2022年新能源板块行业专题报告：22年前三季度新能源汽车板块营收、净利同比高增

相关研究相关研究证券研究报告市场表现新能源板块海通综指7832.575401.952971.342021/112022/22022/52022/822年前三季度收入同比增长113.82%，净利润同比增长157.30%。我们根据新能源汽车上中下游产业链，按照锂、钴、设备、正极材料、负极材料、隔膜、电解液、铜箔、铝箔、结构件、锂电池11大板块对主要企业进行分类汇总。22年前三季度新能源汽车板块合计收入7452.88亿元，同比+113.82%，锂、正极、锂电池板块收入增速较快；合计净利润1036.78亿元，同比+157.30%，11大板块净利润同比均实现正增长；毛利率23.37%，同比-0.26pct；净利率13.91%，同比+2.35pct。22年前三季度锂、铝箔、隔膜以及电解液板块毛利率均有增长，钴、设备、正极、负极、铜箔、结构件以及锂电池板块毛利率均呈现下滑状态。各板块分开来看，毛利率增长较大的为锂、铝箔、隔膜板块，22年前三季度锂板块平均毛利率65.83%，同比+27.21pct；铝箔板块毛利率15.66%，同比+4.95pct；隔膜行业22年前三季度平均毛利率43.87%，同比+3.46pct。22Q3营业总收入同比增长119.14%；净利润同比增长149.34%。22年三季度新能源汽车板块46家企业营业总收入3031.71亿元，同比增长119.14%；净利润424.89亿元，同比增长149.34%；所有板块收入同比均有增长，其中增幅较大的板块包括锂（+354.67%）、正极（+189.19%）、锂电池（+159.00%）、结构件（+81.12%）。净利润同比增长较高的板块主要为：锂板块净利润171.05亿元，同比增长789.15%；铝箔板块净利润4.37亿元，同比增长293电池板块净利润122.54亿元，同比增长144.05%；正极板块净利润23.35亿元，同比增长121.33%；设备板块净利润8.92亿元，同比增长50.17%。22年1-9月新能源整车累计产量同比增长117.8%，动力电池装车量同比增长110.5%。根据中国汽车工业协会公众号，22年1-9月国内新能源汽车累计产量471.7万辆，累计同比+117.8%。根据中国汽车动力电池产业创新联盟公众号，22年1-9月，我国动力电池产量累计372.1GWh，累计同比+176.2%。其中三元电池产量累计150.2GWh，占总产量40.4%，累计同比+139.0%；磷酸铁锂电池产量累计221.3GWh，占总产量59.5%，累计同比+209.0%。1）战略性标的：我们认为未来新能源汽车替代传统燃油车大势所趋，相较于传统车，新能源汽车单车价值增量最大的板块为动力电池；我们认为未来三元动力电池将配套高端乘用车型，磷酸铁锂电池配套中低端车型，建议关注宁德时代、亿纬锂能、比亚迪。2）格局较好、壁垒高的行业：我们认为在锂电池产业链中负极材料、湿法隔膜行业格局较好，三元高镍正极壁垒较高，磷酸铁锂正极空间较大，建议关注恩捷股份、星源材质、璞泰来、容百科技、中科电气、德方纳米等。.风险提示：新能源汽车行业政策风险；技术路线变化风险；疫情影响下新能源汽车销量不及预期。行业研究〃新能源板块行业21.22年新能源汽车板块前三季度总结 51.1损益表：22年前三季度收入同比增长113.82%,净利润同比增长157.30% 51.2资产负债表：22年前三季度较多领域产能快速扩张 72.22Q3新能源汽车板块季报总结 92.122Q3新能源汽车产业链环比变化 92.222Q3新能源汽车产业链同比变化 2.322Q3各板块毛利率分析 3.22年1-9月新能源汽车产业链总结 3.122年1-9月新能源整车产量同比增长117.8% 3.222年1-9月动力电池装机量累计同比增长110.5% 4.基金前十大重仓股持仓：环比下降 5.投资建议 6.风险提示 行业研究〃新能源板块行业3 图1锂电池板块各公司毛利率水平（%） 图2正极板块各公司毛利率水平（%） 图3负极板块各公司毛利率水平（%） 图4隔膜板块各公司毛利率水平（%） 图5电解液板块各公司毛利率水平（%） 图6结构件板块各公司毛利率水平（%） 图7铜箔板块各公司毛利率水平（%） 行业研究〃新能源板块行业4表目录表1新能源汽车产业链46家上市公司22年三季报业绩情况 6表2新能源汽车11大板块固定资产及在建工程情况（百万元，%） 8表3新能源汽车11大板块应收账款及应收账款周转天数情况（百万元，天，%）9表4新能源汽车产业链46家上市公司22Q3业绩环比情况 表5新能源汽车产业链46家上市公司22Q3业绩同比情况 表722年1-9月我国动力电池产量及同比增速（MWh，%） 表822年1-9月我国动力电池销量及同比增速（MWh，%） 表922年1-9月我国动力电池装车量及同比增速（MWh，%） 表1020Q4-22Q3公募基金十大重仓股持仓比例（%） 行业研究〃新能源板块行业5我们根据新能源汽车上中下游产业链，按照锂、钴、设备、正极材料、负极材料、隔膜、电解液、铜箔、铝箔、结构件、锂电池11大板块对主要企业进行分类汇总。如家新能源汽车产业链上市公司。