锂电行业2024年三季报总结：行业基本面逐步企稳，有望受益于需求持续提升

Investment Rating - The report maintains a "Buy" rating for CATL and "Hold" for other companies in the lithium battery sector [1][6]. Core Viewpoints - The lithium battery sector's revenue has decreased due to falling raw material prices, but the decline in net profit has narrowed. In Q3 2024, the total revenue of listed companies in the lithium battery sector reached 236.68 billion yuan, a year-on-year decrease of 12.5% but a quarter-on-quarter increase of 2.4%. The net profit attributable to shareholders was 17.34 billion yuan, down 2.1% year-on-year but up 1.1% quarter-on-quarter [1][6][11]. - The overall gross margin for the lithium battery sector in Q3 2024 was 14.63%, with a net margin of 1.73%. Both margins have shown signs of stabilization after a period of decline, indicating potential recovery driven by sustained demand [6][9]. - The report highlights that the battery segment has experienced a slight revenue decline year-on-year but a profit increase, with Q3 2024 revenue at 144.51 billion yuan, down 5.9% year-on-year but up 4.1% quarter-on-quarter. The net profit for this segment was 15.08 billion yuan, reflecting a year-on-year increase of 27.8% [11][13]. Summary by Sections 1. Lithium Battery Sector - Revenue decreased due to raw material price drops, with a total of 236.68 billion yuan in Q3 2024, down 12.5% year-on-year [1][6]. - Net profit was 17.34 billion yuan, a decrease of 2.1% year-on-year, indicating a narrowing decline [1][6]. - The sector's gross margin was 14.63%, and net margin was 1.73%, showing signs of stabilization [6][9]. 2. Battery Segment - Revenue for the battery segment was 144.51 billion yuan, down 5.9% year-on-year but up 4.1% quarter-on-quarter [11][13]. - Net profit increased to 15.08 billion yuan, a year-on-year growth of 27.8% [11][13]. - The gross margin for the battery segment was 26.1%, reflecting a year-on-year increase of 5.6 percentage points [11][14]. 3. Positive Electrode Segment - The positive electrode segment's revenue was 25.33 billion yuan, down 44.51% year-on-year, marking six consecutive quarters of negative growth [19][20]. - The gross margin was 7.46%, with a slight decrease of 0.97 percentage points, while the net margin was -0.73%, showing a 0.42 percentage point improvement [20][24]. 4. Negative Electrode Segment - The negative electrode segment reported revenue of 13.16 billion yuan, down 25.35% year-on-year, continuing a five-quarter trend of revenue decline [30][31]. - The gross margin was 22.20%, with a slight increase of 1.92 percentage points, while the net margin was 6.18%, down 1.12 percentage points [31][32]. 5. Separator and Electrolyte Segments - The separator segment continues to experience a downward trend in profitability, with ongoing pressure from price competition [6][30]. - The electrolyte segment also faces declining profitability, with a need for time to restore supply-demand balance [6][30]. 6. Investment Recommendations - The report recommends focusing on companies with strong positions in the supply chain, particularly CATL and EVE Energy, while also suggesting attention to midstream material companies like Keda and Zhongwei [1][6].