润

  根据万得数据统计:2017 年以来,锂电池板块营收总体持续增长,板块增速可分为三个阶段:一是 2017 年-2020 年增速总体回落;二是 2021 年-2022 年的高增长阶段;三是 2023 年以来,板块营收增速持续回落,并首次负增长。2023 年板块营收 2.25 万亿元,为近年来的最高值,较 2022 年同比增长 6.65%。

  2024 年前三季度,锂电池板块营收 1.57 万亿元,同比下降 5.21%,板块营收自 2017 年以来首次出现负增长,营收增长中位数为 -6.21%,其中 46 只个股营收同比增长,营收增长个股占比 43.81%,显示板块细分领域标的营收增速出现显著分化,营收同比增长个股自 2023 年以来改善。板块营收同比负增长主要系产业链细分领域产能持续释放,行业需求放缓等多因素叠加导致产业链价格总体持续承压。考虑 2024 年全年新能源汽车出货增速将回落,以及上游原材料价格走势,总体预计 2024 年全年锂电池板块营收小幅下降。

图 1:锂电池板块营收及增速

资料来源:中原证券研究所,Wind

注:板块财务数据为万得锂电池板块(最新为 105 家企业)

图 2:锂电池板块净利润及增速

资料来源:中原证券研究所,Wind

  2017 年以来,板块净利润增速总体也可以分为三个阶段:一是 2017-2019 年板块净利润增速持续回落,其中 2019 年板块净利润出现少有的亏损;二是 2020-2022 年净利润恢复为正且增速持续提升,与板块营收呈现高度正相关;三是 2023 年以来,板块净利润增速持续回落。2023 年板块净利润为 1414.1 亿元,同比下降 33.61%,净利润增速显著低于板块营收增速,主要系产业链价格下行时,行业盈利能力下降,同时行业存在一定的减值。

  2024 年前三季度,锂电池板块净利润 870.14 亿元,同比下降 26.56%,跌幅持续收窄,但净利润增长中位数为 -37.19%,显示个股净利润差异化显著,其中 38 只个股净利润同比增长,净利润同比增长个股占比 36.19%,净利润增长中位数和净利润增长个股占比大幅低于营收增长中位数和营收增长个股占比。净利润增速大幅回落最主要因素为产业链细分领域产能持续释放叠加需求增速放缓,从而导致产业链价格短期持续大幅回调,以及行业竞争显著加剧。

本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明第 5 页 / 共 35 页

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