行业研究〃新能源板块行业6证券简称营业收入（百万元，%）毛利率（%，百分点）期间费率（%，百分点）净利润（百万元，%）净利润率（%，百分点）21三季报22三季报同比21三季报22三季报同比21三季报22三季报同比21三季报22三季报同比21三季报22三季报同比华友钴业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钴43493.2279332.7282.4021.1716.96-3-1.814158.856171.1748.399.567.78-1.78赣锋锂业7053.7627611.66291.4535.5555.9220.379.525.19-4.332541.5914987.16489.6836.0354.2818.25天齐锂业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雅化集团3445.9110116.66193.5836.6448.5511.9112.695.01-7.68681.113623.60432.0219.7735.8216.05锂16402.0166996.02308.4638.6365.8327.2119.504.56-14.944170.1040122.10862.1425.4259.8934.46赢合科技3218.306612.94105.4822.8019.54-3.2615.1710.31-4.86159.28360.32126.214.955.450.50先导智能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设备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德方纳米2271.2814415.97534.7122.4622.24-0.229.626.30-3.32246.041839.98647.8410.8312.761.93当升科技5171.4714087.24172.4019.3717.66-1.707.243.89-3.35727.471478.08103.1814.0710.49-3.57长远锂科4536.2012695.62179.8718.3115.78-2.546.074.83-1.24486.971113.53128.6610.748.77-1.96振华新材3543.459904.06179.5014.6715.210.545.503.32-2.18260.531006.10286.187.3510.162.81厦钨新能10312.5022029.71113.629.558.73-0.834.743.73-1.01409.68865.90111.363.973.93-0.04正极32086.2392412.54188.0114.8214.14-0.685.984.28-1.702678.267223.11169.698.357.82-0.53璞泰来6295.1111413.7381.3135.9236.380.4611.11-0.441242.032448.0097.1019.7321.451.72贝特瑞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中科电气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诺德股份3235.993290.271.6824.4220.63-3.7913.6611.53-2.13321.58280.45-12.799.948.52-1.41铜箔5223.236571.4625.8126.7322.12-4.6111.609.69-1.91715.96717.860.2713.7110.92-2.78鼎胜新材12864.2116645.4229.3910.7115.664.957.256.95-0.31261.841034.90295.242.046.224.18铝箔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斯莱克666.051279.8092.1540.1731.70-8.4823.6512.21-11.4469.23181.70162.4710.3914.203.80和胜股份1561.792125.0936.0719.1217.87-1.259.5110.110.60129.30147.1713.828.286.93-1.35科达利2987.155970.0899.8628.5123.63-4.8912.0510.57-1.48378.44600.6358.7112.6710.06-2.61结构件9161.4016650.1781.7425.4520.98-4.4711.509.48-2.021025.871548.4750.9411.209.30-1.90宁德时代73361.55210340.24186.7227.5118.95-8.5612.209.62-2.589144.9819632.16114.6812.479.33-3.13蔚蓝锂芯4747.985145.278.3721.4016.20-5.209.498.27-1.22541.50443.66-18.078.62-2.78国轩高科5724.6214426.20152.0018.3014.12-4.1819.9616.31-3.6580.65189.72135.241.411.32-0.09鹏辉能源3895.806501.7866.8916.4418.882.4410.769.59-1.17164.93453.47174.954.236.972.74亿纬锂能11447.7424283.33112.1223.7015.86-7.8313.219.49-3.712413.682658.0710.1321.0810.95-10.14欣旺达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锂电池135674.78317817.17134.2523.7417.70-6.0412.9610.37-2.5913649.1724295.0378.0010.067.64-2.42合计348565.82745288.38113.8223.6323.37-0.2611.498.45-3.0440294.68103678.05157.3011.5613.912.35行业研究〃新能源板块行业71）营业收入：22年前三季度新能源汽车板块收入同比增长113.82%根据Wind数据，上述新能源汽车板块46家企业22年前三季度合计收入7452.88亿元，同比+113.82%。