据上海钢联发布数据，10月31日，部分锂电材料报价上涨，电池级碳酸锂涨2500元/吨，均价报56.15万元/吨，工业级碳酸锂涨2000元/吨，均价报54.70万元/吨，继续创历史新高。同时，氢氧化锂等材料的价格也均有所上涨。

　　在此背景下，埃安、蔚来等新能源车企正加速布局动力电池领域。在过去的一周时间里，蔚来电池科技（安徽）有限公司、埃安的因湃电池科技有限公司相继成立，且两者的业务范围都涵盖了动力电池的生产制造。

　　“车企加速布局动力电池领域，一方面是动力电池原材料价格上涨，导致车企利润承压；另一方面是动力电池供应紧张加剧，车企新车交付延迟，对其品牌和知名度都产生了一定的负面影响。”江西新能源科技职业学院新能源汽车技术研究院院长张翔表示，车企谋求“电池独立”一举两得，既可以抵御供应链的风险，又可以享受动力电池原材料价格维持高位带来的红利。

　　车企盈利水平承压

　　中汽协数据显示，今年9月，我国新能源汽车产销分别完成75.5万辆和70.8万辆，同比增长1.1倍和93.9%，市场占有率达到27.1%。今年前9个月，新能源汽车产销分别完成471.7万辆和456.7万辆，同比分别增长1.2倍和1.1倍，市场渗透率已达27.1%。

　　值得注意的是，尽管新能源汽车产销量持续攀升，产业链上下游企业盈利水平却出现大分化。今年第三季度财报数据显示，新能源汽车产业链上游的锂盐企业业绩最为亮眼，中游动力电池企业普遍盈利，下游整车企业盈利承压。

　　以锂盐龙头天齐锂业为例，今年第三季度，其营收为103.5亿元，同比增长580.19%，净利润56.54亿元，同比增长1173.35%，扣非净利润同比增长4092.31%；今年前三季度，其营收为246.46亿元，同比增长536.40%，净利润159.84亿元，同比增长2916.44%，扣非净利润同比增长12338.69%。

　　相比之下，中游动力电池企业则略显逊色，但也业绩尚佳。宁德时代财报数据显示，前三季度企业实现营收2103.40亿元，同比增长186.72%；净利润175.92亿元，同比增长126.95%。其中，第三季度营收为973.69亿元，同比增长232.47%；净利润为94.24亿元，同比增长188.42%。

　　下游整车企业盈利空间则进一步被挤压。今年第三季度，尽管不少企业都实现了净利润的同比增长，但除比亚迪外，少有企业净利润增长程度超过中游的动力电池企业，而像赛力斯等企业今年第三季度甚至处于亏损状态。

　　“下游增长带动上游产量的增长，这是市场现象，但涨得太快，就不正常了。一个产业的发展，不能上游企业挣很多利润，下游企业‘没有肉吃，甚至连汤都喝不了’。”中国汽车工业协会副秘书陈士华曾表示。

　　“动力电池产业链上游价格太高了。价格压力直接传导至整车厂，上游材料涨价太厉害，源头是海外的矿厂。”广汽集团董事长曾庆洪在2022世界动力电池大会上曾表示，“动力电池成本占到汽车总成本的40%、50%、60%，并且还在不断增加。”

　　抢占动力电池赛道

　　事实上，从当前我国新能源汽车产业发展现状来看，新能源汽车企业难以盈利，已成行业共识。而在上游原材料价格的大幅上涨给汽车厂商带来了巨大压力的背景下，曾庆洪认为，电池企业将成本压力传导至主机厂，主机厂也必定将造电池和相关产品。

　　除埃安和蔚来外，大众汽车集团也有自研电池的计划，其首座欧洲电池工厂此前已经破土动工，2030年前将与合作伙伴向电池业务投资超过200亿欧元（约合204亿美元），而比亚迪、长城汽车自研的动力电池早已“上车”。

