中金：24Q3全球动力电池需求仍疲软厂商盈利分化延续

智通财经12-02

智通财经APP获悉，中金发布研报称，3Q24日韩电池厂商收入同比持续承压，主因欧洲动力需求低迷以及原材料价格下降，当前日韩动力电池厂商盈利能力仍处于较低水平，剔除美国IRA补贴后、3Q24营业利润率普遍不足5%，与中国头部电池厂商宁德时代盈利差距拉大。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。行业趋势：...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2488626099?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-12-02 17:04","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2488626099","market":"us","top_or_hot":-1,"title":"中金：24Q3全球动力电池需求仍疲软 厂商盈利分化延续","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，3Q24日韩电池厂商收入同比持续承压，主因欧洲动力需求低迷以及原材料价格下降，当前日韩动力电池厂商盈利能力仍处于较低水平，剔除美国IRA补贴后、3Q24营业利润率普遍不足5%，与中国头部电池厂商宁德时代盈利差距拉大。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。行业趋势：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1218995.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：24Q3全球动力电池需求仍疲软 厂商盈利分化延续</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：24Q3全球动力电池需求仍疲软 厂商盈利分化延续\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-02 17:04 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1218995.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，3Q24日韩电池厂商收入同比持续承压，主因欧洲动力需求低迷以及原材料价格下降，当前日韩动力电池厂商盈利能力仍处于较低水平，剔除美国IRA补贴后、3Q24营业利润率普遍不足5%，与中国头部电池厂商宁德时代盈利差距拉大。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。行业趋势：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1218995.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1655091616.SGD","symbol_name":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1218995.html","article_id":"2488626099","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2488626099","pubTimestamp":1733130268,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中金发布研报称，3Q24日韩电池厂商收入同比持续承压，主因欧洲动力需求低迷以及原材料价格下降，当前日韩动力电池厂商盈利能力仍处于较低水平，剔除美国IRA补贴后、3Q24营业利润率普遍不足5%，与中国头部电池厂商宁德时代盈利差距拉大。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300014":"亿纬锂能","300750":"宁德时代","688005":"容百科技","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK0224":"电气机械","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","BK0102":"重组","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0228659784.USD":"施罗德金砖四国基金","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","002812":"恩捷股份","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK0220":"橡胶塑料","BK0188":"融资融券","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0823426308.USD":"法巴中国股票基金","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","001301":"尚太科技","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC"},"translate_title":"CICC: Global power battery demand remains weak in 24Q3, manufacturers' profit differentiation continues","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300014":1,"300750":1,"688005":1,"002812":1,"001301":1,"EVS.SI":0.6},"content_text":"智通财经APP获悉，中金发布研报称，3Q24日韩电池厂商收入同比持续承压，主因欧洲动力需求低迷以及原材料价格下降，当前日韩动力电池厂商盈利能力仍处于较低水平，剔除美国IRA补贴后、3Q24营业利润率普遍不足5%，与中国头部电池厂商宁德时代盈利差距拉大。展望2025年，日韩电池厂商普遍认为伴随欧洲碳排放趋严以及新车型不断推出，海外新能源车需求有望回暖，带动公司产能利用率回升以及盈利修复。行业趋势：根据SNE数据，3Q24全球装机量234.4GWh、同比+29.1%/环比+13.9%，其中中国装机量146.0GWh、同比+46.0%/环比+25.6%，海外装机量88.4GWh、同比+8.3%/环比-1.2%。3Q24中国、美国、欧洲新能源车销量同比分别+36.6%、+0.7%、-11.8%。资本支出与产能规划：日韩厂商资本开支偏谨慎，主要系综合考虑全球市场需求短期增速放缓以及中长期业务增长需要。中金认为，日韩资本开支放缓或将带来欧美对中国锂电产业链出口限制的适当松绑，特别是对储能电池出口预期的改善，在2026年储能关税加征时点到来时、美国本土或仍难以找到供应链替代，短中期或仍对中国锂电产业链依赖程度较高。竞争格局：3Q24宁德时代全球装机份额环比-2.8ppt至34.9%，环比波动主要受海外装机疲软影响；BYD、LGES全球装机份额环比分别+0.6ppt、-1.4ppt至17.5%、10.9%，排名维持全球第二、三位。整体看，中国电池厂商在全球供应主体地位基本保持稳定。竞争优势：日韩在加码LFP、CTP等中国锂电产业优势技术的布局，计划从2026年开始逐步量产，日韩厂商LFP量产稳定性仍有待观察，同时中国锂电企业在代际上仍然领先，尤其超快充、循环寿命、电池容量上优势明显。而在前沿的4680、固态电池等技术上，日韩和中国电池厂进展相当。相关标的：宁德时代(300750.SZ)、亿纬锂能(300014.SZ)、尚太科技(001301.SZ)、容百科技(688005.SH)、恩捷股份(002812.SZ)。风险因素：全球新能源车销量不及预期，新技术产业化进程不达预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488626099"}

中金：24Q3全球动力电池需求仍疲软 厂商盈利分化延续

精彩评论

中金：24Q3全球动力电池需求仍疲软厂商盈利分化延续