其中锂、正极、锂电池板块收入增速较快，22年前三季度锂板块4家公司合计收入669.96亿元，同比+308.46%；6家正极公司22年前三季度合计收入924.13亿元，同比+188.01%；9家锂电池企业22年前三季度合计收入3178.17亿元，同比+134.25%。收入增速一般的板块为钴、结构件、设备和负极，其中钴板块22年前三季度收入793.33亿元，同比+82.40%；结构件板块22年前三季度收入166.50亿元，同比+81.74%；设备板块22年前三季度收入202.08亿元，同比+66.94%；负极板块22年前三季度收入485.67亿元，同比+60.58%。29.39%、25.81%。2）毛利率：22年前三季度行业毛利率23.37%，同比-0.26pct根据Wind数据，上述新能源汽车板块46家企业22年前三季度毛利率23.37%，同比-0.26pct。就各板块分开来看，锂、铝箔、隔膜以及电解液板块毛利率均有增长，钴、设备、正极、负极、铜箔、结构件以及锂电池板块毛利率均呈现下滑状态；其中铜箔、锂电池行业毛利率下滑较多，22年前三季度平均毛利率分别同比-4.61、-6.04个百毛利率增长较大的为锂、铝箔、隔膜板块，22年前三季度锂板块平均毛利率65.83%，同比+27.21pct；铝箔板块毛利率15.66%，同比+4.95pct；隔膜行业22年前三季度平均毛利率43.87%，同比+3.46pct。3）净利率：22年前三季度净利率13.91%，同比+2.35pct根据Wind数据，上述新能源汽车板块46家企业22年前三季度净利率平均为13.91%，同比+2.35pct；分行业看锂、电解液、隔膜以及铝箔22年前三季度净利率同比均有上涨；而负极、钴、结构件、锂电池、铜箔以及设备行业净利率有所下滑。22年前三季度上游锂板块净利率59.89%，同比+34.46pct，4家公司盈利均有大幅改善，其中天齐锂业改善幅度最大，22年前三季度净利率同比+61.34pct。22年前三季度正极板块净利率7.82%，同比-0.53pct；负极板块净利率13.44%，同比-4.97pct；电解液板块净利率14.71%，同比+4.41pct；隔膜板块净利率31.83%，同比+4.22pct；铝箔板块净利率6.22%，同比+4.18pct；而钴、设备、铜箔、结构件和锂电池板块净利率-1.90pct和-2.42pct。4）净利润：22年前三季度行业净利润1036.78亿元，同比+157.30%22年前三季度上述46家上市企业合计净利润1036.78亿元，同比+157.30%。分板块看，十一大领域22年前三季度净利润同比均实现正增长，净利润同比增速排序：1）固定资产、在建工程情况行业研究〃新能源板块行业822年前三季度较多行业固定资产与在建工程有所增加。Q3固定资产环比减少的为铝箔板块；在建工程环比减少的为铜箔板块。固定资产固定资产20Q120Q120Q220Q220Q320Q320Q420Q421Q121Q121Q221Q221Q321Q321Q421Q422Q122Q122Q222Q222Q322Q3环比环比钴15867.4316247.5616488.4619358.3019807.2320792.9623863.0724786.9224583.4234054.2536372.756.81%锂8600.749004.819343.319599.259518.989723.6810022.4910021.1211098.8810774.3111758.239.13%设备1630.711677.771940.101942.621950.422006.962043.092394.342386.933144.953205.571.93%正极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%电解液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%铜箔3014.293014.642977.873126.583162.403213.323487.293698.513670.524754.545198.079.33%铝箔4039.734271.794206.414396.264483.054539.194747.985154.915052.985130.045074.49-1.08%结构件3237.633249.693399.293746.443761.273924.554110.715215.415817.666277.417110.0113.26%锂电池35249.4935264.6236768.7543118.3644728.5749139.9057188.7671297.7686968.7194267.53106880.0913.38%在建工程在建工程20Q120Q220Q220Q320Q320Q420Q421Q121Q121Q221Q321Q321Q421Q422Q122Q122Q222Q222Q3环比钴6368.137194.257327.055612.006343.216752.599946.8113716.2217599.5114816.5521302.3943.77%锂7489.088040.2610392.2410661.6411015.5911185.8911529.5412336.3312314.1213946.1414632.314.92%设备905.71970.18884.90892.19976.811089.131246.181275.061404.50574.39575.410.18%正极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%电解液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