[{"ctime":"2023-11-13 16:02:44","title":"\u9f99\u5934\u5730\u4f4d\u7a33\u56fa\uff0c\u4ea7\u80fd\u6280\u672f\u9886\u5148","seq":5029076,"orgname":"\u957f\u6c5f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-10-28 23:35:31","title":"2023\u5e74\u4e09\u5b63\u62a5\u70b9\u8bc4\uff1a\u78b3\u9178\u9502\u8dcc\u4ef7\u5f71\u54cd\u5355\u4f4d\u76c8\u5229\uff0cQ3\u4e1a\u7ee9\u7b26\u5408\u5e02\u573a\u9884\u671f","seq":4986027,"orgname":"\u4e1c\u5434\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-10-13 09:39:32","title":"\u9996\u6b21\u8986\u76d6\u62a5\u544a\uff1a\u78f7\u9178\u94c1\u9502\u9f99\u5934\u4f01\u4e1a\uff0c\u7efc\u5408\u4f18\u52bf\u663e\u8457","seq":4950791,"orgname":"\u4fe1\u8fbe\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-09-15 16:50:43","title":"\u5e93\u5b58\u7b56\u7565\u5f97\u5f53\uff0c\u50a8\u80fd\u9886\u57df\u4ea7\u54c1\u5360\u6bd4\u63d0\u5347","seq":4915079,"orgname":"\u4e1c\u5317\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-09-05 10:01:18","title":"\u4e2d\u62a5\u70b9\u8bc4\uff1a\u4e8c\u5b63\u5ea6\u76c8\u5229\u6539\u5584\uff0c\u957f\u671f\u5173\u6ce8LFP\u9f99\u5934","seq":4896801,"orgname":"\u4e2d\u539f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-09-03 16:32:49","title":"\u51fa\u8d27\u589e\u957f\u8d85\u8d8a\u884c\u4e1a\uff0c\u79ef\u6781\u5e93\u5b58\u7b56\u7565\u589e\u539a\u76c8\u5229","seq":4892419,"orgname":"\u957f\u6c5f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-09-03 16:29:53","title":"\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u76c8\u5229\u80fd\u529b\u884c\u4e1a\u9886\u5148","seq":4892414,"orgname":"\u4e2d\u90ae\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-30 18:28:22","title":"\u51fa\u8d27\u91cf\u5feb\u901f\u589e\u957f\uff0c\u76c8\u5229\u80fd\u529b\u73af\u6bd4\u63d0\u5347","seq":4884248,"orgname":"\u534e\u91d1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-30 09:04:19","title":"2023\u5e74\u4e2d\u62a5\u70b9\u8bc4\uff1a\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u8868\u73b0\u4eae\u773c\uff0c\u78f7\u9178\u94c1\u9502\u9f99\u5934\u5730\u4f4d\u7a33\u56fa","seq":4882242,"orgname":"\u56fd\u4fe1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-29 17:20:09","title":"\u6253\u78e8\u7cbe\u7ec6\u5316\u4f9b\u5e94\u94fe\u7ba1\u7406\u80fd\u529b\uff0c\u76c8\u5229\u9006\u52bf\u63d0\u5347","seq":4880912,"orgname":"\u534e\u798f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-27 17:38:21","title":"Q2\u4e1a\u7ee9\u8d85\u9884\u671f\uff0c\u94c1\u9502\u9f99\u5934\u5730\u4f4d\u7a33\u56fa","seq":4874657,"orgname":"\u8d22\u901a\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-25 