24潮·2025-05-07 21:29Core Viewpoint - The dynamic storage industry is experiencing an unprecedented downturn in 2024, with a significant decline in revenue and profit margins across various segments [1][5][7]. Revenue Summary - The total revenue from dynamic storage businesses for the listed companies is approximately 1,044.51 billion yuan, representing a year-on-year decrease of 12.97% [1]. - Seven out of fifteen sub-industries have seen revenue declines of over 10%, with the most significant drops in lithium resources (down 51.34%), cathode materials (down 39.48%), and energy storage inverters (down 26.29%) [1][3]. - Among the eight sub-industries that maintained positive growth, only four achieved over 10% growth: cobalt-nickel (up 67.80%), copper foil (up 26.09%), energy storage batteries and systems (up 13.83%), and lithium battery structural components (up 13.80%) [1][4]. Profit Margin Summary - The overall gross profit margin for the dynamic storage industry is approximately 18.37%, down 1.97% year-on-year [1]. - Eight sub-industries experienced a decline in gross profit margins, with the most significant drops in lithium separators (down 26.55 percentage points), upstream lithium resources (down 23.8 percentage points), and electrolyte materials (down 7.18 percentage points) [5][6]. - The disparity in profitability among different segments is severe, with the gross profit margin of lithium battery equipment being 6.11 times that of the lithium battery recycling industry [4][5]. Industry Trends - The dynamic storage industry has undergone multiple cycles of adjustment driven by changes in supply and demand dynamics, indicating that market conditions can shift rapidly [7]. - Over the past two and a half years, more than 700 major manufacturing projects with a total investment exceeding 3.5 trillion yuan have been announced in China's dynamic storage industry [8]. - Global investments in the dynamic storage sector have surpassed 4 trillion yuan since 2022, with significant capacity planning exceeding market demand forecasts for the next three years [8][9]. Global Impact - Major global players, including South Korean battery manufacturers LG Energy Solution, Samsung SDI, and SK On, reported significant losses in Q4 2024, with combined operating losses exceeding 840 billion won (approximately 4.2 billion yuan) [10][11]. - The bankruptcy of Ambri Inc., a U.S. battery company, highlights the challenges faced by companies in the dynamic storage sector, particularly those focused on alternative battery technologies [11][12]. - European battery manufacturers are also facing difficulties, with ACC suspending the construction of two electric vehicle battery plants due to reduced demand for electric vehicles [12][13]. Company Performance - Leading companies in the lithium battery sector, such as CATL, Ganfeng Lithium, and Tianqi Lithium, have reported significant revenue declines, with CATL's revenue down 9.7% and Ganfeng Lithium's lithium product revenue down over 50% [5][17]. - The performance of various companies varies widely, with some experiencing substantial growth while others face severe declines, indicating a highly competitive and volatile market environment [17][18].