Mass lifting of bans strikes Ningde era and loses trillions of market value

Original title: Mass lifting of bans strikes, Ningde era loses trillions of market value

This week, the A-share market ushered in the largest wave of lifting of the ban in the year.Among them, lift the ban on the leading power battery market valueNingde eraThe ban on 952 million shares will be lifted on June 10shareholderRestricted sharesThe total share capital ratio is as high as 40.88%. According to the closing price of last Friday, the market value of the lifted ban is as high as 411.629 billion yuan.

　　Tianfeng SecuritiesResearch reportIt is pointed out that the lifting of the ban on the shares of the original initial shareholders of A shares will have a small impact on the subsequent stock prices.However, from June 7Ningde eraJudging from the stock price trend, market sentiment may have been affected by the massive lifting of the ban. As of the midday close,Ningde eraIt fell 6.02%, quoting 406.20 yuan per share, and its market value also fell below the trillion mark.

On May 31, the same day when the market value of the Ningde era stood at one trillion for the first time,Morgan StanleyDowngrade its rating and give a target price far lower than the transaction price, only 251 yuan per share. Previously,Morgan StanleyAnalystI have been bearish on the Ningde era many times, saying that the sales prospects of its power batteries have been reflected in the stock price.

In addition to the doubt that revenue is difficult to support market value performance, CATL is also facing downward battery prices and lower grossinterest raterisks of.

The research report of Bloomberg New Energy Finance shows that in 2020, the average price of global lithium battery packs is 137 US dollars/kWh, which has dropped by 89% in the past ten years. The reasons for the price reduction are related to the increase in sales of pure electric vehicles, the increase in battery orders and the innovation of battery pack design. related. According to the agency’s forecast, by 2023, the average price of lithium batteries will continue to drop to US$101/kWh.

According to the recent financial reports of CATL, it can be found that due to the decline in the price of lithium batteries and other factors, its grossinterest rateThe downward trend has continued since 2016. From 2016 to 2020, the comprehensive gross profit margin of CATL is 43.70%, 36.29%, 32.79%, 29.06%, and 27.76%, respectively. The gross profit margin of the power battery business is lower.

In 2019, the unit price of the power battery of CATL was 0.94 yuan/Wh, a year-on-year decrease of 18%, and the gross profit margin of the power battery business was 28.45%, a year-on-year decrease of 5.65%. The battery sales unit price is not given in the 2020 financial report. However, based on the power battery sales and sales revenue of the Ningde era, it can be estimated that the battery sales unit price is about 0.89 yuan/Wh, which has dropped again; the gross profit margin of the power battery business in 2020 It was 26.56%, which was also lower than the previous year.

Ningde Times has paid attention to the problem of continuous decline in gross profit margin. In response to investor questions on May 14, CATL stated that although the company’s gross profit margin has gradually declined due to the impact of the epidemic and the decline in power battery prices, the decline has slowed down; with the release of production capacity and the improvement of process manufacturing level , In-depth cooperation in the industry chain, etc., the company’s gross profit margin will be maintained at a reasonable level.

According to the quarterly report for 2021, CATL’s revenue for the quarter was 19.167 billion yuan, an increase of 112.24% year-on-year, and the gross profit margin was approximately 27.28%.Net profitIt is 1.954 billion yuan.

(Source: Sino-Singapore Jingwei)

(Editor in charge: DF545)