202105 20年新能源汽车板块归母净利两年高增

研究/机械工业/新能源板块业专题报告证券研究报告阅读正文之后的信息披露和法律声明投投资评级优于大市维持市场表现新能新能源板块海通综指2%79.97%36.26%-7.45%2020/52020/82020/112021/2相关研究4.093.153.14弛htseccomS850516060003htseccomS850517080006乔htseccomS850513090008tseccomS85051707000620年新能源汽车板块归母净利同比高增20年收入同比增17.96%，归母净利润同比增长171.36%。我们根据新能源汽车上中下游产业链，将锂、钴、设备、正极、负极、隔膜、电解液、结构件、锂电池以及新能源汽车整车9大板块主要的33家上市公司进行分类汇总；20年合计收入3689.30亿元，同比增长17.96%；毛利率17.58%，同比下滑0.10个百分点；20年净利率5.07%，同比增长2.87个百分点；20年行业归母净利润187.13亿元，同比增长171.36%。20年钴、设备及隔膜行业收入增速较好；电解液、隔膜等归母净利润增速较高。分行业看，钴、设备及隔膜行业收入增速较快，20年钴行业五大公司合计收入1522.03亿元，同比增长42.71%；四大设备公司20年合计收入104.64亿元，同比增长22.26%；隔膜三大企业合计收入80.12亿元，同比增长18.60%。收入增速较慢的板块为正极，电解液、锂矿收入下滑，其中正极板块20年收入303.63亿元，同比增长7.06%；锂板块20年收入138.58亿元，同比下滑13.25%；电解液企业收入413.89亿元，同比下滑14.17%，但剔除江苏国泰后电解液收入仍维持正增长。另外除设备及锂板块，其他领域20年归母净利润同比基本实现正增年归母净利润5.11亿元，同比增长15.22%；隔膜板块归母净利润15.38亿元，同比增长33.47%；电解液板块归母净利润20.77亿元，同比增长138.69%。21年Q1收入同比增77.32%，归母净利润同比增长285.90%。21年Q1新能源1199.62亿元，同比增长77.32%；毛利率19.71%，同比增长7.32个百分点；净利率6.98%，同比增长3.77个百分点；21Q亿元，同比增长285.90%。21年Q1锂电池收入、归母净利润同比高增。分行业看，21年Q1收入增速较快的板块包括隔膜行业、结构件行业、正极、负极以及锂电池行业，21年Q1隔膜行业收入24.55亿元，同比增长148.39%；正极行业收入115.61亿元，同比增长123.44%；结构件行业收入13.05亿元，同比增长123.30%；负极行业收入另外21年Q1锂电池归母净利润29.92亿元，同比增长213.10%；钴板块归母20年新能源汽车产量同比增长10.2%，动力电池装机量增长1.36%。根据高工锂电数据，20年国内新能源汽车产销分别完成136.6万辆和136.7万辆，同比2019年相比分别增长10.2％和13.4％。根据高工锂电数据，20年国内动力电池装机量62851Mwh，同比增长1.36%；其中1-6月份受疫情影响，动力电池装机量同比呈下滑状态，7月份开始动力电池装机恢复正增长。投资建议：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，磷酸铁锂电池配套低端车型，三元动力电池建议关注欣旺达、宁德时代、亿纬锂能；2)格局较好的行业：我们认为在锂电池产业链中湿法隔膜、负极材料行业格局较好，建议关注恩捷股份、星源材质、璞泰来、当升科技。风险提示：新能源汽车行业政策风险，技术路线变化风险。2行业研究〃新能源板块行业2阅读正文之后的信息披露和法律声明1.20年新能源汽车板块年报总结 41.1损益表：20年收入增长17.96%，归母净利润增长171.36% 41.2资产负债表：20年Q4较多领域在建工程环比下滑 72.21年Q1新能源汽车板块季报总结 83.20年新能源汽车产业链总结 103.120年新能源整车产量同比增长10.2% 103.220年动力电池装机量同比增长1.36% 103.3动力电池产量同比下滑2.3% 114.基金前十大重仓股持仓：环比有所下降 11 3行业研究〃新能源板块行业3目录表1新能源汽车产业链33家上市公司20年业绩情况 4表2新能源汽车产业链33家上市公司20年4季度环比业绩情况 6表3新能源汽车产业链33家上市公司20年4季度同比业绩情况 7表4新能源汽车9大板块固定资产及在建工程情况(百万元) 8表5新能源汽车9大板块应收账款及应收账款周转天数情况 8表6新能源汽车产业链33家上市公司21年1季度同比业绩情况 9表717-20年新能源汽车产销量(万辆) 10表816-20年动力电池装机量及同比增速 11表919年Q4-21年Q1公募基金十大重仓股持仓比例(%) 124行业研究〃新能源板块行业4阅读正文之后的信息披露和法律声明年报总结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、结构件、锂电池9大板块对主要企业进行分类汇总。如下表所示：其中家，结构件2家，锂电池企业6家，合计共33家新能源汽车产业链上市公司。