证券研究报告·行业深度报告·电力设备东吴证券研究所1/44请务必阅读正文之后的免责声明部分电力设备行业深度报告电动车2023年中报总结：行业盈利分化显著，中游盈利逐步回归，龙头竞争力强化2023年09月05日证券分析师曾朵红执业证书：S0600516080001021-60199793zengdh@dwzq.com.cn证券分析师阮巧燕执业证书：S0600517120002021-60199793ruanqy@dwzq.com.cn证券分析师岳斯瑶执业证书：S0600522090009yuesy@dwzq.com.cn证券分析师刘晓恬执业证书：S0600523070005liuxt@dwzq.com.cn行业走势相关研究《人形机器人前景广阔、电气设备需求向好》2023-09-04《上游价格触底释放利润，主链盈利坚挺，户储出货承压，风电整机盈利承压、零部件分化明显》2023-09-03增持（维持）[Table_Tag]关键词：#业绩符合预期[Table_Summary]投资要点2023H1国内电动车销量同比高增，海外增速Q2起显著恢复，但竞争加剧，Q2板块业绩同环比下降：2023年H1国内和海外电动车分别销374.7/238.9万辆，同比+44%/+40%，其中Q2国内和海外分别销216.1万辆/127.2万辆，环比增长36.3%/13.8%。我们所选取的96家企业2023年H1实现营收15323.69亿元，同比增加20.8%；实现归母净利润955.96亿元，同比减少14.7%。2023年Q2新能源汽车板块营收8151.59亿元，同比增加27.7%，受去库存+盈利下滑影响，归母净利润474.32亿元，同环比下滑22.6%/1.5%。H1电池环节业绩最亮眼，Q2整车盈利弹性大，锂电中游表现分化：2023H1扣非归母净利润同比增速排序依次为电池(110.11%)>汽车核心零部件(27.38%)>锂电设备(11.90%)>结构件(-1.79%)>锂电池中游(-10.41%)>整车(-12.33%)>三元前驱体（-15.62%）>隔膜(-15.77%)>负极(-27.59%)>碳酸锂(-46.91%)>三元正极(-54.38%)>铝箔(-57.00%)>六氟磷酸锂及电解液(-72.42%)>铜箔（-96.53%）>正极(-100.88%)>添加剂(-143.50%)>铁锂正极(-180.99%)；2023Q2扣非归母净利润环比增速排序为整车(440.43%)>汽车核心零部件(38.76%)>锂电设备(15.55%)>隔膜(-13.16%)>三元前驱体(-20.40%)>负极(-29.66%)>电池(-34.78%)>六氟磷酸锂及电解液(-41.76%)>结构件(-42.12%)>锂电池中游(-46.62%)>碳酸锂(-49.86%)>三元正极(-54.38%)>铜箔(-65.10%)>铝箔(-66.57%)>正极(-112.31%)>铁锂正极(-178.51%)>添加剂(-1767.85%)。2023H1行业盈利水平同比下滑，电池、整车及零部件盈利提升，Q2板块盈利环比微降：2023年H1板块整体毛利率为17.23%，同比减少1.42pct，其中电池、汽车核心零部件、整车同比提升；H1归母净利率6.24%，同比减少2.59pct。2023Q2毛利率为16.87%，同比减少3.02pct，环比减少0.78pct，其中汽车核心零部件环节环比稳中有升；归母净利率9.13%，同比增加3.26pct，环比增加1.49pct；期间费用率5.82%，同比下降3.78pct，环比下降0.90pct。2023年H1行业持续去库，净现金流改善：2023年Q2末板块应收账款为4227.19亿元，较Q1末增长8.94%，较年初增长2.40%；预收账款为1294.05亿元，较Q1末增长5.04%，与年初持平；存货4921.33亿元，较Q1末减少5.77%，较年初减少5.58%。现金流方面，2023年上半年板块经营活动净现金流为1788.17亿元，同比增加76.93%。2023年第二季度为1585.31亿元，同比增加58.78%，环比上升681.51%。投资建议：当前电动车仍为基本面、估值、预期低点，龙头地位稳固且25年估值仅10x，看好Q2-Q3盈利低点出现+需求逐步好转后锂电板块酝酿反转，首推盈利确定的电池环节（宁德时代、比亚迪、亿纬锂能），受益于国产替代及新技术的细分环节龙头（曼恩斯特、骄成超声），以及盈利趋势稳健的结构件（科达利）、负极（璞泰来、尚太科技）、电解液（天赐材料、新宙邦）、隔膜（恩捷股份、星源材质）及正极（华友钴业、湖南裕能、德方纳米、容百科技）等，关注欣旺达、鹏辉能源、多氟多、信德新材、万润新能、中伟股份、当升科技、天奈科技、鼎胜新材等。风险提示：价格竞争超市场预期、原材料价格波动-28%-25%-22%-19%-16%-13%-10%-7%-4%-1%2%2022/9/52023/1/42023/5/52023/9/3电力设备沪深300请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所2/44表1：相关公司估值表证券代码名称总市值（亿元）股价（元）归母净利润（亿元）EPS（元）PE评级20222023E2024E20222023E2024E20222023E2024E电池300750.SZ宁德时代10,3992373074696326.9910.6614.38342216买入002594.SZ比亚迪6,9922491662964205.7110.1614.42442517买入300014.SZ亿纬锂能1,011493553751.722.593.65291914买入300207.SZ欣旺达295161111170.570.580.92282717-002245.SZ蔚蓝锂芯111104350.330.250.41293824买入688063.SH派能科技2431381311157.256.278.62192216买入300438.SZ鹏辉能源16536614201.362.934.3626128买入结构件002850.SZ科达利313116913183.354.856.79352417买入电解液002709.SZ天赐材料632335735502.971.832.62111813买入300037.SZ新宙邦358481812172.361.672.28202921买入负极603659.SH璞泰来660333130451.541.502.24212215买入600884.SH杉杉股份308142733401.191.471.771198买入300035.SZ中科电气7611411150.501.532.082175买入835185.BJ贝特瑞259232333442.092.973.951186买入001301.SZ尚太科技13753139114.963.484.37111512买入301349.SZ信德新材44431121.461.031.72304225买入隔膜002812.SZ恩捷股份649664037494.093.784.97161813买入300568.SZ星源材质18014710120.560.740.97251914买入正极603799.SH华友钴业678403942362.302.452.09171619买入300919.SZ中伟股份368551520282.303.054.18241813买入300769.SZ德方纳米26294240188.520.076.4211137815买入688275.SH万润新能93741018217.6014.4116.931054买入688005.SH容百科技231511411172.992.443.68172114买入688707.SH振华新材1032313152.870.311.1987419买入300073.SZ当升科技224442321254.464.164.8510119买入688778.SH厦钨新能171411112172.662.853.98151410-301358.SZ湖南裕能315423020273.972.703.62101511买入688779.SH长远锂科1829155100.770.270.53123518-导电剂688116.SH天奈科技92274341.230.791.10223424买入铜箔688388.SH嘉元科技9021510131.222.263.051797买入600110.SH诺德股份10764790.200.370.50301612买入铝箔603876.SH鼎胜新材13816148111.570.911.21101713买入设备301325.SZ曼恩斯特116962461.673.355.39582918买入688392.SH骄成超声95831120.961.131.74877348买入数据来源：Wind，东吴证券研究所注：欣旺达、厦钨新能、长远锂科业绩来自Wind一致预期，其他盈利预测来自东吴证券研究所，截至8月31日股价请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所3/44新能源汽车板块2023年H1收入同增20.8%，归母净利润同减14.7%，板块业绩增速放缓。我们共选取了96家上市公司，划分为上游材料、锂电池中游（含隔膜、六氟磷酸锂及电解液、电池、正极、负极、添加剂、铜箔、铝箔、结构件9个细分板块）、汽车核心零部件、整车、锂电设备5个子板块，进行了统计分析。1）收入和净利润：2023年上半年营业收入达15323.69亿元，同比增加20.8%；实现归母净利润955.96亿元，同比减少14.7%。2023年Q2新能源汽车板块营收同比增加27.7%，受去库存+盈利下滑影响，归母净利润同环比分别下滑22.6%、1.5%。2023年二季度实现营收8151.59亿元，同比增加27.7%，环比增加13.7%；实现归母净利润474.32亿元，同比下降22.6%，环比下降1.5%。分板块来看，23H1上游环节利润分配同比显著下滑，Q2电池环节利润占比环比大幅提升。2023年上半年上游材料利润占整个新能源汽车板块比重为26.5%，锂电池中游占比38.1%，其中电池环节占比26.5%，环比+5.9pct，核心零部件占比6.7%，整车占比28.7%；23Q2上游材料利润占比为23.8%，锂电池中游占比40.9%，其中电池环节占比40.9%，环比+5.6pct。核心零部件占比7.9%，整车占比27.4%。2023上半年扣非归母净利润同比增速排序依次为电池(110.11%)>汽车核心零部件(27.38%)>锂电设备(11.90%)>结构件(-1.79%)>锂电池中游(-10.41%)>整车(-12.33%)>三元前驱体（-15.62%）>隔膜(-15.77%)>负极(-27.59%)>碳酸锂(-46.91%)>三元正极(-54.38%)>铝箔(-57.00%)>六氟磷酸锂及电解液(-72.42%)>铜箔（-96.53%）>正极(-100.88%)>添加剂(-143.50%)>铁锂正极(-180.99%)；2023Q2扣非归母净利润环比增速排序为整车(440.43%)>汽车核心零部件(38.76%)>锂电设备(15.55%)>隔膜(-13.16%)>三元前驱体(-20.40%)>负极(-29.66%)>电池(-34.78%)>六氟磷酸锂及电解液(-41.76%)>结构件(-42.12%)>锂电池中游(-46.62%)>碳酸锂(-49.86%)>三元正极(-54.38%)>铜箔(-65.10%)>铝箔(-66.57%)>正极(-112.31%)>铁锂正极(-178.51%)>添加剂(-1767.85%)。2）盈利趋势看：板块整体盈利水平向下，中游材料盈利分化明显，电池盈利较为稳健：2023年H1板块整体毛利率为17.23%，同比减少1.42pct；归母净利率6.24%，同比减少2.59pct。2023年Q2，板块毛利率为16.87%，同比减少3.02pct，环比减少0.78pct；归母净利率5.82%，同比减少3.78pct，环比下降0.90pct。3）Q2费用率环比小幅下降，同比小幅上升：新能源汽车板块2023年H1整体费用率10.14%，同比上升0.66pct；2023年Q2费用率9.66%，同比上升0.42pct，环比下降1.03pct：2023年H1板块整体费用率10.14%，同比上升0.66pct；2023年二季度费用率9.66%，同比上升0.42pct，环比下降1.03pct。4）应收款、预收款及存货：板块整体去库存，存货有所下降：2023年上半年末板块整体应收账款为4227.19亿元，较年初增长2.4%；预收款项1294.05亿元，较年初基本持平；存货达到4921.33亿元，较年初下降5.58%。2023年Q2应收账款4227.19亿元，较年初增长2.40%；预收款项1,294.05亿元(包括合同负债)，与年初持平；存货4921.33亿元，较年初减少5.58%。5）2023年H1板块现金流同比增加76.93%，23年Q2经营现金流环比上升681.51%：2023年上半年板块经营活动净现金流为1788.17亿元，同比增加76.93%。2023年第二季度为1585.31亿元，同比增加58.78%，环比上升681.51%。碳酸锂价格4月触底反弹至30万元/吨震荡，现回落至20万元/吨，预计H2锂价在15-20万元之间波动。目前锂盐厂预计库存仍有5万吨+，电池及正极厂基本按需采购。随着下半年份江西、非洲等新产能释放，我们预计碳酸锂价格回落至15-20万元/吨，盈利回归合理水平。1）收入和归母净利润：23H1碳酸锂板块营收882.61亿元，同比增长3.41%，归母净利润252.86亿元，同比减少42.06%，其中，23Q2板块营收达到444.25亿元，同比减少11.45%，环比上升1.34%；归母净利润112.91亿元，同比下滑56.80%，环比下滑19.32%。2）毛利率和净利率：2023H1毛利率50.43%，同比下降15.77pct，环比下降9.30pct；归母净利率28.65%，同比下降22.48pct，环比下降16.07pct。2023Q2毛利率46.10%，同比下降20.12pct，环比下降8.72pct；归母净利率25.42%，同比下降26.68pct，环比下降6.51pct。3）费用率：上游材料2023年H1期间费用率5.03%，同比下降0.45pct；23年Q2期间费用率4.92%，同比上升0.04pct。4）应收、预收款及存货：2023年H1板块应收账款为208.14亿元，较年初减少-6.42%，较Q1末减少2.52%。2023年H1预收账款39.97亿元，较年初减少15.21%，较Q1末减少3.96%。2023年H1存货为314.36亿元，较年初增加6.71%，较Q1末减少0.30%。5）现金流：2023H1经营活动净现金流为255.51亿元，同比降低7.64%。锂电池中游板块盈利分化：电池盈利稳中有升，中游材料盈利快速下降。23年H1电池板块盈利高增，全年请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所4/44有望维持；正极板块盈利能力显著下降，其次为负极、电解液，但一体化龙头竞争优势强化，其中电解液基本见底；隔膜板块价格开始松动，单位盈利开始下滑。1）收入和归母净利润：23H1锂电池中游板块营业收入5342.92亿元，同比增长20.7%，归母净利润364.34亿元，同比减少9.39%，环比减少31.4%；其中，23Q2营收2722.19亿元，同比增长13.65%，环比增长3.87%；归母净利润194.10亿元，同比降低13.88%，环比增长14.02%。2）毛利率和净利率：2023H1毛利率17.00%，同比下降2.62pct，环比下降1.31pct；归母净利率6.82%，同比下降2.27pct，环比下降1.34pct。2023Q2毛利率17.00%，同比下降2.82pct，环比下降0.01pct；归母净利率7.13%，同比下降2.28pct，环比上升0.63pct。3）费用率：锂电池中游2023年H1期间费用率8.88%，同比下降2.16pct；23年Q2期间费用率8.27%，同比-0.36pct。4）应收、预收款及存货：2023年H1板块应收账款为2041.58亿元，较年初减少2.45%，较Q1末增长8.04%。2023年H1预收账款387.23亿元，较年初减少3.45%，较Q1末减少13.82%。2023年H1存货为1882.39亿元，较年初减少20.27%，较Q1末减少10.93%。5）现金流：2023H1经营活动净现金流为543.22亿元，同比上升166.29%。中游分版块看：1）电池环节：龙头海外市占率显著提升，全球份额维持稳定；盈利上，龙头盈利水平与二线厂商差异进一步扩大，优势再强化，Q2电池进一步去库。电池23H1实现营收3105.06亿元，同比增长46.1%；归母净利润253.68亿元，同比增长103.36%，其中，23Q2营收1615.21亿元，同比增长38.2%，环比增长8.4%，归母净利润135.92亿元，同比增长51.19%，环比增长15.4%；2023H1毛利率19.20%，同比下降2.20pct，环比下降0.11pct；归母净利率8.17%，同比上升2.30pct，环比上升0.18pct。2023Q2毛利率19.34%，同比上升0.32pct，环比上升0.29pct；归母净利率8.42%，同比上升0.72pct，环比上升0.51pct，宁德时代为主要增量贡献。2023年Q2末板块应收账款为2249.71亿元，较年初减少2.83%；2023年Q2末板块预收款为427.20亿元，较年初减少-4.69%；2023年Q2末板块存货为2196.75亿元，较年初减少17.28%。2023年H1板块经营活动净现金流为456.16亿元，同比增长120.25%；Q2板块经营活动净现金流为211.52亿元，同比上升48.11%，环比下降13.54%。2）铁锂正极：23年供给过剩，年初加工费下降2000-5000元，Q2龙头基本维持稳定，但受碳酸锂跌价及定价方式波动影响，板块盈利大幅下行，个股有所分化。23H1实现营收452.85亿元，同比增加28.41%；归母净利润-16.98亿元，同比减少139.56%，其中，23Q2营收207.56亿元，同比增长7.33%，环比降低15.38%；归母净利润-4.69亿元，同比降低126.39%，环比亏损扩大61.80%，其中裕能Q2逆势环比高增。2023H1毛利率4.98%，同比下降16.74pct，环比下降8.33pct；归母净利率-3.75%，同比下降15.92pct，环比下降8.93pct。2023Q2毛利率3.78%，同比下降13.80pct，环比下降2.22pct；归母净利率-2.26%，同比下降11.46pct，环比上升2.75pct。2023年Q2末板块应收账款为127.23亿元，较年初减少26.75%；2023年Q2末板块预收款为12.31亿元，较年初减少-49.91%；2023年Q2末板块存货为128.32亿元，较年初减少27.10%。2023年H1板块经营活动净现金流为-23.26亿元，同比增加66.10%；Q2板块经营活动净现金流为20.41亿元，同比上升164.71%，环比下降202.28%。3）三元正极：增量需求主要来自海外，出货量增速明显放缓，加工费1H下降0.2-0.3万元/吨，且受碳酸锂波动影响Q2盈利水平进一步向下，仅当升维持高盈利水平。23H1实现营收375.65亿元，同比减少21.81%；归母净利润15.88亿元，同比减少55.94%，其中，23Q2营收169.79亿元，同比减少37.46%，环比减少17.53%；归母净利润6.60亿元，同比减少68.16%，环比减少28.98%。2023H1毛利率9.39%，同比下降4.53pct，环比下降1.12pct；归母净利率4.23%，同比下降3.27pct，环比下降1.85pct。2023Q2毛利率8.81%，同比下降5.16pct，环比下降1.07pct；归母净利率3.88%，同比下降3.75pct，环比下降0.63pct。2023年Q2末板块应收账款为129.31亿元，较年初减少35.18%；2023年Q2末板块预收款为2.16亿元，较年初减少32.10%；2023年Q2末板块存货为92.54亿元，较年初减少31.94%。2023年H1板块经营活动净现金流为0.58亿元，同比下降89.23%；Q2板块经营活动净现金流为25.92请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所5/44亿元，同比上升168.17%，环比增长202.28%。4）三元前驱体：行业需求增速明显放缓，一体化公司更具优势，成本下降对冲加工费下降，单吨利润基本稳定，且一体化公司份额明显提升。23年H1实现营收654.40亿元，同比增加7.29%；归母净利润32.68亿元，同比减少10.93%，其中，23Q2营收312.49亿元，同比降低7.19%，环比降低8.60%；归母净利润17.23亿元，同比降低5.92%，环比增长11.54%。2023H1毛利率13.31%，同比下降2.97pct，环比下降1.92pct；归母净利率4.99%，同比下降1.02pct，环比上升0.13pct。2023Q2毛利率12.32%，同比下降4.11pct，环比下降1.89pct；归母净利率5.51%，同比上升0.07pct，环比上升1.00pct。2023年Q2末板块应收账款为191.32亿元，较年初增长4.47%；2023年Q2末板块预收款为25.41亿元，较年初减少-18.43%；2023年Q2末板块存货为353.27亿元，较年初减少4.49%。2023年H1板块经营活动净现金流为31.94亿元，同比上升149.74%；Q2板块经营活动净现金流为38.84亿元，同比上升343.73%，环比增长663.07%。5）隔膜：H1干法隔膜占比提升明显，湿法格局恶化，龙头份额下降，且与二线厂商盈利水平差异有所缩小，Q3起价格仍有明显下降空间。2023年上半年实现营收286.44亿元，同比增长12.23%；隔膜板块2023年上半年实现归母净利润46.57亿元，同比下降21.06%，其中，23Q2营收167.25亿元，同比增长21.09%，归母净利润26.09亿元，同比下降21.97%；由于23Q2干法湿法招标价格下跌0.1元+，隔膜行业企业盈利能力持续下降。2023H1毛利率30.94%，同比下降5.442pct，环比下降1.13pct；归母净利率16.26%，同比下降6.86pct，环比下降2.68pct。2023Q2毛利率28.59%，同比下降7.42pct，环比下降5.66pct；归母净利率15.60%，同比下降8.61pct，环比下降1.58pct。2023年Q2末板块应收账款为204.53亿元，较年初增加10.39%；2023年Q2末板块预收款为57.46%亿元，较年初增长10.89%；2023年Q2末板块存货为202.15亿元，较年初增加15.22%。2023年H1板块经营活动净现金流为29.10亿元，同比上升26.22%；Q2板块经营活动净现金流为37.55亿元，同比上升8.77%，环比增长544.34%6）电解液及六氟：经过1年价格调整，Q2价格盈利下降后基本进入底部区间，且龙头盈利明显领先二线厂商，预计盈利底部震荡，基本稳定。2023年上半年实现营收249.68亿元，同比下降25.72%；归母净利润24.54亿元，同比下降67.96%；2023年二季度板块实现营收123.89亿元，同比降低23.66%，环比降低1.51%；归母净利润12.20亿元，同比降低62.20%，环比降低1.22%。其中，天赐材料表现符合预期，Q2电解液单吨盈利0.6万元/吨、单位盈利见底。2023H1毛利率22.36%，同比下降14.33pct，环比下降3.02pct；归母净利率9.83%，同比下降12.96pct，环比下降3.55pct。2023Q2毛利率21.68%，同比下降11.39pct，环比下降1.35pct；归母净利率9.84%，同比下降10.04pct，环比上升0.03pct。2023年Q2末板块应收账款为113.05亿元，较年初减少2.36%；2023年Q2末板块预收款为24.41亿元，较年初减少25.92%；2023年Q2末板块存货为67.22亿元，较年初减少19.82%。2023年H1板块经营活动净现金流为32.03亿元，同比降低55.53%；2023Q2板块经营活动净现金流为29.72亿元，同比下降27.37%，环比增长1187.34%7）负极：23H1石墨化产能大幅过剩，价格大幅下行，逼近行业成本线，叠加高价库存影响，Q2行业单吨利润环比下降明显，Q3价格仍有下降空间，预计盈利水平将进一步下降，但一体化龙头具备成本优势。23H1实现营收362.39亿元，同比增长8.27%；归母净利润35.36亿元，同比降低30.69%，其中，23Q2营收186.17亿元，同比降低0.44%，环比增长5.64%；归母净利润17.90亿元，同比降低32.82%，请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所6/44环比增长2.48%。产能过剩导致价格下跌至成本线附近，盈利端承压。2023H1毛利率20.00%，同比下降7.13pct，环比下降2.13pct；归母净利率9.76%，同比下降5.48pct，环比下降1.88pct。2023Q2毛利率19.91%，同比下降5.97pct，环比下降0.17pct；归母净利率9.61%，同比下降4.63pct，环比下降0.30pct。2023年Q2末板块应收账款为171.31亿元，较年初减少3.61%；2023年Q2末板块预收款为64.15亿元，较年初增长6.08%；2023年Q2末板块存货为251.72亿元，较年初减少2.42%。2023年H1板块经营活动净现金流为10.72亿元，同比上升136.23%；Q2板块经营活动净现金流为23.71亿元，同比上升146.29%，环比增长282.49%。10）结构件：结构件竞争格局稳定，厂商盈利差异大；1H产品价格逐季小幅下降，龙头基本可降本消化，预计2H盈利能力基本可维持。23H1实现营收116.75亿元，同比降低17.94%；归母净利润14.32亿元，同比增长8.24%，其中，23Q2营收114.85亿元，同比增长7.54%，环比增长12.56%；归母净利润6.66亿元，同比降低3.54%，环比降低13.15%。2023H1毛利率16.23%，同比下降0.33pct，环比下降4.13pct；归母净利率6.60%，同比上升0.34pct，环比下降1.94pct。