18:11:52","title":"2023\u5e74\u4e2d\u62a5\u70b9\u8bc4\uff1a\u4e1a\u7ee9\u8d85\u5e02\u573a\u9884\u671f\uff0cH1\u4efd\u989d\u63d0\u5347\u7a33\u5c45\u9f99\u5934\u5730\u4f4d","seq":4872405,"orgname":"\u4e1c\u5434\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-08-20 09:02:25","title":"\u7ed1\u5b9a\u9f99\u5934+\u964d\u672c\u53ef\u671f\uff0c\u5927\u6d6a\u6dd8\u6c99\u4e0b\u9f99\u5934\u4f18\u52bf\u5c3d\u663e","seq":4860236,"orgname":"\u8d22\u901a\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-07-11 14:26:36","title":"\u5168\u7403\u9886\u5148\u7684\u78f7\u9178\u94c1\u9502\u4f01\u4e1a\uff0c\u6b63\u5728\u5c55\u73b0\u76c8\u5229\u4f18\u52bf","seq":4804294,"orgname":"\u62db\u5546\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-07-10 16:11:58","title":"\u7535\u6c60\u9f99\u5934\u5ba2\u6237\u53ca\u56fd\u8d44\u80cc\u4e66\uff0c\u56fa\u76f8\u6cd5\u78f7\u9178\u94c1\u9502\u9f99\u5934\u4eae\u5251","seq":4802702,"orgname":"\u534e\u798f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-06-18 17:07:31","title":"\u5bfb\u627e\u6b63\u6781\u884c\u4e1a\u7684\u963f\u5c14\u6cd5\u4e4b\u6e56\u5357\u88d5\u80fd\u7bc7","seq":4775907,"orgname":"\u957f\u6c5f\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-06-05 14:42:29","title":"\u5b88\u6b63\u521b\u65b0\u8c0b\u53d1\u5c55\uff0c\u6253\u9020\u78f7\u9178\u94c1\u9502\u884c\u4e1a\u9f99\u5934","seq":4759878,"orgname":"\u4e1c\u5317\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-05-29 15:08:25","title":"\u94c1\u9502\u9f99\u5934\uff0c\u575a\u97e7\u767b\u5cf0","seq":4750879,"orgname":"\u4e2d\u4fe1\u5efa\u6295","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-05-19 17:04:48","title":"\u78f7\u9178\u94c1\u9502\u9f99\u5934\u4f01\u4e1a\uff0c\u7efc\u5408\u80fd\u529b\u4f18\u79c0","seq":4739381,"orgname":"\u8d22\u4fe1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-04-26 17:23:06","title":"2022\u5e74\u5e74\u62a5\u53ca2023\u5e74\u4e00\u5b63\u62a5\u70b9\u8bc4\uff1aQ1\u4e1a\u7ee9\u7565\u4f4e\u4e8e\u9884\u671f\uff0c\u5355\u4f4d\u76c8\u5229\u56de\u843d\u89e6\u5e95","seq":4702659,"orgname":"\u4e1c\u5434\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-04-17 10:20:00","title":"2022\u5e74\u4e1a\u7ee9\u70b9\u8bc4\uff1a\u4e1a\u7ee9\u7b26\u5408\u9884\u671f\uff0c\u4ea7\u80fd\u3001\u6280\u672f\u6301\u7eed\u9886\u5148","seq":4683759,"orgname":"\u4e2d\u4fe1\u5efa\u6295","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-04-16 16:22:39","title":"\u4e1a\u7ee9\u7b26\u5408\u9884\u671f\uff0c\u78f7\u9178\u94c1\u9502\u9f99\u5934\u6269\u4ea7\u79ef\u6781","seq":4682441,"orgname":"\u534e\u91d1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-03-16 10:58:19","title":"\u9ad8\u538b\u5b9e\u94c1\u9502\u9f99\u5934\u5382\u5546\uff0c\u6269\u4ea7\u9886\u5148\u51fa\u8d27\u9ad8\u589e","seq":4634531,"orgname":"\u4e1c\u5434\u8bc1\u5238\u56fd\u9645","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-02-10 