202111 新能源行業(yè)：21年3季度電動(dòng)車板塊歸母凈利同比高增

21年Q21年Q3鋰、鈷、正極、電解液板塊歸母凈利潤同比高增。分行業(yè)看，21年Q3收入同比增速較快的板塊包括增幅較大的板塊包括結(jié)構(gòu)件(+103.88%)、正極(+94.21%)、鋰(+87.39%)、鋰電池(+77.44%)。21年3季度歸母凈利潤同比增長較高的板塊主要為：鋰板塊歸母凈利潤18.71億元，同比扭虧為盈；鈷板塊歸母凈利潤13.93億元，同比增長138.53%；正極板塊歸母凈利潤26.03億元，同比增長503.18%；電解液歸母凈利潤20.15億元，同比增長232.77%。。研究/機(jī)械工業(yè)/新能源板塊業(yè)專題報(bào)告證券研究報(bào)告投投資評級優(yōu)于大市維持市場表現(xiàn)新能新能源板塊海通綜指2.766.769830.767754.775678.773602.782020/112021/22021/52021/8相關(guān)研究月逆變器出口額再創(chuàng)新高》0.23《大型風(fēng)電光伏基地項(xiàng)目第一期約弛htseccomS850516060003htseccom21年1-3季度收入增長76.63%，歸母凈利潤增長203.86%。我們根據(jù)新能源汽車上中下游產(chǎn)業(yè)鏈，將鋰、鈷、設(shè)備、正極、負(fù)極、隔膜、電解液、結(jié)構(gòu)件以及鋰電池9大板塊主要的32家上市公司進(jìn)行分類匯總；21年1-3季度合計(jì)收入3037.89億元，同比增長76.63%；毛利率24.47%，同比增長2.21個(gè)百分點(diǎn)；21年1-3季度行業(yè)凈利率11.01%，同比增長4.61個(gè)百分點(diǎn)；21年1-3季度行業(yè)歸母凈利潤334.46億元，同比增長203.86%。21年1-3季度正極、負(fù)極、結(jié)構(gòu)件、鋰電池行業(yè)收入增速較好；鈷、鋰、正極、負(fù)極、電解液等歸母凈利潤增速較高。分行業(yè)看，正極、結(jié)構(gòu)件、負(fù)極、鋰電池板塊收入增速較快，21年1-3季度結(jié)構(gòu)件行業(yè)兩大公司合計(jì)收入49.99億元，同比增長114.97%；兩大負(fù)極公司21年1-3季度合計(jì)收入76.83億元，同比增長六大鋰電池公司21年1-3季度合計(jì)收入1247.61億元，同比增長87.12%。分板塊看，幾大領(lǐng)域21年1-3季度歸母凈利潤同比基本實(shí)現(xiàn)正增長，其中鈷板塊21年1-3季度歸母凈利潤40.16億元，同比增長225.29%；鋰板塊21年1-3季度歸母凈利潤38.84億元，同比扭虧為盈；正極板塊歸母凈利潤44.97億元，同比增長393.56%；負(fù)極板塊歸母凈利潤14.82億元，同比增長180.71%；電解液板塊歸母凈利潤39.14億元，同比增長161.07%；結(jié)構(gòu)件板塊21年1-3季度歸母同比增長134.31%；鋰電池板塊歸母凈利潤113.73億元，同比增長119.69%。21年Q3收入同比增71.84%，歸母凈利潤同比增長188.28%。21年Q3新能源汽車行業(yè)9大板塊32家公司合計(jì)收入1202.89億元，同比增長71.84%；毛利率24.49%，同比增長1.62個(gè)百分點(diǎn)；凈利率12.02%，同比增長4.86個(gè)百分點(diǎn)；1年Q3合計(jì)歸母凈利潤144.63億元，同比增長188.28%。S850517080006喬htseccomS8505130900082121年1-3季度新能源汽車產(chǎn)量同比增長184.5%，動(dòng)力電池裝機(jī)量增長169.1%。根據(jù)汽車縱橫公眾號援引中汽協(xié)數(shù)據(jù)，21年1-3季度國內(nèi)新能源汽車產(chǎn)量216.6萬輛，同比增長184.5%。根據(jù)中國汽車動(dòng)力電池產(chǎn)業(yè)創(chuàng)新聯(lián)盟公眾號數(shù)據(jù)，我國動(dòng)力電池裝車量累計(jì)92.0GWh,同比累計(jì)上升169.1%。其中三元電池裝車量累計(jì)47.1GWh,占總裝車量51.2%，同比累計(jì)上升99.5%；磷酸鐵鋰電池裝車量累計(jì)44.8GWh,占總裝車量48.7%，同比累計(jì)上升332.0%。tseccomS850517070006投資建議：1)戰(zhàn)略性標(biāo)的：我們認(rèn)為未來新能源汽車替代傳統(tǒng)燃油車大勢所趨，相較于傳統(tǒng)車，新能源汽車單車價(jià)值增量最大的板塊為動(dòng)力電池；我們認(rèn)為未來相較于傳統(tǒng)車，新能源汽車單車價(jià)值增量最大的板塊為動(dòng)力電池；我們認(rèn)為未來三元?jiǎng)恿﹄姵貙⑴涮赘叨顺擞密囆?，磷酸鐵鋰電池配套中低端車型，建議關(guān)注寧德時(shí)代、億緯鋰能、比亞迪。