Source: Economic Information Daily
Since late August, the new energy track has been adjusted significantly, leading enterprisesNingde eraShares hit a nearly three-month low. On September 15, Ningde Times closed down 4.59% at 414.35 yuan per share. In the 16 trading days since August 24, the company’s market value has evaporated by more than 340 billion yuan, returning to near the trillion yuan mark, with a cumulative decline of nearly 30% during the year. At the same time, the net value performance of 1,355 funds with heavy holdings in CATL included in Wind statistics also continued to be under pressure, of which 98 funds fell by more than 4% in the past week.
According to the mid-term report, CATL achieved revenue of 112.971 billion yuan in the first half of this year, a year-on-year increase of 156.32%; net profit attributable to shareholders of listed companies was 8.168 billion yuan, a year-on-year increase of 82.17%; net profit after deduction was 7.051 billion yuan, a year-on-year increase of 82.17%. An increase of 79.95%. Industry insiders said that although CATL achieved double growth in revenue and net profit in the first half of the year, its gross profit margin declined year-on-year under the influence of high upstream raw material costs. Zeng Yuqun, chairman of CATL, also said that the capital hype of upstream raw materials has brought about short-term problems in the industrial chain, resulting in the price of lithium carbonate, PVDF, lithium hexafluorophosphate, electrolyte raw materials, petroleum rubber and other raw materials soaring within a year. According to the financial report, the gross profit margin of the company’s power battery system business dropped to 15.04%, down 7.96% year-on-year; the gross profit margin of the energy storage system business dropped to 6.43%, down 30.17% year-on-year. In the previously disclosed investor relations activity record sheet, CATL stated that the business models and customers of energy storage and power are different, the energy storage price transmission mechanism is slow, and it is more sensitive to cost changes, resulting in a biased gross profit margin in the first half of the year. Low. However, similar to the trend of power batteries, gross profit margins are expected to improve in the future. In addition, most power battery customers have basically completed the price adjustment negotiation in the second quarter, and some energy storage is under negotiation.
In addition to the Ningde era, the decline of many new energy track stocks is also expanding. September 15th,Sungrowfell more than 8%,LONGi Green Energy、Yiwei Lithium Energyfell more than 7%,Tongwei sharesfell more than 4%. At the same time, a number of photovoltaic ETFs, battery ETFs, and new energy ETFs have fallen by more than 8% in the past five days.
Talking about the reasons for the recent adjustment of the new energy track, a fund industry source told the “Economic Information Daily” reporter that the main reason for the short-term decline was that after the interim report was disclosed, the fundamental expectations were basically fulfilled, and the company entered a vacuum period of corporate news. The proportion of view and macro began to increase; the medium-term adjustment factor is derived from the judgment of demand for next year. The market is worried about the data in the first quarter of next year. Even if the data in the third and fourth quarters of this year are obviously good, it may be difficult to form a consensus at the transaction level.
Chen Li, vice chairman of Soochow International and global chief strategy officer, said at the strategy meeting recently that the current allocation ratio of equity-oriented public funds to new energy is as high as 40%. While some fund managers continue to be optimistic about related fields, they also emphasize vigilance. short-term risk. The Western Profit Fund predicts that although the fundamentals of energy and high-sustainability tracks are still dominant, they must be alert to the adjustment risk of short-term market style convergence.
Yang Delong, chief economist of Qianhai Open Source Fund, believes that the recent adjustment of popular sectors such as new energy vehicles and photovoltaics in the early stage is relatively large, mainly because the previous increase was too high, and there was a callback situation of profit taking. In fact, the high prosperity of the new energy vehicle industry chain and photovoltaics is still continuing, and the current adjustment of relevant sectors does not mean a change in fundamentals. In the long run, it is the general trend that new energy replaces traditional energy, and it is still one of the key directions.
TEDA Manulife Fund said that from the medium and long-term perspective, the valuation of most industries is still at the bottom, and even the popular track that has risen more is only the top of the bottom. Therefore, it is not necessary to be overly pessimistic about the periodic fluctuations of the market, but should be based on the long-term and follow the trend of domestic economic transformation and upgrading. High-quality direction and target in .
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