2022年新能源板塊行業(yè)專題報告：22年前三季度新能源汽車板塊營收、凈利同比高增

相關研究相關研究證券研究報告市場表現(xiàn)新能源板塊海通綜指7832.575401.952971.342021/112022/22022/52022/822年前三季度收入同比增長113.82%，凈利潤同比增長157.30%。我們根據(jù)新能源汽車上中下游產(chǎn)業(yè)鏈，按照鋰、鈷、設備、正極材料、負極材料、隔膜、電解液、銅箔、鋁箔、結(jié)構(gòu)件、鋰電池11大板塊對主要企業(yè)進行分類匯總。22年前三季度新能源汽車板塊合計收入7452.88億元，同比+113.82%，鋰、正極、鋰電池板塊收入增速較快；合計凈利潤1036.78億元，同比+157.30%，11大板塊凈利潤同比均實現(xiàn)正增長；毛利率23.37%，同比-0.26pct；凈利率13.91%，同比+2.35pct。22年前三季度鋰、鋁箔、隔膜以及電解液板塊毛利率均有增長，鈷、設備、正極、負極、銅箔、結(jié)構(gòu)件以及鋰電池板塊毛利率均呈現(xiàn)下滑狀態(tài)。各板塊分開來看，毛利率增長較大的為鋰、鋁箔、隔膜板塊，22年前三季度鋰板塊平均毛利率65.83%，同比+27.21pct；鋁箔板塊毛利率15.66%，同比+4.95pct；隔膜行業(yè)22年前三季度平均毛利率43.87%，同比+3.46pct。22Q3營業(yè)總收入同比增長119.14%；凈利潤同比增長149.34%。22年三季度新能源汽車板塊46家企業(yè)營業(yè)總收入3031.71億元，同比增長119.14%；凈利潤424.89億元，同比增長149.34%；所有板塊收入同比均有增長，其中增幅較大的板塊包括鋰（+354.67%）、正極（+189.19%）、鋰電池（+159.00%）、結(jié)構(gòu)件（+81.12%）。凈利潤同比增長較高的板塊主要為：鋰板塊凈利潤171.05億元，同比增長789.15%；鋁箔板塊凈利潤4.37億元，同比增長293電池板塊凈利潤122.54億元，同比增長144.05%；正極板塊凈利潤23.35億元，同比增長121.33%；設備板塊凈利潤8.92億元，同比增長50.17%。22年1-9月新能源整車累計產(chǎn)量同比增長117.8%，動力電池裝車量同比增長110.5%。根據(jù)中國汽車工業(yè)協(xié)會公眾號，22年1-9月國內(nèi)新能源汽車累計產(chǎn)量471.7萬輛，累計同比+117.8%。根據(jù)中國汽車動力電池產(chǎn)業(yè)創(chuàng)新聯(lián)盟公眾號，22年1-9月，我國動力電池產(chǎn)量累計372.1GWh，累計同比+176.2%。其中三元電池產(chǎn)量累計150.2GWh，占總產(chǎn)量40.4%，累計同比+139.0%；磷酸鐵鋰電池產(chǎn)量累計221.3GWh，占總產(chǎn)量59.5%，累計同比+209.0%。1）戰(zhàn)略性標的：我們認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，新能源汽車單車價值增量最大的板塊為動力電池；我們認為未來三元動力電池將配套高端乘用車型，磷酸鐵鋰電池配套中低端車型，建議關注寧德時代、億緯鋰能、比亞迪。2）格局較好、壁壘高的行業(yè)：我們認為在鋰電池產(chǎn)業(yè)鏈中負極材料、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，建議關注恩捷股份、星源材質(zhì)、璞泰來、容百科技、中科電氣、德方納米等。.風險提示：新能源汽車行業(yè)政策風險；技術路線變化風險；疫情影響下新能源汽車銷量不及預期。行業(yè)研究〃新能源板塊行業(yè)21.22年新能源汽車板塊前三季度總結(jié) 51.1損益表：22年前三季度收入同比增長113.82%,凈利潤同比增長157.30% 51.2資產(chǎn)負債表：22年前三季度較多領域產(chǎn)能快速擴張 72.22Q3新能源汽車板塊季報總結(jié) 92.122Q3新能源汽車產(chǎn)業(yè)鏈環(huán)比變化 92.222Q3新能源汽車產(chǎn)業(yè)鏈同比變化 2.322Q3各板塊毛利率分析 3.22年1-9月新能源汽車產(chǎn)業(yè)鏈總結(jié) 3.122年1-9月新能源整車產(chǎn)量同比增長117.8% 3.222年1-9月動力電池裝機量累計同比增長110.5% 4.基金前十大重倉股持倉：環(huán)比下降 5.投資建議 6.風險提示 行業(yè)研究〃新能源板塊行業(yè)3 圖1鋰電池板塊各公司毛利率水平（%） 圖2正極板塊各公司毛利率水平（%） 圖3負極板塊各公司毛利率水平（%） 圖4隔膜板塊各公司毛利率水平（%） 圖5電解液板塊各公司毛利率水平（%） 圖6結(jié)構(gòu)件板塊各公司毛利率水平（%） 圖7銅箔板塊各公司毛利率水平（%） 行業(yè)研究〃新能源板塊行業(yè)4表目錄表1新能源汽車產(chǎn)業(yè)鏈46家上市公司22年三季報業(yè)績情況 6表2新能源汽車11大板塊固定資產(chǎn)及在建工程情況（百萬元，%） 8表3新能源汽車11大板塊應收賬款及應收賬款周轉(zhuǎn)天數(shù)情況（百萬元，天，%）9表4新能源汽車產(chǎn)業(yè)鏈46家上市公司22Q3業(yè)績環(huán)比情況 表5新能源汽車產(chǎn)業(yè)鏈46家上市公司22Q3業(yè)績同比情況 表722年1-9月我國動力電池產(chǎn)量及同比增速（MWh，%） 表822年1-9月我國動力電池銷量及同比增速（MWh，%） 表922年1-9月我國動力電池裝車量及同比增速（MWh，%） 表1020Q4-22Q3公募基金十大重倉股持倉比例（%） 行業(yè)研究〃新能源板塊行業(yè)5我們根據(jù)新能源汽車上中下游產(chǎn)業(yè)鏈，按照鋰、鈷、設備、正極材料、負極材料、隔膜、電解液、銅箔、鋁箔、結(jié)構(gòu)件、鋰電池11大板塊對主要企業(yè)進行分類匯總。