2)格局較好、壁壘高的行業(yè)：我們認(rèn)為在鋰電池產(chǎn)業(yè)鏈中負(fù)極材料、濕法隔膜行業(yè)格局較好，三元高鎳正極壁壘較高，磷酸鐵鋰正極空間較大，建議關(guān)注恩捷股份、星源材質(zhì)、璞泰來、容百科技等。閱讀正文之后的信息披露和法律聲明閱讀正文之后的信息披露和法律聲明2告網(wǎng)2行業(yè)研究〃新能源板塊行業(yè)21年1-3季度新能源汽車板塊總結(jié) 41.1損益表：21年1-3季度收入增長76.63%，歸母凈利潤增長203.86% 4表：21年1-3季度較多領(lǐng)域在建工程有所增加 52.21年Q3新能源汽車板塊季報(bào)總結(jié) 63.21年1-3季度新能源汽車產(chǎn)業(yè)鏈總結(jié) 83.121年1-3季度新能源整車產(chǎn)量同比增長184.5% 83.221年1-3季度動(dòng)力電池裝機(jī)量同比增長169.1% 94.基金前十大重倉股持倉：環(huán)比大幅提升 11 3告網(wǎng)3行業(yè)研究〃新能源板塊行業(yè)目錄表1新能源汽車產(chǎn)業(yè)鏈32家上市公司21年1-3季度業(yè)績情況 4表2新能源汽車9大板塊固定資產(chǎn)及在建工程情況(百萬元) 6表3新能源汽車9大板塊應(yīng)收賬款及應(yīng)收賬款周轉(zhuǎn)天數(shù)情況 6表4新能源汽車產(chǎn)業(yè)鏈32家上市公司21年3季度環(huán)比業(yè)績情況 7表5新能源汽車產(chǎn)業(yè)鏈32家上市公司21年3季度同比業(yè)績情況 8表62021年1-3季度中國新能源汽車產(chǎn)量 9表72021年中國新能源汽車銷量 9表821年1-3季度我國動(dòng)力電池產(chǎn)量及同比增速 10表921年1-3季度我國動(dòng)力電池銷量及同比增速 10表1021年1-3季度我國動(dòng)力電池裝機(jī)量及同比增速 10表1120年Q2-21年Q3公募基金十大重倉股持倉比例(%) 124告網(wǎng)4行業(yè)研究〃新能源板塊行業(yè)我們根據(jù)新能源汽車上中下游產(chǎn)業(yè)鏈，按照鋰、鈷、設(shè)備、正極材料、負(fù)極材料、隔膜、電解液、結(jié)構(gòu)件、鋰電池9大板塊對主要企業(yè)進(jìn)行分類匯總。如下表所示：其中家，結(jié)構(gòu)件2家，鋰電池企業(yè)6家，合計(jì)共32家新能源汽車產(chǎn)業(yè)鏈上市公司。證券簡稱營業(yè)收入(百萬元，%)毛利率(%，百分點(diǎn))期間費(fèi)率(%，百分點(diǎn))歸母凈利潤(百萬元，%)凈利潤率(%，百分點(diǎn))20年1-3季度21年1-3季度同比20年1-3季度21年1-3季度同比20年1-3季度21年1-3季度同比20年1-3季度21年1-3季度同比20年1-3季度21年1-3季度同比華友鈷業(yè)14838.6422796.1053.6315.2920.154.867.397.37-0.02686.682368.71244.954.6310.395.76寒銳鈷業(yè)1652.483203.7993.8822.4330.397.978.485.33-3.15162.09486.22199.979.8115.185.37道氏技術(shù)2163.204601.50112.7222.2825.693.4116.4212.54-3.8860.38444.98637.012.799.676.88格林美8643.9312891.8249.1416.8919.052.1713.3312.01-1.32325.55716.46120.083.775.561.79鈷27298.2543493.2259.3316.7921.174.3810.059.14-0.911234.694016.38225.294.529.234.71贛鋒鋰業(yè)3892.967053.7681.1918.8235.5516.737.579.521.95330.482472.79648.248.4935.0626.57天齊鋰業(yè)2426.783872.7259.5844.6953.288.5964.4647.94-16.52-1103.28529.81-148.02-45.4613.6859.14江特電機(jī)1403.062029.6244.6615.1324.729.6015.8211.49-4.3221.39249.431066.331.5212.2910.77雅化集團(tuán)2212.623445.9155.7432.8736.643.7817.8712.69-5.18193.94632.35226.068.7718.359.59鋰9935.4316402.0165.0927.7438.6310.8824.9219.50-5.42-557.473884.39-796.79-5.6123.6829.29贏合科技1750.483218.3083.8535.8222.80-13.0216.1315.17-0.97279.62168.