一块电池如何影响车企利润表？宁德时代锁定半壁市场车企重估电池自研与外采

中国经营网08-29 03:52

日前，宁德时代2026年半年报披露：上半年归母净利润达432.84亿元，国内动力电池装车份额为46.04%。以装车量计，国内市场每装两块动力电池，接近一块来自宁德时代。与此同时，部分整车企业出现利润下滑或亏损。两组数据使车企如何控制电池成本、提高供应链自主性，以及宁德时代为何能在车企推进多元采购的背景下保持领先，成为行业关注的问题。　　2026年上半年，宁德时代实现营业收入2769.17亿元，同比...

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CATL secures half of the market; automakers reevaluate self-developed and externally sourced batteries.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.95,"CXSE":0.6,"LIT":0.6,"03750":1.95,"EVS.SI":0.6},"content_text":"日前，宁德时代2026年半年报披露：上半年归母净利润达432.84亿元，国内动力电池装车份额为46.04%。以装车量计，国内市场每装两块动力电池，接近一块来自宁德时代。与此同时，部分整车企业出现利润下滑或亏损。两组数据使车企如何控制电池成本、提高供应链自主性，以及宁德时代为何能在车企推进多元采购的背景下保持领先，成为行业关注的问题。　　2026年上半年，宁德时代实现营业收入2769.17亿元，同比增长54.80%；归属于上市公司股东的净利润432.84亿元，同比增长41.98%。其中，动力电池系统收入1921.25亿元，同比增长46.02%，毛利率为20.63%。　　中国汽车动力电池产业创新联盟数据显示，同期我国动力电池累计装车量335.6GWh；企业装车量榜单中，宁德时代以46.04%的份额居首。　　同期，部分整车企业利润承压。长城汽车上半年实现营业收入1021.01亿元，同比增长10.58%，归母净利润24.65亿元，同比下降61.11%；赛力斯实现营业收入574.93亿元，归母净利润亏损17.17亿元。长安汽车预计归母净利润7.4亿元至9.7亿元，同比下降57.66%至67.70%；广汽集团预计归母净利润亏损40.6亿元至45.7亿元。　　受访专家表示，上述数据不能简单解释为整车企业的利润向动力电池企业转移。车企披露的业绩影响因素各不相同：长安汽车提及汇率和原材料价格；长城汽车提及海外税收政策补贴收益收回延期及汇率波动；广汽集团提及销售投入、产品结构、原材料成本、合资品牌投资收益及汇兑损失；赛力斯提及产品迭代、核心零部件价格及资产减值。　　苏商银行特约研究员武泽伟表示，动力电池是影响新能源汽车成本的重要部件之一，但车企利润还受到销量、产品结构、价格策略、研发和营销投入等因素影响。自研自产、合资生产和多元外采对车企成本与经营的影响，需要结合采购规模、产能利用率和制造效率分析。　　车企推进供应链多元化　　在宁德时代国内装车份额接近一半的同时，车企正在自研自产、合资生产和多元外采之间作出不同选择。　　记者就电池供应商选择、采购比例、自研投入及其对利润的影响联系多家车企时，多位车企人士表示，相关问题涉及供应链和中长期战略，难以具体回应。　　武泽伟表示，自研自产具有长期降本空间，但需要持续投入研发和生产资金；合资生产可分担投入、共享技术和产线资源；多元外采则可根据车型定位选择产品，提高供应灵活性。　　比亚迪主要采取全产业链垂直整合模式。其电池业务覆盖矿产资源、材料、电芯、BMS、电池包及回收利用等环节，并围绕刀片电池、CTB电池车身一体化技术和整车平台开展研发。　　2026年3月，比亚迪发布第二代刀片电池。公司称，该电池电量从10%充至70%用时5分钟，能量密度较第一代提升5%以上；目标到2026年年底在全国累计建成2万座闪充站。　　从公开车型技术及电池配套信息看，小鹏主要自研整车平台和电池包集成技术，电芯采取多元化采购。小鹏G6、G9等车型采用800V高压碳化硅平台和5C超充电池，G6应用CIB电池车身一体化技术。　　工信部车型申报及公开配套信息显示，小鹏旗下车型的电池供应商包括中创新航、亿纬动力和弗迪电池等，具体配套随车型、配置和生产批次而异。　　长安汽车同时推进电池技术自研、合资生产和外部采购。