锂电板块2024半年报总结：收入普遍环增，经营质量提升

Investment Rating - The investment rating for the lithium battery sector is maintained as "Buy" [4]. Core Viewpoints - The lithium battery segment reported a revenue of 127.8 billion yuan in Q2 2024, representing a quarter-on-quarter increase of 14%, with a net profit attributable to shareholders of 14.2 billion yuan, up 21% quarter-on-quarter. The growth in revenue is primarily driven by volume increases offsetting price declines [4][12]. - The return on equity (ROE) for the lithium battery segment in Q2 2024 is 16%, reflecting a 1 percentage point increase from Q1 2024. The improvement in ROE is attributed to enhanced net profit margins and effective inventory management [4][19]. Summary by Sections 1. Lithium Battery - Revenue in Q2 2024 increased by 14% quarter-on-quarter, with a net profit increase of 21% [4][12]. - The annual revenue for 2023 reached 552.5 billion yuan, showing a year-on-year growth of 20% [12]. - Global electric vehicle sales reached 13.8 million units in 2023, a 35% increase year-on-year, indicating a return to moderate growth after previous high increases [12][14]. 2. NCM (Nickel Cobalt Manganese) Cathode - Revenue for the NCM segment in Q2 2024 decreased by 2% quarter-on-quarter, while net profit surged by 325% [4][12]. - The ROE for the NCM segment was 4% in Q2 2024, down 1 percentage point from Q1 2024 [4][12]. 3. Lithium Iron Phosphate (LFP) Cathode - The LFP segment reported a revenue increase of 39% quarter-on-quarter in Q2 2024, but net profit fell by 121% [4][12]. - The ROE for the LFP segment remained at -7% in Q2 2024, indicating a challenging profitability environment [4][12]. 4. Anode - The anode segment's revenue grew by 17% quarter-on-quarter in Q2 2024, with net profit increasing by 36% [4][12]. - The ROE for the anode segment was 5%, reflecting a slight decrease from Q1 2024 [4][12]. 5. Separator - Revenue for the separator segment increased by 12% quarter-on-quarter in Q2 2024, with net profit rising by 1% [4][12]. - The ROE for the separator segment was 5%, down 3 percentage points from Q1 2024 [4][12]. 6. Electrolyte - The electrolyte segment reported a revenue increase of 22% quarter-on-quarter in Q2 2024, with net profit rising by 67% [4][12]. - The ROE for the electrolyte segment was 5%, down 2 percentage points from Q1 2024 [4][12]. 7. Investment Recommendations - The report suggests focusing on leading companies in each segment, new technologies and materials, and solid-state battery-related firms as potential investment opportunities [4].