如家新能源汽車產(chǎn)業(yè)鏈上市公司。行業(yè)研究〃新能源板塊行業(yè)6證券簡稱營業(yè)收入（百萬元，%）毛利率（%，百分點）期間費率（%，百分點）凈利潤（百萬元，%）凈利潤率（%，百分點）21三季報22三季報同比21三季報22三季報同比21三季報22三季報同比21三季報22三季報同比21三季報22三季報同比華友鈷業(yè)22796.1048711.97113.6920.1517.84-2.317.376.88-0.492469.664719.0791.0810.839.69-1.154601.505286.3314.8825.6917.29-8.4012.5410.19-2.35451.50146.26-67.609.812.77-7.05格林美12891.8221374.4965.8019.0514.41-4.6512.017.88-4.13751.631052.2840.005.834.92-0.91鈷43493.2279332.7282.4021.1716.96-3-1.814158.856171.1748.399.567.78-1.78贛鋒鋰業(yè)7053.7627611.66291.4535.5555.9220.379.525.19-4.332541.5914987.16489.6836.0354.2818.25天齊鋰業(yè)3872.7224645.95536.4053.2885.5332.2647.943.11-44.83697.1519554.772704.9718.0079.3461.342029.624621.75127.7124.7257.8733.157.55-3.94250.261956.56681.8012.3342.3330.00雅化集團3445.9110116.66193.5836.6448.5511.9112.695.01-7.68681.113623.60432.0219.7735.8216.05鋰16402.0166996.02308.4638.6365.8327.2119.504.56-14.944170.1040122.10862.1425.4259.8934.46贏合科技3218.306612.94105.4822.8019.54-3.2615.1710.31-4.86159.28360.32126.214.955.450.50先導智能5947.8410000.3868.1337.5035.64-1.8519.8515.83-4.021003.761665.2365.9016.8816.65-0.22科恒股份2366.582706.8914.3810.557.81-2.7410.94-0.3923.37-57.71-346.920.99-2.13-3.12星云股份572.48888.2255.1546.0625.23-20.8332.0528.57-3.4881.86-13.53-116.5314.30-1.52-15.82設備12105.2120208.4366.9428.7326.19-2.5417.5213.93-3.591268.281954.3154.0910.489.67-0.81容百科技6251.3219279.94208.4114.4910.05-4.445.863.83-2.03547.56919.5167.938.764.77-3.99德方納米2271.2814415.97534.7122.4622.24-0.229.626.30-3.32246.041839.98647.8410.8312.761.93當升科技5171.4714087.24172.4019.3717.66-1.707.243.89-3.35727.471478.08103.1814.0710.49-3.57長遠鋰科4536.2012695.62179.8718.3115.78-2.546.074.83-1.24486.971113.53128.6610.748.77-1.96振華新材3543.459904.06179.5014.6715.210.545.503.32-2.18260.531006.10286.187.3510.162.81廈鎢新能10312.5022029.71113.629.558.73-0.834.743.73-1.01409.68865.90111.363.973.93-0.04正極32086.2392412.54188.0114.8214.14-0.685.984.28-1.702678.267223.11169.698.357.82-0.53璞泰來6295.1111413.7381.3135.9236.380.4611.11-0.441242.032448.0097.1019.7321.451.72貝特瑞6851.0317568.11156.4327.3417.34-10.0012.098.85-3.241343.4720.5516.277.65-8.62杉杉股份15711.7315840.570.8225.3125.620.3012.8712.990.122959.672313.34-21.8418.8414.60-4.23中科電氣1387.973744.86169.8132.2921.13-11.1613.309.05-4.25250.68422.2868.4518.0611.28-6.7830245.8448567.2760.5828.3024.81-3.5012.4410.75-1.695566.836527.0917.2518.4113.44-4.97諾德股份3235.993290.271.6824.4220.63-3.7913.6611.53-2.13321.58280