中国锂电上市企业最具资金链优势50强排行榜｜独家

Core Viewpoint - A trust crisis involving business and cash flow is spreading across the new energy industry chain, particularly affecting major electric vehicle manufacturers in China, who have committed to a payment period of no more than 60 days [1][3]. Group 1: Current Financial Situation of Major EV Companies - As of the end of 2024, the total accounts payable and notes payable of 12 major listed car companies in China reached CNY 960.93 billion, a year-on-year increase of 15.05%, accounting for 55.39% of total current liabilities, up 3.71 percentage points [1]. - The accounts payable turnover days for these companies exceed 60 days, with GAC Group having the highest efficiency at 74.75 days, while Zotye Auto has the lowest at 361.76 days. BYD and Geely are similar, with turnover days between 125-130 [2]. Group 2: Challenges in the Supply Chain - The challenge of reducing payment periods to within 60 days is significant, impacting upstream suppliers, particularly in the lithium battery industry. As of the end of 2024, accounts receivable for 100 listed companies in the lithium battery supply chain totaled CNY 297.32 billion, a year-on-year increase of 4.70%, while their revenue decreased by 12.69% [3]. - 45 companies have accounts receivable turnover days exceeding 100 days, with 15 companies over 200 days, indicating severe cash flow issues within the industry [3]. Group 3: Importance of Cash Flow Health - The current industry consensus highlights the critical importance of cash flow health, with companies that maintain strong cash flow being better positioned to survive the downturn, while those with weak cash flow face significant risks of debt defaults and potential bankruptcies [3]. Group 4: Key Financial Indicators for Lithium Companies - The report emphasizes the significance of analyzing the cash flow health index of Chinese lithium companies for various stakeholders. Three core indicators are proposed: 1. Cash Short Borrowing Ratio: Cash and cash equivalents relative to short-term borrowings, with a value above 50% indicating a safer cash flow position [4]. 2. Long Borrowing to Short Borrowing Ratio: Long-term borrowings relative to total borrowings, with a value above 50% indicating a more stable financial structure [4]. 3. Occupation Income Ratio: Reflects the company's position in the industry, with higher values indicating better cash flow security [5]. Group 5: Rankings of Lithium Companies - A ranking of the top 50 lithium companies based on the aforementioned financial indicators is provided, with companies like Tibet Mining, Airo Energy, and Yiwei Lithium Energy leading the list [8][9].