2023Q2毛利率15.46%，同比下降1.42pct，环比下降1.65pct；归母净利率5.80%，同比下降0.67pct，环比下降1.72pct。23H1存货为90.66亿，较年初增长0.59%；预收款项为2.40亿，较年初上升15.83%。23年H1现金流27.63亿，同比增长161.60%；23Q2现金流净流入12.91亿，同比增长82.12%，环比下降12.31%。8）铜箔：Q2主流铜箔厂商由盈转亏，基本触底；但行业供给分散，且主流厂商积极扩产，叠加新进入者产能释放，产能出清时间拉长。23H1实现营收76.28亿元，同比增长3.45%；归母净利润1.69亿元，同比降低81.35%，其中，23Q2营收38.94亿元，同比增长6.47%，环比增长4.27%；归母净利润0.11亿元，同比降低97.16%，环比降低92.78%。2023H1毛利率8.15%，同比下降14.09pct，环比下降5.66pct；归母净利率2.22%，同比下降10.08pct，环比下降5.15pct。2023Q2毛利率5.29%，同比下降15.59pct，环比下降5.83pct；归母净利率0.29%，同比下降10.67pct，环比下降3.93pct。23H1存货为29.17亿，较年初增长3.17%；预收款项为0.18亿，较年初增长0.78%。23年H1现金流净流入-4.32亿，同比减少765.12%；23Q2现金流净流入2.23亿，同比下降60.00%，环比流出扩大133.99%。9）铝箔：23年H1由于下游去库存导致产能过剩，加工费逐季小幅下降，但竞争格局稳定，龙头盈利水平Q2为4k/吨，仍明显领先。23H1实现营收116.75亿元，同比降低17.94%；归母净利润3.82亿元，同比降低46.81%，其中，23Q2营收60.25亿元，同比降低16.82%，环比增长6.62%；归母净利润2.32亿元，同比降低48.27%，环比增长54.70%。2023H1毛利率12.08%，同比下降2.06pct，环比下降3.64pct；归母净利率3.27%，同比下降1.77pct，环比下降3.31pct。2023Q2毛利率11.44%，同比下降4.52pct，环比下降1.33pct；归母净利率3.85%，同比下降2.34pct，环比上升1.20pct。2023年Q2末板块应收账款为36.82亿元，较年初增长7.39%；2023年Q2末板块预收款为1.31亿元，较年初减少32.33%；2023年Q2末板块存货为40.36亿元，较年初减少9.10%。2023年H1板块经营活动净现金流为13.47亿元，同比增长20.09%；Q2板块经营活动净现金流为10.32亿元，同比减少8.32%，环比增长228.47%。11）添加剂：低端产品竞争加剧，价格大幅下行，且低端产品需求占比提升，叠加产能利用率较低，H1单位盈利下滑明显，Q2基本底部企稳。23H1实现营收84.02亿元，同比降低9.86%；归母净利润-1.91亿元，同比降低134.83%，其中，23Q2营收43.28亿元，同比降低15.77%，环比增长6.21%；归母净利润-0.90亿元，同比降低131.41%，环比增长10.33%，其中黑猫Q2仍大额亏损，天奈单吨利润已企稳。请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所7/442023H1毛利率7.23%，同比下降7.53pct，环比下降1.48pct；归母净利率-2.27%，同比下降8.16pct，环比下降1.96pct。2023Q2毛利率5.69%，同比下降9.34pct，环比下降3.17pct；归母净利率-2.09%，同比下降7.68pct，环比上升0.38pct。2023年Q2末板块应收账款为39.13亿元，较年初减少4.87%；2023年Q2末板块预收款为0.84亿元，较年初减少40.17%；2023年Q2末板块存货为35.43亿元，较年初减少5.25%。2023年H1板块经营活动净现金流为6.81亿元，同比增长9480.29%；Q2板块经营活动净现金流为10.70亿元，同比增长479.17%，环比增长374.75%。核心零部件：龙头23H1增长稳健，盈利维持稳定，业绩相对亮眼。23H1实现营收687.76亿元，同比增长12.67%；归母净利润64.38亿元，同比增长20.52%，其中，23Q2营收375.35亿元，同比增长18.25%，环比增长20.15%；归母净利润37.35亿元，同比增长20.42%，环比增长38.17%。2023H1毛利率24.32%，同比上升2.12pct，环比上升0.63pct；归母净利率9.36%，同比上升0.61pct，环比上升0.33pct。2023Q2毛利率24.71%，同比上升1.87pct，环比上升0.85pct；归母净利率9.95%，同比上升0.18pct，环比上升1.30pct。2023年Q2末板块应收账款为375.97亿元，较年初增长15.85%；2023年Q2末板块预收款为18.21亿元，较年初增长5.32%；2023年Q2末板块存货为260.77亿元，较年初减少4.34%。2023年H1板块经营活动净现金流为63.42亿元，同比增长96.19%；Q2板块经营活动净现金流为42.71亿元，同比增长62.32%，环比增长106.11%。锂电设备：海外电池厂扩产加速，龙头充分受益于海外订单兑现，杭可、先导等业绩仍亮眼，但国内锂电产能扩张放缓，新增订单放缓。23H1实现营收278.31亿元，同比增长19.60%；归母净利润31.67亿元，同比增长11.98%，其中，23Q2营收153.55亿元，同比增长19.41%，环比增长23.06%；归母净利润16.94亿元，同比增长5.66%，环比增长14.97%。23H1实现营收278.31亿元，同比增长19.60%；归母净利润31.67亿元，同比增长11.98%，其中，23Q2营收153.55亿元，同比增长19.41%，环比增长23.06%；归母净利润16.94亿元，同比增长5.66%，环比增长14.97%。2023年Q2末板块应收账款为227.43亿元，较年初增长6.12%；2023年Q2末板块预收款为229.66亿元，较年初增长6.38%；2023年Q2末板块存货为384.25亿元，较年初增长10.66%。2023年H1板块经营活动净现金流为-7.14亿元，同比减少161.92%；Q2板块经营活动净现金流为26.88亿元，同比减少6.12%，环比增长179.02%。整车：H1盈利水平同比大幅提升，23Q2电芯及零部件成本下行，整车盈利稳中有升，2H整车仍有价格压力，预计盈利将分化。23H1实现营收8410.40亿元，同比增长23.69%；归母净利润274.38亿元，同比增长20.15%，其中，23Q2营收4609.80亿元，同比增长45.36%，环比增长21.29%；归母净利润129.96亿元，同比增长36.97%，环比降低10.02%。2023H1毛利率13.31%，同比上升1.59pct，环比下降0.69pct；归母净利率3.26%，同比下降0.10pct，环比上升0.83pct。2023Q2毛利率13.33%，同比上升1.02pct，环比上升0.04pct；归母净利率2.82%，同比下降0.17pct，环比下降0.98pct。2023年Q2末板块应收账款为1601.50亿元，较年初增长7.61%；2023年Q2末板块预收款为848.63亿元，较年初增长2.42%；2023年Q2末板块存货为2463.80亿元，较年初增长7.87%。2023年H1板块经营活动净现金流为926.01亿元，同比增长86.06%；Q2板块经营活动净现金流为964.91亿元，同比增长57.28%，环比增长2580.68%。投资建议：当前电动车仍为基本面、估值、预期低点，龙头地位稳固且25年估值仅10x，看好Q2-Q3盈利低点出现+需求逐步好转后锂电板块酝酿反转，首推盈利确定的电池环节（宁德时代、比亚迪、亿纬锂能），受益于国产替代及新技术的细分环节龙头（曼恩斯特、骄成超声），以及盈利趋势稳健的结构件（科达利）、负极（璞泰来、尚太科技）、电解液（天赐材料、新宙邦）、隔膜（恩捷股份、星源材质）及正极（华友钴业、湖南裕能、德方纳米、容百科技）等，关注欣旺达、鹏辉能源、多氟多、信德新材、万润新能、中伟股份、请务必阅读正文之后的免责声明部分行业深度报告东吴证券研究所8/44当升科技、天奈科技、鼎胜新材等风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期。请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告9/44内容目录1.销量：国内销量持续向上，欧洲销量增速恢复............................................................................111.1.2023年H1销量：国内销量持续向上，欧洲销量增速恢复................................................111.2.我们预计2023年全球销量1302万辆，23年仍可维持29%左右增长.............................122.电动车板块：上游环节增速放缓，中游环节盈利分化................................................................152.1.营收及利润：主流公司业绩延续高增，电池龙头强者恒强，部分环节盈利承压，碳酸锂板块持续震荡...............................................................................................................................152.2.盈利水平：23年上半年板块受价格战影响，盈利能力持续分化，23Q2盈利环比微降172.3.净现金流：23H1同比改善，23Q2现金流环比微降...........................................................193.电动车各板块：中游环节盈利分化，电池盈利维持良好............................................................223.1.中游盈利分化，电池龙头业绩依然亮眼，部分环节价格承压，盈利下滑.......................223.2.23H1下游需求较弱盈利能力下滑，23Q2大部分环节盈利触底........................................303.3.23H1板块现金流同比高增，23Q2中游材料大部分环节现金流环比均下滑....................374.投资建议............................................................................................................................................424.风险提示............................................................................................................................................43请务必阅读正文之后的免责声明部分东吴证券研究所行业深度报告10/44图表目录图1：2022年-2023年7月国内新能源汽车产销量（辆，左轴）及同环比（%，右轴）..........11图2：2022年-2023年7月海外新能源汽车销量（辆，左轴）及同比(%，右轴)情况...............12图3：国内新能源汽车销量预测（含出口，万辆）.........................................................................12图4：欧洲新能源汽车销量预测（含出口，万辆）.........................................................................13图5：美国新能源汽车销量预测（含出口，万辆）.........................................................................14图6：全球电动车销量预测（万辆）.................................................................................................14图7：新能源汽车板块2023H1收入和净利润情况..........................................................................16图8：新能源汽车板块2023H1增速分布情况..................................................................................16图9：新能源汽车板块2023年Q2收入和净利润情况....................................................................16图10：新能源汽车板块2023年Q2整体情况..................................................................................17图11：新能源汽车板块2023H1及2023年Q2毛利率情况...........................................................17图12：新能源汽车板块2023H1年及2023年Q2归母净利率情况...............................................18图13：新能源汽车板块2023H1及2023年Q2费用率情况...........................................................18图14：新能源汽车板块2023年H1经营活动净现金流情况（单位：亿元）..............................19图15：新能源汽车板块2023年H1末应收账款情况......................................................................20图16：新能源汽车板块2023年H1末预收款项情况......................................................................20图17：新能源汽车板块2023年H1末存货情况..............................................................................21图18：各板块净利润占新能源汽车板块比重（亿元）...................................................................22图19：新能源汽车板块收入和归母净利润变动情况分析表（单位：亿元）...............................26图20：新能源车板块毛利率和归母净利润率变动情况分析表.......................................................32图21：新能源汽车板块2022年-2023年Q2经营净现金流情况统计（单位：亿元）...............37行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所11/441.销量：国内销量持续向上，欧洲销量增速恢复1.1.2023年H1销量：国内销量持续向上，欧洲销量增速恢复国内：2023年电动车销量逐步上行，上半年度实现同比高增。根据中汽协数据，2023年上半年国内电动车销量374.7万辆，同比增长44%，其中EV累计销量271.9万辆，同比增长31.9%；PHEV销量102.5万辆，同比增加91.1%。2023年Q1电动车累计销售158.6万辆，同比增长26.2%，处于弱恢复，其中EV累计销量115.2万辆，同比增长14.4%；PHEV销量43.3万辆，同比增加74.1%。2023年Q2电动车累计销售216.1万辆，环比Q1增长36.3%，实现环比高速增长。新能源车渗透率已从2022年1月的17.0%提升至2023年7月的32.7%，电动化进程加速推进。图1：2022年-2023年7月国内新能源汽车产销量（辆，左轴）及同环比（%，右轴）数据来源：中汽协，东吴证券研究所海外：欧洲市场销量Q2增速走高，美国市场销量维持同比高增。2023年Q1海外电动乘用车销量为111.7万辆，同比增长33.9%，环比下降12.2%，其中EV销量83.7万辆，同比增长50.7%，环比下降7.4%；PHEV销量28.0万辆，同比增加0.4%，环比增长13.9%。2023年Q2海外电动乘用车销量为127.2万辆，同比增长46.1%，环比增长13.8%，其中EV销量95.3万辆，同比增长63%，环比增长13.8%；PHEV销量31.9万辆，同比增长11.5%，环比增长14%。从2022年全年渗透率及2023年1-7月累计渗透率来看，美国新能源汽车渗透率从7.10%提升至9.18%，欧洲新能源车渗透率为从19.46%下降至17.72%。1）欧洲市场供给端芯片紧缺影响缓解，疫情状况逐渐好转，整体Q1销量增速恢复，Q2持续保持稳定增长。2023年上半年欧洲电动乘用车销量为135.2万辆，同比增-100%-50%0%50%100%150%200%01000002000003000004000005000006000007000008000009000002022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-07新能源车总销量新能源车总产量销量环比销量同比行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所12/44长25.3%，其中2023年Q1销量为62.8万辆，同比增长15.2%，环比下降28.35%；2023年Q2销量为72.4万辆，同比增长34.9%，环比高增15.3%。2023年1-7月欧洲电动化为17.72%，其中挪威电动化率已达75.26%，芬兰51.48%，瑞典51.38%，前三渗透率国家均超过五成，电动化进程亮眼。2）美国市场同比高增长，渗透率维持稳定增长，补贴新政落地预计刺激后续高增长。2023年上半年总销量69.9万辆，同比增长53.2%，符合市场预期；其中23Q1总销量33.1万辆，同比增长56.8%，符合市场预期。23Q2总销量36.9万辆，同比增长50.1%，环比Q1增长11.5%。美国2023年1-7月累计渗透率为9.18%，较2022年全年渗透率7.10%增加2.08pct。由于23年政策优惠，同时美国将调整IRA法案退税政策，特斯拉、福特等一众车企受益，并公布汽车排放严格标准，要求到2032年，美国销售的所有新车中有67%必须是电动汽车，叠加电动皮卡新车大周期，销量有望翻番，长期电动化趋势明显。图2：2022年-2023年7月海外新能源汽车销量（辆，左轴）及同比(%，右轴)情况数据来源：Marklines，东吴证券研究所1.2.我们预计2023年全球销量1302万辆，23年仍可维持29%左右增长国内新车型密集推出，预计9-12月销量冲量，我们维持全年销量预期约900万辆+（含出口），同比+31%。图3：国内新能源汽车销量预测（含出口，万辆）-40%-20%0%20%40%60%80%100%0500001000001500002000002500003000003500004000004500002022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-07EVPHEVEV同比PHEV同比行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所13/44数据来源：中汽协，东吴证券研究所欧洲23年上半年销135万辆，同比增长26%，部分国家补贴政策平缓退坡，同比增速放缓，但全年碳排考核趋严，长期电动化确定，维持2023年全年300万辆预期，同比增长20%左右。2023年上半年欧洲销量135万辆，同比增长26%，部分国家补贴政策平缓退坡影响欧洲整体乘用车需求，同比增速放缓。我们预计2023年欧洲销量仍可达300万辆左右，同增20%，主要受益于碳排放考核趋严、补贴政策力度持续及传统车企纯电平台新车型大量落地。且欧洲纯电车型比例有望进一步提升，结构性优化明显。图4：欧洲新能源汽车销量预测（含出口，万辆）数据来源：Marklines，东吴证券研究所美国23年1-7月销量83万辆，补贴落地有望推动23年销量近160万辆。美国2023年1-7月销量83万辆，同比增长51%，增速亮眼。其中，特斯拉贡献主要增量，福特、现代起亚、Stellantis等传统车企快速起量。美国IRA法案对本土化提出高要求，政策补行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所14/44贴优惠，叠加电动皮卡新车大周期，我们预计23年销量近160万辆，同增近60%。当前美国渗透率偏低，不足10%，我们预计24-25年有望高增长。图5：美国新能源汽车销量预测（含出口，万辆）数据来源：中汽协，东吴证券研究所23年上半年全球电动车销量595.7万辆，我们预计23年全球销量1302万辆，维持29%左右高增长。2023年上半年全球销量595.7万辆，其中国内电动车销量374.5万辆，欧洲135.2万辆，美国销量69.9万辆。我们预计2023年全球销量1302万辆，维持29%增长。图6：全球电动车销量预测（万辆）行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所15/44数据来源：Marklines，东吴证券研究所预测2.电动车板块：上游环节增速放缓，中游环节盈利分化2.1.营收及利润：主流公司业绩延续高增，电池龙头强者恒强，部分环节盈利承压，碳酸锂板块持续震荡新能源汽车板块2023年H1收入同增20.8%，归母净利润同减14.7%，板块业绩延续稳定表现。我们共选取了96家上市公司，划分为上游材料、锂电池中游（含隔膜、六氟磷酸锂及电解液、电池、正极、负极、添加剂、铜箔、铝箔、结构件9个细分板块）、汽车核心零部件、整车、锂电设备5个子板块，进行了统计分析。2023年上半年营业收入达15323.69亿元，同比增加20.8%；实现归母净利润955.96亿元，同比减少14.7%。2023年H1营业收入同比下降的公司有13家；增幅为0-30%的有28家；增幅为30%以上的有67家。2022年归母净利润同比下降的公司有46家；增幅为0-30%的有32家；增幅为30%以上的有18家；持续亏损的有6家，由盈转亏的有9家，扭亏为盈的有5家。行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所16/44图7：新能源汽车板块2023H1收入和净利润情况数据来源：Wind，公司公告，东吴证券研究所图8：新能源汽车板块2023H1增速分布情况收入增速归属母公司净利润增速同比负增长4659同比增长幅度在0%-30%3218同比增长超过30%1819亏损-6转亏-9扭亏-5合计96数据来源：Wind，东吴证券研究所2023年Q2新能源汽车板块营收同比增加27.7%，受需求放缓+去库存影响，归母净利润同环比分别下滑22.6%、1.5%。2023年二季度实现营收8151.59亿元，同比增加27.7%，环比增加13.7%；实现归母净利润474.32亿元，同比下降22.6%，环比下降1.5%。2023年二季度收入同比下降的公司共有49家，增幅为0-30%的公司共有26家，增幅为30%以上的公司共有21家。归母净利润2023年二季度同比下降的公司共有62家，增幅为0-30%的公司共有11家，增幅为30%以上的公司有23家。持续亏损的有10家，由盈转亏的有8家，扭亏为盈的有5家。图9：新能源汽车板块2023年Q2收入和净利润情况分项营业收入（亿元）同比增速（%）环比增速（%）归属母公司股东净利润（亿元）同比增速（%）环比增速（%）新能源汽车板块15,323.6920.8%-14.8%955.96-14.7%-29.4%碳酸锂882.613.4%-25.0%252.86-42.1%-52.0%锂电池中游5,342.9220.7%-17.8%364.34-9.4%-31.4%隔膜286.4412.2%-7.5%46.57-21.1%-20.6%六氟磷酸锂及电解液249.68-25.7%-30.0%24.54-68.0%-48.5%电池3,105.0646.1%-11.3%253.68103.4%-9.3%正极828.50-0.5%-36.7%-1.10-101.4%-101.5%铁锂正极452.8528.4%-32.2%-16.98-139.6%-149.1%三元正极375.65-21.8%-41.3%15.88-55.9%-59.2%三元前驱体654.407.3%-1.4%32.68-10.9%1.2%添加剂84.02-9.9%-9.4%-1.91-134.8%553.7%负极362.398.3%-15.1%35.36-30.7%-28.8%铜箔76.283.4%-12.8%1.69-81.3%-73.8%铝箔116.75-17.9%-11.6%3.82-46.8%-56.1%结构件216.872.7%-18.5%14.328.2%-37.0%汽车核心零部件687.7612.7%3.0%64.3820.5%6.5%整车8,410.4023.7%-12.7%274.3820.2%15.9%锂电产业链（上游+中游）6,225.5317.9%-18.9%617.20-26.4%-41.6%锂电设备278.3119.6%-6.8%31.6712.0%-4.5%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所17/44数据来源：Wind，公司公告，东吴证券研究所图10：新能源汽车板块2023年Q2整体情况收入增速归属母公司净利润增速同比负增长4962同比增长幅度在0%-30%2611同比增长超过30%2123亏损-10转亏-8扭亏-5合计96数据来源：Wind，东吴证券研究所2.2.