.45-12.799.948.52-1.41銅箔5223.236571.4625.8126.7322.12-4.6111.609.69-1.91715.96717.860.2713.7110.92-2.78鼎勝新材12864.2116645.4229.3910.7115.664.957.256.95-0.31261.841034.90295.242.046.224.18鋁箔12864.2116645.4229.3910.7115.664.957.256.95-0.31261.841034.90295.242.046.224.18旭升股份2012.003264.6062.2626.9623.06-3.908.115.72-2.39331.29484.4146.2216.4714.84-1.63震裕科技1934.414010.62107.3319.1913.60-5.599.70-1.89117.61134.5514.416.083.35-2.73斯萊克666.051279.8092.1540.1731.70-8.4823.6512.21-11.4469.23181.70162.4710.3914.203.80和勝股份1561.792125.0936.0719.1217.87-1.259.5110.110.60129.30147.1713.828.286.93-1.35科達利2987.155970.0899.8628.5123.63-4.8912.0510.57-1.48378.44600.6358.7112.6710.06-2.61結(jié)構(gòu)件9161.4016650.1781.7425.4520.98-4.4711.509.48-2.021025.871548.4750.9411.209.30-1.90寧德時代73361.55210340.24186.7227.5118.95-8.5612.209.62-2.589144.9819632.16114.6812.479.33-3.13蔚藍鋰芯4747.985145.278.3721.4016.20-5.209.498.27-1.22541.50443.66-18.078.62-2.78國軒高科5724.6214426.20152.0018.3014.12-4.1819.9616.31-3.6580.65189.72135.241.411.32-0.09鵬輝能源3895.806501.7866.8916.4418.882.4410.769.59-1.17164.93453.47174.954.236.972.74億緯鋰能11447.7424283.33112.1223.7015.86-7.8313.219.49-3.712413.682658.0710.1321.0810.95-10.14欣旺達25583.7236583.7943.0016.2213.23-2.9912.7611.12-1.64658.26466.03-29.202.571.27-1.30孚能科技1964.948630.33339.220.5410.8610.3237.3614.42-22.94-420.20-277.95-33.85-21.38-3.2218.16派能科技1294.733568.50175.6233.7232.18-1.5510.499.31-1.18251.41644.92156.5219.4218.07-1.35珠海冠宇7653.718337.728.9426.2218.14-8.0812.7016.343.64813.9584.95-89.5610.631.02-9.62鋰電池135674.78317817.17134.2523.7417.70-6.0412.9610.37-2.5913649.1724295.0378.0010.067.64-2.42合計348565.82745288.38113.8223.6323.37-0.2611.498.45-3.0440294.68103678.05157.3011.5613.912.35行業(yè)研究〃新能源板塊行業(yè)71）營業(yè)收入：22年前三季度新能源汽車板塊收入同比增長113.82%根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊46家企業(yè)22年前三季度合計收入7452.88億元，同比+113.82%。其中鋰、正極、鋰電池板塊收入增速較快，22年前三季度鋰板塊4家公司合計收入669.96億元，同比+308.46%；6家正極公司22年前三季度合計收入924.13億元，同比+188.01%；9家鋰電池企業(yè)22年前三季度合計收入3178.17億元，同比+134.25%。收入增速一般的板塊為鈷、結(jié)構(gòu)件、設備和負極，其中鈷板塊22年前三季度收入793.33億元，同比+82.40%；結(jié)構(gòu)件板塊22年前三季度收入166.50億元，同比+81.74%；設備板塊22年前三季度收入202.08億元，同比+66.94%；負極板塊22年前三季度收入485.67億元，同比+60.58%。29.39%、25.81%。2）毛利率：22年前三季度行業(yè)毛利率23.37%，同比-0.26pct根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊46家企業(yè)22年前三季度毛利率23.37%，同比-0.26pct。就各板塊分開來看，鋰、鋁箔、隔膜以及電解液板塊毛利率均有增長，鈷、設備、正極、負極、銅箔、結(jié)構(gòu)件以及鋰電池板塊毛利率均呈現(xiàn)下滑狀態(tài)；其中銅箔、鋰電池行業(yè)毛利率下滑較多，22年前三季度平均毛利率分別同比-4.61、-6.04個百毛利率增長較大的為鋰、鋁箔、隔膜板塊，22年前三季度鋰板塊平均毛利率65.83%，同比+27.21pct；鋁箔板塊毛利率15.66%，同比+4.95pct；隔膜行業(yè)22年前三季度平均毛利率43.87%，同比+3.46pct。