10:29:01","title":"\u56fd\u5185\u6700\u5927\u78f7\u9178\u94c1\u9502\u6b63\u6781\u6750\u6599\u751f\u4ea7\u5546","seq":4588203,"orgname":"\u56fd\u4fe1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-02-08 15:35:19","title":"\u9ad8\u538b\u5b9e\u94c1\u9502\u9f99\u5934\u5382\u5546\uff0c\u6269\u4ea7\u9886\u5148\u51fa\u8d27\u9ad8\u589e","seq":4585626,"orgname":"\u4e1c\u5434\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-02-05 13:32:57","title":"\u6e56\u5357\u88d5\u80fd\u62db\u80a1\u8bf4\u660e\u4e66\u68b3\u7406\uff1a\u78f7\u9178\u94c1\u9502\u6b63\u6781\u6750\u6599\u9f99\u5934\u4f01\u4e1a","seq":4580058,"orgname":"\u56fd\u6cf0\u541b\u5b89","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-01-17 09:57:14","title":"\u6ce8\u518c\u5236\u65b0\u80a1\u7eb5\u89c8\uff1a\u56fd\u5185\u78f7\u9178\u94c1\u9502\u6b63\u6781\u6750\u6599\u9f99\u5934","seq":4562157,"orgname":"\u7533\u4e07\u5b8f\u6e90","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-01-16 16:19:15","title":"IPO\u4e13\u9898\uff1a\u65b0\u80a1\u7cbe\u8981-\u56fd\u5185\u9502\u79bb\u5b50\u7535\u6c60\u6b63\u6781\u6750\u6599\u9f99\u5934\u6e56\u5357\u88d5\u80fd","seq":4560891,"orgname":"\u56fd\u6cf0\u541b\u5b89","stockname":"\u6e56\u5357\u88d5\u80fd"},{"ctime":"2023-01-16 09:41:50","title":"\u65b0\u80a1\u8986\u76d6\u7814\u7a76\uff1a\u6e56\u5357\u88d5\u80fd","seq":4559859,"orgname":"\u534e\u91d1\u8bc1\u5238","stockname":"\u6e56\u5357\u88d5\u80fd"}]
寻找正极行业的阿尔法之湖南裕能篇
磷酸铁锂领军企业,量价齐升利润稳增
湖南裕能成立于2016年,2017年投运首个1万吨磷酸铁锂产线,2020年引入宁德时代、比亚迪作为战略投资方,2023年2月9日,正式登陆深交所创业板。作为国内领先的锂电池正极材料供应商,湖南裕能主要产品包括磷酸铁锂及三元正极材料,目前以磷酸铁锂产品为主。
湖南裕能因何实现份额的持续提升?
行业进入爆发式增长的“强贝塔”阶段,湖南裕能同步在磷酸铁锂正极行业中走出来“阿尔法”,2021、2022年公司份额分别达到27%、29%。2023Q1电动车终端需求大幅波动的背景下,湖南裕能的市占率预计超过30%。湖南裕能的份额提升的原因:1)首先归功于优异的客户结构。2022H1宁德时代占到公司收入的44.5%,比亚迪占到39.7%,两大龙头占据了公司收入的84%。2)其次是反映了铁锂行业仍有差异化属性。湖南裕能是磷酸铁固相法路线高压实产品的代表性企业,凭借稳定量产2.65g/cm3压实密度的产品,在头部电池厂中高端动力产品中占据主导地位。3)第三是湖南裕能客户配合度高,经营决策高效。
伴随湖南裕能产能持续投放,在新客户、新市场中有望迎来出货、份额的进一步提升。从新客户看,公司积极开拓了亿纬锂能、中创新航、瑞浦能源等优质新锐客户;在新市场方面,2022年湖南裕能应用于储能的产品占比已提升至15%、对应4.5-5万吨,储能铁锂出货份额预计也达到10%以上。综上,湖南裕能凭借高压实技术领先和高效的公司决策,深度绑定优质龙头,同时积极拓展新锐客户,并切入储能赛道,有望持续夯实磷酸铁锂正极的龙头地位。
湖南裕能在铁锂企业中的成本竞争力如何?
在产品差异化之外,成本也是磷酸铁锂正极重要的竞争要素。从单吨净利看,除了原材料价格波动较大的2022年,湖南裕能的盈利能力基本处于行业领先位置,主要体现在费用端的领先,依靠的是公司规模化优势及精细化管理。2022年公司原料成本端存在劣势,一是碳酸锂涨价下,公司的采购策略影响,且磷酸铁涨价下,公司磷酸铁自供率的差异;二是公司磷酸铁采用钠法工艺,在磷酸价格涨幅更大的背景下成本高于铵法。伴随碳酸锂、磷酸价格回落,公司在原材料上的成本劣势也将明显缓解。未来湖南裕能将通过提高前驱体自供率和磷源多样化进一步推动降本:1)湖南裕能2021-2022年的磷酸铁自供率估算在85%左右,随着后续一体化产能基地的投产,湖南裕能的磷酸铁自供比例提升至90%以上。2)公司在广西磷酸铁基地改造中,通过前段技术改进导入了稀磷酸的使用,稀磷酸相比净化磷酸单吨售价更低,且价格体系更为稳定,有助于公司进一步降本并稳定成本预期。
铁锂技术迭代下,湖南裕能有哪些布局?
公司高度重视创新,加大研发投入,2022年研发费用高达4.56亿元,同比增长467%。公司在多个新技术领域进行研发布局,在更高压实磷酸铁锂、长循环磷酸铁锂、磷酸锰铁锂等项目方面取得重大进展。未来公司在新技术上取得的突破也值得期待。
风险提示
1、行业需求不达预期风险;
2、磷酸铁锂产能过剩,盈利能力不达预期风险。