31-39.8115.975.23-10.74先導(dǎo)智能4149.125947.8443.3536.4237.501.0817.5919.852.26639.511003.7656.9615.4116.881.46科恒股份1189.052366.5899.038.1410.552.4116.4211.34-5.08-69.8522.66-132.44-5.870.966.83星云股份398.34572.4843.7249.2946.06-3.2331.7232.050.3352.4173.3339.9013.1612.81-0.35設(shè)備7487.0012105.2161.6832.4728.73-3.7517.8217.52-0.30901.701268.0640.6312.0410.48-1.57當(dāng)升科技2028.035171.47155.0019.6019.37-0.248.167.24-0.92264.60727.47174.9413.0514.071.02杉杉股份5562.9915711.73182.4319.2225.316.1019.2912.87-6.42277.602774.02899.294.9917.6612.67廈門鎢業(yè)12820.0222172.3672.9518.9716.84-2.1212.269.14-3.13368.92995.38169.812.884.491.61正極20411.0443055.57110.9419.1020.241.1413.7710.27-3.50911.114496.87393.564.4610.445.98璞泰來3346.686295.1188.1032.1335.923.7916.5211.54-4.97415.331230.94196.3812.4119.557.14中科電氣640.181387.97116.8137.7132.29-5.4220.0613.30-6.75112.48250.67122.8617.5718.060.49負(fù)極3986.867683.0892.7133.0235.262.2417.0811.86-5.22527.811481.61180.7113.2419.286.05天賜材料2695.566623.03145.7041.2738.96-2.3116.278.19-8.08518.371553.69199.7219.2323.464.23多氟多2863.065306.8485.3615.9427.7611.8218.4010.57-7.8313.61737.375316.000.4813.8913.42江蘇國泰21149.1926103.8623.4315.4613.59-1.8810.128.33-1.80593.26754.6127.202.812.890.09新宙邦2005.584468.88122.8239.3735.44-3.9317.3813.38-4.00373.80867.95132.1918.6419.420.78電解液28713.4042502.6148.0219.6021.612.0012.039.12-2.921499.053913.62161.09星源材質(zhì)610.811314.47115.2039.7036.00-3.6921.9418.24-3.69102.58212.31106.9616.7916.15-0.64恩捷股份2581.335368.48107.9740.6548.567.9115.6911.80-3.89643.501750.72172.0624.9332.617.68滄州明珠1965.782103.987.0321.9123.211.309.777.86-1.91237.99342.7644.0312.1116.294.18隔膜5157.928786.9370.3633.4040.617.2114.1811.82-2.35984.072305.79134.3119.0826.247.16旭升股份1104.892012.0082.1035.0626.96-8.1010.718.11-2.59230.94331.7843.6720.9016.49-4.41科達(dá)利1220.612987.15144.7323.2828.515.2315.4612.05-3.4198.38374.55280.728.0612.544.48結(jié)構(gòu)件2325.494999.15114.9728.8727.89-0.9913.2010.47-2.74329.32706.34114.4814.1614.13-0.03寧德時(shí)代31522.4873361.55132.7327.4127.510.1112.3212.20-0.123356.887751.15130.9010.6510.57-0.08澳洋順昌2796.984747.9869.7514.2821.407.1310.469.49-0.97175.78505.12187.356.2810.644.35國軒高科4077.495724.6240.4025.4018.30-7.1024.8219.96-4.8685.2