On August 25th, the lithium-ion battery leader Ningde Times (300750.SZ) announced the 2021 semi-annual report. In the first half of this year, the company achieved total operating income of 440.75 billion yuan, a year-on-year increase of 134.07%; Profit was 4.484 billion yuan, a year-on-year increase of 131.45%. Among them, in the first quarter, the company's operating income increased by 112.25% year-on-year to 19.167 billion yuan, and the net profit attributable to shareholders of listed companies increased by 163.38% year-on-year to 1.954 billion yuan. Accordingly, in the second quarter, CATL achieved operating income of 24.908 billion yuan in a single quarter, and net profit attributable to shareholders of listed companies was 2.53 billion yuan, up 29.95% and 29.48% from the first quarter. According to SNEResearch statistics, from January to June 2021, global power lithium-ion battery usage was 114.1GWh, an increase of 155.1% year-on-year. Among them, the world's top ten power lithium-ion battery companies accounted for 91.3%, and CATL ranked first. .

     The effective catalogue of new energy vehicles published by the Ministry of Industry and Information Technology from January to June 2021 has a total of more than 2,400 models, of which more than 1,200 models are equipped with power lithium-ion batteries by the company, accounting for about 50%, and it is the power lithium-ion battery with the most supporting models. Vendor. During the reporting period, driven by the market demand for new energy vehicles, CATL’s power lithium-ion battery system sales revenue was 30.451 billion yuan, a year-on-year increase of 125.94%; at the same time, the company achieved energy storage system sales revenue of 4.693 billion yuan, a year-on-year increase of 727.36%; in addition, Driven by downstream demand for lithium-ion batteries, the company’s sales revenue of lithium-ion battery materials was 4.986 billion yuan, a year-on-year increase of 303.89%.

      However, from the perspective of gross profit margin, the company's overall gross profit margin rose slightly by 0.1% to 27.26% in the first half of the year. However, the gross profit margin of its most important power lithium-ion battery system business decreased by 3.5% to 23% compared with the same period of the previous year; at the same time, the gross profit margin of lithium-ion battery materials and energy storage systems increased, respectively compared with the same period last year. 2.06%, 12% to 21.15%, 36.6%. In addition, the operating cost of CATL in the first half of the year increased by 133.74% from the same period last year to 32.06 billion yuan. The operating cost of the power lithium-ion battery system business increased by 136.71% year-on-year, and the operating cost of the lithium-ion battery materials business increased by 292.63% year-on-year. Energy storage The operating cost of the system business also rose 595.66% year-on-year.

     Regarding the change in gross profit margin, CATL did not give an explanation. However, the company's executives once admitted in an institutional survey in May this year that with the increase in commodity prices this year, the company's important metal material prices have risen, causing certain pressure on the cost side. The company's 2021 semi-annual report also prompts the risk that if factors such as future market competition or supply chain fluctuations cause adverse changes in the company's product prices or raw material purchase prices, the company's gross profit margin may decline. It should be noted that from 2016 to 2020, the company's comprehensive gross profit margin has declined year by year, which are 43.7%, 36.3%, 32.8%, 29.1%, and 27.8% respectively. In terms of output, the company's IDE power lithium-ion battery and energy storage system output is 65.45Gwh, the output under construction is 92.5Gwh, and the output utilization rate is 92.2%.

     In order to further expand production, CATL announced on August 12 this year that it plans to raise funds of up to 58.2 billion yuan. Stock financing case. According to the fixed increase plan, 9.3 billion yuan of the fundraising of CATL will be used to supplement working capital, 7 billion yuan will be used for technology research and development, and the remaining 41.9 billion yuan will be used to expand production. In terms of specific projects, the Fuding Times Lithium-ion battery production base project plans to invest 15.2 billion yuan in additional funds, and the new annual output of lithium-ion batteries is about 60GWh, the internal rate of return is 16.91% (after tax), and the total investment payback period is 7.01 years ( After tax); the first phase of Guangdong Ruiqing Times Lithium-ion battery production project plans to invest 11.7 billion yuan in additional capital, and the new annual output of lithium-ion batteries is about 30GWh, the internal rate of return is 16.14% (after tax), and the total investment payback period is 6.16 Year (after tax); Jiangsu Times Power and Energy Storage Lithium-ion Battery R&D and Production Project (Phase IV) intends to invest 6.5 billion yuan. The annual output of new lithium-ion batteries is about 30GWh, and the internal rate of return is 16.04% (after tax). The investment payback period is 6.65 years (after tax); Ningde Jiaocheng Times Lithium-ion Power Lithium-ion Battery Production Base Project (Cheliwan Project) plans to invest 5.4 billion yuan in financing, and increase the annual output of lithium-ion batteries by about 15GWh and some PACK production lines. The internal rate of return is 16.93% (after tax), and the total investment payback period is 6.82 years (after tax); the Ningde Times Hubei Li-ion Battery Expansion Project (Phase II) will involve a fixed investment of 3.1 billion yuan and an additional annual output of about 2GWh of lithium ion Batteries, annual output of about 30GWh energy storage cabinets, etc. The internal rate of return of the project is 16.98% (after tax), and the total investment payback period is 7.54 years (after tax).

       It should be noted that on August 25th, CATL also announced that the company’s provision for assets and credit impairment for the first half of 2021 will total 817,370,400 yuan, which corresponds to a reduction in the company’s 2021 half-year total profit of 817,370,400 yuan. Yuan. Among them, the company made a provision for bad debts of RMB 63,253,900 for receivables, provision of RMB 604,116,500 for falling prices of inventories, and provision for impairment of long-term equity investments of RMB 150 million. In the secondary market, since 2021, CATL’s share price has risen by more than 50%, and during this period it rushed to a historical high of 579.6 yuan per share at the end of July. However, since August, the stock price of CATL has fallen. On August 25, the stock price of the stock closed at 530.24 yuan per share. The 2021 semi-annual report shows that 4 of the top ten shareholders of CATL have lightened their positions. Among them, Shenzhen Zhaoyin No. 3 Equity Investment Partnership Company reduced its holdings of 11.4523 million shares, reducing its shareholding ratio from 2.49% to 2%; Hillhouse Capital Management Co., Ltd.-my country Value Fund (Exchange) reduced its holdings of 7,989,400 shares, reducing its shareholding ratio from 2.27% to 1.92%; Hubei Changjiang China Merchants Power Investment Partnership reduced its holdings of 10.63 million shares, reducing its shareholding ratio from 2.32% to 1.86 %. However, the shareholding ratio of Hong Kong Securities Clearing Company Limited increased slightly, from 6.53% in the first quarter to 6.65%.