3）凈利率：22年前三季度凈利率13.91%，同比+2.35pct根據(jù)Wind數(shù)據(jù)，上述新能源汽車板塊46家企業(yè)22年前三季度凈利率平均為13.91%，同比+2.35pct；分行業(yè)看鋰、電解液、隔膜以及鋁箔22年前三季度凈利率同比均有上漲；而負極、鈷、結(jié)構(gòu)件、鋰電池、銅箔以及設備行業(yè)凈利率有所下滑。22年前三季度上游鋰板塊凈利率59.89%，同比+34.46pct，4家公司盈利均有大幅改善，其中天齊鋰業(yè)改善幅度最大，22年前三季度凈利率同比+61.34pct。22年前三季度正極板塊凈利率7.82%，同比-0.53pct；負極板塊凈利率13.44%，同比-4.97pct；電解液板塊凈利率14.71%，同比+4.41pct；隔膜板塊凈利率31.83%，同比+4.22pct；鋁箔板塊凈利率6.22%，同比+4.18pct；而鈷、設備、銅箔、結(jié)構(gòu)件和鋰電池板塊凈利率-1.90pct和-2.42pct。4）凈利潤：22年前三季度行業(yè)凈利潤1036.78億元，同比+157.30%22年前三季度上述46家上市企業(yè)合計凈利潤1036.78億元，同比+157.30%。分板塊看，十一大領域22年前三季度凈利潤同比均實現(xiàn)正增長，凈利潤同比增速排序：1）固定資產(chǎn)、在建工程情況行業(yè)研究〃新能源板塊行業(yè)822年前三季度較多行業(yè)固定資產(chǎn)與在建工程有所增加。Q3固定資產(chǎn)環(huán)比減少的為鋁箔板塊；在建工程環(huán)比減少的為銅箔板塊。固定資產(chǎn)固定資產(chǎn)20Q120Q120Q220Q220Q320Q320Q420Q421Q121Q121Q221Q221Q321Q321Q421Q422Q122Q122Q222Q222Q322Q3環(huán)比環(huán)比鈷15867.4316247.5616488.4619358.3019807.2320792.9623863.0724786.9224583.4234054.2536372.756.81%鋰8600.749004.819343.319599.259518.989723.6810022.4910021.1211098.8810774.3111758.239.13%設備1630.711677.771940.101942.621950.422006.962043.092394.342386.933144.953205.571.93%正極2208.402225.682180.172969.303345.513430.505036.986362.206282.596495.417414.9114.16%6717.077294.247513.388773.0312450.0811368.0612088.3212860.9812781.2713561.3515004.1210.64%電解液6823.377325.737071.857656.927511.498644.109114.0510288.4410725.3611847.7412788.227.94%隔膜9238.519176.749437.6312869.1213075.3013469.7214025.4315622.2115577.5716589.7317537.055.71%銅箔3014.293014.642977.873126.583162.403213.323487.293698.513670.524754.545198.079.33%鋁箔4039.734271.794206.414396.264483.054539.194747.985154.915052.985130.045074.49-1.08%結(jié)構(gòu)件3237.633249.693399.293746.443761.273924.554110.715215.415817.666277.417110.0113.26%鋰電池35249.4935264.6236768.7543118.3644728.5749139.9057188.7671297.7686968.7194267.53106880.0913.38%在建工程在建工程20Q120Q220Q220Q320Q320Q420Q421Q121Q121Q221Q321Q321Q421Q422Q122Q122Q222Q222Q3環(huán)比鈷6368.137194.257327.055612.006343.216752.599946.8113716.2217599.5114816.5521302.3943.77%鋰7489.088040.2610392.2410661.6411015.5911185.8911529.5412336.3312314.1213946.1414632.314.92%設備905.71970.18884.90892.19976.811089.131246.181275.061404.50574.39575.410.18%正極861.951489.751747.141829.391861.303508.822782.993790.354772.236476.177878.9321.66%2594.082892.793177.102469.083073.933043.024027.645707.817249.738027.718593.517.05%電解液2666.262626.304100.962839.263215.022630.522772.082852.883252.894150.905899.6942.13%隔膜3444.414194.584184.922343.822417.002953.473134.862300.253280.183889.984763