767.83-20.452.091.18-0.91鵬輝能源2475.633895.8057.3719.5716.44-3.1211.6410.76-0.89140.73164.0016.535.684.21-1.47億緯鋰能5339.6911447.74114.3929.7223.70-6.0218.4513.21-5.25946.182215.80134.1817.7219.361.64欣旺達(dá)20463.2725583.7225.0215.3416.220.8712.6112.760.15472.20669.3241.752.312.620.31鋰電池66675.55124761.4187.1222.9223.840.9213.5612.62-0.955177.0311373.22119.697.769.121.35合計(jì)171990.94303789.1776.6322.2624.472.2113.7111.79-1.9211007.3133446.27203.866.4011.014.611)營業(yè)收入：21年1-3季度新能源汽車板塊收入同比增長76.63%根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊32家企業(yè)21年1-3季度合計(jì)收入3037.89億元，同比增長76.63%。閱讀正文之后的信息披露和法律聲明5告網(wǎng)5行業(yè)研究〃新能源板塊行業(yè)其中正極、結(jié)構(gòu)件、負(fù)極、鋰電池板塊收入增速較快，21年1-3季度結(jié)構(gòu)件行業(yè)兩大公司合計(jì)收入49.99億元，同比增長114.97%；兩大負(fù)極公司21年1-3季度合計(jì)收同比增長110.94%；六大鋰電池公司21年1-3季度合計(jì)收入1247.61億元，同比增長收入增速一般的板塊為鋰、鈷以及電解液，其中鋰板塊21年1-3季度收入164.02億元，同比增長65.09%；鈷板塊21年1-3季度收入434.93億元，同比增長59.33%；電解液企業(yè)收入425.03億元，同比增長48.02%，但剔除江蘇國泰后電解液收入仍維持高增長。2)毛利率：21年1-3季度行業(yè)毛利率24.47%，同比增長2.21個(gè)百分點(diǎn)根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊32家企業(yè)21年1-3季度毛利率24.47%，電池板塊毛利率均有增長，設(shè)備以及結(jié)構(gòu)件板塊毛利率均呈現(xiàn)下滑狀態(tài)；其中設(shè)備行業(yè)21年1-3季度平均毛利率28.73%，同比下滑3.75個(gè)百分點(diǎn)；結(jié)構(gòu)件行業(yè)21年1-3季度平均毛利率27.89%，同比下滑0.99個(gè)百分點(diǎn)。毛利率增長較大的為鋰、隔膜、鈷行業(yè)，21年1-3季度鈷行業(yè)平均毛利率21.17%，同比增長4.38個(gè)百分點(diǎn)；鋰板塊毛利率38.63%，同比提升10.88個(gè)百分點(diǎn)；隔膜行業(yè)21年1-3季度平均毛利率40.61%，平均增長7.21個(gè)百分點(diǎn)。根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊32家企業(yè)21年1-3季度凈利率平均為鋰電池21年1-3季度凈利率同比均有上漲；而設(shè)備以及結(jié)構(gòu)件行業(yè)凈利率有所下滑。21年1-3季度上游鋰板塊凈利率23.68%，同比增長29.29個(gè)百分點(diǎn)，我們認(rèn)為主要為天齊鋰業(yè)、贛鋒鋰業(yè)、江特電機(jī)盈利大幅改善所致。21年1-3季度鈷板塊凈利率9.23%，同比增長4.71個(gè)百分點(diǎn)；正極板塊凈利率10.44%，同比增長5.98個(gè)百分點(diǎn)；鋰電池板塊凈利率9.12%，同比增長1.35個(gè)百分點(diǎn)；負(fù)極板塊凈利率19.28%，同比增長6.05個(gè)百分點(diǎn)；電解液板塊凈利率9.21%，同比增長3.99個(gè)百分點(diǎn)；隔膜板塊凈利率26.24%，同比增長7.16個(gè)百分點(diǎn)。另外設(shè)備板塊凈利率10.48%，同比下滑1.57個(gè)百分點(diǎn)；結(jié)構(gòu)件板塊凈利率14.13%，同比下滑0.03個(gè)百分點(diǎn)。4)凈利潤：21年1-3季度行業(yè)歸母凈利潤334.46億元，同比增長203.86%家上市企業(yè)合計(jì)歸母凈利潤334.46億元，同比增長203.86%。