盈利水平：23年上半年板块受价格战影响，盈利能力持续分化，23Q2盈利环比微降2023年H1新能源汽车板块盈利能力受竞争加剧影响持续分化，2023Q2各板块盈利水平环比微降，毛利率16.87%，环比-0.78pct，归母净利率5.82%，环比-0.90pct：2023年H1板块整体毛利率为17.23%，同比减少1.42pct；归母净利率6.24%，同比减少2.59pct。2023年二季度板块毛利率为16.87%，同比减少3.02pct，环比减少0.78pct；归母净利率5.82%，同比减少3.78pct，环比下降0.90pct。图11：新能源汽车板块2023H1及2023年Q2毛利率情况分项营业收入（亿元）同比增速（%）环比增速（%）归属母公司股东净利润（亿元）同比增速（%）环比增速（%）新能源汽车板块8,151.5927.7%13.7%474.32-22.6%-1.5%碳酸锂444.25-11.5%1.3%112.91-56.8%-19.3%锂电池中游2,722.1913.7%3.9%194.10-13.9%14.0%隔膜167.2521.1%40.3%26.09-22.0%27.4%六氟磷酸锂及电解液123.89-23.7%-1.5%12.20-62.2%-1.2%电池1,615.2138.2%8.4%135.9251.2%15.4%正极377.35-18.8%-16.4%1.90-95.1%163.3%铁锂正极207.567.3%-15.4%-4.69-126.4%61.8%三元正极169.79-37.5%-17.5%6.60-68.2%-29.0%三元前驱体312.49-7.2%-8.6%17.23-5.9%11.5%添加剂43.28-15.8%6.2%-0.90-131.4%10.3%负极186.17-0.4%5.6%17.90-32.8%2.5%铜箔38.946.5%4.3%0.11-97.2%-92.8%铝箔60.25-16.8%6.6%2.32-48.3%54.7%结构件114.857.5%12.6%6.66-3.5%-13.2%汽车核心零部件375.3518.3%20.9%37.3520.4%38.2%整车4,609.8045.4%21.4%129.9637.0%-10.0%锂电产业链（上游+中游）3,166.439.3%3.5%307.02-36.9%-1.0%锂电设备153.5519.4%23.1%16.945.7%15.0%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所18/44数据来源：Wind，公司公告，东吴证券研究所图12：新能源汽车板块2023H1年及2023年Q2归母净利率情况数据来源：Wind，公司公告，东吴证券研究所2023年H1费用率10.14%，同比上升0.66pct，规模效应稳健；2023年Q2费用率9.66%，同比上升0.42pct，环比下降1.03pct：2023年H1板块整体费用率10.14%，同比上升0.66pct；2023年二季度费用率9.66%，同比上升0.42pct，环比下降1.03pct。2023年一季度费用率10.68%，同比上升0.97pct，环比上升0.43pct。图13：新能源汽车板块2023H1及2023年Q2费用率情况毛利率2022H12022H222H2环比2023H123H1同比23H1环比2023Q223Q2同比23Q2环比新能源汽车板块18.65%18.89%0.2pct17.23%-1.42pct-1.66pct16.87%-3.02pct-0.78pct碳酸锂66.21%59.73%-6.5pct50.43%-15.77pct-9.3pct46.10%-20.12pct-8.72pct锂电池中游19.62%18.31%-1.3pct17.00%-2.62pct-1.31pct17.00%-2.82pct-0.01pct隔膜36.37%32.08%-4.3pct30.94%-5.42pct-1.13pct28.59%-7.42pct-5.66pct六氟磷酸锂及电解液36.69%25.38%-11.3pct22.36%-14.33pct-3.02pct21.68%-11.39pct-1.35pct电池17.00%19.31%2.3pct19.20%2.2pct-0.11pct19.34%0.32pct0.29pct正极17.23%11.95%-5.3pct6.98%-10.25pct-4.96pct6.04%-9.43pct-1.73pct铁锂正极21.73%13.31%-8.4pct4.98%-16.74pct-8.33pct3.78%-13.8pct-2.22pct三元正极13.92%10.52%-3.4pct9.39%-4.53pct-1.12pct8.81%-5.16pct-1.07pct三元前驱体16.28%15.23%-1.1pct13.31%-2.97pct-1.92pct12.32%-4.11pct-1.89pct添加剂14.76%8.71%-6.1pct7.23%-7.53pct-1.48pct5.69%-9.34pct-3.17pct负极27.12%22.13%-5pct20.00%-7.13pct-2.13pct19.91%-5.97pct-0.17pct铜箔22.23%13.81%-8.4pct8.15%-14.09pct-5.66pct5.29%-15.59pct-5.83pct铝箔14.15%15.72%1.6pct12.08%-2.06pct-3.64pct11.44%-4.52pct-1.33pct结构件16.56%20.36%3.8pct16.23%-0.33pct-4.13pct15.46%-1.42pct-1.65pct汽车核心零部件22.20%23.69%1.5pct24.32%2.12pct0.63pct24.71%1.87pct0.85pct整车11.72%14.00%2.3pct13.31%1.59pct-0.69pct13.33%1.02pct0.04pct锂电产业链（上游+中游）27.15%24.66%-2.5pct21.74%-5.41pct-2.92pct21.08%-6.78pct-1.34pct锂电设备29.86%30.66%0.8pct31.10%1.24pct0.43pct30.24%0.29pct-1.92pct归母净利率2022H12022H222H2环比2023H123H1同比23H1环比2023Q223Q2同比23Q2环比新能源汽车板块8.83%7.50%-1.3pct6.24%-2.59pct-1.26pct5.82%-3.78pct-0.9pct碳酸锂51.13%44.72%-6.4pct28.65%-22.48pct-16.07pct25.42%-26.68pct-6.51pct锂电池中游9.09%8.16%-0.9pct6.82%-2.27pct-1.34pct7.13%-2.28pct0.63pct隔膜23.12%18.94%-4.2pct16.26%-6.86pct-2.68pct15.60%-8.61pct-1.58pct六氟磷酸锂及电解液22.79%13.38%-9.4pct9.83%-12.96pct-3.55pct9.84%-10.04pct0.03pct电池5.87%7.99%2.1pct8.17%2.3pct0.18pct8.42%0.72pct0.51pct正极9.48%5.62%-3.9pct-0.13%-9.61pct-5.75pct0.50%-7.78pct1.17pct铁锂正极12.17%5.18%-7pct-3.75%-15.92pct-8.93pct-2.26%-11.46pct2.75pct三元正极7.50%6.08%-1.4pct4.23%-3.27pct-1.85pct3.88%-3.75pct-0.63pct三元前驱体6.02%4.87%-1.1pct4.99%-1.02pct0.13pct5.51%0.07pct1pct添加剂5.88%-0.32%-6.2pct-2.27%-8.16pct-1.96pct-2.09%-7.68pct0.38pct负极15.24%11.64%-3.6pct9.76%-5.48pct-1.88pct9.61%-4.63pct-0.3pct铜箔12.29%7.37%-4.9pct2.22%-10.08pct-5.15pct0.29%-10.67pct-3.93pct铝箔5.04%6.57%1.5pct3.27%-1.77pct-3.31pct3.85%-2.34pct1.2pct结构件6.27%8.55%2.3pct6.60%0.34pct-1.94pct5.80%-0.67pct-1.72pct汽车核心零部件8.75%9.03%0.3pct9.36%0.61pct0.33pct9.95%0.18pct1.3pct整车3.36%2.44%-0.9pct3.26%-0.1pct0.83pct2.82%-0.17pct-0.98pct锂电产业链（上游+中游）15.88%13.77%-2.1pct9.91%-5.97pct-3.86pct9.70%-7.11pct-0.44pct锂电设备12.15%11.11%-1pct11.38%-0.77pct0.27pct11.03%-1.44pct-0.78pct行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所19/44数据来源：Wind，公司公告，东吴证券研究所2.3.净现金流：23H1同比改善，23Q2现金流环比微降2023年上半年板块现金流同比增加76.93%，2023年Q2经营现金流环比上升681.51%：2023年上半年板块经营活动净现金流为1788.17亿元，同比增加76.93%。2023年第二季度为1585.31亿元，同比增加58.78%，环比上升681.51%。图14：新能源汽车板块2023年H1经营活动净现金流情况（单位：亿元）数据来源：Wind，公司公告，东吴证券研究所费用率2022H12022H222H2环比2023H123H1同比23H1环比2023Q223Q2同比23Q2环比新能源汽车板块9.47%9.85%0.4pct10.14%0.66pct0.28pct9.66%0.42pct-1.03pct碳酸锂5.48%4.31%-1.2pct5.03%-0.45pct0.72pct4.92%0.04pct-0.22pct锂电池中游8.92%8.43%-0.5pct8.88%-0.04pct0.45pct8.27%-0.36pct-1.23pct隔膜10.63%12.43%1.8pct11.79%1.16pct-0.64pct10.44%0.18pct-3.26pct六氟磷酸锂及电解液8.07%8.65%0.6pct10.93%2.87pct2.28pct10.54%2.29pct-0.79pct电池10.65%10.01%-0.6pct9.93%-0.71pct-0.08pct9.06%-1.24pct-1.82pct正极5.05%3.90%-1.2pct4.83%-0.23pct0.93pct5.09%0.58pct0.48pct铁锂正极5.76%4.77%-1pct6.01%0.25pct1.24pct6.90%1.58pct1.63pct三元正极4.53%2.98%-1.6pct3.39%-1.14pct0.41pct2.88%-1.05pct-0.93pct三元前驱体7.00%8.39%1.4pct7.09%0.09pct-1.3pct5.49%-1.68pct-3.07pct添加剂6.18%7.67%1.5pct8.14%1.96pct0.48pct7.51%2.35pct-1.31pct负极10.44%10.17%-0.3pct9.13%-1.31pct-1.31pct8.59%-1.62pct-1.12pct铜箔8.02%5.39%-2.6pct6.51%-1.51pct1.12pct6.86%-1.17pct0.72pct铝箔7.20%6.53%-0.7pct7.46%0.26pct0.93pct7.07%-0.23pct-0.8pct结构件8.80%8.01%-0.8pct8.83%0.03pct0.03pct7.43%-1.11pct-2.98pct汽车核心零部件12.43%13.86%1.4pct12.93%0.5pct-0.93pct11.69%-0.1pct-2.74pct整车10.07%11.20%1.1pct11.24%1.18pct0.04pct10.76%0.64pct-1.06pct锂电产业链（上游+中游）8.37%7.80%-0.6pct8.33%-0.03pct0.54pct7.80%-0.18pct-1.08pct锂电设备14.76%15.11%0.4pct15.39%0.63pct0.28pct14.31%0.31pct-2.41pct经营活动现金流量净额22H122H223H123H1同比23H1环比2023Q223Q2同比23Q2环比碳酸锂276.64465.03255.51-7.64%-45.06%202.0827.72%278.19%锂电池中游203.99476.96543.22166.29%13.89%375.6287.44%124.12%隔膜23.0542.1229.1026.22%-30.92%37.558.77%544.34%六氟磷酸锂及电解液72.0237.8232.03-55.53%-15.30%29.72-27.37%1187.34%电池207.11496.74456.16120.25%-8.17%211.5248.11%-13.54%正极-63.26-80.01-22.6864.14%-71.65%46.33311.78%167.13%铁锂正极-68.63-82.82-23.2666.10%-71.91%20.41164.71%146.74%三元正极5.372.810.58-89.23%-79.42%25.92168.17%202.28%三元前驱体-64.2240.8631.94149.74%-21.84%38.84343.73%663.07%添加剂0.07-0.646.819480.29%-1155.60%10.70479.17%374.75%负极4.54-25.3710.72136.23%-142.25%23.71146.29%282.49%铜箔0.652.40-4.32-765.12%-280.26%2.23-60.00%133.99%铝箔11.225.9113.4720.09%127.80%10.32-8.32%228.47%结构件10.5629.6027.63161.60%-6.65%12.9182.12%-12.31%汽车核心零部件32.3393.1463.4296.19%-31.90%42.7162.32%106.11%整车497.701,213.59926.0186.06%-23.70%964.9157.28%2580.68%新能源汽车（不含充电桩）1010.662,248.711,788.1776.93%-20.48%1,585.3158.78%681.51%锂电池480.63941.99798.7366.18%-15.21%577.7061.09%161.36%锂电设备11.5322.44-7.14-161.92%-131.82%26.88-6.12%179.02%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所20/442023年H1行业持续去库，应收账款较23年初微升，23H1末预收账款（含合同负债）较23年初基本持平，存货较23年初降6%：2023年上半年末板块整体应收账款为4227.19亿元，较年初增长2.4%；预收款项1294.05亿元，较年初基本持平；存货达到4921.33亿元，较年初下降5.58%。2023年二季度应收账款4227.19亿元，较年初增长2.40%；预收款项1,294.05亿元(包括合同负债)，与年初持平；存货4921.33亿元，较年初减少5.58%。图15：新能源汽车板块2023年H1末应收账款情况数据来源：Wind，公司公告，东吴证券研究所图16：新能源汽车板块2023年H1末预收款项情况应收账款(亿元）23H1末的情况H1末较年初增长H1末较Q1末增长碳酸锂208.14-6.42%-2.52%锂电池中游2,041.58-2.45%8.04%隔膜204.5310.39%26.66%六氟磷酸锂及电解液113.05-2.36%-5.81%电池1,139.827.57%16.91%正极256.55-31.26%-7.04%铁锂正极127.23-26.75%3.32%三元正极129.31-35.18%-15.39%三元前驱体191.324.47%-8.48%添加剂39.13-4.87%-3.31%负极171.31-3.61%6.84%铜箔31.8010.37%6.25%铝箔36.827.39%7.12%结构件111.49-7.34%6.74%汽车核心零部件375.9715.85%13.45%整车1,601.507.61%10.77%新能源汽车（不含充电桩）4,227.192.40%8.94%锂电池2,249.71-2.83%6.97%锂电设备227.436.12%8.00%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所21/44数据来源：Wind，公司公告，东吴证券研究所图17：新能源汽车板块2023年H1末存货情况数据来源：Wind，公司公告，东吴证券研究所预收款项（亿元）23H1末的情况H1末较年初增长H1末较Q1末增长碳酸锂39.97-15.21%-3.96%锂电池中游387.23-3.45%-13.82%隔膜57.4610.89%-0.86%六氟磷酸锂及电解液24.41-25.92%-17.37%电池276.741.45%-13.25%正极14.47-47.87%-29.30%铁锂正极12.31-49.91%-36.44%三元正极2.16-32.10%96.71%三元前驱体25.41-18.43%-26.12%添加剂0.84-40.17%-11.97%负极64.156.08%-1.98%铜箔0.180.78%-62.59%铝箔1.31-32.33%-66.06%结构件2.4015.83%3.49%汽车核心零部件18.215.32%-5.29%整车848.632.42%17.60%新能源汽车（不含充电桩）1,294.050.00%5.05%锂电池427.20-4.69%-12.99%锂电设备229.666.38%-0.70%存货（亿元）23H1末的情况H1末较年初增长H1末较Q1末增长碳酸锂314.366.71%-0.30%锂电池中游1,882.39-20.27%-10.93%隔膜202.1515.22%1.05%六氟磷酸锂及电解液67.22-19.82%-0.63%电池977.24-26.30%-15.98%正极220.86-29.21%-2.94%铁锂正极128.32-27.10%7.76%三元正极92.54-31.94%-14.68%三元前驱体353.27-4.49%0.20%添加剂35.43-5.25%-20.48%负极251.72-2.42%-6.92%铜箔29.173.17%-10.62%铝箔40.36-9.10%-6.03%结构件90.660.59%-2.51%汽车核心零部件260.77-4.34%-5.36%整车2,463.807.87%-2.18%新能源汽车（不含充电桩）4,921.33-5.58%-5.77%锂电池2,196.75-17.28%-9.55%锂电设备384.2510.66%2.41%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所22/443.电动车各板块：中游环节盈利分化，电池盈利维持良好3.1.中游盈利分化，电池龙头业绩依然亮眼，部分环节价格承压，盈利下滑从利润分配来看，上游环节利润分配环比降低趋势明显，23H1上游环节利润占新能源汽车板块比重约26.5%，同减12.4%，23Q2锂电池中游环节利润分配为194.1亿元，占新能源汽车板块比重约40.9%，环增5.6%，其中电池环节利润占比环比大幅提升。2023年上半年上游材料利润占整个新能源汽车板块比重为26.5%，锂电池中游占比38.1%，其中电池环节占比26.5%，环比+5.9pct，核心零部件占比6.7%，整车占比28.7%；23Q2上游材料利润占比为23.8%，锂电池中游占比40.9%，其中电池环节占比40.9%，环比+5.6pct。核心零部件占比7.9%，整车占比27.4%。图18：各板块净利润占新能源汽车板块比重（亿元）数据来源：公司公告，东吴证券研究所预测分板块来看，2023上半年扣非归母净利润同比增速排序依次为电池(110.11%)>汽车核心零部件(27.38%)>锂电设备(11.90%)>结构件(-1.79%)>锂电池中游(-10.41%)>整车(-12.33%)>三元前驱体（-15.62%）>隔膜(-15.77%)>负极(-27.59%)>碳酸锂(-46.91%)>三元正极(-54.38%)>铝箔(-57.00%)>六氟磷酸锂及电解液(-72.42%)>铜箔（-96.53%）>正极(-100.88%)>添加剂(-143.50%)>铁锂正极(-180.99%)；2023Q2扣非归母净利润环比增速排序为整车(440.43%)>汽车核心零部件(38.76%)>锂电设备(15.55%)>隔膜(-13.16%)>三元前驱体(-20.40%)>负极(-29.66%)>电池(-34.78%)>六氟磷酸锂及电解液(-41.76%)>结构件(-42.12%)>锂电池中游(-46.62%)>碳酸锂(-49.86%)>三元正极(-54.38%)>铜箔(-65.10%)>铝箔(-66.57%)>正极(-112.31%)>铁锂正极(-178.51%)>添加剂(-1767.85%)。碳酸锂价格4月触底反弹至30万元/吨震荡，现回落至20万元/吨，预计H2锂价行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所23/44在15-20万元之间波动。23H1碳酸锂板块营收882.61亿元，同比增长3.41%，归母净利润252.86亿元，同比减少42.06%，其中，23Q2板块营收达到444.25亿元，同比减少11.45%，环比上升1.34%；归母净利润112.91亿元，同比下滑56.80%，环比下滑19.32%。锂电池中游板块盈利分化：电池盈利稳中有升，中游材料盈利快速下降。23年H1电池板块盈利高增，全年有望维持；正极板块盈利能力显著下降，其次为负极、电解液，但一体化龙头竞争优势强化，其中电解液基本见底；隔膜板块价格开始松动，单位盈利开始下滑。23H1锂电池中游板块营业收入5342.92亿元，同比增长20.7%，归母净利润364.34亿元，同比减少9.39%，环比减少31.4%；其中，23Q2营收2722.19亿元，同比增长13.65%，环比增长3.87%；归母净利润194.10亿元，同比降低13.88%，环比增长14.02%。电池环节：龙头海外市占率显著提升，全球份额维持稳定；盈利上，龙头盈利水平与二线厂商差异进一步扩大，优势再强化，Q2电池进一步去库。2023年上半年实现营收3105.06亿元，同比增长46.1%；归母净利润253.68亿元，同比增长103.36%，其中，23Q2营收1615.21亿元，同比增长38.2%，环比增长8.4%，归母净利润135.92亿元，同比增长51.19%，环比增长15.4%；其中宁德时代对板块贡献最大，23H1宁德时代归母净利润207.17亿元，同比增长153.64%；23Q2归母净利润108.95亿元，同比增长63.22%。正极：Q2受限于需求走弱及存货高涨，单价及盈利持续走低，板块总体维持盈亏平衡。2023年上半年实现营收828.50亿元，同比下降0.55%；归母净利润-1.1亿元，同比下降101.4%，其中，2023年二季度实现营收377.35亿元，同比下降18.83%，环比下降16.36%；归母净利润1.90亿元，同比降低95.06%，环比转正。目前Q2碳酸锂减值仍有影响，预计下半年将逐步恢复，全年预计铁锂业务将基本维持盈亏平衡。铁锂正极：23年供给过剩，年初加工费下降2000-5000元，Q2龙头基本维持稳定，但受碳酸锂跌价及定价方式波动影响，板块盈利大幅下行，个股有所分化。23H1实现营收452.85亿元，同比增加28.41%；归母净利润-16.98亿元，同比减少139.56%，其中，23Q2营收207.56亿元，同比增长7.33%，环比降低15.38%；归母净利润-4.69亿元，同比降低126.39%，环比亏损扩大61.80%。三元正极：增量需求主要来自海外，出货量增速明显放缓，加工费1H下降0.2-0.3万元/吨，且受碳酸锂波动影响Q2盈利水平进一步向下，仅当升维持高盈利水平。23H1实现营收375.65亿元，同比减少21.81%；归母净利润15.88亿元，同比减少55.94%，其中，23Q2营收169.79亿元，同比减少37.46%，环比减少17.53%；归母净利润6.60亿元，同比减少68.16%，环比减少28.98%。三元前驱体：行业需求增速明显放缓，一体化公司更具优势，成本下降对冲加工费下降，单吨利润基本稳定，且一体化公司份额明显提升。23年H1实现营收654.40亿行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所24/44元，同比增加7.29%；归母净利润32.68亿元，同比减少10.93%，其中，23Q2营收312.49亿元，同比降低7.19%，环比降低8.60%；归母净利润17.23亿元，同比降低5.92%，环比增长11.54%。隔膜：H1干法隔膜占比提升明显，湿法格局恶化，龙头份额下降，且与二线厂商盈利水平差异有所缩小，Q3起价格仍有明显下降空间。