On March 12, Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as Ningde Times) updated the prospectus on the website of the China Securities Regulatory Commission. In 2017, Ningde Power Battery sales increased by 74.22% year-on-year. The net profit was 4.288 billion yuan, an increase of 38.8% from the previous year.
On March 8, Foxconn Industrial Internet Co., Ltd. completed the meeting in only 20 working days and became the fastest IPO company in the history of A shares. Earlier it was reported that the China Securities Regulatory Commission will open an IPO rapid channel for "unicorn" companies that are to be listed in the four industries including biotechnology, cloud computing, artificial intelligence, and high-end manufacturing and whose market value has reached a certain scale.
Can the Ningde era catch up with this fast track?
Power Battery "Unicorn"
The IPO prospectus published in the Ningde era in November last year showed that the company plans to visit the Shenzhen Stock Exchange's Growth Enterprise Market to issue new shares of 217,243,700 shares, accounting for no less than 10% of the total share capital after the issuance, and the estimated market value is approximately RMB 130 billion.
In the "2017 Hurun Greater China Unicorn Index" released in December last year, Ningde Times ranked fifth, and in the recently released entrepreneurs & i dark horse "2018 China Unicorn TOP100", Ningde era is the power battery The company with the highest valuation in the enterprise ranks TOP10 in the profit ranking of unicorn enterprises.
In 2017, Ningde Power Battery sales ranked the top three in the global power battery business for the third consecutive year, and surpassed Japan's Panasonic Electric Co., Ltd. and BYD with 11.84 GWh shipments, ranking top global power battery company shipments. . This is also the first time that China’s power battery companies have surpassed Japan and South Korea’s enterprises to occupy the top spot.
According to data from the China Association of Automobile Manufacturers, sales of new energy vehicles in China were 777,000 units in 2017, a year-on-year increase of 53.25%, ranking the world's largest new energy vehicle production and sales market for three consecutive years. GGII data shows that in 2017, the installed capacity of new lithium batteries in China was 36.4GWh, and the Ningde era accounted for 29% of the total installed capacity.
Unlike Japanese and Korean power battery companies that pay more attention to new energy passenger vehicles, the Ningde era has also enjoyed a dominant position in the passenger car market while expanding its passenger vehicle market share. Zeng Yiqun once said, "We serve more local customers. The most important thing is that we produce more power batteries for electric buses."
From 2015 to 2017, Ningde Power Battery System sales revenue was 4.981 billion yuan, 13.976 billion yuan and 16.657 billion yuan respectively, accounting for 87.98%, 95.55% and 87.01% of the main business revenue respectively.
The top five clients in 2017 include Zhengzhou Yutong Group, Beijing Pride, Zhejiang Geely Group, Xiamen Kinglong Automobile, and Dongfeng Motor.
At the end of 2017, the Ministry of Industry and Information Technology announced a total of more than 3,200 models of 12 new energy vehicle models, and about 16% of new energy vehicles are powered by Ningde Power Battery. This is the most powerful power battery manufacturer.
Second business
"The Japanese invented the lithium battery, the Koreans sought to expand the production scale, and the Chinese eventually took a dominant position, and the market was ultimately in China."
The rapid growth of the Ningde era is the epitome of China's development of the battery industry.
In 2000, electric vehicles were included in one of the 12 major projects of the "863" program. Since then, the "863" project has invested a total of 2 billion yuan in research and development, forming three common lines of pure electric power, hybrid electric power, and fuel-shake batteries, and the three common characteristics of power batteries, drive motors, and powertrain control systems. Technology is the "three horizontal" electric gas vehicle R & D pattern.
In 2010, the State Council listed 7 industries including new energy vehicles, energy conservation and environmental protection, new generation information technology, biology, high-end equipment manufacturing, new energy and new materials as strategic emerging industries. In addition, pilot projects for the private purchase of new energy vehicles were started in five cities including Shanghai, Changchun, Shenzhen, Hangzhou and Hefei. New energy vehicles began to enter the stage of industrialization in 2011.
The development of new energy vehicles has also led to the development of core components including power batteries.
In 2011, Zeng Junqun, who once founded ATL, the global mobile phone lithium battery giant, started his second venture. ATL’s automotive battery division was spun off and Ningde New Energy Technology Co., Ltd. was incorporated in Ningde, Fujian. According to official website information, Ningde Times focused on the R&D, production and sales of new energy vehicle power battery systems and energy storage systems.
