South are power: from the lead to the lithium battery, cast the king of the cycle
Product + resources, recycling economy king
The company in the field of lead batteries has formed a "product + resources" of the circular economy business model, short-term traditional "lead-acid batteries + renewable lead" is the main growth point of performance; medium-term expansion to "lead carbon products + energy storage + , With greater growth potential; long-term is expected to build "lithium battery + application + echelon + resource recycling" of the circular economy business model, the market space is vast.
Lead Acid Battery + Regenerative Lead
China's renewable lead accounts for about 40% of the total output of lead, more than 90% of the more developed countries still have more room for growth, and profitability is still three times higher than overseas space; the same time with the environmental protection law enforcement upgrade, waste lead battery recycling System construction, is expected to "thirteen" at the end of the industry will be integrated into 5-8 enterprises, leading market share also have greater room for improvement. Company under the Huabo technology innovation to obtain cost advantages to 2016 annual output of 270,000 tons, has become the world's leading. Assuming the average price of lead in 2017 - 2019 is 16,000 yuan / ton, 15,500 yuan / ton, 15,000 yuan / ton, waste battery recycling pricing coefficient were 54%, 53% and 52%, the tax rebate policy does not change, Chinaplatinum is expected to net profit of 490 million, 790 million, 1.19 billion, the probability will exceed the performance of the commitment (400 million / 550 million / 700 million).
Lead carbon products + energy storage applications + renewable lead
The company is the first to carry out the application of lead-carbon battery industry to try the enterprise, if the company 2016 1GWh order landing, is expected to bring about 80 million net profit contribution. Medium-term energy storage to achieve the full control of the resources, the product into the payback period will significantly enhance the profitability of renewable lead business.
Sword refers to the lithium product + application + echelon + resource recovery
The company cut into the power of lithium, the current power battery capacity has reached 1.7GWh, planning capacity 4GWh, and investment Konghui car, Chi Hong far to improve the layout of new energy vehicles. Long-term look at the company to build "lithium battery + application + echelon + resource recycling" circular economy business model, profit prospects.
Sunshine power: power station business heavy volume, sustained and stable growth can be expected
Sunshine Power released 2016 annual report, the reporting period to achieve revenue 6.004 billion yuan, an increase of 31.39%; attributable to the parent company net profit of 554 million yuan, an increase of 30.14%; corresponding to EPS 0.39 yuan. Among them, the fourth quarter revenue of 2.773 billion yuan, an increase of 35.67%; attributable to the parent company net profit of 257 million yuan, an increase of 56.28%; 4 quarter EPS of 0.18 yuan, 3 quarter for 0.05 yuan.
The company also released a quarterly report in 2017, to achieve revenue of 1.247 billion yuan, down 8.69%, attributable to parent company net profit of 129 million yuan, an increase of 6.59%, EPS of 0.09 yuan.
Inverter smooth up, power station development accelerated expansion. Driven by equipment, 2016, a substantial increase in domestic installed capacity of the PV, the year to achieve grid installed 34GW, an increase of 120%. The company as a domestic leading enterprises in the photovoltaic industry, the benefits of the industry outbreak, the annual income of 6.004 billion yuan, an increase of 31.39%: 1) the company achieved 11GW inverter sales, sales confirmed 10.16GW, of which domestic sales 9.89GW, An increase of 27.8%. To achieve revenue of 2.494 billion yuan, an increase of 16.05%. The company's inverter sales growth rate is lower than the industry and network installed capacity growth, mainly due to the 2016 grid project in the part of the construction project in 2015, leading to industry growth rate was significantly higher than the installed capacity growth. From the market share point of view, the company inverter to maintain more than 30% market share level. 2) The power station development business continued to accelerate the expansion, the annual income of 3.285 billion yuan, an increase of 45%, corresponding to the development scale of about 400MW. 3) The company increased the layout of power plant operations, as of the end of the grid has been connected with 270MW, 2016 contribution of 25 million yuan.
Gross margin and net profit margin as a whole are stable, and power plant development contributes to earnings growth. Profit point of view, revenue growth led the company to maintain stable performance growth trend, the annual net profit of 554 million yuan, an increase of 30%:
1) power plant development business, the annual gross margin of 17.37%, an increase of 2.47%, the second half gross margin level reached 18.8%, mainly due to the second half of the project to BT projects, and the second half of the power station construction costs have declined. The net profit of the power station business is expected to be about RMB3.55 billion;
2) inverter business, although the price has declined, but the company's inverter gross margin 33.09%, up 1.04%. The inverter is expected to contribute about 200 million yuan net profit.