2023年上半年实现营收286.44亿元，同比增长12.23%；隔膜板块2023年上半年实现归母净利润46.57亿元，同比下降21.06%，其中，23Q2营收167.25亿元，同比增长21.09%，归母净利润26.09亿元，同比下降21.97%，环比增长27.4%；由于23Q2干法招标价格下跌0.1元至0.5元/平，隔膜行业企业盈利能力持续下降。电解液及六氟：经过1年价格调整，Q2价格盈利下降后基本进入底部区间，且龙头盈利明显领先二线厂商，预计盈利底部震荡，基本稳定。2023年上半年实现营收249.68亿元，同比下降25.72%；归母净利润24.54亿元，同比下降67.96%；2023年二季度板块实现营收123.89亿元，同比降低23.66%，环比降低1.51%；归母净利润12.20亿元，同比降低62.20%，环比降低1.22%。负极：23H1石墨化产能大幅过剩，价格大幅下行，逼近行业成本线，叠加高价库存影响，Q2行业单吨利润环比下降明显，Q3价格仍有下降空间，预计盈利水平将进一步下降，但一体化龙头具备成本优势。23H1实现营收362.39亿元，同比增长8.27%；归母净利润35.36亿元，同比降低30.69%，其中，23Q2营收186.17亿元，同比降低0.44%，环比增长5.64%；归母净利润17.90亿元，同比降低32.82%，环比增长2.48%。添加剂：低端产品竞争加剧，价格大幅下行，且低端产品需求占比提升，叠加产能利用率较低，H1单位盈利下滑明显，Q2基本底部企稳。23H1实现营收84.02亿元，同比降低9.86%；归母净利润-1.91亿元，同比降低134.83%，其中，23Q2营收43.28亿元，同比降低15.77%，环比增长6.21%；归母净利润-0.90亿元，同比降低131.41%，环比增长10.33%。其中黑猫Q2仍大额亏损，天奈单吨利润已企稳。结构件：结构件竞争格局稳定，厂商盈利差异大；1H产品价格逐季小幅下降，龙头基本可降本消化，预计2H盈利能力基本可维持。23H1实现营收116.75亿元，同比降低17.94%；归母净利润14.32亿元，同比增长8.24%，其中，23Q2营收114.85亿元，同比增长7.54%，环比增长12.56%；归母净利润6.66亿元，同比降低3.54%，环比降低13.15%。铜箔：Q2主流铜箔厂商由盈转亏，基本触底；但行业供给分散，且主流厂商积极扩产，叠加新进入者产能释放，产能出清时间拉长。23H1实现营收76.28亿元，同比增长3.45%；归母净利润1.69亿元，同比降低81.35%，其中，23Q2营收38.94亿元，同比增长6.47%，环比增长4.27%；归母净利润0.11亿元，同比降低97.16%，环比降低92.78%。行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所25/44铝箔：23年H1由于下游去库存导致产能过剩，加工费逐季小幅下降，但竞争格局稳定，龙头盈利水平Q2为4k/吨，仍明显领先。23H1实现营收116.75亿元，同比降低17.94%；归母净利润3.82亿元，同比降低46.81%，其中，23Q2营收60.25亿元，同比降低16.82%，环比增长6.62%；归母净利润2.32亿元，同比降低48.27%，环比增长54.70%。核心零部件：龙头23H1增长稳健，盈利维持稳定，业绩相对亮眼。23H1实现营收687.76亿元，同比增长12.67%；归母净利润64.38亿元，同比增长20.52%，其中，23Q2营收375.35亿元，同比增长18.25%，环比增长20.15%；归母净利润37.35亿元，同比增长20.42%，环比增长38.17%。锂电设备：海外电池厂扩产加速，龙头充分受益于海外订单兑现，杭可、先导等业绩仍亮眼，但国内锂电产能扩张放缓，新增订单放缓。23H1实现营收278.31亿元，同比增长19.60%；归母净利润31.67亿元，同比增长11.98%，其中，23Q2营收153.55亿元，同比增长19.41%，环比增长23.06%；归母净利润16.94亿元，同比增长5.66%，环比增长14.97%。整车：H1盈利水平同比大幅提升，23Q2电芯及零部件成本下行，整车盈利稳中有升，2H整车仍有价格压力，预计盈利将分化。23H1实现营收8410.40亿元，同比增长23.69%；归母净利润274.38亿元，同比增长20.15%，其中，23Q2营收4609.80亿元，同比增长45.36%，环比增长21.29%；归母净利润129.96亿元，同比增长36.97%，环比降低10.02%。行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所26/44图19：新能源汽车板块收入和归母净利润变动情况分析表（单位：亿元）c收入归母净利润上游材料23Q223Q2同比23Q2环比23H123H1同比23H1环比23Q223Q2同比23Q2环比23H123H1同比23H1环比002466.SZ天齐锂业133.7547.97%16.82%248.2373.64%-5.09%15.77-77.47%-67.65%64.52-37.52%-53.23%002460.SZ赣锋锂业87.07-4.09%-7.75%181.4525.63%-33.73%34.54-7.37%44.10%58.50-19.35%-55.85%002497.SZ雅化集团31.79-4.96%4.64%62.163.53%-26.46%3.58-71.16%-39.67%9.51-57.98%-58.23%002176.SZ江特电机10.98-18.96%56.83%17.99-33.64%-53.42%-1.04-115.17%-304.37%-0.53-103.92%-105.40%002756.SZ永兴材料33.19-12.29%-0.55%66.563.76%-27.38%9.73-33.02%4.49%19.04-15.89%-53.07%600499.SH科达制造22.56-27.43%-9.45%47.47-16.00%-13.79%8.66-29.01%115.12%12.68-40.21%-40.47%002240.SZ盛新锂能19.74-42.71%-29.08%47.58-7.30%-31.10%1.48-92.41%-68.11%6.11-79.75%-75.87%300390.SZ天华新能31.04-29.26%-12.26%66.42-14.58%-28.24%4.93-75.26%-44.05%13.74-60.86%-55.29%000762.SZ西藏矿业1.93-77.72%114.75%2.83-76.79%-71.33%0.08-97.70%-54.60%0.25-94.68%-92.09%002738.SZ中矿资源15.30-2.17%-26.19%36.025.58%-22.20%4.07-25.78%-62.90%15.0213.59%-23.82%000792.SZ盐湖股份52.49-45.81%11.53%99.56-42.47%-25.95%28.72-49.26%29.07%50.98-44.33%-20.43%002192.SZ融捷股份4.42-13.23%128.10%6.35-35.63%-68.33%2.40-25.42%286.83%3.02-47.53%-83.78%合计444.25-11.45%1.34%882.613.41%-25.04%112.91-56.80%-19.32%252.86-42.06%-51.98%锂电池中游002108.SZ沧州明珠6.92-14.97%10.67%13.18-0.47%-12.79%0.83-19.36%0.25%1.662.75%38.44%300568.SZ星源材质6.923.30%4.08%13.571.68%-12.25%1.96-2.15%7.21%3.793.00%7.91%002812.SZ恩捷股份30.00-5.19%16.80%55.68-3.27%-18.52%7.55-31.57%16.36%14.05-30.45%-29.08%688733.SH壹石通1.10-22.16%3.16%2.16-26.43%-30.06%-0.01-102.49%-107.91%0.12-86.05%-81.43%603659.SH璞泰来41.079.10%11.02%78.0613.21%-8.91%6.02-20.65%-14.18%13.04-6.55%-23.66%300037.SZ新宙邦17.86-21.63%8.42%34.33-31.21%-26.48%2.71-44.91%10.46%5.17-48.52%-31.50%301238.SZ瑞泰新材9.46-29.50%-15.71%20.68-38.26%-25.76%1.50-28.69%15.13%2.80-43.71%0.63%688353.SH华盛锂电1.23-23.63%8.57%2.36-53.95%-32.38%0.09-82.05%-21.39%0.20-90.24%-66.93%002709.SZ天赐材料36.73-29.57%-14.87%79.87-22.93%-33.19%5.94-57.85%-14.56%12.88-55.67%-54.12%002759.SZ天际股份6.230.04%40.33%10.67-34.32%-35.28%0.13-85.91%29.20%0.23-95.43%-3.82%002407.SZ多氟多27.93-17.20%13.00%52.65-12.65%-16.83%1.59-76.36%44.56%2.68-80.88%-50.82%002326.SZ永太科技10.47-33.70%4.12%20.53-38.10%-32.00%0.13-87.14%-47.24%0.39-92.17%-35.93%603026.SH胜华新材13.98-15.61%-4.32%28.58-16.59%-41.54%0.11-94.39%41.08%0.19-97.04%-91.96%300750.SZ宁德时代1,002.0855.86%12.54%1,892.4667.52%-12.23%108.9563.22%10.92%207.17153.64%-8.17%300068.SZ南都电源36.9835.12%-11.89%78.9540.11%29.12%2.05305.58%102.70%3.06-42.18%-254.52%002074.SZ国轩高科80.6270.74%12.33%152.3976.42%5.72%1.33311.69%76.52%2.09223.53%-15.34%300014.SZ亿纬锂能117.9043.92%5.41%229.7653.93%7.48%10.1120.69%-11.27%21.5158.27%0.05%300207.SZ欣旺达117.585.96%12.22%222.362.39%-26.96%6.03117.68%466.18%4.3817.86%-36.61%688567.SH孚能科技32.50-12.01%-12.98%69.8533.74%9.73%-4.46-625.66%-26.71%-7.97-400.15%3.84%688772.SH珠海冠宇30.9713.34%30.28%54.74-4.59%4.51%2.802337.79%300.44%1.40125.06%391.19%688063.SH派能科技7.16-31.09%-61.09%25.5737.94%-38.53%2.3142.46%-49.94%6.93162.91%-31.31%002245.SZ蔚蓝锂芯12.77-34.94%31.10%22.50-40.81%-9.36%0.54-64.04%531.88%0.42-88.13%51.88%300438.SZ鹏辉能源18.79-21.79%-24.69%43.757.62%-12.54%0.69-55.10%-62.28%2.513.05%-34.65%688819.SH天能股份108.0624.09%0.51%215.5825.14%-12.56%4.7551.12%-23.14%10.9245.21%-5.50%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所27/44301327.SZ华宝新能4.73-32.69%5.49%9.21-29.93%-51.21%-0.21-124.55%27.98%-0.51-131.82%-140.42%000049.SZ德赛电池45.07-1.49%5.11%87.96-7.20%-28.32%1.02-33.41%38.68%1.76-42.90%-68.58%300769.SZ德方纳米39.48-5.62%-20.17%88.9217.67%-40.72%-3.27-163.00%54.48%-10.44-181.55%-194.88%300432.SZ富临精工15.9753.05%120.34%23.22-13.93%-50.05%1.9939.25%138.11%-3.23-191.27%-210.93%603906.SH龙蟠科技17.31-49.87%-16.95%38.14-36.54%-52.69%-4.31-295.85%-93.67%-6.54-250.97%-304.64%300477.SZ合纵科技8.00-2.07%59.47%13.01-14.12%-10.09%-0.63-941.57%-341.25%-0.77-177.93%-15.91%688005.SH容百科技45.26-29.11%-45.91%128.9411.61%-30.56%0.68-84.58%-78.01%3.79-48.46%-38.55%300073.SZ当升科技37.10-29.61%-20.93%84.02-7.80%-30.85%4.95-5.77%14.94%9.261.46%-31.26%002340.SZ格林美68.11-2.10%11.13%129.40-7.07%-16.34%2.41-31.07%39.70%4.13-39.32%-32.75%688707.SH振华新材12.52-56.24%-37.59%32.58-40.11%-61.65%-1.06-132.89%-250.67%-0.36-105.37%-105.91%300919.SZ中伟股份93.6318.50%18.48%172.6621.34%7.15%4.275.27%25.30%7.6816.29%-12.99%688779.SH长远锂科29.55-30.30%52.79%48.90-35.94%-52.72%0.64-85.99%6741.42%0.65-91.49%-91.18%688778.SH厦钨新能45.35-45.97%26.46%81.21-43.22%-43.79%1.39-57.27%20.35%2.55-52.17%-56.70%688148.SH芳源股份6.2415.19%-22.36%14.2750.81%-28.25%-0.15-399.60%-1528.14%-0.14-603.18%-819.99%688275.SH万润新能26.7844.09%-13.57%57.7770.15%-35.50%-8.05-408.29%-2282.89%-8.39-269.79%-280.55%301358.SZ湖南裕能100.0325.26%-24.08%231.7964.49%-19.24%9.5752.28%240.52%12.38-24.15%-9.89%688184.SH帕瓦股份2.16-53.41%-12.37%4.61-47.37%-40.79%0.09-57.41%45.95%0.16-77.21%-79.27%688116.SH天奈科技3.62-21.38%29.99%6.41-31.90%-28.80%0.50-51.88%26.23%0.90-55.98%-59.15%301349.SZ信德新材1.92-32.14%22.13%3.49-19.13%-25.95%-0.06-112.86%-122.78%0.22-71.99%-68.80%300890.SZ翔丰华4.35-11.46%-22.13%9.935.37%-29.82%0.15-73.99%-73.33%0.69-25.25%2.47%001301.SZ尚太科技10.14-9.54%6.46%19.67-10.52%-23.90%1.74-49.29%-24.43%4.05-41.53%-32.26%600884.SH杉杉股份50.18-12.61%12.79%94.68-12.11%-13.38%4.40-48.43%-23.07%10.13-39.01%-1.65%300035.SZ中科电气11.931.58%14.63%22.349.92%-30.70%0.10-92.25%107.67%-1.25-147.51%-223.41%835185.BJ贝特瑞66.588.75%-1.59%134.2331.59%-13.28%5.5418.73%88.92%8.47-7.69%-39.11%688388.SH嘉元科技10.9412.60%11.18%20.787.42%-23.24%-0.16-113.68%-142.32%0.21-92.62%-90.86%301150.SZ中一科技8.1214.61%8.83%15.5710.68%4.66%-0.11-109.25%-124.16%0.34-84.79%-82.20%301217.SZ铜冠铜箔8.99-13.25%5.25%17.53-11.45%-7.53%0.02-97.61%-91.34%0.28-85.35%-61.20%603876.SH鼎胜新材47.10-18.77%4.47%92.19-19.46%-9.26%1.96-48.68%26.53%3.50-41.28%-55.35%600110.SH诺德股份10.8915.75%-5.33%22.409.11%-15.68%0.36-53.39%-29.25%0.86-57.79%-42.52%002850.SZ科达利25.9142.20%11.39%49.1745.12%-6.61%2.6752.68%10.65%5.0947.81%-8.65%300953.SZ震裕科技13.295.69%24.22%23.98-4.60%-25.94%0.19-60.37%21.89%0.35-66.54%-3727.04%300382.SZ斯莱克4.0911.62%38.47%7.057.01%-34.27%0.26-23.59%-29.90%0.64-18.04%-56.67%002384.SZ东山精密71.55-1.08%9.89%136.67-6.04%-19.77%3.53-18.33%-25.18%8.253.54%-47.52%合计2,722.1913.65%3.87%5,342.9220.73%-17.82%194.10-13.88%14.02%364.34-9.39%-31.35%隔膜002108.SZ沧州明珠6.92-14.97%10.67%13.18-0.47%-12.79%0.83-19.36%0.25%1.662.75%38.44%002080.SZ中材科技81.2454.50%90.93%123.7924.79%1.57%9.73-14.40%132.58%13.92-25.62%-15.11%300568.SZ星源材质6.923.30%4.08%13.571.68%-12.25%1.96-2.15%7.21%3.793.00%7.91%002812.SZ恩捷股份30.00-5.19%16.80%55.68-3.27%-18.52%7.55-31.57%16.36%14.05-30.45%-29.08%688733.SH壹石通1.10-22.16%3.16%2.16-26.43%-30.06%-0.01-102.49%-107.91%0.12-86.05%-81.43%603659.SH璞泰来41.079.10%11.02%78.0613.21%-8.91%6.02-20.65%-14.18%13.04-6.55%-23.66%合计167.2521.09%40.32%286.4412.23%-7.48%26.09-21.97%27.40%46.57-21.06%-20.56%六氟磷酸锂及电解液行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所28/44300037.SZ新宙邦17.86-21.63%8.42%34.33-31.21%-26.48%2.71-44.91%10.46%5.17-48.52%-31.50%301238.SZ瑞泰新材9.46-29.50%-15.71%20.68-38.26%-25.76%1.50-28.69%15.13%2.80-43.71%0.63%688353.SH华盛锂电1.23-23.63%8.57%2.36-53.95%-32.38%0.09-82.05%-21.39%0.20-90.24%-66.93%002709.SZ天赐材料36.73-29.57%-14.87%79.87-22.93%-33.19%5.94-57.85%-14.56%12.88-55.67%-54.12%002759.SZ天际股份6.230.04%40.33%10.67-34.32%-35.28%0.13-85.91%29.20%0.23-95.43%-3.82%002407.SZ多氟多27.93-17.20%13.00%52.65-12.65%-16.83%1.59-76.36%44.56%2.68-80.88%-50.82%002326.SZ永太科技10.47-33.70%4.12%20.53-38.10%-32.00%0.13-87.14%-47.24%0.39-92.17%-35.93%603026.SH胜华新材13.98-15.61%-4.32%28.58-16.59%-41.54%0.11-94.39%41.08%0.19-97.04%-91.96%合计123.89-23.66%-1.51%249.68-25.72%-29.96%12.20-62.20%-1.22%24.54-67.96%-48.54%电池300750.SZ宁德时代1,002.0855.86%12.54%1,892.4667.52%-12.23%108.9563.22%10.92%207.17153.64%-8.17%300068.SZ南都电源36.9835.12%-11.89%78.9540.11%29.12%2.05305.58%102.70%3.06-42.18%-254.52%002074.SZ国轩高科80.6270.74%12.33%152.3976.42%5.72%1.33311.69%76.52%2.09223.53%-15.34%300014.SZ亿纬锂能117.9043.92%5.41%229.7653.93%7.48%10.1120.69%-11.27%21.5158.27%0.05%300207.SZ欣旺达117.585.96%12.22%222.362.39%-26.96%6.03117.68%466.18%4.3817.86%-36.61%688567.SH孚能科技32.50-12.01%-12.98%69.8533.74%9.73%-4.46-625.66%-26.71%-7.97-400.15%3.84%688772.SH珠海冠宇30.9713.34%30.28%54.74-4.59%4.51%2.802337.79%300.44%1.40125.06%391.19%688063.SH派能科技7.16-31.09%-61.09%25.5737.94%-38.53%2.3142.46%-49.94%6.93162.91%-31.31%002245.SZ蔚蓝锂芯12.77-34.94%31.10%22.50-40.81%-9.36%0.54-64.04%531.88%0.42-88.13%51.88%300438.SZ鹏辉能源18.79-21.79%-24.69%43.757.62%-12.54%0.69-55.10%-62.28%2.513.05%-34.65%688819.SH天能股份108.0624.09%0.51%215.5825.14%-12.56%4.7551.12%-23.14%10.9245.21%-5.50%301327.SZ华宝新能4.73-32.69%5.49%9.21-29.93%-51.21%-0.21-124.55%27.98%-0.51-131.82%-140.42%000049.SZ德赛电池45.07-1.49%5.11%87.96-7.20%-28.32%1.02-33.41%38.68%1.76-42.90%-68.58%合计1,615.2138.22%8.41%3,105.0646.06%-11.29%135.9251.19%15.43%253.68103.36%-9.32%铁锂正极300769.SZ德方纳米39.48-5.62%-20.17%88.9217.67%-40.72%-3.27-163.00%54.48%-10.44-181.55%-194.88%300432.SZ富临精工15.9753.05%120.34%23.22-13.93%-50.05%1.9939.25%138.11%-3.23-191.27%-210.93%603906.SH龙蟠科技17.31-49.87%-16.95%38.14-36.54%-52.69%-4.31-295.85%-93.67%-6.54-250.97%-304.64%300477.SZ合纵科技8.00-2.07%59.47%13.01-14.12%-10.09%-0.63-941.57%-341.25%-0.77-177.93%-15.91%688275.SH万润新能26.7844.09%-13.57%57.7770.15%-35.50%-8.05-408.29%-2282.89%-8.39-269.79%-280.55%301358.SZ湖南裕能100.0325.26%-24.08%231.7964.49%-19.24%9.5752.28%240.52%12.38-24.15%-9.89%合计207.567.33%-15.38%452.8528.41%-32.22%-4.69-126.39%61.80%-16.98-139.56%-149.11%三元正极688005.SH容百科技45.26-29.11%-45.91%128.9