.6322.46%銅箔27.7739.53214.80297.73224.97334.87395.211108.171380.172213.022156.30-2.56%鋁箔1576.391485.261592.081342.101267.631034.09786.58392.34577.46563.881048.6585.97%結(jié)構(gòu)件1018.781278.661155.201297.131571.182108.072472.732684.542823.733427.273809.7911.16%鋰電池8282.4713152.5515732.2812905.8213355.6525159.6533693.4743602.4445910.4461121.3168688.7712.38%注：由于統(tǒng)計期內(nèi)長遠鋰科、振華新材、廈鎢新能、貝特瑞、震?？萍?、孚能科技、派能科技和珠海冠宇未披露部分季報信息，故2）應收賬款及周轉(zhuǎn)情況新能源汽車行業(yè)近兩年應收賬款大幅增加。分行業(yè)看，應收賬款數(shù)額最大的為鋰電池板塊，其次為鈷、電解液板塊；而就應收賬款周轉(zhuǎn)天數(shù)來說，上游正極、鋰板塊應收賬款周轉(zhuǎn)天數(shù)較少；隔膜、設備應收賬款周轉(zhuǎn)天數(shù)相對較多。根據(jù)Wind數(shù)據(jù)，22Q3應收賬款環(huán)比增速排序：結(jié)構(gòu)件（+30.07%）、鋰電池22Q3應收賬款周轉(zhuǎn)天數(shù)環(huán)比增速排序：負極（+10.06%）、鈷（+9.31%）、鋰行業(yè)研究〃新能源板塊行業(yè)9應收賬款應收賬款鈷20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q3環(huán)比4025.543862.334193.104486.495966.886043.137733.9310375.0011973.7414299.0714440.000.99%鋰2768.532746.852693.102704.672911.673685.043925.574231.366439.8010712.1113396.8825.06%設備4419.004643.445814.725130.434998.806261.026936.258315.248800.509863.5411393.4415.51%正極1655.261935.852364.664634.924266.657230.018307.2811648.7216030.6821302.6825597.9120.16%4230.955144.106003.676957.038738.727657.858090.129712.5711237.9913300.6515269.8814.81%電解液6213.056913.387852.257395.707838.449598.5711336.5113238.2813129.2513761.5214048.602.09%隔膜2833.563158.543538.403871.334477.594871.175345.646124.336546.957482.328434.4712.73%銅箔892.461055.401329.451380.661600.671847.651810.431933.512371.172335.942170.79-7.07%鋁箔1837.631735.291672.291543.481915.492090.332254.411932.422329.932411.712062.72-14.47%結(jié)構(gòu)件1456.821762.881655.192483.282506.332855.093358.884389.394627.525090.276621.0830.07%鋰電池23881.3927814.5029726.0134599.2433387.7638503.1042003.1152313.8754265.7971540.9991859.9828.40%47.9739.1435.2833.2138.9136.8138.4537.4843.1943.0447.049.31%83.3769.2671.5862.7965.6250.1753.4434.9533.2634.3037.23設備224.14185.67136.43167.72184.81119.79113.2795.66144.94124.02121.92-1.69%188.31112.7886.43107.47128.21111.90121.4194.21101.97107.55109.401.72%208.11131.40124.44120.18118.0586.7382.5695.62105.99104.82115.3610.06%電解液74.9264.9757.7554.8068.0658.5850.9249.4158.8654.9553.19-3.21%隔膜255.54143.34135.07118.45155.14136.54146.66131.66153.49137.71143.714.35%銅箔152.32126.63113.92102.6895.7987.7483.0384.2994.67112.2979.56-29.14%鋁箔58.9953.7446.4142.8046.3439.3641.1736.0234.4437.3139.265.22%結(jié)構(gòu)件147.75112.25100.2988.39118.73100.5698.5496.12116.47114.85101.84-11.33%鋰電池132.02108.9993.4780.0690.7877.8872.8251.1664.8559.5755.40-6.99%注：由于統(tǒng)計期內(nèi)長遠鋰科、振華新材、廈鎢新能、貝特瑞、震?？