分板塊看，幾大領(lǐng)域21年1-3季度歸母凈利潤同比基本實(shí)現(xiàn)正增長，其中鈷板塊21年1-3季度歸母凈利潤40.16億元，同比增長225.29%；鋰板塊21年1-3季度歸母凈利潤38.84億元，同比扭虧為盈；設(shè)備板塊歸母凈利潤12.68億元，同比增長40.63%；正極板塊歸母凈利潤44.97億元，同比增長393.56%；負(fù)極板塊歸母凈利潤14.82億元，同比增長180.71%；電解液板塊歸母凈利潤39.14億元，同比增長161.07%；結(jié)構(gòu)件板塊21年1-3季度歸母凈利潤7.06億元，同比增長114.48%；隔膜板塊歸母凈利潤23.06億元，同比增長134.31%；鋰電池板塊歸母凈利潤113.73億元，同比增長119.69%。增加1)固定資產(chǎn)、在建工程21年3季度固定資產(chǎn)同比增加較多的為鋰電池板塊、設(shè)備板塊、正極板塊、隔膜板塊以及負(fù)極板塊；在建工程同比有所增加的為鋰板塊、設(shè)備板塊、負(fù)極、電解液、結(jié)構(gòu)件以及鋰電池板塊，其中鋰電池板塊在建工程同環(huán)比均有較高增長。我們由各板塊固定資產(chǎn)及在建工程變化情況可以看出：鈷板塊的在建工程在20年閱讀正文之后的信息披露和法律聲明6告網(wǎng)6行業(yè)研究〃新能源板塊行業(yè)建工程總量大幅增長，后續(xù)有所下降，而20年3季度以及4季度再次有所增加，21年3季度創(chuàng)新高。鋰電池板塊在21年2季度在建工程大幅提升，21年3季度創(chuàng)新高。1Q192Q1933Q194Q191Q20QQ鈷3.212.0915867.43792.96863.07鋰4887.876198.64.999148.727699.32.8008設(shè)備869.041431.7707.82955.1806.9643.096444.4310682.00.814.107782.49.621465.65.141830.2295.6608.7604269.244856.596142.57.736915.495823.3556.0792.81.675358.155348.97.938009.08932177.5427.802391.192491.6617.7881.026.17鋰電池23507.8029293.06704.8935252.9230723.604.627.1944728.5749120.816.19在建工程1Q192Q1933Q194Q191Q20Q鈷4475.846857.25365869.746368.132505.01鋰7659.218808.367861.137489.08.26設(shè)備520.58677.5945861.21905.718901912686.533371.91.123193.5130912.5014.4944.3212.33774.9018935.681092.41855965792499.312436.1665.512488.362666.2626.304100.9639.26.0230.5272.082863.243217.12.093199.393444.414194.584184.9243.8217.0053.47.86560.05742.0069934.69917.26鋰電池7075.477598.545830.146836.58.94336.72790.83Wind海通證券研究所應(yīng)收賬款及周轉(zhuǎn)情況應(yīng)收賬款(百萬元)4Q191Q202Q203Q204Q201Q212Q213Q21鈷4054.134025.543862.334193.104486.495966.886043.137733.93鋰2412.072768.532746.852693.102704.672911.673685.043925.57設(shè)備4240.804419.004643.445814.725130.434998.806261.026936.255613.335710.015453.826789.537167.089732.249664.4110119.74861464.551444.051787.272217.362136.352265.062528.536732.926213.056913.387852.257395.707838.449598.5711336.512702.782833.563158.543538.403871.334477.594871.175134.97773.37839.49766.07977.891229.501346.001666.021935.52鋰電池23657.0122870.9225369.8128879.1931278.6032483.7934779.6037457.46應(yīng)收賬款周轉(zhuǎn)天數(shù)(天)4Q191Q202Q203Q204Q201Q212Q213Q21鈷34.6047.9739.1435.2833.2138.9136.8138.45鋰78.5083.3769.2671.5862.7965.6250.1753.44設(shè)備136.43167.72184.81119.79113.2776.0899.8572.2368.2463.9866.6956.7456.7893.57143.43104.7284.9980.5896.0974.9774.4557.7274.9264.9757.7554.8068.0658.5850.92135.07118.45155.14136.54142.3286.29125.8895.4981.7178.2590.0280.4482.76鋰電池97.96122.01102.4888.9876.0386.0673.7666.78新能源汽車行業(yè)近兩年較為突出的問題是應(yīng)收賬款的大幅增加。