411.61%-30.56%0.68-84.58%-78.01%3.79-48.46%-38.55%300073.SZ当升科技37.10-29.61%-20.93%84.02-7.80%-30.85%4.95-5.77%14.94%9.261.46%-31.26%688707.SH振华新材12.52-56.24%-37.59%32.58-40.11%-61.65%-1.06-132.89%-250.67%-0.36-105.37%-105.91%688779.SH长远锂科29.55-30.30%52.79%48.90-35.94%-52.72%0.64-85.99%6741.42%0.65-91.49%-91.18%688778.SH厦钨新能45.35-45.97%26.46%81.21-43.22%-43.79%1.39-57.27%20.35%2.55-52.17%-56.70%合计169.79-37.46%-17.53%375.65-21.81%-41.31%6.60-68.16%-28.98%15.88-55.94%-59.17%三元前驱体603799.SH华友钴业142.35-20.05%-25.51%333.467.50%4.15%10.611.12%3.60%20.85-7.56%26.04%300919.SZ中伟股份93.6318.50%18.48%172.6621.34%7.15%4.275.27%25.30%7.6816.29%-12.99%002340.SZ格林美68.11-2.10%11.13%129.40-7.07%-16.34%2.41-31.07%39.70%4.13-39.32%-32.75%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所29/44688148.SH芳源股份6.2415.19%-22.36%14.2750.81%-28.25%-0.15-399.60%-1528.14%-0.14-603.18%-819.99%688184.SH帕瓦股份2.16-53.41%-12.37%4.61-47.37%-40.79%0.09-57.41%45.95%0.16-77.21%-79.27%合计312.49-7.19%-8.60%654.407.29%-1.39%17.23-5.92%11.54%32.68-10.93%1.18%添加剂688116.SH天奈科技3.62-21.38%29.99%6.41-31.90%-28.80%0.50-51.88%26.23%0.90-55.98%-59.15%300409.SZ道氏技术17.48-6.52%9.99%33.38-10.39%6.38%-0.09-108.15%76.64%-0.45-116.30%-76.30%002068.SZ黑猫股份22.17-21.01%0.49%44.23-4.98%-15.55%-1.32-267.76%-26.91%-2.36-445.79%297.34%合计43.28-15.77%6.21%84.02-9.86%-9.42%-0.90-131.41%10.33%-1.91-134.83%553.68%负极603659.SH璞泰来41.079.10%11.02%78.0613.21%-8.91%6.02-20.65%-14.18%13.04-6.55%-23.66%301349.SZ信德新材1.92-32.14%22.13%3.49-19.13%-25.95%-0.06-112.86%-122.78%0.22-71.99%-68.80%300890.SZ翔丰华4.35-11.46%-22.13%9.935.37%-29.82%0.15-73.99%-73.33%0.69-25.25%2.47%001301.SZ尚太科技10.14-9.54%6.46%19.67-10.52%-23.90%1.74-49.29%-24.43%4.05-41.53%-32.26%600884.SH杉杉股份50.18-12.61%12.79%94.68-12.11%-13.38%4.40-48.43%-23.07%10.13-39.01%-1.65%300035.SZ中科电气11.931.58%14.63%22.349.92%-30.70%0.10-92.25%107.67%-1.25-147.51%-223.41%835185.BJ贝特瑞66.588.75%-1.59%134.2331.59%-13.28%5.5418.73%88.92%8.47-7.69%-39.11%合计186.17-0.44%5.64%362.398.27%-15.07%17.90-32.82%2.48%35.36-30.69%-28.81%铜箔688388.SH嘉元科技10.9412.60%11.18%20.787.42%-23.24%-0.16-113.68%-142.32%0.21-92.62%-90.86%301150.SZ中一科技8.1214.61%8.83%15.5710.68%4.66%-0.11-109.25%-124.16%0.34-84.79%-82.20%301217.SZ铜冠铜箔8.99-13.25%5.25%17.53-11.45%-7.53%0.02-97.61%-91.34%0.28-85.35%-61.20%600110.SH诺德股份10.8915.75%-5.33%22.409.11%-15.68%0.36-53.39%-29.25%0.86-57.79%-42.52%合计38.946.47%4.27%76.283.45%-12.79%0.11-97.16%-92.78%1.69-81.35%-73.77%铝箔300057.SZ万顺新材13.15-9.01%15.13%24.57-11.69%-19.52%0.36-45.87%842.27%0.31-74.15%-62.78%603876.SH鼎胜新材47.10-18.77%4.47%92.19-19.46%-9.26%1.96-48.68%26.53%3.50-41.28%-55.35%合计60.25-16.82%6.62%116.75-17.94%-11.63%2.32-48.27%54.70%3.82-46.81%-56.07%结构件002850.SZ科达利25.9142.20%11.39%49.1745.12%-6.61%2.6752.68%10.65%5.0947.81%-8.65%300953.SZ震裕科技13.295.69%24.22%23.98-4.60%-25.94%0.19-60.37%21.89%0.35-66.54%-3727.04%300382.SZ斯莱克4.0911.62%38.47%7.057.01%-34.27%0.26-23.59%-29.90%0.64-18.04%-56.67%002384.SZ东山精密71.55-1.08%9.89%136.67-6.04%-19.77%3.53-18.33%-25.18%8.253.54%-47.52%合计114.857.54%12.56%216.872.75%-18.50%6.66-3.54%-13.15%14.328.24%-37.04%核心零部件603305.SH旭升集团11.8718.54%1.21%23.6018.41%-4.06%2.0129.90%4.26%3.9443.39%-7.65%600885.SH宏发股份33.9213.29%3.43%66.7213.68%13.78%3.8111.61%17.23%7.0613.75%12.68%002050.SZ三花智控68.5027.89%20.63%125.2923.32%11.99%7.9344.22%31.97%13.9539.03%-11.17%603960.SH克来机电1.4741.85%25.55%2.6431.23%-44.54%0.16367.11%24.47%0.29605.63%-58.54%002126.SZ银轮股份27.0749.41%5.95%52.6236.09%14.07%1.59158.80%24.87%2.85117.10%13.38%600577.SH精达股份46.68-0.08%17.13%86.53-6.43%4.33%1.0734.42%6.30%2.0814.48%4.73%002249.SZ大洋电机29.012.78%7.47%56.011.72%3.27%2.1722.68%27.90%3.8719.55%275.88%300124.SZ汇川技术76.6936.50%60.38%124.5119.76%-1.28%13.305.75%77.98%20.775.17%-11.43%300484.SZ蓝海华腾0.81-34.80%18.39%1.49-32.38%-34.50%0.07-75.57%-35.68%0.18-57.40%-57.72%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所30/443.2.23H1下游需求较弱盈利能力下滑，23Q2大部分环节盈利触底碳酸锂板块：23H1受库存减值损失及价格下跌影响，盈利能力下滑明显。2023H1毛利率50.43%，同比下降15.77pct，环比下降9.30pct；归母净利率28.65%，同比下降22.48pct，环比下降16.07pct。2023Q2毛利率46.10%，同比下降20.12pct，环比下降8.72pct；归母净利率25.42%，同比下降26.68pct，环比下降6.51pct。锂电池中游板块：大部分环节受排产率降低影响，盈利能力同环比下滑。2023H1毛002664.SZ信质电机10.3419.28%4.72%20.2119.23%-0.05%0.5545.40%39.25%0.9535.84%-32.72%300681.SZ英搏尔4.63-10.42%79.44%7.20-17.09%-36.63%-0.21-339.69%-173.65%-0.29-206.94%947.24%300224.SZ正海磁材17.825.44%29.49%31.5814.63%-11.40%1.230.57%4.97%2.4116.75%21.97%002196.SZ方正电机5.7014.40%28.01%10.16-5.00%-19.47%0.18239.79%126.16%0.27467.38%-111.76%600580.SH卧龙电驱40.8411.41%6.46%79.2010.12%1.45%3.4815.62%34.89%6.0521.37%101.04%合计375.3518.25%20.15%687.7612.67%2.73%37.3520.42%38.17%64.3820.52%6.51%整车002594.SZ比亚迪1,399.5167.04%16.46%2,601.2472.72%-4.87%68.24144.87%65.23%109.54204.68%-15.91%601633.SH长城汽车409.3343.55%40.96%699.7112.61%-6.96%11.87-70.07%581.30%13.61-75.69%-48.93%601238.SH广汽集团351.9539.09%33.35%615.8827.12%1.15%14.28-47.91%-7.12%29.66-48.42%27.98%600104.SH上汽集团1,757.5237.05%24.95%3,164.103.73%-23.93%43.02208.63%54.61%70.852.54%-23.05%000625.SZ长安汽车309.3640.63%-10.48%654.9215.76%1.26%6.83-48.32%-90.20%76.5330.65%294.32%601127.SH赛力斯59.42-18.44%16.72%110.32-11.14%-49.13%-7.1919.05%-15.06%-13.4422.18%-36.13%600066.SH宇通客车75.3859.25%110.78%111.1434.56%-17.92%3.50594.26%190.21%4.70820.72%-42.94%600733.SH北汽蓝谷32.7387.17%31.05%57.7065.85%-4.39%-10.8811.12%-22.01%-19.809.23%-39.71%000868.SZ安凯客车5.1487.28%122.37%7.4623.77%-15.77%-0.3535.30%-13.81%-0.6629.93%-54.45%600006.SH东风汽车27.601.67%4.66%53.98-14.36%-8.32%-0.1139.81%-111.25%0.85-15.79%-53.95%000957.SZ中通客车9.638.67%38.84%16.57-5.25%-53.01%0.31-45.78%50.10%0.52135.70%-32.34%600418.SH江淮汽车116.0144.81%7.73%223.6925.87%19.48%0.07101.70%-95.14%1.55121.80%-117.83%600686.SH金龙汽车56.2354.45%50.10%93.7042.55%-19.70%0.36116.17%239.00%0.47121.31%-128.06%合计4,609.8045.36%21.29%8,410.4023.69%-13.49%129.9636.97%-10.02%274.3820.15%15.90%锂电设备300450.SZ先导智能38.1251.08%16.45%70.8630.03%-16.48%6.3736.69%13.08%12.0047.75%-20.25%688006.SH杭可科技11.701.03%23.13%21.218.47%41.50%2.6579.77%26.18%4.7697.13%90.77%300457.SZ赢合科技30.63-0.24%76.28%48.013.84%9.20%1.95-2.34%89.26%2.9812.81%33.50%300340.SZ科恒股份8.390.06%4.98%16.380.88%-29.98%-0.1061.88%54.10%-0.32-197.34%-92.83%300648.SZ星云股份3.07-29.34%95.35%4.64-16.88%-35.80%-0.20-179.97%40.70%-0.53-632.49%-428.10%603659.SH璞泰来41.079.10%11.02%78.0613.21%-8.91%6.02-20.65%-14.18%13.04-6.55%-23.66%688499.SH利元亨14.6455.88%15.61%27.3056.56%10.95%0.35-60.79%152.80%-0.32-118.62%-126.29%688155.SH先惠技术5.94350.18%0.26%11.87180.40%-14.14%-0.1180.38%-166.30%0.06115.56%-109.94%合计153.5519.41%23.09%278.3119.60%-6.77%16.945.66%14.97%31.6711.98%-4.47%数据来源：Wind，东吴证券研究所行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所31/44利率17.00%，同比下降2.62pct，环比下降1.31pct；归母净利率6.82%，同比下降2.27pct，环比下降1.34pct。2023Q2毛利率17.00%，同比下降2.82pct，环比下降0.01pct；归母净利率7.13%，同比下降2.28pct，环比上升0.63pct。中游分版块看：电池环节：由于产能利用率较低，23H1盈利能力略有下滑，23Q2盈利同环比有所回升。2023H1毛利率19.20%，同比下降2.20pct，环比下降0.11pct；归母净利率8.17%，同比上升2.30pct，环比上升0.18pct。2023Q2毛利率19.34%，同比上升0.32pct，环比上升0.29pct；归母净利率8.42%，同比上升0.72pct，环比上升0.51pct。隔膜：23H1湿法价格下降，盈利能力小幅下滑。2023H1毛利率30.94%，同比下降5.442pct，环比下降1.13pct；归母净利率16.26%，同比下降6.86pct，环比下降2.68pct。2023Q2毛利率28.59%，同比下降7.42pct，环比下降5.66pct；归母净利率15.60%，同比下降8.61pct，环比下降1.58pct。电解液及六氟:受产能利用率影响，23H1盈利能力下滑。2023H1毛利率22.36%，同比下降14.33pct，环比下降3.02pct；归母净利率9.83%，同比下降12.96pct，环比下降3.55pct。2023Q2毛利率21.68%，同比下降11.39pct，环比下降1.35pct；归母净利率9.84%，同比下降10.04pct，环比上升0.03pct。三元正极：23H1受排产及库存减值损失影响，盈利能力同环比下滑。2023H1毛利率9.39%，同比下降4.53pct，环比下降1.12pct；归母净利率4.23%，同比下降3.27pct，环比下降1.85pct。2023Q2毛利率8.81%，同比下降5.16pct，环比下降1.07pct；归母净利率3.88%，同比下降3.75pct，环比下降0.63pct。铁锂正极：23H1受碳酸锂高价库存及产能利用率下降影响，盈利能力大幅下滑。2023H1毛利率4.98%，同比下降16.74pct，环比下降8.33pct；归母净利率-3.75%，同比下降15.92pct，环比下降8.93pct。2023Q2毛利率3.78%，同比下降13.80pct，环比下降2.22pct；归母净利率-2.26%，同比下降11.46pct，环比上升2.75pct。三元前驱体：23H1加工费下滑，盈利水平同环比下降。2023H1毛利率13.31%，同比下降2.97pct，环比下降1.92pct；归母净利率4.99%，同比下降1.02pct，环比上升0.13pct。2023Q2毛利率12.32%，同比下降4.11pct，环比下降1.89pct；归母净利率5.51%，同比上升0.07pct，环比上升1.00pct。添加剂：竞争加剧，23H1出现亏损。2023H1毛利率7.23%，同比下降7.53pct，环比下降1.48pct；归母净利率-2.27%，同比下降8.16pct，环比下降1.96pct。2023Q2毛利率5.69%，同比下降9.34pct，环比下降3.17pct；归母净利率-2.09%，同比下降7.68pct，环比上升0.38pct。负极：受下游需求、产能利用率影响，盈利能力下行。2023H1毛利率20.00%，同行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所32/44比下降7.13pct，环比下降2.13pct；归母净利率9.76%，同比下降5.48pct，环比下降1.88pct。2023Q2毛利率19.91%，同比下降5.97pct，环比下降0.17pct；归母净利率9.61%，同比下降4.63pct，环比下降0.30pct。铜箔：23H1加工费下滑及开工率低，导致盈利能力同环比下滑。2023H1毛利率8.15%，同比下降14.09pct，环比下降5.66pct；归母净利率2.22%，同比下降10.08pct，环比下降5.15pct。2023Q2毛利率5.29%，同比下降15.59pct，环比下降5.83pct；归母净利率0.29%，同比下降10.67pct，环比下降3.93pct。铝箔：23H1加工费下调，盈利能力下降。2023H1毛利率12.08%，同比下降2.06pct，环比下降3.64pct；归母净利率3.27%，同比下降1.77pct，环比下降3.31pct。2023Q2毛利率11.44%，同比下降4.52pct，环比下降1.33pct；归母净利率3.85%，同比下降2.34pct，环比上升1.20pct。结构件：受下游需求影响，盈利能力承压。2023H1毛利率16.23%，同比下降0.33pct，环比下降4.13pct；归母净利率6.60%，同比上升0.34pct，环比下降1.94pct。2023Q2毛利率15.46%，同比下降1.42pct，环比下降1.65pct；归母净利率5.80%，同比下降0.67pct，环比下降1.72pct。核心零部件：龙头盈利抗压力强，盈利相对保持稳定。2023H1毛利率24.32%，同比上升2.12pct，环比上升0.63pct；归母净利率9.36%，同比上升0.61pct，环比上升0.33pct。2023Q2毛利率24.71%，同比上升1.87pct，环比上升0.85pct；归母净利率9.95%，同比上升0.18pct，环比上升1.30pct。整车：22年盈利能力基本稳定，23Q2毛利率同环比提升。2023H1毛利率13.31%，同比上升1.59pct，环比下降0.69pct；归母净利率3.26%，同比下降0.10pct，环比上升0.83pct。2023Q2毛利率13.33%，同比上升1.02pct，环比上升0.04pct；归母净利率2.82%，同比下降0.17pct，环比下降0.98pct。锂电设备：23H1盈利能力小幅提升，23Q2盈利水平小幅下滑。2023H1毛利率31.10%，同比上升1.24pct，环比上升0.43pct；归母净利率11.38%，同比下降0.77pct，环比上升0.27pct。2023Q2毛利率30.24%，同比上升0.29pct，环比下降1.92pct；归母净利率11.03%，同比下降1.44pct，环比下降0.78pct。图20：新能源车板块毛利率和归母净利润率变动情况分析表新能源汽车板块毛利率归母净利率碳酸锂2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比002466.SZ天齐锂业84.83%1.16pct-4.96pct87.12%2.86pct1.53pct11.79%-65.65pct-30.79pct25.99%-46.25pct-26.76pct002460.SZ赣锋锂业6.64%-50.27pct-30.69pct22.60%-37.93pct-21.08pct39.66%-1.41pct14.27pct32.24%-17.98pct-16.15pct002497.SZ雅化集团17.09%-33.83pct-11.73pct22.82%-29.51pct-16.19pct11.25%-25.83pct-8.26pct15.29%-22.39pct-11.63pct002176.SZ江特电机-4.17%-70.33pct-27.92pct6.70%-58.35pct-37.60pct-9.42%-59.77pct-16.66pct-2.94%-52.67pct-28.28pct行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所33/44002756.SZ永兴材料39.73%-8.44pct0.24pct39.61%-5.21pct-17.98pct29.31%-9.07pct1.41pct28.60%-6.68pct-15.66pct600499.SH科达制造31.25%2.25pct-0.96pct31.76%3.16pct1.44pct38.38%-0.85pct22.22pct26.71%-10.81pct-11.97pct002240.SZ盛新锂能16.37%-55.20pct-5.55pct19.61%-54.63pct-29.92pct7.49%-49.07pct-9.16pct12.85%-45.96pct-23.83pct300390.SZ天华新能19.19%-55.14pct-21.43pct30.61%-44.76pct-24.66pct15.89%-29.54pct-9.03pct20.69%-24.47pct-12.52pct000762.SZ西藏矿业67.42%-25.15pct-8.34pct70.07%-21.44pct-20.27pct4.09%-35.48pct-15.24pct8.93%-30.02pct-23.44pct002738.SZ中矿资源49.79%6.83pct-21.88pct62.37%11.81pct7.65pct26.58%-8.45pct-26.31pct41.71%2.94pct-0.88pct000792.SZ盐湖股份75.07%-4.86pct2.92pct73.69%-4.24pct-6.91pct54.72%-3.72pct7.44pct51.20%-1.72pct3.55pct002192.SZ融捷股份64.27%19.76pct27.09pct56.01%23.04pct-5.44pct54.38%-8.89pct22.32pct47.58%-10.79pct-45.35pct合计46.10%-20.12pct-8.72pct50.43%-15.77pt-9.30pct25.42%-26.68pct-6.51pct28.65%-22.48pct-16.07pct锂电池中游2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比002108.SZ沧州明珠18.04%-0.51pct2.23pct16.98%-1.02pct1.43pct11.99%-0.65pct-1.25pct12.58%0.39pct4.65pct300568.SZ星源材质45.43%-4.65pct-0.86pct45.85%-1.41pct1.74pct28.35%-1.58pct0.83pct27.94%0.36pct5.22pct002812.SZ恩捷股份41.35%-9.88pct-4.68pct43.51%-6.51pct-2.49pct25.18%-9.71pct-0.10pct25.23%-9.86pct-3.76pct688733.SH壹石通20.23%-21.16pct-7.55pct23.94%-18.53pct-14.50pct-0.92%-29.50pct-12.85pct5.41%-23.14pct-14.97pct603659.SH璞泰来27.67%-8.71pct-6.63pct30.81%-6.64pct-3.40pct14.67