证券简称营业收入(百万元，%)%)期间费率(%)归母净利润(百万元，%)净利润率(%)19年20年同比19年20年同比19年20年同比19年20年同比19年20年同比华友钴业18852.8321186.8412.3811.1615.664.497.037.600.57119.531164.84874.480.635.504.86寒锐钴业1779.042253.7826.6911.7523.8712.1210.049.61-0.4313.87334.502312.450.7814.8414.06道氏技术2986.423314.7210.9925.9223.04-2.8818.3317.22-1.1124.0060.52152.140.801.831.02格林美14354.0112466.28-13.1518.0916.66-1.4311.9912.900.91735.27412.50-43.905.123.31-1.81洛阳钼业68676.57112981.0264.514.477.473.004.142.57-1.571857.012328.7925.402.702.06-0.64钴106648.86152202.6442.718.219.951.746.204.54-1.672749.694301.1556.422.582.830.25赣锋锂业5341.725523.993.4123.5021.38-2.139.099.560.48358.071024.66186.166.7018.5511.85天齐锂业江特电机4840.623239.45-33.0856.5641.49-15.0752.5354.942.41-5983.36-1833.77-69.35-123.6-56.6167.002594.521843.98-28.93-4.6914.2518.9427.9217.30-10.6-2024.4514.33-100.71-78.030.7878.80雅化集团3196.743250.161.6727.3930.873.4820.2416.98-3.2671.68323.84351.792.249.967.72锂15973.6013857.58-13.2529.7227.36-2.3627.5422.94-4.60-7578.06-470.94-93.79-47.44-3.4044.04赢合科技1669.762384.7142.8235.4230.92-4.5020.6317.39-3.24164.69190.6915.799.868.00-1.87先导智能4683.985858.3025.0739.3334.32-5.0120.6218.39-2.23765.57767.510.2516.3413.10-3.24科恒股份1839.911646.47-10.5116.852.81-14.0315.5418.382.8430.43-744.96-2547.851.65-45.25-46.90星云股份365.58574.8657.2443.6645.772.1140.8732.83-8.043.5557.001506.250.979.918.94设备8559.2410464.3422.2633.9229.22-4.7020.4018.95-1.44964.24270.24-71.9711.272.58-8.68当升科技2284.183183.3239.3619.6919.21-0.477.919.891.97-209.05384.90-284.12-9.1512.0921.24杉杉股份8679.918215.90-5.3521.2018.42-2.7919.2018.00-1.19269.81138.00-48.853.111.68-1.43厦门钨业17395.5218963.759.0216.1718.332.1513.2912.17-1.12260.68614.11135.581.503.241.74正极28359.6030362.967.0618.0018.440.4514.6713.51-1.16321.451137.01253.721.133.742.61璞泰来4798.535280.6710.0529.4931.582.1013.5714.260.70651.07667.642.5413.5712.64-0.93中科电气929.09973.634.7939.7437.08-2.6720.1119.52-0.59151.20163.808.3416.2716.820.55负极5727.626254.309.2031.1532.441.2914.6315.080.45802.27831.443.6414.0113.29-0.71天赐材料2754.594119.0549.5325.6434.979.3319.3013.35-5.9516.32532.873165.210.5912.9412.34多氟多3850.754208.789.3019.5113.39-6.1220.4315.06-5.36-416.2848.62-111.681.1611.97江苏国泰39289.9330100.60-23.3911.8615.363.507.6510.342.69945.06977.673.452.413.250.84新宙邦2324.832961.0427.3735.6336.000.3719.3