萍?、孚能科技、派能科技和珠海冠宇未披露部分季報信息，故2.22Q3新能源汽車板塊季報總結(jié)2.122Q3新能源汽車產(chǎn)業(yè)鏈環(huán)比變化22Q3營業(yè)總收入3031.71億元，環(huán)比二季度增長23.44%；凈利潤424.89億元，環(huán)比增長15.49%；22Q3除鋁箔板塊外，其他板塊收入均環(huán)比增長，其中增幅較大的板塊包鋰電池（+38.7%）、銅箔（+35.13%）、結(jié)構(gòu)件（+31.77%）、鋰凈利潤方面，22Q3有7個板塊凈利潤環(huán)比有所增加，環(huán)比增速較高的包括結(jié)構(gòu)件4個板塊凈利潤環(huán)比減少，環(huán)比減少幅度較大的包括鈷（18.44億元，-18.88%）、電解行業(yè)研究〃新能源板塊行業(yè)10證券簡稱營業(yè)收入（百萬元，%）毛利率（%，百分點）期間費率（%，百分點）凈利潤（百萬元，%）凈利潤率（%，百分點）22Q222Q3同比22Q222Q3同比22Q222Q3同比22Q222Q3同比22Q222Q3同比華友鈷業(yè)17806.3217693.66-0.6319.7715.44-4.336.947.700.761665.981695.911.809.369.580.23寒銳鈷業(yè)1219.671167.33-4.2926.20-0.29-26.498.214.50-3.71131.47-51.48-139.1610.78-4.41-15.19道氏技術1870.081561.73-16.4919.719.71-10.008.1412.894.75108.90-135.63-224.555.82-8.68-14.51格林美6957.317450.357.0914.6912.33-2.358.376.06-2.31366.15334.74-8.585.264.49-0.77鈷27853.3927873.070.0718.7813.63-5.157.437.42-0.012272.491843.54-18.888.166.61-1.54贛鋒鋰業(yè)9078.3413168.0545.0556.9150.86-6.065.783.23-2.553790.237636.91101.4941.7558.0016.25天齊鋰業(yè)9038.4110350.3814.5283.6787.293.624.15-0.01-4.168069.487549.62-6.4489.2872.94-16.34江特電機1355.241911.4741.0466.1547.70-18.457.617.990.38681.16610.37-10.3950.2631.93-18.33雅化集團3344.624112.2222.9550.9243.03-7.895.354.57-0.771257.521307.723.9937.6031.80-5.80鋰22816.6229542.1129.4867.1862.33-4.855.182.59-2.5913798.3817104.6123.9660.4857.90-2.58贏合科技3070.531989.49-35.2120.5519.93-0.628.2812.043.76215.0193.31-56.607.004.69-2.31先導智能2523.154551.2680.3838.2537.32-0.9318.5413.88-4.65466.05852.8182.9918.4718.740.27科恒股份838.211083.5129.269.264.87-4.3912.7810.49-2.29-26.55-47.0077.01-3.17-4.34-1.17星云股份434.05330.32-23.9023.2125.362.1518.7529.5210.7624.63-6.76-127.455.67-2.05-7.72設備6865.947954.5815.8625.8428.052.2113.2613.610.35679.14892.3731.409.8911.221.33容百科技6384.867726.7921.0212.265.86-6.403.782.62-1.16444.00184.31-58.496.952.39-4.57德方納米4182.876859.2463.9822.1916.11-6.096.915.33-1.59504.40559.7110.9612.068.16-3.90鼎勝新材5798.065199.95-10.3216.6318.561.937.176.77-0.41382.95436.5413.996.608.401.795798.065199.95-10.3216.6318.561.937.176.77-0.41382.95436.5413.996.608.401.79震?？萍?257.101496.6119.0512.94-1.1610.3810.420.0448.5129.94-38.273.862.00-1.86斯萊克366.71621.0369.3526.8131.704.899.66-1.7233.96106.57213.829.2617.167.90和勝股份670.10772.8515.3317.1017.190.0910.430.3236.2659.2963.545.417.672.26科達利1822.132581.7641.6925.0722.38-2.6912.029.84-2.18176.54251.4842.459.699.740.05珠海冠宇2732.372600.77-4.8217.5017.840.3416.3915.61-0.7822.3694.400.420.860.44鋰電池100134.03138883.7538.7019.7118.02-1.6910.429.62