%-5.50pct-4.31pct16.71%-3.53pct-3.23pct300037.SZ新宙邦30.41%-3.72pct-1.13pct30.95%-2.98pct0.92pct15.19%-6.42pct0.28pct15.05%-5.06pct-1.10pct301238.SZ瑞泰新材19.95%-1.70pct-2.11pct21.10%-1.15pct4.60pct15.87%0.18pct4.25pct13.56%-1.31pct3.56pct688353.SH华盛锂电15.16%-34.28pct-4.40pct17.27%-43.15pct-9.50pct7.04%-22.92pct-2.68pct8.32%-30.94pct-8.70pct002709.SZ天赐材料30.31%-11.75pct-0.22pct30.43%-12.61pct-3.14pct16.16%-10.85pct0.06pct16.13%-11.91pct-7.36pct002759.SZ天际股份12.67%-18.25pct-2.58pct13.75%-32.44pct-4.79pct2.08%-12.66pct-0.18pct2.15%-28.76pct0.70pct002407.SZ多氟多18.75%-14.38pct2.89pct17.40%-19.89pct-6.69pct5.68%-14.20pct1.24pct5.09%-18.18pct-3.52pct002326.SZ永太科技14.66%-11.33pct-10.15pct19.63%-13.83pct-6.06pct1.27%-5.30pct-1.24pct1.88%-13.00pct-0.12pct603026.SH胜华新材4.68%-13.66pct-0.87pct5.12%-24.48pct-4.55pct0.81%-11.32pct0.26pct0.67%-18.32pct-4.23pct300750.SZ宁德时代21.96%0.11pct0.69pct21.63%2.96pct0.56pct10.87%0.49pct-0.16pct10.95%3.72pct0.48pct300068.SZ南都电源12.60%4.51pct5.26pct9.81%1.32pct-0.01pct5.54%3.70pct3.13pct3.88%-5.52pct7.12pct002074.SZ国轩高科12.15%-2.22pct-6.79pct15.35%0.93pct-4.46pct1.66%0.97pct0.60pct1.37%0.62pct-0.34pct300014.SZ亿纬锂能15.07%-0.89pct-1.76pct15.93%0.97pct-1.53pct8.58%-1.65pct-1.61pct9.36%0.26pct-0.70pct300207.SZ欣旺达15.16%1.11pct1.48pct14.46%0.71pct0.56pct5.13%2.63pct6.70pct1.97%0.26pct-0.30pct688567.SH孚能科技2.86%-13.53pct0.95pct2.35%-11.23pct-0.19pct-13.71%-16.00pct-4.29pct-11.41%-8.36pct0.65pct688772.SH珠海冠宇25.39%7.89pct6.73pct22.47%4.19pct7.14pct9.05%8.63pct14.93pct2.57%1.48pct2.02pct688063.SH派能科技32.04%1.85pct-8.19pct37.93%8.92pct0.69pct32.28%16.67pct7.19pct27.11%12.88pct2.85pct002245.SZ蔚蓝锂芯16.28%0.22pct7.12pct13.20%-3.58pct-1.21pct4.25%-3.44pct5.53pct1.85%-7.38pct0.75pct300438.SZ鹏辉能源17.36%-0.66pct-2.60pct18.84%1.11pct-0.63pct3.66%-2.72pct-3.65pct5.74%-0.25pct-1.94pct688819.SH天能股份18.76%1.77pct-0.39pct18.96%1.93pct-0.68pct4.39%0.79pct-1.35pct5.07%0.70pct0.38pct301327.SZ华宝新能36.61%-9.18pct-5.08pct39.08%-7.93pct-3.36pct-4.52%-16.91pct2.10pct-5.54%-17.74pct-12.23pct000049.SZ德赛电池8.50%-1.52pct-0.18pct8.59%-0.81pct-1.61pct2.26%-1.09pct0.55pct2.00%-1.25pct-2.56pct300769.SZ德方纳米-5.56%-27.75pct-5.57pct-2.46%-30.28pct-18.60pct-8.27%-20.66pct6.24pct-11.74%-28.68pct-19.07pct300432.SZ富临精工17.67%-2.85pct-2.97pct18.59%-2.16pct0.32pct12.46%-1.23pct84.47pct-13.91%-27.03pct-20.18pct603906.SH龙蟠科技-21.47%-36.83pct-28.63pct-5.83%-26.03pct-21.51pct-24.93%-31.31pct-14.24pct-17.15%-24.36pct-21.11pct300477.SZ合纵科技7.86%-16.16pct-12.76pct12.78%-13.28pct-8.38pct-7.84%-8.75pct-5.01pct-5.91%-12.43pct0.41pct688005.SH容百科技6.38%-5.88pct-2.33pct7.90%-4.96pct0.87pct1.51%-5.43pct-2.21pct2.94%-3.43pct-0.38pct300073.SZ当升科技19.03%1.04pct2.60pct17.58%-0.17pct0.44pct13.34%3.38pct4.16pct11.02%1.01pct-0.06pct002340.SZ格林美12.33%-2.36pct-0.54pct12.58%-2.93pct-1.07pct3.54%-1.49pct0.72pct3.19%-1.70pct-0.78pct行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所34/44688707.SH振华新材-5.67%-24.03pct-15.63pct3.96%-14.73pct-6.52pct-8.50%-19.81pct-12.02pct-1.10%-13.34pct-8.23pct300919.SZ中伟股份10.99%-0.02pct-0.23pct11.10%0.00pct-0.81pct4.56%-0.57pct0.25pct4.45%-0.19pct-1.03pct688779.SH长远锂科7.24%-11.36pct3.65pct5.80%-11.47pct-6.12pct2.15%-8.55pct2.10pct1.32%-8.61pct-5.76pct688778.SH厦钨新能7.88%-1.01pct0.53pct7.65%-1.11pct-0.80pct3.07%-0.81pct-0.16pct3.14%-0.59pct-0.93pct688148.SH芳源股份11.99%-0.18pct4.54pct9.44%-1.75pct-1.53pct-2.44%-3.38pct-2.58pct-0.99%-1.29pct-1.09pct688275.SH万润新能-18.93%-38.92pct-31.00pct-2.30%-24.40pct-17.45pct-30.06%-44.11pct-28.97pct-14.52%-29.08pct-19.71pct301358.SZ湖南裕能15.37%0.86pct10.09pct9.63%-9.11pct0.23pct9.57%1.70pct7.44pct5.34%-6.25pct0.55pct688184.SH帕瓦股份15.17%3.71pct5.86pct12.05%-2.06pct-0.40pct4.36%-0.41pct1.74pct3.43%-4.49pct-6.37pct688116.SH天奈科技32.12%-2.37pct1.06pct31.66%-1.61pct-5.10pct13.84%-8.77pct-0.41pct14.02%-7.67pct-10.42pct301349.SZ信德新材7.25%-19.54pct-16.64pct14.74%-14.05pct-10.61pct-3.38%-21.20pct-21.49pct6.30%-11.88pct-8.65pct300890.SZ翔丰华21.49%1.46pct-0.02pct21.51%1.30pct2.02pct3.36%-8.08pct-6.46pct6.99%-2.86pct2.20pct001301.SZ尚太科技25.78%-18.37pct-9.21pct30.24%-14.27pct-8.98pct17.18%-13.46pct-7.02pct20.58%-10.91pct-2.54pct600884.SH杉杉股份20.04%-5.17pct3.65pct18.32%-7.04pct-4.39pct8.78%-6.10pct-4.09pct10.70%-4.72pct1.28pct300035.SZ中科电气13.01%-7.64pct5.16pct10.60%-12.80pct-6.44pct0.87%-10.54pct13.87pct-5.59%-18.53pct-8.73pct835185.BJ贝特瑞15.65%-2.51pct1.33pct14.97%-4.59pct1.61pct8.32%0.70pct3.99pct6.31%-2.69pct-2.68pct688388.SH嘉元科技2.91%-21.99pct-7.84pct6.62%-20.88pct-7.75pct-1.43%-13.16pct-5.17pct1.02%-13.87pct-7.57pct301150.SZ中一科技4.62%-18.37pct-8.71pct8.79%-15.03pct-7.81pct-1.33%-17.80pct-7.32pct2.18%-13.65pct-10.62pct301217.SZ铜冠铜箔1.91%-11.72pct-3.54pct3.64%-10.99pct-1.49pct0.25%-8.83pct-2.79pct1.61%-8.11pct-2.22pct603876.SH鼎胜新材12.65%-3.97pct-1.31pct13.30%-1.05pct-4.96pct4.16%-2.42pct0.72pct3.80%-1.41pct-3.92pct600110.SH诺德股份10.97%-12.15pct-3.25pct12.64%-10.88pct-5.22pct3.26%-4.84pct-1.10pct3.83%-6.07pct-1.79pct002850.SZ科达利23.80%-1.27pct1.66pct23.01%-1.56pct-0.39pct10.31%0.71pct-0.07pct10.35%0.19pct-0.23pct300953.SZ震裕科技13.99%-0.11pct-0.87pct14.38%0.39pct3.42pct1.45%-2.41pct-0.03pct1.46%-2.70pct1.49pct300382.SZ斯莱克24.61%-2.20pct-11.76pct29.54%-2.15pct-5.34pct6.45%-2.97pct-6.29pct9.08%-2.78pct-4.69pct002384.SZ东山精密12.18%-2.60pct-2.62pct13.43%-1.02pct-6.86pct4.93%-1.04pct-2.31pct6.03%0.56pct-3.19pct合计17.00%-2.82pct-0.01pct17.00%-2.62pct-1.31pct7.13%-2.28pct0.63pct6.82%-2.27pct-1.34pct隔膜2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比002108.SZ沧州明珠18.04%-0.51pct2.23pct16.98%-1.02pct1.43pct11.99%-0.65pct-1.25pct12.58%0.39pct4.65pct002080.SZ中材科技23.91%-3.42pct-4.17pct25.35%-3.15pct2.22pct11.98%-9.64pct2.15pct11.24%-7.62pct-2.21pct300568.SZ星源材质45.43%-4.65pct-0.86pct45.85%-1.41pct1.74pct28.35%-1.58pct0.83pct27.94%0.36pct5.22pct002812.SZ恩捷股份41.35%-9.88pct-4.68pct43.51%-6.51pct-2.49pct25.18%-9.71pct-0.10pct25.23%-9.86pct-3.76pct688733.SH壹石通20.23%-21.16pct-7.55pct23.94%-18.53pct-14.50pct-0.92%-29.50pct-12.85pct5.41%-23.14pct-14.97pct603659.SH璞泰来27.67%-8.71pct-6.63pct30.81%-6.64pct-3.40pct14.67%-5.50pct-4.31pct16.71%-3.53pct-3.23pct合计28.59%-7.42pct-5.66pct30.94%-5.42pct-1.13pct15.60%-8.61pct-1.58pct16.26%-6.86pct-2.68pct六氟磷酸锂及电解液2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比300037.SZ新宙邦30.41%-3.72pct-1.13pct30.95%-2.98pct0.92pct15.19%-6.42pct0.28pct15.05%-5.06pct-1.10pct301238.SZ瑞泰新材19.95%-1.70pct-2.11pct21.10%-1.15pct4.60pct15.87%0.18pct4.25pct13.56%-1.31pct3.56pct688353.SH华盛锂电15.16%-34.28pct-4.40pct17.27%-43.15pct-9.50pct7.04%-22.92pct-2.68pct8.32%-30.94pct-8.70pct002709.SZ天赐材料30.31%-11.75pct-0.22pct30.43%-12.61pct-3.14pct16.16%-10.85pct0.06pct16.13%-11.91pct-7.36pct002759.SZ天际股份12.67%-18.25pct-2.58pct13.75%-32.44pct-4.79pct2.08%-12.66pct-0.18pct2.15%-28.76pct0.70pct002407.SZ多氟多18.75%-14.38pct2.89pct17.40%-19.89pct-6.69pct5.68%-14.20pct1.24pct5.09%-18.18pct-3.52pct002326.SZ永太科技14.66%-11.33pct-10.15pct19.63%-13.83pct-6.06pct1.27%-5.30pct-1.24pct1.88%-13.00pct-0.12pct603026.SH胜华新材4.68%-13.66pct-0.87pct5.12%-24.48pct-4.55pct0.81%-11.32pct0.26pct0.67%-18.32pct-4.23pct合计21.68%-11.39pct-1.35pct22.36%-14.33pct-3.02pct9.84%-10.04pct0.03pct9.83%-12.96pct-3.55pct行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所35/44电池2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比300750.SZ宁德时代21.96%0.11pct0.69pct21.63%2.96pct0.56pct10.87%0.49pct-0.16pct10.95%3.72pct0.48pct300068.SZ南都电源12.60%4.51pct5.26pct9.81%1.32pct-0.01pct5.54%3.70pct3.13pct3.88%-5.52pct7.12pct002074.SZ国轩高科12.15%-2.22pct-6.79pct15.35%0.93pct-4.46pct1.66%0.97pct0.60pct1.37%0.62pct-0.34pct300014.SZ亿纬锂能15.07%-0.89pct-1.76pct15.93%0.97pct-1.53pct8.58%-1.65pct-1.61pct9.36%0.26pct-0.70pct300207.SZ欣旺达15.16%1.11pct1.48pct14.46%0.71pct0.56pct5.13%2.63pct6.70pct1.97%0.26pct-0.30pct688567.SH孚能科技2.86%-13.53pct0.95pct2.35%-11.23pct-0.19pct-13.71%-16.00pct-4.29pct-11.41%-8.36pct0.65pct688772.SH珠海冠宇25.39%7.89pct6.73pct22.47%4.19pct7.14pct9.05%8.63pct14.93pct2.57%1.48pct2.02pct688063.SH派能科技32.04%1.85pct-8.19pct37.93%8.92pct0.69pct32.28%16.67pct7.19pct27.11%12.88pct2.85pct002245.SZ蔚蓝锂芯16.28%0.22pct7.12pct13.20%-3.58pct-1.21pct4.25%-3.44pct5.53pct1.85%-7.38pct0.75pct300438.SZ鹏辉能源17.36%-0.66pct-2.60pct18.84%1.11pct-0.63pct3.66%-2.72pct-3.65pct5.74%-0.25pct-1.94pct688819.SH天能股份18.76%1.77pct-0.39pct18.96%1.93pct-0.68pct4.39%0.79pct-1.35pct5.07%0.70pct0.38pct301327.SZ华宝新能36.61%-9.18pct-5.08pct39.08%-7.93pct-3.36pct-4.52%-16.91pct2.10pct-5.54%-17.74pct-12.23pct000049.SZ德赛电池8.50%-1.52pct-0.18pct8.59%-0.81pct-1.61pct2.26%-1.09pct0.55pct2.00%-1.25pct-2.56pct合计19.34%0.32pct0.29pct19.20%2.20pct-0.11pct8.42%0.72pct0.51pct8.17%2.30pct0.18pct铁锂正极2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比300769.SZ德方纳米-5.56%-27.75pct-5.57pct-2.46%-30.28pct-18.60pct-8.27%-20.66pct6.24pct-11.74%-28.68pct-19.07pct300432.SZ富临精工17.67%-2.85pct-2.97pct18.59%-2.16pct0.32pct12.46%-1.23pct84.47pct-13.91%-27.03pct-20.18pct603906.SH龙蟠科技-21.47%-36.83pct-28.63pct-5.83%-26.03pct-21.51pct-24.93%-31.31pct-14.24pct-17.15%-24.36pct-21.11pct300477.SZ合纵科技7.86%-16.16pct-12.76pct12.78%-13.28pct-8.38pct-7.84%-8.75pct-5.01pct-5.91%-12.43pct0.41pct688275.SH万润新能-18.93%-38.92pct-31.00pct-2.30%-24.40pct-17.45pct-30.06%-44.11pct-28.97pct-14.52%-29.08pct-19.71pct301358.SZ湖南裕能15.37%0.86pct10.09pct9.63%-9.11pct0.23pct9.57%1.70pct7.44pct5.34%-6.25pct0.55pct合计3.78%-13.80pct-2.22pct4.98%-16.74pct-8.33pct-2.26%-11.46pct2.75pct-3.75%-15.92pct-8.93pct三元正极2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比688005.SH容百科技6.38%-5.88pct-2.33pct7.90%-4.96pct0.87pct1.51%-5.43pct-2.21pct2.94%-3.43pct-0.38pct300073.SZ当升科技19.03%1.04pct2.60pct17.58%-0.17pct0.44pct13.34%3.38pct4.16pct11.02%1.01pct-0.06pct688707.SH振华新材-5.67%-24.03pct-15.63pct3.96%-14.73pct-6.52pct-8.50%-19.81pct-12.02pct-1.10%-13.34pct-8.23pct688779.SH长远锂科7.24%-11.36pct3.65pct5.80%-11.47pct-6.12pct2.15%-8.55pct2.10pct1.32%-8.61pct-5.76pct688778.SH厦钨新能7.88%-1.01pct0.53pct7.65%-1.11pct-0.80pct3.07%-0.81pct-0.16pct3.14%-0.59pct-0.93pct合计8.81%-5.16pct-1.07pct9.39%-4.53pct-1.12pct3.88%-3.75pct-0.63pct4.23%-3.27pct-1.85pct三元前驱体2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比603799.SH华友钴业13.16%-6.61pct-3.05pct14.91%-4.30pct-3.08pct7.45%1.56pct2.09pct6.25%-1.02pct1.09pct300919.SZ中伟股份10.99%-0.02pct-0.23pct11.10%0.00pct-0.81pct4.56%-0.57pct0.25pct4.45%-0.19pct-1.03pct002340.SZ格林美12.33%-2.36pct-0.54pct12.58%-2.93pct-1.07pct3.54%-1.49pct0.72pct3.19%-1.70pct-0.78pct688148.SH芳源股份11.99%-0.18pct4.54pct9.44%-1.75pct-1.53pct-2.44%-3.38pct-2.58pct-0.99%-1.29pct-1.09pct688184.SH帕瓦股份15.17%3.71pct5.86pct12.05%-2.06pct-0.40pct4.36%-0.41pct1.74pct3.43%-4.49pct-6.37pct合计12.32%-4.11pct-1.89pct13.31%-2.97pct-1.92pct5.51%0.07pct1.00pct4.99%-1.02pct0.13pct添加剂2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比688116.SH天奈科技32.12%-2.37pct1.06pct31.66%-1.61pct-5.10pct13.84%-8.77pct-0.41pct14.02%-7.67pct-10.42pct300409.SZ道氏技术10.15%-9.56pct-6.15pct13.08%-7.39pct1.61pct-0.49%-6.08pct1.81pct-1.35%-8.76pct4.70pct002068.SZ黑猫股份-2.14%-10.86pct-2.84pct-0.72%-7.18pct-2.96pct-5.95%-8.75pct-1.24pct-5.33%-6.80pct-4.20pct合计5.69%-9.34pct-3.17pct7.23%-7.53pct-1.48pct-2.09%-7.68pct0.38pct-2.27%-8.16pct-1.96pct负极2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所36/44603659.SH璞泰来27.67%-8.71pct-6.63pct30.81%-6.64pct-3.40pct14.67%-5.50pct-4.31pct16.71%-3.53pct-3.23pct301349.SZ信德新材7.25%-19.54pct-16.64pct14.74%-14.05pct-10.61pct-3.38%-21.20pct-21.49pct6.30%-11.88pct-8.65pct300890.SZ翔丰华21.49%1.46pct-0.02pct21.51%1.30pct2.02pct3.36%-8.08