115.36-3.95325.05517.7759.2913.9817.493.50电解液48220.1041389.46-14.1714.4018.594.199.9011.481.58870.142076.94138.691.805.023.21星源材质599.74966.6361.1741.8234.64-7.1832.5924.16-8.43136.15121.16-11.0122.7012.53-10.17恩捷股份3159.564283.0135.5645.2442.63-2.6014.0513.53-0.53849.841115.6031.2726.9026.05-0.85沧州明珠2996.262762.48-7.8016.0819.523.4410.277.99-2.28166.10300.9581.195.5410.895.35隔膜6755.568012.1218.6032.0033.701.7014.0212.90-1.121152.091537.7133.4717.0519.192.14旭升股份1097.201627.5048.3334.0132.87-1.1412.579.84-2.73206.59332.8261.1018.8320.451.62科达利2229.911985.07-10.9828.1328.160.0314.2713.81-0.46237.31178.64-24.7210.649.00-1.64结构件3327.113612.578.5830.0730.280.2113.7112.02-1.69443.90511.4615.2213.3414.160.82宁德时代45788.0250319.499.9029.0627.76-1.3013.5413.600.064560.315583.3422.439.9611.101.14澳洋顺昌3480.634233.5921.6312.6616.143.4811.0410.46-0.58117.61277.95136.333.386.573.19国轩高科4958.906724.2335.6032.5425.23-7.3129.4421.93-7.5251.25149.67192.021.032.231.19鹏辉能源3308.453642.2310.0923.7517.49-6.2512.2911.36-0.93168.2653.20-68.385.091.46-3.63亿纬锂能6411.648161.8127.3029.7229.01-0.7114.3215.190.871522.011652.038.5423.7420.24-3.50欣旺达25240.6629692.3117.6415.3514.86-0.4911.9612.450.49750.97801.966.792.982.70-0.27锂电池89188.30102773.6515.2324.5823.13-1.4613.8913.73-0.167170.418518.1618.808.048.290.25合计312759.98368929.6217.9617.6917.58-0.1011.6110.15-1.476896.1218713.17171.362.205.072.871)营业收入：20年新能源汽车板块收入同比增长17.96%根据Wind数据，上述新能源汽车板块33家企业20年合计收入3689.30亿元，同17.96%。5行业研究〃新能源板块行业5阅读正文之后的信息披露和法律声明其中钴、设备及隔膜行业收入增速较快，20年钴行业五大公司合计收入1522.03隔膜三大企业合计收入80.12亿元，同比增长18.60%。收入增速较慢的板块为正极企业，电解液、锂矿板块收入同比下滑，其中正极板块20年收入303.63亿元，同比增长7.06%；锂板块20年收入138.58亿元，同比下滑13.25%；电解液企业收入413.89亿元，同比下滑14.17%，但剔除江苏国泰后电解液收入仍维持正增长。2)毛利率：20年行业毛利率17.58%，同比下滑0.10个百分点Wind%，同比下滑0.10个百分点。就各板块分开来看，钴、正极、负极、电解液、隔膜、结构件板块毛利率均有增长，锂、设备、锂电池板块毛利率均呈现下滑状态；其中锂行业20年平均毛利率27.36%，同比下滑2.36个百分点；设备行业20年平均毛利率29.22%，同比下滑4.70个百分点；锂电池行业毛利率23.13%，同比下滑1.46个百分点，其中宁德时代毛毛利率增长较大的为电解液、钴行业，20年钴行业平均毛利率9.95%，同比增长1.74个百分点；电解液行业20年平均毛利率18.59%，平均增长4.19个百分点。根据Wind数据，上述新能源汽车板块33家企业20年净利率平均为5.07%，同比增长2.87个百分点；分行业看锂、钴、正极、电解液、隔膜、结构件以及锂电池20年净利率同比均有上涨；而设备、负极净利率有所下滑。20年上游锂板块净利率-3.40%，同比增长44.04个百分点，我们认为主要为天齐锂业、江特电机亏损大幅改善所致。20年钴板块净利率2.83%，同比增长0.25个百分点；正极板块净利率3.74%，同比增长2.61个百分点；结构件板块净利率14.16%，同比增长0.82个百分点；锂电池板块净利率8.29%，同比增长0.25个百分点。