　　此外，一些车企也将布局领域伸至更上游——锂矿环节。此前，蔚来计划投资总部位于澳大利亚的矿石开采公司——Greenwing Resources Ltd（Greenwing），总金额最高或超过6亿元。“我们会针对智能电动汽车核心部件相关的上游进行评估和布局，保障长期竞争优势。”蔚来方面表示。

　　天风证券研报表示，汽车主机厂布局动力电池拥有几方面优势：动力电池技术趋于成熟，主机厂具备后发优势；背靠主机厂，动力电池出货增长快且稳定；主机厂对车理解更深，车端需求可以直接穿透到电池；新技术、工艺和设备可以快速应用；电池和底盘同步开发，更易应用CTC等技术方案。

　　全国乘用车市场信息联席会秘书长崔东树也认为，自造电池将是整车企业未来必然选择。“与汽车钢板等基础原材料不同，锂电池是一个非标准化的电化学产品。随着技术快速推进，整车企业未来必然会将触角延伸到电池领域。”崔东树表示。

　　不过，在崔东树看来，由于动力电池研发制造生产周期较长，前期研发制造投入成本巨大，一般的车企短时间内难以承担。“与电池厂商合作或合资成立电池采购公司，也将成为未来一段时间的主流方式。”崔东树说。

　　有观点称，车企向上布局电池领域，旨在增强产业链话语权，有利于保障电池供应及降本增效。未来，电池格局将从集中走向分化，车企采购策略从深度绑定一到三家龙头电池厂商策略转向“自产+多家配套”的模式。