pct-6.46pct6.99%-2.86pct2.20pct001301.SZ尚太科技25.78%-18.37pct-9.21pct30.24%-14.27pct-8.98pct17.18%-13.46pct-7.02pct20.58%-10.91pct-2.54pct600884.SH杉杉股份20.04%-5.17pct3.65pct18.32%-7.04pct-4.39pct8.78%-6.10pct-4.09pct10.70%-4.72pct1.28pct300035.SZ中科电气13.01%-7.64pct5.16pct10.60%-12.80pct-6.44pct0.87%-10.54pct13.87pct-5.59%-18.53pct-8.73pct835185.BJ贝特瑞15.65%-2.51pct1.33pct14.97%-4.59pct1.61pct8.32%0.70pct3.99pct6.31%-2.69pct-2.68pct合计19.91%-5.97pct-0.17pct20.00%-7.13pct-2.13pct9.61%-4.63pct-0.30pct9.76%-5.48pct-1.88pct铜箔2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比688388.SH嘉元科技2.91%-21.99pct-7.84pct6.62%-20.88pct-7.75pct-1.43%-13.16pct-5.17pct1.02%-13.87pct-7.57pct301150.SZ中一科技4.62%-18.37pct-8.71pct8.79%-15.03pct-7.81pct-1.33%-17.80pct-7.32pct2.18%-13.65pct-10.62pct301217.SZ铜冠铜箔1.91%-11.72pct-3.54pct3.64%-10.99pct-1.49pct0.25%-8.83pct-2.79pct1.61%-8.11pct-2.22pct600110.SH诺德股份10.97%-12.15pct-3.25pct12.64%-10.88pct-5.22pct3.26%-4.84pct-1.10pct3.83%-6.07pct-1.79pct合计5.29%-15.59pct-5.83pct8.15%-14.09pct-5.66pct0.29%-10.67pct-3.93pct2.22%-10.08pct-5.15pct铝箔2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比300057.SZ万顺新材7.10%-6.18pct-0.95pct7.54%-5.79pct0.24pct2.74%-1.87pct3.17pct1.27%-3.07pct-1.48pct603876.SH鼎胜新材12.65%-3.97pct-1.31pct13.30%-1.05pct-4.96pct4.16%-2.42pct0.72pct3.80%-1.41pct-3.92pct合计11.44%-4.52pct-1.33pct12.08%-2.06pct-3.64pct3.85%-2.34pct1.20pct3.27%-1.77pct-3.31pct结构件2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比002850.SZ科达利23.80%-1.27pct1.66pct23.01%-1.56pct-0.39pct10.31%0.71pct-0.07pct10.35%0.19pct-0.23pct300953.SZ震裕科技13.99%-0.11pct-0.87pct14.38%0.39pct3.42pct1.45%-2.41pct-0.03pct1.46%-2.70pct1.49pct300382.SZ斯莱克24.61%-2.20pct-11.76pct29.54%-2.15pct-5.34pct6.45%-2.97pct-6.29pct9.08%-2.78pct-4.69pct002384.SZ东山精密12.18%-2.60pct-2.62pct13.43%-1.02pct-6.86pct4.93%-1.04pct-2.31pct6.03%0.56pct-3.19pct合计15.46%-1.42pct-1.65pct16.23%-0.33pct-4.13pct5.80%-0.67pct-1.72pct6.60%0.34pct-1.94pct核心零部件2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比603305.SH旭升集团24.26%1.65pct-1.51pct25.01%3.56pct-0.89pct16.93%1.48pct0.50pct16.69%2.91pct-0.65pct600885.SH宏发股份36.03%3.54pct2.07pct35.01%2.03pct-0.14pct11.23%-0.17pct1.32pct10.58%0.01pct-0.10pct002050.SZ三花智控26.00%1.02pct0.43pct25.81%1.62pct-1.98pct11.58%1.31pct1.00pct11.13%1.26pct-2.90pct603960.SH克来机电25.96%12.55pct2.45pct24.87%10.31pct-3.10pct10.98%16.81pct-0.09pct11.02%13.88pct-3.72pct002126.SZ银轮股份20.91%1.06pct0.73pct20.55%1.03pct0.46pct5.86%2.48pct0.89pct5.43%2.02pct-0.03pct600577.SH精达股份6.37%0.73pct-0.38pct6.55%0.54pct1.12pct2.30%0.59pct-0.23pct2.41%0.44pct0.01pct002249.SZ大洋电机20.67%2.96pct-0.34pct20.84%3.03pct-2.00pct7.49%1.22pct1.20pct6.92%1.03pct5.02pct300124.SZ汇川技术36.12%-1.78pct-0.39pct36.27%-0.10pct2.39pct17.34%-5.04pct1.71pct16.68%-2.31pct-1.91pct300484.SZ蓝海华腾35.43%-5.33pct-4.75pct37.61%-1.38pct-3.72pct8.62%-14.39pct-7.25pct11.94%-7.01pct-6.56pct002664.SZ信质电机15.17%2.82pct2.83pct13.78%2.52pct1.93pct5.34%0.96pct1.32pct4.69%0.57pct-2.28pct300681.SZ英搏尔8.73%-4.63pct-8.25pct11.68%-2.82pct-5.85pct-4.64%-6.37pct-1.60pct-4.07%-7.22pct-3.82pct300224.SZ正海磁材16.68%3.28pct-1.49pct17.33%2.73pct3.11pct6.93%-0.34pct-1.62pct7.63%0.14pct2.09pct002196.SZ方正电机14.72%2.38pct-1.63pct15.44%4.15pct3.38pct3.24%5.89pct1.41pct2.62%3.30pct20.59pct600580.SH卧龙电驱27.01%1.70pct2.43pct25.83%2.13pct2.31pct8.51%0.31pct1.79pct7.64%0.71pct3.78pct合计24.71%1.87pct0.85pct24.32%2.12pct0.63pct9.95%0.18pct1.30pct9.36%0.61pct0.33pct整车2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比002594.SZ比亚迪18.72%4.34pct0.86pct18.33%4.82pct-0.65pct4.88%1.55pct1.44pct4.21%1.82pct-0.55pct601633.SH长城汽车17.41%-2.39pct1.34pct16.85%-1.53pct-3.33pct2.90%-11.01pct2.30pct1.95%-7.07pct-1.60pct行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所37/44601238.SH广汽集团6.02%-0.21pct2.01pct5.16%-1.02pct-2.49pct4.06%-6.78pct-1.77pct4.82%-7.05pct1.01pct600104.SH上汽集团9.54%-0.02pct-0.29pct9.67%0.22pct-0.06pct2.45%1.36pct0.47pct2.24%-0.03pct0.03pct000625.SZ长安汽车16.41%-5.95pct-2.15pct17.54%-2.28pct-3.53pct2.21%-3.80pct-17.96pct11.69%1.33pct8.68pct601127.SH赛力斯4.17%-3.52pct-4.71pct6.34%-0.93pct-7.30pct-12.10%0.09pct0.17pct-12.18%1.73pct-2.48pct600066.SH宇通客车23.49%2.09pct2.01pct22.84%4.20pct-2.53pct4.64%3.58pct1.27pct4.23%5.02pct-1.86pct600733.SH北汽蓝谷-2.27%0.98pct6.32pct-5.01%-0.57pct0.62pct-33.25%36.77pct2.46pct-34.31%28.38pct20.10pct000868.SZ安凯客车3.92%5.59pct-3.81pct5.11%4.97pct-4.30pct-6.85%12.97pct6.53pct-8.87%6.80pct7.53pct600006.SH东风汽车1.39%-1.87pct-7.16pct4.89%-2.36pct-5.42pct-0.39%0.27pct-4.02pct1.57%-0.03pct-1.56pct000957.SZ中通客车21.02%1.68pct-2.36pct22.00%5.74pct3.95pct3.22%-3.23pct0.24pct3.12%1.87pct0.95pct600418.SH江淮汽车11.81%4.58pct0.24pct11.69%4.63pct1.98pct0.06%5.33pct-1.31pct0.69%4.70pct5.34pct600686.SH金龙汽车10.17%3.37pct-0.81pct10.49%0.64pct1.11pct0.64%6.79pct0.36pct0.50%3.85pct1.93pct合计13.33%1.02pct0.04pct13.31%1.59pct-0.69pct2.82%-0.17pct-0.98pct3.26%-0.10pct0.83pct锂电设备2023Q2Q2同比Q2环比2023H1H1同比H1环比2023Q2Q2同比Q2环比2023H1H1同比H1环比300450.SZ先导智能38.93%0.68pct-2.53pct40.10%5.85pct0.11pct16.71%-1.76pct-0.50pct16.94%2.03pct-0.80pct688006.SH杭可科技37.41%6.47pct-5.12pct39.70%9.02pct3.90pct22.67%9.93pct0.55pct22.43%10.09pct5.79pct300457.SZ赢合科技28.20%7.65pct4.27pct26.65%7.28pct5.36pct6.37%-0.14pct0.44pct6.21%0.49pct1.13pct300340.SZ科恒股份11.32%2.06pct5.67pct8.55%-1.23pct4.96pct-1.21%1.96pct1.56pct-1.97%-1.30pct17.25pct300648.SZ星云股份25.26%2.05pct-3.75pct26.53%1.37pct-3.27pct-6.45%-12.15pct14.80pct-11.46%-10.16pct-13.71pct603659.SH璞泰来27.67%-8.71pct-6.63pct30.81%-6.64pct-3.40pct14.67%-5.50pct-4.31pct16.71%-3.53pct-3.23pct688499.SH利元亨27.38%-8.81pct0.52pct27.14%-8.87pct-6.37pct2.41%-7.18pct7.69pct-1.16%-10.88pct-6.03pct688155.SH先惠技术24.86%18.68pct2.15pct23.78%5.52pct7.00pct-1.90%41.65pct-4.77pct0.48%9.18pct4.65pct合计30.24%0.29pct-1.92pct31.10%1.24pct0.43pct11.03%-1.44pct-0.78pct11.38%-0.77pct0.27pct数据来源：Wind，东吴证券研究所3.3.23H1板块现金流同比高增，23Q2中游材料大部分环节现金流环比均下滑2023H1板块现金流同比高增，23Q2受下游需求影响，中游材料板块大部分环节现金流环比均下滑。其中，碳酸锂板块2023H1经营活动净现金流为255.51亿元，同比降低7.64%，环比降低45.06%；23年二季度经营活动净现金流为202.08亿元，同比上升27.72%，环比上升278.19%。锂电池中游板块2023H1经营活动净现金流为543.22亿元，同比上升166.29%，环比上升13.89%，其中铝箔同环比高增，隔膜、电池、铁锂正极、三元前驱体、添加剂、负极、铝箔、结构件环节实现同比增长；23年二季度净现金流为375.62亿元，同比上升87.44%，环比上升124.12%，其中隔膜、铁锂正极、三元前驱体、添加剂、负极、实现同环比增长，六氟磷酸锂及电解液、铜箔、铝箔实现环比上升。核心零部件板块23年H1经营活动现金流为63.42亿，同比上升96.19%，环比下降31.90%；整车板块23年H1经营活动现金流为926.01亿元，同比上升86.06%，环比下降23.70%；锂电设备板块23年H1经营活动现金流为-7.14亿元，同比下降161.92%，环比下降131.82%。图21：新能源汽车板块2022年-2023年Q2经营净现金流情况统计（单位：亿元）行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所38/44新能源汽车板块新能源汽车板块2022-2023H1经营净现金流碳酸锂2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比002466.SZ天齐锂业38.3732.2746.7185.6249.3671.65122.02%45.16%121.0171.31%-8.56%002460.SZ赣锋锂业11.359.6258.6345.31-31.694.78-50.30%115.08%-26.91-228.36%-125.89%002497.SZ雅化集团1.94-1.5511.731.122.54-3.73-141.54%-247.12%-1.20-400.07%-109.31%002176.SZ江特电机3.363.310.3111.30-0.963.516.23%467.70%2.56-61.62%-77.99%002756.SZ永兴材料3.6815.1624.0623.5912.9210.66-29.70%-17.52%23.5825.14%-50.52%600499.SH科达制造-1.515.033.453.00-4.854.37-13.22%190.09%-0.48-113.65%-107.44%002240.SZ盛新锂能0.576.8412.02-2.115.8710.2950.39%75.29%16.16117.90%63.01%300390.SZ天华新能10.7231.1322.76-0.671.6125.06-19.48%1456.13%26.68-36.26%20.78%000762.SZ西藏矿业3.077.72-0.636.393.49-1.82-123.59%-152.20%1.67-84.55%-71.07%002738.SZ中矿资源1.646.113.579.194.4015.81158.87%259.65%20.20160.94%58.36%000792.SZ盐湖股份45.0140.3527.1462.3413.0957.9943.73%342.97%71.08-16.73%-20.56%002192.SZ融捷股份0.222.244.755.43-2.353.5256.99%249.73%1.17-52.60%-88.53%合计118.42158.21214.50250.5353.43202.0827.72%278.19%255.51-7.64%-45.06%锂电池中游2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比002108.SZ沧州明珠-0.091.25-0.542.25-0.942.63110.82%378.87%1.6845.62%-1.87%300568.SZ星源材质2.865.461.063.551.611.30-76.26%-19.73%2.91-65.03%-36.84%002812.SZ恩捷股份1.803.733.15-3.647.265.4546.13%-24.97%12.71129.86%-2678.24%688733.SH壹石通-0.280.610.160.02-0.15-0.02-103.37%85.92%-0.17-150.70%-193.30%603659.SH璞泰来-1.384.84-1.6410.42-4.9513.28174.64%368.38%8.33141.20%-5.11%300037.SZ新宙邦5.104.235.223.557.308.77107.19%20.16%16.0672.18%83.24%301238.SZ瑞泰新材1.622.002.823.134.501.62-18.60%-63.92%6.1369.57%3.08%688353.SH华盛锂电1.641.780.19-0.51-0.39-0.95-153.01%-140.08%-1.34-139.13%320.63%002709.SZ天赐材料5.6718.59-0.8418.21-4.9011.51-38.11%335.06%6.61-72.75%-61.94%002759.SZ天际股份3.774.851.71-1.14-2.36-0.58-111.98%75.38%-2.94-134.10%-612.32%002407.SZ多氟多4.632.384.326.20-0.7111.47381.62%1719.83%10.7653.46%2.25%002326.SZ永太科技3.541.132.04-4.481.51-3.54-412.40%-334.02%-2.03-143.32%-16.93%603026.SH胜华新材5.135.96-1.09-1.52-2.651.42-76.18%153.60%-1.23-111.08%-52.87%300750.SZ宁德时代70.76116.0672.86352.41209.66161.0438.75%-23.19%370.7098.42%-12.83%300068.SZ南都电源1.802.242.57-2.010.71-8.81-493.63%-1333.15%-8.10-300.40%-1546.83%002074.SZ国轩高科0.440.47-0.077.170.611.04118.74%69.39%1.6580.11%-76.75%300014.SZ亿纬锂能8.539.5610.72-0.219.8023.21142.69%136.81%33.0082.39%214.13%300207.SZ欣旺达11.681.97-7.18-0.882.642.043.56%-22.66%4.68-65.71%-158.04%688567.SH孚能科技-4.70-3.732.54-11.59-3.966.47273.73%263.44%2.51129.83%-127.77%688772.SH珠海冠宇3.584.388.722.133.225.5226.15%71.53%8.749.84%-19.43%688063.SH派能科技1.300.074.134.049.812.042770.29%-79.20%11.85764.78%45.08%002245.SZ蔚蓝锂芯-0.170.361.323.231.00-0.30-183.46%-130.46%0.69248.76%-84.72%300438.SZ鹏辉能源-0.34-0.873.105.310.180.68179.10%272.19%0.87171.92%-89.68%688819.SH天能股份-27.8512.1617.4615.271.8715.2825.58%718.12%17.14209.28%-47.62%301327.SZ华宝新能-0.950.320.880.94-1.67-1.97-723.39%-17.56%-3.64-476.81%-300.55%000049.SZ德赛电池0.20-0.202.311.5910.775.292755.72%-50.92%16.06313313.84%311.26%300769.SZ德方纳米-17.27-10.82-19.45-13.81-7.839.63189.00%222.94%1.80106.40%-105.40%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所39/44300432.SZ富临精工-2.491.39-2.491.731.262.2360.69%77.34%3.49416.15%-560.79%603906.SH龙蟠科技-8.66-2.81-10.13-10.89-4.60-3.58-27.40%22.21%-8.1828.66%-61.07%300477.SZ合纵科技-1.53-0.722.30-2.45-4.862.78486.59%157.19%-2.087.32%1308.82%688005.SH容百科技-1.1510.66-4.40-7.51-3.0112.5417.65%516.84%9.530.28%-179.99%300073.SZ当升科技1.85-1.663.268.15-0.865.46429.63%736.31%4.602270.41%-59.67%002340.SZ格林美-21.546.443.8511.08-3.599.8352.68%374.07%6.24141.36%-58.16%688707.SH振华新材-0.922.440.919.14-7.789.20277.01%218.34%1.43-6.39%-85.80%300919.SZ中伟股份-28.11-11.08-18.958.60-8.8718.05262.96%303.39%9.17123.41%-188.67%688779.SH长远锂科-4.77-2.630.769.67-20.47-5.42-105.81%73.52%-25.89-249.66%-348.09%688778.SH厦钨新能0.690.86-14.36-2.816.774.14383.18%-38.86%10.91603.09%-163.54%688148.SH芳源股份0.430.37-0.30-3.50-1.840.90140.76%149.11%-0.93-216.05%-75.42%688275.SH万润新能-2.32-11.38-8.16-3.64-16.12-0.8892.26%94.54%-17.00-24.01%44.09%301358.SZ湖南裕能-4.81-7.19-6.41-9.42-11.5110.23242.19%188.84%-1.2889.30%-91.89%688184.SH帕瓦股份-0.600.441.04-0.66-0.730.24-44.91%133.12%-0.49-194.06%-229.16%688116.SH天奈科技-0.08-0.760.451.470.390.59177.21%50.38%0.98216.94%-48.81%301349.SZ信德新材-0.051.090.05-1.79-3.001.06-3.03%135.37%-1.94-286.19%11.37%300890.SZ翔丰华-0.08-1.56-0.17-0.42-2.390.26116.34%110.69%-2.13-29.58%256.19%001301.SZ尚太科技2.72-0.62-6.90-3.15-6.46-3.97-541.45%38.51%-10.43-597.16%3.83%600884.SH杉杉股份1.0714.532.33-12.87-13.26-1.39-109.53%89.55%-14.64-193.83%38.92%300035.SZ中科电气-4.49-9.51-7.15-3.20-1.961.71117.92%186.92%-0.2698.17%-97.52%835185.BJ贝特瑞-2.870.86-4.703.8319.0212.771380.84%-32.88%31.781680.93%-3718.62%688388.SH嘉元科技0.32-1.20-1.85-2.640.553.83417.66%600.06%4.37592.77%-197.43%301150.SZ中一科技-1.88-0.16-0.27-1.68-1.872.061367.45%209.75%0.18108.93%-109.39%301217.SZ铜冠铜箔-0.661.84-0.233.52-5.56-1.16-162.93%79.21%-6.72-672.31%-304.01