另外设备板块4)净利润：20年行业归母净利润187.13亿元，同比增长171.36%20年上述33家上市企业合计归母净利润187.13亿元，同比增长171.36%。分板块看，除设备以及锂板块，其他领域20年归母净利润同比基本实现正增长，其中锂电池20年归母净利润85.18亿元，同比增长18.80%；结构件板块20年归母净利润5.11同比增长15.22%；隔膜板块归母净利润15.38亿元，同比增长33.47%；电解液板块归母净利润20.77亿元，同比增长138.69%。20年归母净利润同比下滑较多的为设备以及锂板块，20年设备板块归母净利润2.70亿元，同比下滑71.97%，我们认为主要原因在于科恒股份大幅亏损所致。5)20年4季度新能源汽车产业链环比变化：净利润58.75亿元，环比增长4.56%；其中4季度除设备外，其他板块环比收入均有所+29.78%)、隔而环比归母净利润大幅增加的板块包括锂电池、结构件、钴、隔膜以及负极板块；20年4季度单季锂电池板块归母净利润31.19亿元，环比上升39.05%；结构件板块归母净利润1.82亿元，环比提升28.44%；钴板块归母净利润14.57亿元，环比提升22.90%。6行业研究〃新能源板块行业6证券简称营业收入(百万元，%)%)期间费率(%)归母净利润(百万元，%)净利润率(%)20年Q320年Q4环比20年Q320年Q4环比20年Q320年Q4环比20年Q320年Q4环比20年Q320年Q4环比华友钴业5786.636348.209.7016.5016.500.006.448.091.65336.98478.1741.905.827.531.71寒锐钴业616.71601.30-2.5029.6327.84-1.798.3112.714.40100.12172.4172.2116.2328.6712.44道氏技术985.041151.5316.9021.4424.453.0117.0018.721.7335.130.14-99.603.570.01-3.55格林美3030.033822.3426.1516.3416.15-0.1913.2011.94-1.25111.5586.96-22.053.682.27-1.41洛阳钼业33562.5032674.66-2.6513.0410.30-2.752.092.340.25601.68719.2819.551.792.200.41钴43980.9144598.021.4014.1512.29-1.863.854.540.701185.471456.9622.902.703.270.57赣锋锂业1506.041631.028.3017.9627.499.537.6514.326.67174.00694.18298.9611.5542.5631.01天齐锂业547.94812.6748.3125.4631.946.4862.2126.50-35.71-406.71-730.4979.61-74.23-89.89-15.66江特电机493.31440.93-10.6218.0911.47-6.6219.7022.002.3018.61-7.06-137.923.77-1.60-5.37雅化集团920.021037.5412.7735.9226.61-9.3118.8715.07-3.7962.42129.91108.126.7812.525.74锂3467.313922.1513.1223.9326.382.4520.9617.91-3.06-151.6886.53-157.05-4.372.216.58赢合科技507.74634.2324.9116.7917.410.6218.8220.872.057.63-88.93-1264.951.50-14.02-15.53先导智能2285.231709.18-25.2133.3029.23-4.0710.5520.329.77411.41127.99-68.8918.007.49-10.51科恒股份528.68457.42-13.48.47-11.03-16.5013.6523.489.83-34.95-675.101831.70-6.61-147.59-140.98星云股份175.70176.510.4643.3237.83-5.4827.3935.337.9419.184.58-76.1010.922.60-8.32设备3497.352977.34-14.8727.2021.04-6.1613.0621.818.75403.27-631.46-256.5811.53-21.21-32.74当升科技937.651155.2923.2120.1918.53-1.678.6912.924.23118.52120.301.5112.6410.41-2.23杉杉股份2352.572652.9112.7720.4716.74-3.7315.7115.31-0.40177.52-139.60-178.637.55-5.26-12.81厦门钨业4895.586143.7325.5018.5516.99-1.5512.2811.98-0.29135.50245.1980.962.773.991.22正极8185.809951.9321.5819.2917.10-2.1812.8512.980.13431.54225.90-47.