The third quarterly report is an important window for testing the performance of listed companies,and it is also a microcosm of insights into industry changes.

According to the third quarter survey data of the Advanced Industrial Research Institute(GGII),my country's lithium battery shipments in the first three quarters of 2023 were 605GWh,a year-on-year increase of 34%,which is close to the full-year 2022 level.Among them,power battery shipments were 445GWh,a year-on-year increase of 35%;energy storage lithium battery shipments were 127GWh,a year-on-year increase of 44%.

Wind data shows that among the top 20 net profits of lithium battery concept listed companies in the third quarterly report of 2023,there are 4 companies with net profits attributable to shareholders exceeding 5 billion yuan,including CATL,Tianqi Lithium,Ganfeng Lithium,and Salt Lake shares,profits were 31.145 billion yuan,8.099 billion yuan,6.010 billion yuan,and 5.600 billion yuan respectively.Against the background that industry performance generally faces challenges from factors such as market prices,CATL achieved revenue of 294.677 billion yuan in the first three quarters,a year-on-year increase of 40.10%;net profit attributable to the parent company was 31.145 billion yuan,a year-on-year increase of 77.05%.

Specifically,in terms of net profit growth,in the first three quarters of this year,CATL,Pioneer Intelligence,Hengdian DMC,Yiwei Lithium Energy,Zhongwei Co.,Ltd.,Tianneng Co.,Ltd.,Dangsheng Technology,and Huayou Cobalt achieved net profit growth.Profit increased year-on-year by 77.05%,39.54%,36.60%,28.47%,27.83%,20.12%,0.91%and 0.18%respectively.

As a leader in the global power battery industry,CATL’s third quarter results continued to maintain steady growth.Data show that in the first three quarters of 2023,CATL achieved revenue of 294.68 billion yuan,a year-on-year increase of 40.1%;net profit attributable to the parent company was 31.15 billion yuan,a year-on-year increase of 77.1%;R&D investment was 14.88 billion yuan,a year-on-year increase of 40.7%.

During the same period,CATL's comprehensive gross profit margin was 21.9%,and profitability remained stable;operating cash flow was strong,reaching 52.7 billion yuan;cash reserves were abundant,with monetary funds reaching 233.8 billion yuan at the end of the period.

It is worth mentioning that as a leading domestic new energy equipment manufacturer and service provider,Pioneer Intelligent's performance is equally impressive.Revenue in the first three quarters exceeded 13.186 billion yuan,a year-on-year increase of 31.86%;net profit attributable to the parent company was 2.324 billion yuan,a year-on-year increase.39.54%.The company announced that the changes in operating income in the first three quarters were mainly due to the increase in new orders.

In addition,Yiwei Lithium Energy,the leading company in the lithium battery platform,achieved operating income of 35.529 billion yuan in the first three quarters,a year-on-year increase of 46.31%;net profit attributable to the parent company was 3.424 billion yuan,a year-on-year increase of 28.47%.Basic earnings per share were 1.67 yuan.

"Investor Network"noticed that on the TOP20 list of lithium battery companies in terms of net profit in the first three quarters of this year,as many as 12 companies had a year-on-year decline in net profit.The phenomenon of performance changes is relatively common,especially among domestic leading lithium battery companies that have experienced substantial profits.decline.

Data show that in the first three quarters of this year,Tianqi Lithium achieved revenue of 33.399 billion yuan,a year-on-year increase of 35.52%;net profit attributable to the parent company was 8.099 billion yuan,a year-on-year decrease of 49.33%.

Ganfeng Lithium,also an industry leader,achieved revenue of 25.68 billion yuan in the first three quarters of this year,a year-on-year decrease of 6.99%;net profit attributable to shareholders fell 59.38%year-on-year,in sharp contrast to the company's solid performance in the first half of the year.

In its third quarterly report,Ganfeng Lithium stated that the main reason for the decline in performance was that the sales volume of the company's lithium compound products and the average sales price of major lithium products during the reporting period decreased compared with the same period last year.

Market analysts believe that the main reason behind the plummeting corporate profits is the downturn in the market price of lithium carbonate,which directly affects the performance of Ganfeng Lithium Industry and the entire industry.Since November last year,the price of lithium carbonate has continued to fall from a high point.In early October this year,it fell to a new low for the year,affecting the entire lithium battery industry.The performance of many other upstream and downstream lithium battery manufacturers has also been affected.

Troubled by overcapacity this year,the lithium battery industry chain is generally facing declining prices and profitability.In the short term,profitability may still be under pressure.However,in the long term,fierce competition will help clear production capacity and optimize the structure.The profitability of some links next year may be expected Bottoming out,it is recommended to wait for an inflection point in industry profitability.

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