2023年，长安汽车发布自研电池品牌“金钟罩”；2025年，金钟罩全固态电池公开亮相。　　长安汽车与宁德时代的合作覆盖股权、技术、产品和制造环节。在阿维塔体系中，长安、华为和宁德时代共同构建CHN技术架构，宁德时代为阿维塔第二大股东。2026年2月，双方发布钠电战略及搭载宁德时代钠新电池的量产乘用车。长安汽车宣布，阿维塔、深蓝、启源、引力等多品牌未来将搭载宁德时代钠新电池。　　产能方面，时代长安25GWh动力电池生产基地项目已签约落地川渝高竹新区，总投资约55亿元，规划为阿维塔、深蓝和启源等品牌配套。启源A05、A07和深蓝SL03也被纳入宁德时代巧克力换电合作。　　广汽集团采取自产与外采并行方式。广汽集团通过因湃电池开展电芯、模组和PACK研发制造。广州市政府此前披露，项目总投资109亿元，原规划产能36GWh；2026年，因湃方面披露已建成18GWh量产线。　　广汽集团已推出弹匣电池，并持续推进固态电池研发。公司披露，其自2011年启动电池系统核心技术研发；2025年11月，全固态电池中试产线建成投产，具备60Ah以上车规级全固态电池批量制造条件。不过，广汽集团与宁德时代于2025年签署十年全面战略合作协议，合作包括电池产品、联合研发、智能底盘、换电生态及联合建站。　　谈及自研电池的长期价值，一位车企人士告诉记者，自研有助于构建更稳定、安全和有韧性的供应体系，实现核心部件自主可控。“从长期来看，成本优势主要体现在全产业链协同、规模化精益制造和全生命周期价值优化等方面。”上述人士表示，其所在企业已覆盖矿产资源、材料、工艺、电芯、零部件、BMS、电池包及回收利用等环节。　　浙江易阳非物质文化研究中心主任麻铠认为，自研自产需要销量和产能利用率支撑。在其测算框架中，年销量50万辆可作为观察经济性的参考门槛之一；合资生产需要双方保持技术、产能和经营目标协同；多元外采则要求车企具备供应商认证和质量管理能力。　　宁德时代装车份额继续增长　　车企采取不同电池路线的同时，宁德时代2026年上半年的国内动力电池装车份额继续增长。　　半年报显示，报告期内公司电池系统产能为525GWh，在建产能764GWh，产量498GWh，产能利用率94.86%。同期，公司研发投入113.77亿元，同比增长12.70%。　　产品方面，宁德时代于2026年4月发布第三代神行、第三代麒麟等五款电池产品，覆盖磷酸铁锂、三元和钠离子等材料体系，对应纯电、增程和插电式混合动力车型。　　武泽伟认为，宁德时代的市场份额与其材料开发、电芯设计、规模制造、工程配套和交付体系有关。车企增加供应商，可提高供应稳定性并适配不同车型；主力车型还要考虑产品性能、量产能力和售后服务。　　“多数车企推进供应链多元化，主要是增加风险对冲和车型适配能力，并不意味着停止与头部供应商合作。”武泽伟说。　　麻铠认为，宁德时代提供的业务已从电芯和电池包延伸至BMS、整车热管理协同、工程服务和售后体系。动力电池需要经过整车开发、验证和认证，工程配套与量产交付能力也会影响车企选择。　　目前，宁德时代与部分车企的合作已由供货延伸至股权投资、技术研发、合资产能和补能网络。在长安体系中，宁德时代通过阿维塔参与股权和技术合作，通过时代长安建设产能，并将钠离子电池导入多个品牌；在广汽体系中，双方在车型开发、智能底盘、电池租赁和换电网络等领域推进合作。　　补能网络也被纳入合作范围。宁德时代计划到2026年年底累计建成4000座超换一体站，覆盖近190座城市和“12纵11横”高速网络，并与长安汽车、广汽集团、奇瑞、赛力斯、上汽通用五菱和北汽等车企推进共享补能网络建设。　　武泽伟预计，单纯采购关系占比将逐步下降，联合研发、合资建厂、技术授权、换电及电池全生命周期管理等合作将增加。具备资金、销量和技术基础的车企将采用自研与外采相结合的方式，其他车企则更多借助专业电池企业的研发、制造和服务体系。　　武泽伟表示，不同电池路线对车企利润的影响，需要持续结合销量规模、产能利用率、研发投入、采购成本和车型毛利率进行观察。未来，车企与电池企业的合作将更多围绕技术、产能、成本和全生命周期服务展开。（文章来源：中国经营网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2663013421","isCrawlerRequest":true}

一块电池如何影响车企利润表？宁德时代锁定半壁市场 车企重估电池自研与外采

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一块电池如何影响车企利润表？宁德时代锁定半壁市场车企重估电池自研与外采