655.272.27-3.00璞泰来1459.041934.0032.5534.0830.64-3.4415.3510.37-4.99218.63252.3115.4114.9813.05-1.94中科电气275.62333.4520.9836.9935.87-1.1117.4418.481.0452.6751.33-2.5619.1115.39-3.72负极1734.662267.4430.7134.5431.41-3.1315.6811.56-4.12271.30303.6311.9215.6413.39-2.25天赐材料1102.821423.4929.0837.5623.04-14.5114.647.82-6.81206.7014.50-92.9918.741.02-17.72多氟多1130.851345.7119.0013.487.95-5.5417.047.97-9.07-2.1035.01-1770.00-0.192.602.79江苏国泰8598.938951.414.1017.3715.12-2.2510.5110.850.33264.91384.4145.113.084.291.21新宙邦812.20955.4517.6438.6728.93-9.7416.7311.11-5.62136.13143.975.7516.7615.07-1.69电解液11644.8012676.068.8620.3916.29-4.1011.9710.22-1.75605.64577.89-4.585.204.56-0.64星源材质269.91355.8231.8332.9925.96-7.0319.5727.988.4131.2218.58-40.4911.575.22-6.35恩捷股份1140.691701.6849.1841.5745.644.0612.4510.23-2.21322.10472.1146.5728.2427.74-0.49沧州明珠851.56796.70-6.4426.7013.61-13.098.733.60-5.13134.5262.96-53.2015.807.90-7.90隔膜2262.152854.2026.1734.9534.24-0.7111.9010.59-1.30487.85553.6413.4921.5719.40-2.17旭升股份440.53522.6218.6334.7528.25-6.5012.288.02-4.2790.22101.8812.9220.4819.49-0.99科达利533.28764.4643.3525.4135.9510.5413.8811.17-2.7151.5980.2655.589.6710.500.83结构件973.821287.0832.1729.6332.823.1913.169.89-3.27141.81182.1428.4414.5614.15-0.41宁德时代12693.0318797.0148.0927.7828.360.5810.9215.734.811419.592226.4656.8411.1811.840.66澳洋顺昌1186.921436.6121.0417.8519.761.919.4010.451.05104.09102.17-1.848.777.11-1.66国轩高科1655.652646.7459.8625.8824.97-0.9125.4017.47-7.9349.1364.4131.102.972.43-0.53鹏辉能源1162.031166.590.3920.9213.09-7.8210.7410.750.0169.82-87.53-225.376.01-7.50-13.51亿纬锂能2163.742822.1130.4332.3627.67-4.6919.479.02-10.45582.94705.8621.0926.9425.01-1.93欣旺达8953.599229.043.0818.3418.350.0111.133.35-7.7817.83108.095070.97锂电池27814.9536098.1129.7824.2824.660.3912.4411.80-0.642243.403119.4539.058.078.640.58合计103561.75116632.3312.6219.6918.80-0.899.139.360.235618.605874.694.565.435.04-0.396)20年4季度新能源汽车产业链同比变化：归母净利润58.75亿元，同比扭亏；其中同比收入下滑的板块为钴，其他板块收入同比均有增长，其中增幅较大的板块包隔膜(+51.58%)、结构件(+51.36%)、锂电池(+50.82%)、负极(+41.35%)。而20年4季度归母净利润同比增长的板块主要为锂电池板块31.19亿元，同比增长248.00%；隔膜归母净利润5.54亿元，同比增长257.94%；钴板块归母净利润14.57块亏损6.31亿元；正极板块2.26亿元，同比扭亏。