锂电板块2024三季报总结：整体盈利小幅增长，细分子行业分化明显

Investment Rating - The investment rating for the new energy sector is "Outperform the Market" and is maintained [3]. Core Insights - The lithium battery sector has shown a slight increase in profitability in 2024 Q1-Q3, with significant differentiation across sub-industries. The total revenue for the lithium battery sector reached 1,206.596 billion yuan, a year-on-year decrease of 1.39%, while the net profit attributable to shareholders was 76.090 billion yuan, an increase of 0.96% [5][14][19]. - The average gross margin for the sector was 20.05%, up by 1.90 percentage points year-on-year, and the average net profit margin was 6.31%, an increase of 0.15 percentage points [19]. Summary by Sections Revenue and Profitability - In 2024 Q1-Q3, the battery segment generated revenue of 893.486 billion yuan, a year-on-year increase of 5.66%, accounting for 74.05% of the total revenue in the lithium battery sector [5][15]. - The net profit from the battery segment was 66.451 billion yuan, up 16.84% year-on-year, representing 87.33% of the total net profit for the sector [15][19]. Sub-Sector Performance - The precursor segment achieved revenue of 102.825 billion yuan, a year-on-year increase of 2.64%, but the net profit decreased by 3.18% to 4.729 billion yuan [15]. - The copper foil and aluminum foil segment saw revenue of 37.737 billion yuan, a significant increase of 19.42%, but reported a net loss of 510 million yuan, a decline of 179.79% [15]. - The structural components segment generated revenue of 15.667 billion yuan, up 11.92%, with a net profit of 1.210 billion yuan, an increase of 20.38% [15]. - The auxiliary materials segment reported revenue of 8.715 billion yuan, a year-on-year increase of 6.29%, with a net profit of 142 million yuan, up 264.95% [15]. Margin Analysis - The average gross margins for the battery, negative electrode, precursor, and auxiliary materials segments were 22.43%, 21.36%, 14.66%, and 8.70%, respectively, with year-on-year increases of 2.47, 0.79, 0.63, and 2.70 percentage points [16][22]. - Other segments, including positive electrodes, separators, electrolytes, copper foil and aluminum foil, and structural components, experienced varying degrees of margin decline [16]. Q3 Performance - In 2024 Q3, the lithium battery sector achieved total revenue of 4,492.55 billion yuan, a year-on-year increase of 0.63%, and a net profit of 300.61 billion yuan, up 5.09% [20][21]. - The average gross margin for Q3 was 21.34%, an increase of 1.91 percentage points year-on-year [22].