On June 30, the stock price of CATL (300750.SZ) reached a new high. As of the close, the stock price was 534.80 yuan per share, an increase of 5.17%, and the total market value was 1,245.6 billion yuan. It ranked fifth in the A stock market in value and ranked first in the Shenzhen market. One. The total market value rose more than 60 billion yuan in a single day.
The sharp rise in the Ningde era led the sector to rise, and the A-share lithium battery concept rose 1.79% overall. Among them, Jingrui shares (300655.SZ) rose 18.51%, Zhongying Electronics (300327.SZ) and Zhenyu Technology (300953.SZ) rose more than 16%, and 8 stocks rose by limit.
Since the beginning of this year, new energy vehicles have become one of the hottest tracks in the capital market.Since February 8, as of today’s close, the Fung Huashun New Energy Automobile Index has risen by 419.95% in total; the lithium battery index has risen by 335.55% in total.
Strong position in the industry chain
CATL is the leader in lithium batteries. In 2020, it will realize operating income of 50.319 billion yuan, a year-on-year increase of 9.90%;The net profit attributable to the parent company was 5.583 billion yuan, a year-on-year increase of 22.43%.Among them, the sales of power battery systems were 39.426 billion yuan, a year-on-year increase of 2.18%, and the sales volume was 44.45GWh, a year-on-year increase of 10.43%.
According to statistics from SNE Research, from 2017 to 2020, CATL’s power battery usage has been ranked first in the world for four consecutive years. At the same time, CATL is also accelerating its capacity expansion. In its research report, China National Finance Securities stated that the company has already planned 8 A wholly-owned production base with a planned production capacity of over 500GWh, plus a joint venture with a main engine factory with a production capacity of 95GWh, the total planned production capacity is 600GWh, ranking first in the world.
In the automotive industry, CATL is a rare strong supplier.
The brokerage research report shows that the technology and cost advantages of the Ningde era allow the company to cover the supply chain of almost all new domestic car manufacturers, joint ventures, and independent brands. It has also won Tesla, BMW, Volkswagen, Hyundai, Honda, and Jaguar. Land Rover and other international first-tier car companies orders.
In 2020, none of the top five customers of CATL accounted for more than 10% of revenue, and the total accounted for 29.70%. This shows that the company does not rely on a single major customer; as of March 31, CATL’s book contract liabilities reached 8.125 billion yuan. , Car companies want batteries and need to pay in advance.
Guojin Securities believes thatThe high-quality and decentralized customer system guarantees battery shipments and strengthens the Ningde era’s right to speak in the industry chain.
At present, CATL has begun to deepen its bond with customers. In the cooperation agreement with car companies, it has highlighted the demand for the development of power battery technology. Soochow Securities said that the company plans to officially launch CTC battery technology around 2025, which requires the integration of battery cells and chassis, and battery manufacturers will be more deeply involved in the development of electric vehicles.
At the same time, CATL has also continued to lay out to the upstream of the industrial chain.Mainly take the form of holding shares, joint ventures, signing strategic agreements, etc. According to the research report of Century Securities, CATL has a layout in lithium, nickel, cobalt, positive electrode, negative electrode, electrolyte, lithium battery equipment and other links, and there are generally multiple supplier choices.
On April 28, CATL announced that it plans to invest 19 billion yuan to invest in high-quality listed companies in the domestic and foreign industrial chain, further strengthen industrial chain cooperation and coordination, promote global strategic layout, and ensure the supply of key resources.
develop overseas markets
On the evening of June 28, CATL issued an announcement that the company signed a framework agreement with Tesla to supply lithium-ion power battery products to Tesla from January 2022 to December 2025.
The cooperation between CATL and Tesla began in February 2020, and the period signed at that time was from July 2020 to June 2022. Some brokerage analysts believe thatThis renewal of the agreement will not only extend the supply time from two years to five and a half years, but also no longer have domestic regional restrictions, and the scope of supply may be expanded.
According to the research report, Tesla currently has three main power battery suppliers, of which CATL supplies prismatic lithium iron phosphate batteries to the domestic Model 3 (configuration|inquiry), and LG Energy Solutions provides domestic Model 3 and Model Y ( Configuration|Inquiry) Supply cylindrical ternary batteries, while Panasonic supplies cylindrical ternary batteries to Model 3 and Model Y in the US factory.
In this regard, Everbright Securities pointed out that due to the obvious cost advantage of lithium iron phosphate batteries, and the cost control ability of the Ningde era is also stronger than the other two competitors, it is expected that subsequent Model Y may also launch a lithium iron phosphate version.
In fact, LG Energy and Panasonic are the main competitors of CATL. According to the research report of Guojin Securities, in 2020, CATL, LG New Energy, and Panasonic Battery will have 25%, 22% and 18% of the global power battery market respectively.
Soochow Securities believes that the signing of a long-term agreement with Tesla this time, CATL is expected to open up the global market.
“In Europe, the German factory of CATL will be put into operation at the end of 2021, and it is expected to enter Tesla’s German factory. In the US market, Tesla Cybertruck will begin to deliver at the end of this year, with over 1 million orders on hand. CATL has been in Detroit, the United States in 2018. The establishment of a subsidiary company. It is expected to become the main supplier of Tesla, with its share gradually increasing from 20% to 40% to 50%.” Soochow Securities pointed out.
.