阅读正文之后的信息披露和法律声明7行业研究〃新能源板块行业7证券简称营业收入(百万元，%)%)期间费率(%)归母净利润(百万元，%)净利润率(%)19年Q420年Q4同比19年Q420年Q4同比19年Q420年Q4同比年Q420年Q4同比19年Q420年Q4同比华友钴业4830.116348.2031.4311.7016.504.806.718.091.3826.77478.171685.890.557.536.98寒锐钴业535.56601.3012.2720.6427.847.2010.2412.712.4654.16172.41218.3210.1128.6718.56道氏技术545.251151.53111.1956.6324.45-32.1827.1018.72-8.3736.660.14-99.626.720.01-6.71格林美4521.423822.34-15.4615.3916.150.7611.2411.940.71131.6786.96-33.962.912.27-0.64洛阳钼业35267.5132674.66-7.35-1.2110.3011.512.662.34-0.32612.88719.2817.361.742.200.46钴45699.8444598.02-2.412.7412.299.554.324.540.23862.151456.9668.991.893.271.38赣锋锂业1131.221631.0244.1822.0327.495.474.7014.329.6228.91694.182301.522.5642.5640.01天齐锂业1043.47812.67-22.1249.2931.94-17.3558.9026.50-32.40-6,122.85-730.49-88.07-586.78-89.89496.89江特电机498.83440.93-11.61-97.8611.47109.3361.7722.00-39.76-2,030.93-7.06-99.65-407.14-1.60405.54雅化集团832.481037.5424.6326.6526.61-0.0424.6015.07-9.53-32.65129.91-497.91-3.9212.5216.44锂3506.003922.1511.8714.1826.3812.2033.6817.91-15.77-8,157.5286.53-101.06-232.672.21234.88赢合科技288.22634.23120.0510.2817.417.1333.0820.87-12.22-73.52-88.9320.97-25.51-14.0211.49先导智能1467.641709.1816.4635.0729.23-5.8420.7720.32-0.45130.24127.99-1.738.877.49-1.39科恒股份星云股份559.83457.42-18.2923.00-11.03-34.0316.1923.487.2910.04-675.10-6826.601.79-147.59-149.38102.85176.5171.6244.1137.83-6.2742.8635.33-7.53-2.814.58-263.39-2.732.605.32设备2418.542977.3423.1029.7121.04-8.6722.1121.81-0.3163.95-631.46-1087.362.64-21.21-23.85当升科技444.101155.29160.1423.0418.53-4.5111.3112.921.61-428.72120.30-128.06-96.5410.41106.95杉杉股份2165.342652.9122.5219.3716.74-2.6222.0515.31-6.74-17.93-139.60678.51-0.83-5.26-4.43厦门钨业4671.706143.7331.5117.3016.99-0.3113.0211.98-1.03151.85245.1961.463.253.990.74正极7281.149951.9336.6818.2717.10-1.1615.6012.98-2.62-294.79225.90-176.63-4.052.276.32璞泰来1297.051934.0049.1132.3930.64-1.7514.2010.37-3.83192.64252.3130.9714.8513.05-1.81中科电气307.10333.458.5831.6035.874.2716.4018.482.0929.1851.3375.879.5015.395.89负极1604.162267.4441.3532.2431.41-0.8314.6211.56-3.06221.83303.6336.8813.8313.39-0.44天赐材料790.531423.4980.0720.7423.042.3121.047.82-13.22-73.7014.50-119.67-9.321.0210.34多氟多901.741345.7149.2316.107.95-8.1530.587.97-22.61-513.9235.01-106.81-56.992.6059.59江苏国泰9522.858951.41-6.0011.7315.123.399.1510.851.70177.37384.41116.731.864.292.43新宙邦627.88955.4552.1734.9928.93-6.0619.2611.11-8.1585.75143.9767.8913