-0.809277.4112254.0332.089.268.82-0.44合計245609.42303170.7423.4424.9422.50-2.448.467.82-0.6436789.3442489.0715.4914.9814.01-0.96行業(yè)研究〃新能源板塊行業(yè)112.222Q3新能源汽車產(chǎn)業(yè)鏈同比變化22Q3同比來看，上述46家企業(yè)Q3營業(yè)總收入3031.71億元，同比增長凈利潤424.89億元，同比增長149.34%；所有板塊收入同比均有增長，其中增幅較大而22Q3凈利潤同比增長較高的板塊主要為：鋰板塊凈利潤171.05億元，同比增長789.15%；鋁箔板塊凈利潤4.37億元，同比增長293.30%；鋰電池板塊凈利潤122.54億元，同比增長144.05%；正極板塊凈利潤23.35億元，同比增長121.33%；隔膜板塊凈利潤16.08億元，同比增長67.57%。行業(yè)研究〃新能源板塊行業(yè)12證券簡稱營業(yè)收入（百萬元，%）毛利率（%，百分點）期間費率（%，百分點）凈利潤（百萬元，%）凈利潤率（%，百分點）21Q322Q3同比21Q322Q3同比21Q322Q3同比21Q322Q3同比21Q322Q3同比華友鈷業(yè)8502.4917693.66108.1019.4615.44-4.027.847.70-0.14939.111695.9180.599.58-1.46寒銳鈷業(yè)1124.031167.333.8526.44-0.29-26.725.294.50-0.79130.47-51.48-139.46-4.41-16.02道氏技術1829.101561.73-14.6225.859.71-16.1413.3412.89-0.44186.14-135.63-172.8610.18-8.68-18.86格林美4891.517450.3552.3116.8312.33-4.5012.156.06-6.09187.82334.7478.233.844.490.65鈷16347.1427873.0770.5119.8713.63-6.249.577.42-2.151443.531843.5427.718.836.61-2.22贛鋒鋰業(yè)2989.4813168.05340.4836.1250.8614.7312.053.23-8.821078.897636.91607.8536.0958.0021.91天齊鋰業(yè)1521.6810350.38580.1956.5687.2930.7356.08-0.01-56.09450.537549.621575.7129.6172.9443.33江特電機664.821911.47187.5225.9147.7021.7913.887.99-5.8968.51610.37790.9010.3131.9321.63雅化集團1321.474112.22211.1843.0943.03-0.0612.984.57-8.41325.771307.72301.4324.6531.807.15鋰6497.4429542.11354.6741.2862.3321.0522.742.59-20.151923.6917104.61789.1529.6157.9028.29贏合科技1482.341989.4934.2120.7819.93-0.8512.4812.04-0.4458.5693.3159.353.954.690.74先導智能2679.714551.2669.8436.7037.320.6217.9413.88-4.06502.62852.8169.6718.7618.74-0.02科恒股份932.211083.5116.2313.024.87-8.1612.0510.49-1.5614.81-47.00-417.351.59-4.34-5.93星云股份221.79330.3248.9338.5625.36-13.2031.2329.52-1.7218.25-6.76-137.058.23-2.05-10.27設備5316.067954.5849.6328.1928.05-0.1315.9413.61-2.33594.23892.3750.1711.1811.220.04容百科技2659.107726.79190.5814.625.86-8.765.622.62-3.00227.19184.31-18.878.542.39-6.16德方納米996.726859.24588.1823.4216.11-7.328.775.33-3.45112.62559.71397.018.16-3.14鼎勝新材4815.215199.957.9910.3318.567-0.46110.99436.54293.302.318.406.094815.215199.957.9910.3318.567-0.46110.99436.54293.302.318.406.09震?？萍?46.231496.6176.8615.4612.94-2.529.0910.421.3344.6129.94-32.885.272.00-3.27斯萊克277.00621.03124.2041.2531.70-9.5419.429.66-9.7635.53106.57199.9912.8317.164.34和勝股份614.59772.8525.7518.9617.19-1.779.4910.430.9451.6359.2914.838.407.67-0.73科達利1184.872581.76117.8929.4122.38-7.0312.439.84-2.59157.08251.4860.1013.269.74-3.52珠海冠宇2568.022600.771.2825.1417.84-7.3013.5615.612.05238.6722.36-90.639.290.86-8.43鋰電池53623.91138883.75159.0023.2718.02-5.2512.649.62-3.025021.0612254.03144.059.368.82-0.54合計138345.96303170.74119.1423.4122.50-0.9111.197.82-3.3717040.5642489.07149.3412.3214.011.70行業(yè)研究〃新能源板塊行業(yè)1322Q3鋰電池板塊平均毛利率環(huán)比-1.69pct至18.02%。