3) other business, the power plant is expected to contribute to the net profit of about 0.05-0.1 billion yuan; electronic control business contribution of about 0.05 billion yuan .1 quarter continued growth trend, gradual increase in power plant operations. 1 quarter of the company's revenue of 1.247 billion yuan, down 8.69%, attributable to parent company net profit of 129 million yuan, an increase of 6.59%, profit continued a steady growth trend:
1) Power station system integration business affected by the construction progress, to confirm the smaller, to achieve revenue of about 500 million yuan, down 316 million yuan, is expected to contribute about 50 million yuan profit;
2) benefited from strong domestic demand and export market growth, 1 quarter of the company's inverter business revenue of about 650 million yuan, an increase of 148 million yuan, is expected to contribute a net profit of 0.6 billion;
3) the gradual increase in the operation of the company's power plant operations, 1 quarter to achieve revenue of 33 million yuan, is expected to contribute about profit of about 0.1-0.15 billion.
 
BYD: new energy vehicles high growth, hundreds of billions of revenue to open a new journey
2016Q1 is expected to decline profit of 35.35% ~ 23.59%: the company issued 2016 annual report, the reporting period the company achieved operating income of 103.47 billion yuan, an increase of 29.32%; To achieve attributable to the parent company net profit of 5.052 billion yuan, an increase of 78.94%. Corresponding to EPS is 1.85 yuan. Among them, the fourth quarter, operating income of 30.672 billion yuan, down 2.68%, growth of 10.14%; to achieve the parent company net profit of 1.388 billion yuan, an increase of 61.01%, down 1.17%. 4 quarter corresponds to EPS of 0.51 yuan. Profit distribution plan for every 10 shares distributed bonus 1.78 yuan. At the same time, the company expects net profit for January to March of 2017 to be 5.5-6.5 billion, down 35.35% year-on-year to 23.59%.
Traditional car stability, new energy vehicles triumph led to profitability: automotive and related products business revenue of about 57.01 billion yuan, up 40.23%, revenue accounted for 55.10%, gross margin 28.24%, an increase of 4.45 percentage points:
1) new energy vehicles to achieve revenue 34.618 billion yuan, an increase of 80.27%, the Group accounted for 80.27% of revenue. New year, the company sold a total of 96,000 new energy vehicles, a substantial increase of 69.85% year on year, sales of cicadas even the world's first. According to the first electric network data, in 2016 the company's new energy vehicles worldwide, China's share reached 13%, respectively, 23%. New energy passenger car sales of nearly 86,000, the growth rate of 65.41%, once again lead the new energy passenger car market. Plugged mixed Tang sales of 25,000, an increase of 44.54%, plug-in mixed Qin and pure electric two or three. Pure electric bus sales over 10,000, an increase of 120.68%, a substantial increase in market share. Electric buses, taxis have been operating in more than 50 cities and regions in 50 countries and regions.
2) Traditional fuel vehicle sales of 326,000, an increase of 1.78%. Which SUV is still the main driving force for growth.
3) rail transit field, cloud in October 16 officially released.
Mobile phone parts and assembly, the second rechargeable battery continued to improve: 1) mobile phone parts and assembly business income of 39.094 billion yuan, an increase of 17.53%, gross margin of 9.98%, up 1.07 percentage points. As one of the world's most comprehensive mobile phone parts and assembly service providers, BYD through vertical integration of one-stop business model for domestic and foreign mobile phone manufacturers to provide machine design, component production to the whole assembly of a Station service. Domestic brands of mobile phone manufacturers market share and sales continue to improve, the penetration rate of metal parts continued to increase. During the year, the metal parts business developed strongly, with revenue increasing by more than 50%. During the year, the Group's assembly business also achieved good development and continued to receive the leading brand manufacturers of smart phone EMS orders. 2) Rechargeable batteries and photovoltaic business income of 7.34 billion yuan, up 20.79% year on year, gross profit margin of 14.52%, an increase of 0.4 percentage points.
Overall profitability: the better profitability of new energy vehicles increased the proportion of business, the company's overall gross margin rose 3.50 percentage points to 20.36%, the overall net profit rose 1.35 percentage points to 4.88%, profitability.
During the period of 2016, the cost increased by 26.03% year on year to 12.261 billion yuan, during which the cost rate decreased by 0.31 percentage points to 11.85%. Among them, sales, management and financial expenses increased by 46.32% year on year, up 26.36%, down 15.48% to 4.196 billion yuan, 6.843 billion yuan, 1.222 billion yuan; of which sales, management, financial costs were up 46.32% The rate of fees increased by 0.47, down 0.15, down 0.63 percentage points to 4.06%, 6.61%, 1.18%, respectively. Net cash flow from operating activities in 2016 was -18.46 billion yuan, up by 148.04% year on year; sales of goods amounted to RMB787.81 billion, an increase of 8.25%. The end of the year received 1.851 billion yuan, an increase of 24.09%. Accounts receivable at the end of the period amounted to RMB41.768 billion, representing an increase of 20.249 billion yuan from the beginning of the period and an increase in accounts receivable turnover of 30.74 days to 110.1 days. Ending inventory of 17.778 billion yuan, up 1.68 billion yuan over the beginning; inventory turnover days rose 2.74 days to 72.37 days.