The price of power battery raw materials continues to rise, allowing many car enterprises to accelerate the pace of making batteries.
According to the data released by Shanghai Steel Federation, on October 31, the prices of some lithium battery materials rose, battery grade lithium carbonate rose by 2500 yuan/ton, with an average price of 561500 yuan/ton, industrial grade lithium carbonate rose by 2000 yuan/ton, with an average price of 547000 yuan/ton, continuing to set a new record. At the same time, the prices of lithium hydroxide and other materials have also risen.
In this context, new energy vehicle enterprises such as Aian and Weilai are accelerating their layout in the field of power battery. In the past week, Weilai Battery Technology (Anhui) Co., Ltd. and Aian Yinpai Battery Technology Co., Ltd. were established one after another, and their business scope covers the production and manufacturing of power batteries.
On the one hand, the price of power battery raw materials has risen, which has led to the pressure on the profits of auto enterprises; on the other hand, the supply of power batteries has intensified, and the delivery of new cars of auto enterprises has been delayed, which has had a certain negative impact on their brands and popularity. Zhang Xiang, president of the New Energy Automobile Technology Research Institute of Jiangxi New Energy Technology Vocational College, said that auto enterprises seeking battery independence can kill two birds with one stone, which can not only resist the risk of the supply chain, but also enjoy the dividend brought by the high price of power battery raw materials.
The profit level of automobile enterprises is under pressure
According to the data of China Automobile Association, in September this year, the production and sales of new energy vehicles in China were 755000 and 708000, up 1.1 times and 93.9% year on year, respectively, with a market share of 27.1%. In the first nine months of this year, the production and sales of new energy vehicles were 4.717 million and 4.567 million, up 1.2 times and 1.1 times respectively year on year, and the market penetration rate reached 27.1%.
It is worth noting that although the production and sales of new energy vehicles continue to rise, the profitability of upstream and downstream enterprises in the industrial chain has been greatly differentiated. The financial report data of the third quarter of this year shows that the lithium salt enterprises in the upstream of the new energy automobile industry chain have the most outstanding performance, the power battery enterprises in the middle stream are generally profitable, and the downstream vehicle enterprises are under pressure.
Take Tianqi Lithium, the leading lithium salt company, for example. In the third quarter of this year, its revenue was 10.35 billion yuan, an increase of 580.19% year on year. Its net profit was 5.654 billion yuan, an increase of 1173.35% year on year, and its net profit was 4092.31% year on year; In the first three quarters of this year, its revenue was 24.646 billion yuan, a year-on-year increase of 536.40%, net profit was 15.984 billion yuan, a year-on-year increase of 2916.44%, and net profit was 12338.69%.
In contrast, midstream power battery enterprises are slightly inferior, but their performance is also good. The financial report data of Ningde Times shows that in the first three quarters, the enterprise achieved a revenue of 210.34 billion yuan, an increase of 186.72% year on year; The net profit was 17.592 billion yuan, up 126.95% year on year. Among them, the revenue in the third quarter was 97.369 billion yuan, with a year-on-year growth of 232.47%; The net profit was 9.424 billion yuan, up 188.42% year on year.
The profit space of downstream vehicle enterprises is further squeezed. In the third quarter of this year, although many enterprises achieved year-on-year growth in their net profits, except BYD, few power battery enterprises whose net profits grew more than those in the middle reaches, while enterprises such as Celes were even in a loss state in the third quarter of this year.
Downstream growth drives the growth of upstream output, which is a market phenomenon, but it is abnormal if it rises too fast. The development of an industry cannot make upstream enterprises earn a lot of profits. Downstream enterprises have no meat to eat, or even cant drink soup . Chen Shihua, deputy secretary of the China Association of Automobile Manufacturers, said.
The price in the upstream of the power battery industry chain is too high. The price pressure is directly transmitted to the vehicle manufacturers. The price of upstream materials rises too much, and the source is overseas mines. Zeng Qinghong, Chairman of GAC Group, said at the 2022 World Power Battery Conference that the cost of power batteries accounts for 40%, 50% and 60% of the total cost of automobiles, and is still increasing.
Seize the power battery track
In fact, from the current development status of Chinas new energy vehicle industry, it is difficult for new energy vehicle enterprises to make profits, which has become the industry consensus. However, against the background that the sharp rise in the price of upstream raw materials has brought great pressure on automobile manufacturers, Zeng Qinghong believes that battery enterprises will transmit cost pressure to the OEMs, which will also make batteries and related products.
In addition to Aian and Weilai, Volkswagen Group also has plans to develop batteries by itself. Its first European battery factory has already broken ground. By 2030, it will invest more than 20 billion euros (about 20.4 billion dollars) in battery business with its partners, while the power batteries developed by BYD and Great Wall Motor have already been on board.
In addition, some auto enterprises have also extended the layout field to a higher level - lithium mining. Previously, Weilai planned to invest in Greenwing Resources Ltd (Greenwing), an ore mining company headquartered in Australia, with a total amount of up to 600 million yuan or more. We will evaluate and layout upstream related to core components of smart electric vehicles to ensure long-term competitive advantage. Wei Lai said.
According to the research report of Tianfeng Securities, the power battery layout of automobile OEMs has several advantages: the power battery technology is becoming mature, and OEMs have the advantage of backwardness; Backed by the main engine factory, the power battery shipment grew rapidly and steadily; The OEMs have a deeper understanding of the car, and the needs of the car end can directly penetrate into the battery; New technologies, processes and equipment can be rapidly applied; The battery and chassis are developed synchronously, making it easier to apply CTC and other technical solutions.
Cui Dongshu, the secretary-general of the National Passenger Car Market Information Joint Conference, also believes that self-made batteries will be an inevitable choice for vehicle enterprises in the future. Unlike basic raw materials such as automobile steel plate, lithium battery is a non-standard electrochemical product. With the rapid advancement of technology, vehicle enterprises will certainly extend their tentacles to the battery field in the future. Cui Dongshu said.
However, in Cui Dongshus opinion, due to the long production cycle of power battery R&D and manufacturing, the cost of early R&D and manufacturing is huge, which is difficult for ordinary car enterprises to bear in a short time. Cooperation with battery manufacturers or joint ventures to establish battery procurement companies will also become the mainstream way for some time to come. Cui Dongshu said.
It is said that the upward layout of automobile enterprises in the battery field aims to enhance the voice of the industrial chain, which is conducive to ensuring battery supply and cost reduction and efficiency increase. In the future, the battery pattern will shift from centralization to differentiation, and the procurement strategy of auto enterprises will shift from the strategy of deeply binding one to three leading battery manufacturers to the model of self production+multiple supporting.