分行業(yè)看，應(yīng)收賬款數(shù)額最大的為鋰電池板塊，其次為電解液及正極材料板塊；而就應(yīng)收賬款周轉(zhuǎn)天數(shù)來說，上游鈷、鋰板塊、電解液、正極材料應(yīng)收賬款周轉(zhuǎn)天數(shù)較少；中游材料隔膜、結(jié)構(gòu)件、設(shè)備板塊應(yīng)收賬款周轉(zhuǎn)天數(shù)相對較多。閱讀正文之后的信息披露和法律聲明7告網(wǎng)7行業(yè)研究〃新能源板塊行業(yè)21年3季度新能源汽車產(chǎn)業(yè)鏈環(huán)比變化：利潤144.63億元，環(huán)比增長30.06%；其中3季度鈷、鋰、設(shè)備、正極、負(fù)極、電解液、隔膜、結(jié)構(gòu)件、鋰電池環(huán)比收入均有所增加，增速較高的包括設(shè)備(+23.96%)、鋰電池(+18.63%)、電解液(+38.18%)、結(jié)構(gòu)件(16.22%)。而環(huán)比歸母凈利潤大幅增加的板塊包括設(shè)備、電解液、正極板塊；21年3季度單季設(shè)備板塊歸母凈利潤5.94億元，環(huán)比提升38.52%；電解液板塊歸母凈利潤20.15億元，環(huán)比提升68.44%；正極板塊歸母凈利潤26.03億元，環(huán)比提升129.45%。證券簡稱營業(yè)收入(百萬元，%)毛利率(%，百分點(diǎn))期間費(fèi)率(%，百分點(diǎn))歸母凈利潤(百萬元，%)凈利潤率(%，百分點(diǎn))21年Q221年Q3環(huán)比21年Q221年Q3環(huán)比21年Q221年Q3環(huán)比21年Q221年Q3環(huán)比21年Q221年Q3環(huán)比華友鈷業(yè)7869.498502.498.0419.9919.46-0.537.397.840.45814.22900.3010.5710.3510.590.24寒銳鈷業(yè)1043.701124.037.7031.2226.44-4.785.555.29-0.26255.74130.52-48.9624.5011.61-12.89道氏技術(shù)1704.001829.107.3424.2625.851.5910.6813.342.66191.46182.57-4.6411.249.98-1.25格林美4270.404891.5114.5419.8916.83-3.0612.4812.15-0.33261.50179.11-31.516.123.66-2.46鈷14887.5816347.149.8021.2419.87-1.379.099.570.471522.921392.51-8.5610.238.52-1.71贛鋒鋰業(yè)2457.462989.4821.6537.7536.12-1.637.2312.054.83940.561056.1412.2938.2735.33-2.94天齊鋰業(yè)1446.831521.685.1754.6656.561.9134.6856.0821.40333.66444.0133.0723.0629.186.12江特電機(jī)828.30664.82-19.7424.1025.911.819.6913.884.19108.1368.13-36.9913.0510.25-2.81雅化集團(tuán)1267.051321.474.3036.3443.096.7511.0412.981.94252.11302.2319.8819.9022.872.97鋰5999.646497.448.3039.6441.281.6414.9922.747.751634.461870.5114.4427.2428.791.55贏合科技1179.121482.3425.7222.6420.78-1.8615.0112.48-2.5381.1564.83-20.116.884.37-2.51先導(dǎo)智能2061.092679.7130.0136.9536.70-0.2520.5417.94-2.60300.35502.6267.3414.5718.764.18科恒股份818.96932.2113.8310.1713.022.8611.8412.050.215.9214.58146.310.721.560.84星云股份229.34221.79-3.2947.2338.56-8.6726.9631.234.2741.4412.04-70.9418.075.43-12.64設(shè)備4288.525316.0623.9628.4528.19-0.2617.7015.94-1.76428.86594.0738.5210.0011.181.17當(dāng)升科技1724.652182