22年Q3各家電池企業(yè)毛利率有升有降，其中派能科技毛利率仍然保持第一，且22Q3環(huán)比上升最大，環(huán)比+5.4pct至35.6%，主要系公司產(chǎn)品價格上調(diào)等因素影響；而孚能科技毛利率下滑較大，環(huán)比-9.68pct至6.7%，回到22Q1水平。22Q3正極板塊平均毛利率環(huán)比-3.46pct至11.61%。22Q3當升科技、德方納米、長遠鋰科毛利率水平高于行業(yè)平均。夏鎢新能（-0.22pct）環(huán)比降幅最?。徽袢A新材（-7.40pct）、容百科技（-6.40pct）、德方納米（-6.09pct）環(huán)比降幅較大。主要是庫存收益減少所致。22Q3負極板塊平均毛利率環(huán)比-1.99pct至22.83%。22Q3璞泰來、杉杉股份毛利率水平高于行業(yè)平均。四大負極公司中，只有杉杉股份（+0.96pct）毛利率有所提升，貝特瑞（-3.90pct）、中科電氣（-2.22pct）、璞泰來（-1.64pct）環(huán)比降幅較大。主要源于原材料價格的上漲。行業(yè)研究〃新能源板塊行業(yè)1422Q3隔膜板塊平均毛利率環(huán)比-2.59pct至42.75%。22Q3恩捷股份毛利率水平高于行業(yè)平均。星源材質(zhì)毛利率環(huán)比-9.0pct至41.07%，恩捷股份毛利率環(huán)比-2.17pct至49.06%，滄州明珠毛利率環(huán)比-3.01pct至15.54%。隔膜板塊整體盈利能力有所減弱，主要是因為干法隔膜投產(chǎn)較多，產(chǎn)品結(jié)構(gòu)變化導致綜合毛利率有所下滑。22Q3電解液板塊平均毛利率環(huán)比-3.57pct至21.89%。22Q3天賜材料、多氟多、新宙邦毛利率水平高于行業(yè)平均，但多氟多（-11.02pct）環(huán)比跌幅較大，主要系碳酸鋰與五氯化磷等原材料的價格持續(xù)上漲，導致材料成本的持續(xù)提升，壓縮了產(chǎn)品利潤空間。行業(yè)研究〃新能源板塊行業(yè)1522Q3結(jié)構(gòu)件板塊平均毛利率環(huán)比+0.17pct至21.15%。22Q3斯萊克、旭升股份、科達利毛利率水平高于行業(yè)平均。斯萊克（+4.89pct）、旭升股份（+2.96pct）環(huán)比漲幅較高。科達利（-2.69pct）、震裕科技（-1.16pct）環(huán)比跌幅較大。22Q3銅箔板塊平均毛利率環(huán)比-7.05pct至16.98%。22年Q3嘉元科技毛利率環(huán)比-6.88pct至18.02%；諾德股份毛利率環(huán)比-7.28pct至15.84%。嘉元科技、諾德股份毛利率水平均有下滑，主要系受行業(yè)消化庫存影響，第三季度銅箔產(chǎn)品加工費有所擾動。行業(yè)研究〃新能源板塊行業(yè)16根據(jù)中國汽車工業(yè)協(xié)會公眾號，22年1-9月國內(nèi)新能源汽車累計產(chǎn)量471.7萬輛，累計同比+117.8%；其中純電動汽車累計產(chǎn)量368.2萬輛，累計同比+101.9%；插電式混合動力汽車累計產(chǎn)量103.3萬輛，累計同比+185.1%；燃料電池汽車累計產(chǎn)量0.24萬輛，累計同比+170.7%。22年1-9月國內(nèi)新能源汽車累計銷量456.7萬輛，累計同比+111.9%；其中純電動汽車累計銷量357.8萬輛，累計同比+97.9%；插電式混合動力汽車累計銷量98.7萬輛，累計同比+168.9%；燃料電池汽車累計銷量0.21萬輛，累計同比+130.7%。合計合計銷量合計合計根據(jù)中國汽車動力電池產(chǎn)業(yè)創(chuàng)新聯(lián)盟公眾號：2022年1-9月，我國動力電池產(chǎn)量累計372.1GWh，累計同比+176.2%。其中三元電池產(chǎn)量累計150.2GWh，占總產(chǎn)量40.4%，累計同比+139.0%；磷酸鐵鋰電池產(chǎn)量累計221.3GWh，占總產(chǎn)量59.5%，累計同比+209.0%。磷酸鐵鋰錳酸鋰鈦酸鋰合計 行業(yè)研究〃新能源板塊行業(yè)172022年1-9月，我國動力電池累計銷量達367.4GWh，累計同比+244.2%。其中三元電池累計銷售163.8Wh，累計同比+232.4%；磷酸鐵鋰電池累計銷售203.0GWh，累計同比+258.0%。磷酸鐵鋰錳酸鋰鈦酸鋰合計2022年1-9月，我國動力電池裝車量累計193.7GWh,累計同比+101.6%。其中三元電池裝車量累計77.2GWh,占總裝車量39.8%，累計同比+63.9%；磷酸鐵鋰電池裝車量累計116.3GWh,占總裝車量60.1%，累計同比+159.8%。磷酸鐵鋰錳酸鋰鈦酸鋰0.061.7-100.0%合計根據(jù)Wind數(shù)據(jù)，我們統(tǒng)計公募基金前十大重倉股持倉變化來看，新能源汽車產(chǎn)業(yè)行業(yè)研究〃新能源板塊行業(yè)18表1020Q4-22Q3公募基金十大重倉股持倉比例（%）代碼公司20Q421Q121Q221Q321Q422Q122Q222Q3持股比例變化（pct）603799.SH華友鈷業(yè)21.7%15.6%29.1%18.7%27.8%21.3%31.5%17.9%