%铜箔27.7739.53214.80297.73224.97334.87395.211108.171380.172213.022156.30-2.56%铝箔1576.391485.261592.081342.101267.631034.09786.58392.34577.46563.881048.6585.97%结构件1018.781278.661155.201297.131571.182108.072472.732684.542823.733427.273809.7911.16%锂电池8282.4713152.5515732.2812905.8213355.6525159.6533693.4743602.4445910.4461121.3168688.7712.38%注：由于统计期内长远锂科、振华新材、厦钨新能、贝特瑞、震裕科技、孚能科技、派能科技和珠海冠宇未披露部分季报信息，故2）应收账款及周转情况新能源汽车行业近两年应收账款大幅增加。分行业看，应收账款数额最大的为锂电池板块，其次为钴、电解液板块；而就应收账款周转天数来说，上游正极、锂板块应收账款周转天数较少；隔膜、设备应收账款周转天数相对较多。根据Wind数据，22Q3应收账款环比增速排序：结构件（+30.07%）、锂电池22Q3应收账款周转天数环比增速排序：负极（+10.06%）、钴（+9.31%）、锂行业研究〃新能源板块行业9应收账款应收账款钴20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q3环比4025.543862.334193.104486.495966.886043.137733.9310375.0011973.7414299.0714440.000.99%锂2768.532746.852693.102704.672911.673685.043925.574231.366439.8010712.1113396.8825.06%设备4419.004643.445814.725130.434998.806261.026936.258315.248800.509863.5411393.4415.51%正极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%电解液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%铜箔892.461055.401329.451380.661600.671847.651810.431933.512371.172335.942170.79-7.07%铝箔1837.631735.291672.291543.481915.492090.332254.411932.422329.932411.712062.72-14.47%结构件1456.821762.881655.192483.282506.332855.093358.884389.394627.525090.276621.0830.07%锂电池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设备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%电解液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%铜箔152.32126.63113.92102.6895.7987.7483.0384.2994.67112.2979.56-29.14%铝箔58.9953.7446.4142.8046.3439.3641.1736.0234.4437.3139.265.22%结构件147.75112.25100.2988.39118.73100.5698.5496.12116.47114.85101.84-11.33%锂电池132.02108.9993.4780.0690.7877.8872.8251.1664.8559.5755.40-6.99%注：由于统计期内长远锂科、振华新材、厦钨新能、贝特瑞、震裕科技、孚能科技、派能科技和珠海冠宇未披露部分季报信息，故2.22Q3新能源汽车板块季报总结2.122Q3新能源汽车产业链环比变化22Q3营业总收入3031.71亿元，环比二季度增长23.44%；净利润424.89亿元，环比增长15.49%；22Q3除铝箔板块外，其他板块收入均环比增长，其中增幅较大的板块包锂电池（+38.7%）、铜箔（+35.13%）、结构件（+31.77%）、锂净利润方面，22Q3有7个板块净利润环比有所增加，环比增速较高的包括结构件4个板块净利润环比减少，环比减少幅度较大的包括钴（18.44亿元，-18.88%）、电解行业研究〃新能源板块行业10证券简称营业收入（百万元，%）毛利率（%，百分点）期间费率（%，百分点）净利润（百万元，%）净利润率（%，百分点）22Q222Q3同比22Q222Q3同比22Q222Q3同比22Q222Q3同比22Q222Q3同比华友钴业17806.3217693.66-0.6319.7715.44-4.336.947.700.761665.981695.911.809.369.580.23寒锐钴业1219.671167.33-4.2926.20-0.29-26.498.214.50-3.71131.47-51.48-139.1610.78-4.41-15.19道氏技术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钴27853.3927873.070.0718.7813.63-5.157.437.42-0.012272.491843.54-18.888.166.61-1.54赣锋锂业9078.3413168.0545.0556.9150.86-6.065.783.23-2.553790