.9026.5722.5916.90-5.689.894.78-5.11297.82280.45-5.8317.2712.85-4.42杉杉股份5947.405765.06-3.0723.6326.743.1110.6113.162.55457.382014.30340.407.6934.9427.25廈門鎢業(yè)7925.467949.430.3016.0416.800.768.859.210.36379.22308.19-18.734.783.88-0.91正極15597.5115897.401.9219.6520.420.769.6410.030.401134.422602.93129.457.2716.379.10璞泰來2183.732372.198.6336.3834.14-2.2411.8510.06-1.79440.29456.073.5820.1619.23-0.94中科電氣494.74565.2614.2533.7628.76-5.0013.0412.06-0.9892.0591.22-0.9018.6116.14-2.47負(fù)極2678.462937.459.6735.8933.11-2.7912.0710.45-1.62532.34547.292.8119.8718.63-1.24天賜材料2137.762923.5836.7636.1743.477.307.957.07-0.88495.85770.9955.4923.1926.373.18多氟多1665.752402.2744.2228.6930.281.5912.368.66-3.69214.67429.44100.0512.8917.884.99江蘇國泰8345.5011507.4637.8915.1912.53-2.669.606.76-2.85204.55383.9687.712.453.340.89新宙邦1416.711912.3634.9936.1437.351.2113.5411.46-2.08281.42430.9953.1519.8622.542.67電解液13565.7218745.6738.1822.3422.16-0.1810.097.53-2.561196.482015.3868.448.8210.751.93星源材質(zhì)408.47483.8318.4535.5838.062.4721.9017.97-3.9349.77100.71102.3312.1920.818.63恩捷股份1950.591974.661.2346.4250.714.299.7711.802.02618.10700.5213.3431.6935.483.79滄州明珠764.83749.24-2.0423.6822.71-0.987.247.790.54122.26110.07-9.9715.9814.69-1.29隔膜3123.903207.742.6839.4442.262.8310.7411.791.05790.13911.3015.3325.2928.413.12旭升股份706.33800.5613.3429.5723.23-6.348.757.36-1.40121.16120.93-0.1917.1515.11-2.05科達(dá)利1002.051184.8718.2429.5229.41-0.1112.1312.430.30131.02156.0319.0813.0813.170.09結(jié)構(gòu)件1708.381985.4316.2229.5426.92-2.6210.7410.39-0.35252.18276.969.8214.7613.95-0.81寧德時(shí)代24907.8829286.9817.5827.2427.900.6612.0412.160.122529.373267.3629.1810.1511.161.00澳洋順昌1620.511663.972.6822.2121.66-0.5510.9910.60-0.40179.44166.04-7.4711.079.98-1.09國軒高科2259.352173.39-3.8016.9815.71-1.2620.0216.95-3.070.2519.667663.760.010.900.89鵬輝能源1392.801440.913.4516.0515.41-0.6410.3311.280.9563.6845.60-28.404.573.16-1.41億緯鋰能3602.264887.9835.6923.9521.55-2.4114.7012.85-1.85847.86721.10-14.9523.5414.75-8.78欣旺達(dá)7821.559901.6626.5917.8016.41-1.399.326.49-2.837.3832.12335.150.090.320.23鋰電池41604.3549354.9018.6324.0523.85-0.2012.1011.22-0.873627.994251.8817.208.728.61-0.11合計(jì)103454.05120289.2216.2724.7124.49-0.2111.3711.08-0.2911119.7714462.8330.0610.7512.021.2721年3季度新能源汽車產(chǎn)業(yè)鏈同比變化：閱讀正文之后的信息披露和法律聲明8告網(wǎng)8行業(yè)研究〃新能源板塊行業(yè)歸母凈利潤144.63億元，同比增長188.28%；鈷、鋰、設(shè)備、正極、負(fù)極、電解液、隔膜、結(jié)構(gòu)件、鋰電池板塊收入同比均有增長，其中增幅較大的板塊包括結(jié)構(gòu)件、鋰電池(+77.44%)。