The following year, the Ningde era won the investment from Junlian Capital and Guangzhou Yuexiu Industry Fund, and in the same year, it won the high-voltage battery project of Brilliance 1E, the car product of BMW Brilliance Fashion.
Initially, BMW saw the stability of the ATL single cell, but it was already ATL, the world’s largest battery supplier for Apple’s mobile phones. It did not produce power batteries, and BMW chose the Ningde era. The Ningde era has also become BMW's only Chinese battery supplier.
Subsequently, in the Ningde era, it also successively obtained cooperation projects of many companies such as CRRC, Jinlong, Yutong, SAIC, Beiqi, Geely, and Dongfeng.
Rapid expansion
The overseas layout of the Ningde era is also spreading. In February of this year, Aston Martin and German Volkswagen announced that Ningde was selected as the battery supplier for its electric vehicle products.
On the 13th of Berlin time, Volkswagen announced that in 2017, its sales revenue will hit new highs, and also announced that Volkswagen will build 16 electric vehicle production bases globally, and has reached cooperation with European and Chinese battery maker Ningde Times. Orders total about 20 billion euros. According to the public's previously announced plan, the company will achieve an annual output of 3 million electric vehicles by 2025.
Matthias Zentgraf, president of Ningde Europe, said that its overseas competitiveness mainly comes from the high energy density of the battery. At present, the specific battery power of Ningde Times can reach more than 270 watt-hour/kg, and it will strive to achieve 350 watt-hour/kg by 2020. .
"Chinese companies do not have to fear the fear of South Korea because the scale has already been done. It is imperative to strengthen it and technically require a lot of effort," Zeng said at the 2017 Electric Vehicles Centennial meeting. During the two sessions in 2018, he told Bloomberg reporters that the power battery technology of the Ningde era exceeded Japan and South Korea.
As of the end of December 2017, Ningde Times and its subsidiaries had a total of 907 domestic patents and 17 overseas patents, and a total of 1,440 domestic and overseas patents being applied for. Has 3,425 R&D technicians.
Huang Shilin, president of Ningde Times, said in an interview with 21st Century Business Herald that “battery materials will evolve from lithium iron phosphate/graphite, ternary, high nickel ternary/silicon carbon to solid lithium air metal. The company will work on the development of high-nickel ternary/silicon carbon batteries.
At present, the power battery products of the Ningde era have turned from lithium iron phosphate batteries to three yuan power batteries. According to the prospectus, the company's top five supplier of cathode materials has changed from Taifeng, which specializes in lithium iron phosphate, to Germany, Zhenhua New Materials based on ternary materials, and GEM.
Corresponding to the ever-expanding demand is the rapidly expanding capacity.
At the end of 2016, the Ministry of Industry and Information Technology promulgated the "Standard Conditions for Automotive Power Battery Industry" (2017) (Draft for Soliciting Opinions), which states that the annual production capacity of lithium-ion battery-powered single-unit enterprises is not less than 8GWh.
Affected by this, the power battery industry set off a wave of expansion of production boom. The GGII data show that in 2017, China’s power battery production was 44.5 Gwh, an increase of 44% year-on-year.
As of the end of 2017, Ningde Times Power had built three production bases in Ningde, Qinghai and Xiangyang, with a battery capacity of 17.09GWh and a capacity of 7.6Gwh in 2016. According to the planning of the Ningde era, the company’s power battery capacity target is expected to be 50GWh by 2020.
Ningde Times Chairman Zeng Yiqun said in an interview with Bloomberg News recently that he also plans to set up factories in Europe to provide power batteries for car companies including BMW. Alternative locations include Germany, Hungary and Poland.
The expansion of the industry's capacity also brought excess capacity and a rapid decline in the unit price of power battery systems. Taking the Ningde era as an example, the utilization rate of lithium-ion power battery capacity fell from 96.92% in 2015 and 92.37% in 2016 to 75.54% in 2017. The average sales price of power battery systems also dropped rapidly from 2.08 yuan/Wh a year ago to 1.41 yuan/Wh.
The drop in the selling price of power battery systems led to a drop in gross profit margin. In 2017, the gross margin of the main products of the Ningde era dropped sharply. The prospectus shows that the gross profit rate of the power battery system for 2015-2017 was 41.40%, 44.84% and 35.25%, respectively.
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