.237636.91101.4941.7558.0016.25天齐锂业9038.4110350.3814.5283.6787.293.624.15-0.01-4.168069.487549.62-6.4489.2872.94-16.34江特电机1355.241911.4741.0466.1547.70-18.457.617.990.38681.16610.37-10.3950.2631.93-18.33雅化集团3344.624112.2222.9550.9243.03-7.895.354.57-0.771257.521307.723.9937.6031.80-5.80锂22816.6229542.1129.4867.1862.33-4.855.182.59-2.5913798.3817104.6123.9660.4857.90-2.58赢合科技3070.531989.49-35.2120.5519.93-0.628.2812.043.76215.0193.31-56.607.004.69-2.31先导智能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设备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德方纳米4182.876859.2463.9822.1916.11-6.096.915.33-1.59504.40559.7110.9612.068.16-3.90鼎胜新材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震裕科技1257.101496.6119.0512.94-1.1610.3810.420.0448.5129.94-38.273.862.00-1.86斯莱克366.71621.0369.3526.8131.704.899.66-1.7233.96106.57213.829.2617.167.90和胜股份670.10772.8515.3317.1017.190.0910.430.3236.2659.2963.545.417.672.26科达利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锂电池100134.03138883.7538.7019.7118.02-1.6910.429.62-0.809277.4112254.0332.089.268.82-0.44合计245609.42303170.7423.4424.9422.50-2.448.467.82-0.6436789.3442489.0715.4914.9814.01-0.96行业研究〃新能源板块行业112.222Q3新能源汽车产业链同比变化22Q3同比来看，上述46家企业Q3营业总收入3031.71亿元，同比增长净利润424.89亿元，同比增长149.34%；所有板块收入同比均有增长，其中增幅较大而22Q3净利润同比增长较高的板块主要为：锂板块净利润171.05亿元，同比增长789.15%；铝箔板块净利润4.37亿元，同比增长293.30%；锂电池板块净利润122.54亿元，同比增长144.05%；正极板块净利润23.35亿元，同比增长121.33%；隔膜板块净利润16.08亿元，同比增长67.57%。行业研究〃新能源板块行业12证券简称营业收入（百万元，%）毛利率（%，百分点）期间费率（%，百分点）净利润（百万元，%）净利润率（%，百分点）21Q322Q3同比21Q322Q3同比21Q322Q3同比21Q322Q3同比21Q322Q3同比华友钴业8502.4917693.66108.1019.4615.44-4.027.847.70-0.14939.111695.9180.599.58-1.46寒锐钴业1124.031167.333.8526.44-0.29-26.725.294.50-0.79130.47-51.48-139.46-4.41-16.02道氏技术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钴16347.1427873.0770.5119.8713.63-6.249.577.42-2.151443.531843.5427.718.836.61-2.22赣锋锂业2989.4813168.05340.4836.1250.8614.7312.053.23-8.821078.897636.91607.8536.0958.0021.91天齐锂业1521.6810350.38580.1956.5687.2930.7356.08-0.01-56.09450.537549.621575.7129.6172.9443.33江特电机664.821911.47187.5225.9147.7021.7913.887.99-5.8968.51610.37790.9010.3131.9321.63雅化集团1321.474112.22211.1843.0943.03-0.0612.984.57-8.41325.771307.72301.4324.6531.807.15锂6497.4429542.11354.6741.2862.3321.0522.742.59-20.151923.6917104.61789.1529.6157.9028.29赢合科技1482.341989.4934.2120.7819.93-0.8512.4812.04-0.4458.5693.3159.353.954.690.74先导智能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设备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德方纳米996.726859.24588.1823.4216.11-7.328.775.33