.6615.071.41电解液11843.0112676.067.0313.9016.292.3912.1110.22-1.89-324.50577.89-278.08-2.744.567.30星源材质84.38355.82321.684.4125.9621.5690.9827.98-63.00-59.4318.58-131.26-70.435.2275.65恩捷股份1053.181701.6861.5845.9845.64-0.3518.7810.23-8.55218.05472.11116.5120.7027.747.04沧州明珠745.44796.706.8813.3113.610.3011.613.60-8.02-3.9562.96-1694.33-0.537.908.43隔膜1883.002854.2051.5831.1834.243.0619.1810.59-8.58154.68553.64257.948.2119.4011.18旭升股份320.21522.6263.2134.7128.25-6.4610.668.02-2.6470.52101.8844.4722.0219.49-2.53科达利530.10764.4644.2135.9935.95-0.0418.1411.17-6.9790.7480.26-11.5517.1210.50-6.62结构件850.311287.0851.3635.5132.82-2.6815.329.89-5.43161.26182.1412.9518.9614.15-4.81宁德时代12932.3118797.0145.3529.0028.36-0.6411.3715.734.371096.002226.46103.148.4711.843.37澳洋顺昌1045.621436.6137.3914.4419.765.329.8710.450.5821.70102.17370.842.087.115.04国轩高科-192.612646.74-1474.16-13.9424.9738.91-260.7517.47278.22-527.0564.41-112.22273.642.43-271.20鹏辉能源813.641166.5943.3817.8213.09-4.7214.8110.75-4.07-101.83-87.53-14.04-12.52-7.505.01亿纬锂能1834.452822.1153.8431.5627.67-3.8914.919.02-5.89363.24705.8694.3219.8025.015.21欣旺达7501.299229.0423.0315.4318.352.9213.543.35-10.1944.33108.09143.830.591.170.58锂电池23934.7136098.1150.8224.2724.660.3914.5611.80-2.76896.393119.45248.003.758.644.90合计99020.72116632.3317.7912.7918.806.0110.579.36-1.21-6416.555874.69-191.56-6.485.0411.521)固定资产、在建工程20年4季度固定资产环比增加较多的为正极板块、设备板块以及隔膜板块；在建工程有所增加的为锂板块、设备板块以及结构件板块，其余板块在建工程环比均有所下滑，其中降幅较大的包括隔膜板块、电解液板块、正极板块。我们由各板块固定资产及在建工程变化情况可以看出：钴板块的在建工程在20年建工程总量大幅增长，后续有所下降，而20年3季度以及4季度再次有所增加。锂电池板块在20年在建工程大幅提升，20年3季度创新高。阅读正文之后的信息披露和法律声明QQQQQQQQ应收账款(百万元)1Q19.944562.574676.26.644808.664812.00.68钴锂.604200.25.9512.0768.5346.8593.1004.67设备.23.884074.634240.804419.00466.33.01.82.530817.361.92.05.38257093.9550.37.7302.780.333148674979锂电池606.45335.15752.33657.01870.92369.81879.198.600应收账款周转天数(天)1Q19625.039钴锂691083078设备.66.2105087735747.1748.0443.638218145.001.79.108592锂电池336.218固定资产2Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q20钴1.007.580.471.772.027.3740041.6840080.2340484.091.7042686.63锂4584800725设备690403.81.62632995.6608.769.604801.604600.88.22483.49.3756.07286.2544377.5427.8091.1991.6617.7881.02锂电池081.00817.14997.52507.80293.06704.892.929.494.627.19在建工程2Q183Q184Q181Q192Q193Q194Q191Q202Q203Q20