而21年3季度歸母凈利潤同比增長較高的板塊主要為：鋰板塊歸母凈利潤18.71億元，同比扭虧為盈；鈷板塊歸母凈利潤13.93億元，同比增長138.53%；正極板塊歸母凈利潤26.03億元，同比增長503.18%；電解液板塊歸母凈利潤20.15億元，同比增232.77%。證券簡稱營業(yè)收入(百萬元，%)毛利率(%，百分點(diǎn))期間費(fèi)率(%，百分點(diǎn))歸母凈利潤(百萬元，%)凈利潤率(%，百分點(diǎn))20年Q321年Q3同比20年Q321年Q3同比20年Q321年Q3同比20年Q321年Q3同比20年Q321年Q3同比華友鈷業(yè)5786.638502.4946.9316.5019.462.966.447.841.39336.98900.30167.165.8210.594.77寒銳鈷業(yè)616.711124.0382.2629.6326.44-3.198.315.29-3.02100.12130.5230.3716.2311.61-4.62道氏技術(shù)985.041829.1085.6921.4425.854.4117.0013.34-3.6635.13182.57419.693.579.986.42格林美3030.034891.5161.4316.3416.830.4913.2012.15-1.055179.1160.563.683.66-0.02鈷10418.4116347.1456.9117.7019.872.179.529.570.05583.781392.51138.535.608.522.91贛鋒鋰業(yè)1506.042989.4898.5017.9636.1218.167.6512.054.40174.001056.14506.9911.5535.3323.78天齊鋰業(yè)547.941521.68177.7125.4656.5631.1062.2156.08-6.12-406.71444.01-209.17-74.2329.18103.40江特電機(jī)493.31664.8234.7718.0925.917.8219.7013.88-5.8218.6168.13265.993.7710.256.47雅化集團(tuán)920.021321.4743.6435.9243.097.1718.8712.98-5.8962.42302.23384.206.7822.8716.09鋰3467.316497.4487.3923.9341.2817.3520.9622.741.77-151.681870.51-1333.18-4.3728.7933.16贏合科技507.741482.34191.9516.7920.784.0018.8212.48-6.337.6364.83749.241.504.372.87先導(dǎo)智能2285.232679.7117.2633.3036.703.4010.5517.947.39411.41502.6222.1718.0018.760.75科恒股份星云股份528.68932.2176.335.4713.027.5513.6512.05-1.60-34.9514.58-141.71-6.611.568.17175.70221.7926.2343.3238.56-4.7527.3931.233.8419.1812.04-37.2010.925.43-5.48設(shè)備3497.355316.0652.0027.2028.190.9913.0615.942.88403.27594.0747.3111.5311.18-0.36當(dāng)升科技937.652182.90132.8120.1916.90-3.298.694.78-3.91118.52280.45136.6312.6412.850.21杉杉股份2352.575765.06145.0520.4726.746.2715.7113.16-2.56177.522014.301034.677.5534.9427.39廈門鎢業(yè)4895.587949.4362.3818.5516.80-1.7512.289.21-3.07135.50308.19127.452.773.88.11正極8185.8015897.4094.2119.2920.421.1312.8510.03-2.82431.542602.93503.185.2716.3711.10璞泰來1459.042372.1962.5934.0834.140.0715.3510.06-5.29218.63456.07108.6114.9819.234.24中科電氣275.62565.26105.0936.99