-3.45112.62559.71397.018.16-3.14鼎胜新材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震裕科技846.231496.6176.8615.4612.94-2.529.0910.421.3344.6129.94-32.885.272.00-3.27斯莱克277.00621.03124.2041.2531.70-9.5419.429.66-9.7635.53106.57199.9912.8317.164.34和胜股份614.59772.8525.7518.9617.19-1.779.4910.430.9451.6359.2914.838.407.67-0.73科达利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锂电池53623.91138883.75159.0023.2718.02-5.2512.649.62-3.025021.0612254.03144.059.368.82-0.54合计138345.96303170.74119.1423.4122.50-0.9111.197.82-3.3717040.5642489.07149.3412.3214.011.70行业研究〃新能源板块行业1322Q3锂电池板块平均毛利率环比-1.69pct至18.02%。22年Q3各家电池企业毛利率有升有降，其中派能科技毛利率仍然保持第一，且22Q3环比上升最大，环比+5.4pct至35.6%，主要系公司产品价格上调等因素影响；而孚能科技毛利率下滑较大，环比-9.68pct至6.7%，回到22Q1水平。22Q3正极板块平均毛利率环比-3.46pct至11.61%。22Q3当升科技、德方纳米、长远锂科毛利率水平高于行业平均。夏钨新能（-0.22pct）环比降幅最小；振华新材（-7.40pct）、容百科技（-6.40pct）、德方纳米（-6.09pct）环比降幅较大。主要是库存收益减少所致。22Q3负极板块平均毛利率环比-1.99pct至22.83%。22Q3璞泰来、杉杉股份毛利率水平高于行业平均。四大负极公司中，只有杉杉股份（+0.96pct）毛利率有所提升，贝特瑞（-3.90pct）、中科电气（-2.22pct）、璞泰来（-1.64pct）环比降幅较大。主要源于原材料价格的上涨。行业研究〃新能源板块行业1422Q3隔膜板块平均毛利率环比-2.59pct至42.75%。22Q3恩捷股份毛利率水平高于行业平均。星源材质毛利率环比-9.0pct至41.07%，恩捷股份毛利率环比-2.17pct至49.06%，沧州明珠毛利率环比-3.01pct至15.54%。隔膜板块整体盈利能力有所减弱，主要是因为干法隔膜投产较多，产品结构变化导致综合毛利率有所下滑。22Q3电解液板块平均毛利率环比-3.57pct至21.89%。22Q3天赐材料、多氟多、新宙邦毛利率水平高于行业平均，但多氟多（-11.02pct）环比跌幅较大，主要系碳酸锂与五氯化磷等原材料的价格持续上涨，导致材料成本的持续提升，压缩了产品利润空间。行业研究〃新能源板块行业1522Q3结构件板块平均毛利率环比+0.17pct至21.15%。22Q3斯莱克、旭升股份、科达利毛利率水平高于行业平均。斯莱克（+4.89pct）、旭升股份（+2.96pct）环比涨幅较高。科达利（-2.69pct）、震裕科技（-1.16pct）环比跌幅较大。22Q3铜箔板块平均毛利率环比-7.05pct至16.98%。22年Q3嘉元科技毛利率环比-6.88pct至18.02%；诺德股份毛利率环比-7.28pct至15.84%。嘉元科技、诺德股份毛利率水平均有下滑，主要系受行业消化库存影响，第三季度铜箔产品加工费有所扰动。行业研究〃新能源板块行业16根据中国汽车工业协会公众号，22年1-9月国内新能源汽车累计产量471.7万辆，累计同比+117.8%；其中纯电动汽车累计产量368.2万辆，累计同比+101.9%；插电式混合动力汽车累计产量103.3万辆，累计同比+185.1%；燃料电池汽车累计产量0.24万辆，累计同比+170.7%。22年1-9月国内新能源汽车累计销量456.7万辆，累计同比+111.9%；其中纯电动汽车累计销量357.8万辆，累计同比+97.9%；插电式混合动力汽车累计销量98.7万辆，累计同比+168.9%；燃料电池汽车累计销量0.21万辆，累计同比+130.7%。合计合计销量合计合计根据中国汽车动力电池产业创新联盟公众号：2022年1-9月，我国动力电池产量累计372.1GWh，累计同比+176.2%。其中三元电池产量累计150.2GWh，占总产量40.4%，累计同比+139.0%；磷酸铁锂电池产量累计221.3GWh，占总产量59.5%，累计同比+209.0%。磷酸铁锂锰酸锂钛酸锂合计 行业研究〃新能源板块行业172022年1-9月，我国动力电池累计销量达367.4GWh，累计同比+244.2%。其中三元电池累计销售163.8Wh，累计同比+232.4%；磷酸铁锂电池累计销售203.0GWh，累计同比+258.0%。磷酸铁锂锰酸锂钛酸锂合计2022年1-9月，我国动力电池装车量累计193.7GWh,累计同比+101.6%。其中三元电池装车量累计77.2GWh,占总装车量39.8%，累计同比+63.9%；磷酸铁锂电池装车量累计116.3GWh,占总装车量60.1%，累计同比+159.8%。磷酸铁锂锰酸锂钛酸锂0.061.7-100.0%合计根据Wind数据，我们统计公募基金前十大重仓股持仓变化来看，新能源汽车产业行业研究〃新能源板块行业18表1020Q4-22Q3公募基金十大重仓股持仓比例（%）代码公司20Q421Q121Q221Q321Q422Q122Q222Q3持股比例变化（pct）603799.SH华友钴业21.7%15.6%29.1%18.7%27.8%21.3%31.5%17.9%