New energy car companies do not want to choose domestic battery-than-expected earnings
From 2014, new vehicle sales growth of domestic energy in the fast lane, which led to the phenomenon of market demand for battery power and further affect the market delivery of new energy vehicles. However, it is noteworthy that although the scarce battery, but listed companies and related upstream and battery industry chain downstream, did not translate into a significant benefit.
The expected return half of listed companies
Statistics show, has released a quarterly in 13 companies listed on the industry chain battery power companies, there are 7 net profit fell in the state, a rare good several profitable companies as Shanshangufen (33.53, -1.05, - 3.04%) (600884.SH), Tian Qi Li industry (68.70, -1.88, -2.66%) (002466.SZ), etc., are not profitable and attractive power battery related business, but due to losses and non-recurring gains and annual operating cost is too high for other reasons.
Shortage of battery power, why he did not benefit from the massive chain of related industries? Research Center of the Automotive Industry CCID Consulting analyst Jia red for two main reasons: firstly, while in 2014 the number of new energy vehicles started, but less than the total annual demand of 100,000, the other chain the battery industry to hand over power, including electrolyte the fact negative electrode material has been in the case of excess capacity, 100,000 of incremental demand brought only in the consumption of excess capacity, thus stimulating production and Corporate earnings appear not so fast. On the other hand, although the outbreak of the demand for energy in the battery is 2014, but actually putting the whole industry from 2012 or even 2009 has already begun, for now, both the battery manufacturer of energy or materials production enterprises, are still at the stage of amortized cost. Moreover, due to strong end-user demand, from 2014 until the first half of 2015, investment in the industry continues to power the battery, so, in his opinion, the next two years, and companies are still in the amortized cost of state then.
Prior to this, China Red Drum editor Yang Pu Yu also told the "First Financial Daily" reporters: "Although the increase in market demand, but related materials manufacturers increase production without increasing industry price war dragged gross margins throughout the industry "In addition, according to the reporter, before the abovementioned companies, although some involved in the production and infrastructure of the battery, such as camel shares (25.53, -0.32,. - 1.24%), but that time, the business of the company's focus on relatively low-end of the lead-acid or a relatively low profit margins Auto Start Stop batteries, large-scale investment in the new development Battery power and production are basically in the second half of 2014 and the first half of 2015 and could not eat too much bonus market.
Industry chain enterprises accelerate the initial investment
According to the reporter, including Tesla, BMW and other foreign producers will choose provider transnational batteries support as and independent brands as BAIC, SAIC, but also hopes, through joint venture or acquisition, the battery that restricting the promotion of new energy vehicles core components into their own hands. Including those who do not have market for new energy vehicles Great Wall Motor (47.06, -2.37, -4.79%), it has signed an agreement with Korean battery manufacturer LG Chem, which will mix the Great Wall from mass production 2017 plug-in power supply of more than 200,000 sets of car batteries.
"No, we do not choose the internal battery, but the production companies are numerous, but really have no capabilities that match both vehicle integration capabilities, consistent production and security, domestic battery and indeed in comparison with Multinational There is a big difference. "new energy vehicles, head of an independent brand, frankly. Statistics show that the energy of the current internal battery involves supporting the production of 177 companies, but in fact, companies can enter the supply chain of the vehicle are only BYD (76.00, 0.00, 0.00%), Tianjin Lishen, BAK, Hefei, China Xuan Tech and Wanxiang Group and other universal of millions of dollars to less than 10.
For this reality, Jia Hung also agreed. According to its introduction, it is working with battery-related addition of ternary material and the diaphragm, basically ready made materials. And in overall manufacturing and match, they said several large companies in their opinion it is also doing well. "Although the battery power before experienced investment as photovoltaic speculation, but compared to photovoltaics, the industry is still a sunrise industry, the only need to solve is how changes do best."
"In the long term, the future beyond the amount of new energy vehicles, manufacturers of internal batteries and materials businesses will benefit." Said Jia Hung. Because of this, some of the companies producing original materials, have recently accelerated investment in battery power for the user.
Shanshangufen For example, before this, its battery business energy is concentrated in the area of the negative electrode material, for BMW, Mercedes and other suppliers of materials electric car batteries anode, but also with Samsung SDI, LG, Sony, ATL and BYD's battery manufacturers of energy have some cooperation. And recently he announced a non-public offering to raise about 35 billion yuan, a large field in the batteries and motor negative electrode materials, electrode, electric control. The original business was concentrated in the traditional fields of automotive batteries, camel shares, will also be further development of new energy battery power.
The idea that the companies related to the industry chain to increase investment in new energy vehicles, despite a certain effect to follow suit, but in reality will help open the whole industry chain, because before that the situation is "not know how car batteries do not know that car batteries" after the rear end of the chain companies in the industry have the opportunity to participate in the business of front-end, industry synergies will help to improve further. But also worth noting that previous entries are based on the future trend of the rapidly evolving market for new energy vehicles, and once the new energy vehicle development is less than expected, a large number of entries or higher will also affect the performance of the company.