2019 plan power battery capacity 34GWh, for the new energy vehicle production capacity to provide a solid guarantee: 2015 the company has built 10GWh power battery production capacity is expected by the end of 2016 the company will have 14GWh capacity, including three yuan battery capacity 4GWh, planning 2017/2018 / 2019 end of the production capacity were 20/26 / 34GWh, while the company plans to 2020 the cost of the battery down to 1 yuan / wh about a huge cost advantage not only for the company's own new energy vehicles to provide high growth in sales to provide a solid guarantee, but also for the company Stable performance to lay the foundation for stability.
Expansion of the upstream lithium battery business to ensure that the power battery production capacity of raw materials supply: In June 2016, the company intends to join the Salt Lake Industry and other new companies (companies accounted for 48%), specializing in salt lake lithium comprehensive utilization of product development and processing, The And the new company acquired the Salt Lake Industry directly and indirectly held by Qinghai Salt Lake Buddha Blue Branch Co., Ltd. 51.42% stake in the proposed platform for the start of 30,000 tons of lithium carbonate project. The company produces one of the main raw materials for lithium batteries is lithium carbonate, the company and the upstream enterprises to strengthen the depth of cooperation and exchanges, is conducive to the company to achieve the new energy industry strategic planning layout.
Ke Lu Electronics: the whole industry layout wisdom energy ecology, new energy glow really grow character
Accelerate the strategic transformation from equipment providers to integrated energy service providers. The company is committed to providing a complete solution for power generation, transportation, distribution, storage, storage to energy efficiency management, power station operation cloud platform, and actively promote intelligent electricity, smart grid, new energy, intelligent industry, energy management and services , Power engineering and technical services six business modules to develop. New energy business grew rapidly, as the company's biggest surprise. Over the past three years the company's new energy business revenue CAGR was 127%, gross margin rose to a relatively high level. In the first half of 2016, the company's new energy business to achieve revenue of 237 million yuan, accounting for about 20% of revenue, become the company's important performance pillars.
Energy storage outlet to seize the initiative. The company is the leading domestic energy storage industry, to participate in the construction of more than 200 energy storage projects, its own photovoltaic power plant for the development of energy storage provides a strong endogenous power, business scope from the demonstration project to commercial projects to expand. The company through the shares of the country to the battery, Jiangxi Branch, and LG Chemical together to set up new energy distribution of the new energy storage lithium battery, and enhance core competitiveness.
Construction of New Energy Vehicle Ecosphere by Joint Construction. The company to develop "ten city hundred stations million" development goals, to build a car as a core of the charging network cloud platform to achieve the Internet, car networking and energy Internet integration, the current new energy vehicles, piles, network has been formed "Power battery - new energy vehicle operation - charging pile production and operation" of the more complete industrial chain.
Following the electric change, the Nuggets to sell new markets. The company invested in the establishment of the land sales of electricity, the park shares distribution enterprises Tsui Hang energy, rapid layout of the distribution of electricity business, cut into the incremental distribution network market, the future will be through the sale of electricity intermediary services, receive network with network fees, Net engineering orders to achieve multiple benefits.
 
Xin Wanda: 3C battery leading performance steady growth, the layout of power battery growth space can be expected
The Company issued an annual report of 2016. During the reporting period, the Company realized operating income of RMB 8.052 billion, an increase of 24.42% and a net profit of RMB450 million, representing an increase of 38.44% and a net profit of RMB409 million, representing an increase of 22.7% Performance growth is in line with expectations.
With the downstream consumer electronics terminal shipments increased, the company cut into North America and other international large customer supply chain system, the share of the proportion of the gradual increase, the recent increase in the proportion of customers, Five years of company revenue, profit growth achieved year on year growth. The company's main products are divided into 3C-like lithium-ion battery modules, power lithium-ion battery modules, energy storage products. Which 3C mobile phone digital lithium battery module in the company 2016 revenue share of more than 3/4, the highest proportion of contribution. The company is the first-line domestic mobile phone brand Huawei, OPPO, vivo and other major customers of the main suppliers, is expected to benefit from the increase in terminal shipments to bring the performance improvement, followed by consumer electronics lithium battery capacity increases, and dual batteries and other technology use, Will also have a positive impact on opening market incremental demand.
Non-public offering of funds to increase the layout of new energy power lithium battery company plans to non-public offering of shares to raise funds amounted to not more than 27.9621 billion yuan for investment in "consumer lithium battery module expansion project", "power lithium batteries "And" supplementary liquidity "and so on. Which power lithium battery project plans to invest 2.41 billion yuan, accounting for 75% of the total investment. Power type lithium