%603876.SH鼎胜新材1.719.815.201.511.3310.244.43%670.04%11.570.50%72.53%600110.SH诺德股份-2.685.095.80-0.260.34-2.50-149.13%-827.05%-2.16-189.56%-138.96%002850.SZ科达利-1.672.090.063.89-0.215.95184.67%2916.27%5.741263.11%45.03%300953.SZ震裕科技-1.19-1.13-2.00-5.65-2.44-1.67-48.05%31.40%-4.11-76.85%-46.25%300382.SZ斯莱克-0.52-0.19-1.061.24-0.620.49351.33%178.74%-0.1381.51%-173.74%002384.SZ东山精密6.866.327.2225.9017.998.1528.81%-54.73%26.1498.30%-21.07%合计3.60200.4060.15416.81167.60375.6287.44%124.12%543.22166.29%13.89%隔膜2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比002108.SZ沧州明珠-0.091.25-0.542.25-0.942.63110.82%378.87%1.6845.62%-1.87%002080.SZ中材科技-14.3818.654.8422.49-11.2914.92-19.98%232.15%3.63-14.89%-86.72%300568.SZ星源材质2.865.461.063.551.611.30-76.26%-19.73%2.91-65.03%-36.84%002812.SZ恩捷股份1.803.733.15-3.647.265.4546.13%-24.97%12.71129.86%-2678.24%688733.SH壹石通-0.280.610.160.02-0.15-0.02-103.37%85.92%-0.17-150.70%-193.30%603659.SH璞泰来-1.384.84-1.6410.42-4.9513.28174.64%368.38%8.33141.20%-5.11%合计-11.4734.527.0235.10-8.4537.558.77%544.34%29.1026.22%-30.92%六氟磷酸锂及电解液2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比300037.SZ新宙邦5.104.235.223.557.308.77107.19%20.16%16.0672.18%83.24%301238.SZ瑞泰新材1.622.002.823.134.501.62-18.60%-63.92%6.1369.57%3.08%688353.SH华盛锂电1.641.780.19-0.51-0.39-0.95-153.01%-140.08%-1.34-139.13%320.63%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所40/44002709.SZ天赐材料5.6718.59-0.8418.21-4.9011.51-38.11%335.06%6.61-72.75%-61.94%002759.SZ天际股份3.774.851.71-1.14-2.36-0.58-111.98%75.38%-2.94-134.10%-612.32%002407.SZ多氟多4.632.384.326.20-0.7111.47381.62%1719.83%10.7653.46%2.25%002326.SZ永太科技3.541.132.04-4.481.51-3.54-412.40%-334.02%-2.03-143.32%-16.93%603026.SH胜华新材5.135.96-1.09-1.52-2.651.42-76.18%153.60%-1.23-111.08%-52.87%合计31.1040.9214.3823.442.3129.72-27.37%1187.34%32.03-55.53%-15.30%电池2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比300750.SZ宁德时代70.76116.0672.86352.41209.66161.0438.75%-23.19%370.7098.42%-12.83%300068.SZ南都电源1.802.242.57-2.010.71-8.81-493.63%-1333.15%-8.10-300.40%-1546.83%002074.SZ国轩高科0.440.47-0.077.170.611.04118.74%69.39%1.6580.11%-76.75%300014.SZ亿纬锂能8.539.5610.72-0.219.8023.21142.69%136.81%33.0082.39%214.13%300207.SZ欣旺达11.681.97-7.18-0.882.642.043.56%-22.66%4.68-65.71%-158.04%688567.SH孚能科技-4.70-3.732.54-11.59-3.966.47273.73%263.44%2.51129.83%-127.77%688772.SH珠海冠宇3.584.388.722.133.225.5226.15%71.53%8.749.84%-19.43%688063.SH派能科技1.300.074.134.049.812.042770.29%-79.20%11.85764.78%45.08%002245.SZ蔚蓝锂芯-0.170.361.323.231.00-0.30-183.46%-130.46%0.69248.76%-84.72%300438.SZ鹏辉能源-0.34-0.873.105.310.180.68179.10%272.19%0.87171.92%-89.68%688819.SH天能股份-27.8512.1617.4615.271.8715.2825.58%718.12%17.14209.28%-47.62%301327.SZ华宝新能-0.950.320.880.94-1.67-1.97-723.39%-17.56%-3.64-476.81%-300.55%000049.SZ德赛电池0.20-0.202.311.5910.775.292755.72%-50.92%16.06313313.84%311.26%合计64.30142.81119.35377.39244.64211.5248.11%-13.54%456.16120.25%-8.17%铁锂正极2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比300769.SZ德方纳米-17.27-10.82-19.45-13.81-7.839.63189.00%222.94%1.80106.40%-105.40%300432.SZ富临精工-2.491.39-2.491.731.262.2360.69%77.34%3.49416.15%-560.79%603906.SH龙蟠科技-8.66-2.81-10.13-10.89-4.60-3.58-27.40%22.21%-8.1828.66%-61.07%300477.SZ合纵科技-1.53-0.722.30-2.45-4.862.78486.59%157.19%-2.087.32%1308.82%688275.SH万润新能-2.32-11.38-8.16-3.64-16.12-0.8892.26%94.54%-17.00-24.01%44.09%301358.SZ湖南裕能-4.81-7.19-6.41-9.42-11.5110.23242.19%188.84%-1.2889.30%-91.89%合计-37.08-31.54-44.34-38.48-43.6720.41164.71%146.74%-23.2666.10%-71.91%三元正极2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比688005.SH容百科技-1.1510.66-4.40-7.51-3.0112.5417.65%516.84%9.530.28%-179.99%300073.SZ当升科技1.85-1.663.268.15-0.865.46429.63%736.31%4.602270.41%-59.67%688707.SH振华新材-0.922.440.919.14-7.789.20277.01%218.34%1.43-6.39%-85.80%688779.SH长远锂科-4.77-2.630.769.67-20.47-5.42-105.81%73.52%-25.89-249.66%-348.09%688778.SH厦钨新能0.690.86-14.36-2.816.774.14383.18%-38.86%10.91603.09%-163.54%合计-4.309.67-13.8216.63-25.3425.92168.17%202.28%0.58-89.23%-79.42%三元前驱体2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比603799.SH华友钴业1.54-12.11-7.8347.548.139.82181.05%20.76%17.94269.70%-54.81%300919.SZ中伟股份-28.11-11.08-18.958.60-8.8718.05262.96%303.39%9.17123.41%-188.67%002340.SZ格林美-21.546.443.8511.08-3.599.8352.68%374.07%6.24141.36%-58.16%688148.SH芳源股份0.430.37-0.30-3.50-1.840.90140.76%149.11%-0.93-216.05%-75.42%688184.SH帕瓦股份-0.600.441.04-0.66-0.730.24-44.91%133.12%-0.49-194.06%-229.16%合计-48.28-15.94-22.1963.06-6.9038.84343.73%663.07%31.94149.74%-21.84%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所41/44添加剂2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比688116.SH天奈科技-0.08-0.760.451.470.390.59177.21%50.38%0.98216.94%-48.81%300409.SZ道氏技术4.62-1.96-6.342.900.343.39273.44%904.85%3.7339.74%-208.34%002068.SZ黑猫股份-1.66-0.110.310.58-4.626.726491.84%245.38%2.10219.15%136.92%合计2.89-2.82-5.594.94-3.8910.70479.17%374.75%6.819480.29%-1155.60%负极2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比603659.SH璞泰来-1.384.84-1.6410.42-4.9513.28174.64%368.38%8.33141.20%-5.11%301349.SZ信德新材-0.051.090.05-1.79-3.001.06-3.03%135.37%-1.94-286.19%11.37%300890.SZ翔丰华-0.08-1.56-0.17-0.42-2.390.26116.34%110.69%-2.13-29.58%256.19%001301.SZ尚太科技2.72-0.62-6.90-3.15-6.46-3.97-541.45%38.51%-10.43-597.16%3.83%600884.SH杉杉股份1.0714.532.33-12.87-13.26-1.39-109.53%89.55%-14.64-193.83%38.92%300035.SZ中科电气-4.49-9.51-7.15-3.20-1.961.71117.92%186.92%-0.2698.17%-97.52%835185.BJ贝特瑞-2.870.86-4.703.8319.0212.771380.84%-32.88%31.781680.93%-3718.62%合计-5.099.63-18.19-7.18-12.9923.71146.29%282.49%10.72136.23%-142.25%铜箔2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比688388.SH嘉元科技0.32-1.20-1.85-2.640.553.83417.66%600.06%4.37592.77%-197.43%301150.SZ中一科技-1.88-0.16-0.27-1.68-1.872.061367.45%209.75%0.18108.93%-109.39%301217.SZ铜冠铜箔-0.661.84-0.233.52-5.56-1.16-162.93%79.21%-6.72-672.31%-304.01%600110.SH诺德股份-2.685.095.80-0.260.34-2.50-149.13%-827.05%-2.16-189.56%-138.96%合计-4.915.563.45-1.05-6.552.23-60.00%133.99%-4.32-765.12%-280.26%铝箔2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比300057.SZ万顺新材-1.751.461.69-2.491.810.08-94.22%-95.36%1.90736.51%-338.92%603876.SH鼎胜新材1.719.815.201.511.3310.244.43%670.04%11.570.50%72.53%合计-0.0511.266.89-0.983.1410.32-8.32%228.47%13.4720.09%127.80%结构件2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比002850.SZ科达利-1.672.090.063.89-0.215.95184.67%2916.27%5.741263.11%45.03%300953.SZ震裕科技-1.19-1.13-2.00-5.65-2.44-1.67-48.05%31.40%-4.11-76.85%-46.25%300382.SZ斯莱克-0.52-0.19-1.061.24-0.620.49351.33%178.74%-0.1381.51%-173.74%002384.SZ东山精密6.866.327.2225.9017.998.1528.81%-54.73%26.1498.30%-21.07%合计3.477.094.2325.3814.7212.9182.12%-12.31%27.63161.60%-6.65%核心零部件2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比603305.SH旭升集团1.520.410.171.653.531.49262.63%-57.80%5.02159.54%176.03%600885.SH宏发股份2.946.973.542.501.788.7625.74%392.53%10.546.36%74.59%002050.SZ三花智控1.266.352.9614.537.369.8354.75%33.56%17.19125.84%-1.71%603960.SH克来机电-0.12-0.25-0.030.550.720.03113.68%-95.33%0.76308.91%44.55%002126.SZ银轮股份0.510.740.264.060.651.0135.23%55.70%1.6531.46%-61.70%600577.SH精达股份0.542.073.457.09-2.023.2255.55%259.29%1.20-54.05%-88.63%002249.SZ大洋电机0.605.252.745.665.362.99-43.08%-44.23%8.3542.63%-0.65%300124.SZ汇川技术-0.78-1.0322.8111.012.764.73559.26%71.43%7.48513.62%-77.87%300484.SZ蓝海华腾-0.19-0.020.170.70-0.070.632695.28%1061.58%0.57369.98%-35.20%002664.SZ信质电机-1.321.75-0.852.41-0.530.77-56.09%245.16%0.24-44.11%-84.73%300681.SZ英搏尔-0.950.591.18-2.232.290.45-23.96%-80.55%2.74854.02%-362.21%300224.SZ正海磁材-0.851.510.361.29-3.022.4763.57%181.85%-0.55-182.34%-133.27%行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所42/44002196.SZ方正电机0.74-0.40-0.530.212.04-0.0977.45%-104.41%1.95464.89%-701.26%600580.SH卧龙电驱2.102.362.574.89-0.136.42172.00%5142.11%6.2941.10%-15.74%合计6.0226.3138.8254.3220.7242.7162.32%106.11%63.4296.19%-31.90%整车2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比002594.SZ比亚迪119.33312.52478.52498.01144.66675.05116.00%366.66%819.7189.81%-16.06%601633.SH长城汽车-114.72196.37-24.4265.89-82.0457.68-70.63%170.31%-24.36-129.84%-158.75%601238.SH广汽集团-32.03-22.0734.05-33.43-7.387.65134.64%203.56%0.26100.49%-57.17%600104.SH上汽集团-91.4344.4098.0444.04-98.63167.56277.43%269.88%68.93246.54%-51.49%000625.SZ长安汽车7.6950.83-20.6918.8433.8335.72-29.72%5.58%69.5518.85%-3841.71%601127.SH赛力斯-1.544.698.83-23.66-21.68-8.77-287.22%59.52%-30.45-1068.03%105.32%600066.SH宇通客车-7.37-2.1113.8228.194.1125.061286.50%508.98%29.17407.76%-30.57%600733.SH北汽蓝谷1.2419.265.968.75-12.18-3.61-118.76%70.34%-15.80-177.03%-207.37%000868.SZ安凯客车3.150.550.46-0.92-1.042.29318.21%320.38%1.25-66.14%-374.87%600006.SH东风汽车-6.0310.98-2.20-5.64-12.7912.9718.18%201.40%0.18-96.38%-102.28%000957.SZ中通客车-2.859.130.005.41-2.10-1.21-113.26%42.40%-3.31-152.75%-161.25%600418.SH江淮汽车11.65-5.5013.78-4.6218.04-12.22-122.16%-167.74%5.82-5.37%-36.46%600686.SH金龙汽车-2.88-5.54-3.399.99-1.686.74221.66%500.06%5.06160.02%-23.34%合计-115.78613.49602.75610.83-38.90964.9157.28%2580.68%926.0186.06%-23.70%锂电设备2022Q12022Q22022Q32022Q42023Q12023Q223Q2同比23Q2环比2023H123H1同比23H1环比300450.SZ先导智能-12.1122.47-9.1615.71-17.081.65-92.64%109.68%-15.43-248.96%-335.47%688006.SH杭可科技1.791.513.79-0.12-1.973.46129.82%275.84%1.49-54.65%-59.26%300457.SZ赢合科技-4.963.54-1.526.22-3.148.40137.04%367.26%5.25471.14%11.70%300340.SZ科恒股份0.73-0.01-0.27-0.340.440.383857.35%-12.37%0.8213.71%-233.44%300648.SZ星云股份-0.30-0.88-0.83-0.36-1.570.28132.17%118.02%-1.29-9.19%8.32%603659.SH璞泰来-1.384.84-1.6410.42-4.9513.28174.64%368.38%8.33141.20%-5.11%688499.SH利元亨-0.050.20-0.072.11-6.75-0.08-139.91%98.80%-6.83-4500.91%-436.24%688155.SH先惠技术-0.83-3.03-1.990.501.01-0.5083.68%-149.22%0.51113.24%-134.22%合计-17.1128.63-11.7134.14-34.0226.88-6.12%179.02%-7.14-161.92%-131.82%数据来源：Wind，东吴证券研究所4.投资建议当前电动车仍为基本面、估值、预期低点，龙头地位稳固且25年估值仅10x，看好Q2-Q3盈利低点出现+需求逐步好转后锂电板块酝酿反转，首推盈利确定的电池环节（宁德时代、比亚迪、亿纬锂能），受益于国产替代及新技术的细分环节龙头（曼恩斯特、骄成超声），以及盈利趋势稳健的结构件（科达利）、负极（璞泰来、尚太科技）、电解液（天赐材料、新宙邦）、隔膜（恩捷股份、星源材质）及正极（华友钴业、湖南裕能、德方纳米、容百科技）等，关注欣旺达、鹏辉能源、多氟多、信德新材、万润新能、中伟股份、当升科技、天奈科技、鼎胜新材等。行业深度报告请务必阅读正文之后的免责声明部分东吴证券研究所43/444.风险提示价格竞争超市场预期：18年至今新能源汽车市场迅速发展，市场竞争日趋激烈。动力电池作为新能源汽车核心部件之一，吸引众多投资者通过产业转型、收购兼并等方式参与市场竞争，各大厂商产能扩大迅速，市场竞争十分激烈，市场平均价格逐年走低，压缩了公司的盈利水平。原材料价格波动：原材料成本在整体成本中占比较高，原材料价格波动将会直接影响各板块的毛利水平。免责及评级说明部分免责声明东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。本研究报告仅供东吴证券股份有限公司（以下简称“本公司”）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后果负任何责任。任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均为无效。在法律许可的情况下，东吴证券及其所属关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。市场有风险，投资需谨慎。本报告是基于本公司分析师认为可靠且已公开的信息，本公司力求但不保证这些信息的准确性和完整性，也不保证文中观点或陈述不会发生任何变更，在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本报告的版权归本公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。经授权刊载、转发本报告或者摘要的，应当注明出处为东吴证券研究所，并注明本报告发布人和发布日期，提示使用本报告的风险，且不得对本报告进行有悖原意的引用、删节和修改。未经授权或未按要求刊载、转发本报告的，应当承担相应的法律责任。本公司将保留向其追究法律责任的权利。东吴证券投资评级标准投资评级基于分析师对报告发布日后6至12个月内行业或公司回报潜力相对基准表现的预期（A股市场基准为沪深300指数，香港市场基准为恒生指数，美国市场基准为标普500指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做市转让标的）），具体如下：公司投资评级：买入：预期未来6个月个股涨跌幅相对基准在15%以上；增持：预期未来6个月个股涨跌幅相对基准介于5%与15%之间；中性：预期未来6个月个股涨跌幅相对基准介于-5%与5%之间；减持：预期未来6个月个股涨跌幅相对基准介于-15%与-5%之间；卖出：预期未来6个月个股涨跌幅相对基准在-15%以下。行业投资评级：增持：预期未来6个月内，行业指数相对强于基准5%以上；中性：预期未来6个月内，行业指数相对基准-5%与5%；减持：预期未来6个月内，行业指数相对弱于基准5%以上。我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议。投资者买入或者卖出证券的决定应当充分考虑自身特定状况，如具体投资目的、财务状况以及特定需求等，并完整理解和使用本报告内容，不应视本报告为做出投资决策的唯一因素。东吴证券研究所苏州工业园区星阳街5号邮政编码：215021传真：（0512）62938527公司网址：http://www.dwzq.com.cn