[Seven-year leap in power battery boss, depth analysis of the Ningde era industrial chain structure] May 18, Super Unicorn Ningde era finally got the IPO approval!

On the evening of May 18, the China Securities Regulatory Commission announced that it had approved the initial application of Ningde Times New Energy Technology Co., Ltd. on the Shenzhen Stock Exchange's Growth Enterprise Market.

However, it is worth noting that according to the announcement of the China Securities Regulatory Commission, the fundraising quota for Ningde Times and another enterprise Green Power Environmental Protection Group Co., Ltd. will not exceed 6 billion yuan. This is a monstrosity, and why should the two companies jointly announce the amount of funding? So what is the amount of funding in the Ningde era?

According to the Ningde Times prospectus, Ningde Times planned to raise funds for 13.12 billion yuan. According to data released by the China Securities Regulatory Commission, the total amount of fundraising for the Ningde Times and Green Power Environment will not exceed RMB 6 billion. Prior to this, the amount of investment in green power and environmental protection is expected to be less than 600 million yuan. It is estimated that the current fundraising of Ningde is expected to be between 5 billion and 6 billion yuan, and the shrinkage will exceed at least 50%.

In the Ningde era as a super unicorn, the listing process has attracted much attention from the market. Its market position has also become a topic of concern for investors. Let's first look at this super unicorn.

Jumped to power battery boss for seven years

Ningde era, established in 2011, only spent 7 years time, it will become the world's largest power battery shipments, 24-day hotshots, will refresh the IPO record ... ... is simply the existence of myth.

The Ningde era is China's leading manufacturer of power battery manufacturing. The sales of power battery systems ranked among the top three global power battery companies for three consecutive years. In 2017, sales volume ranked first in the world. The company's business focuses on the R&D, production and sales of new energy vehicle power battery systems and energy storage systems, and is committed to providing world-class solutions for new energy applications.

The IPO was disclosed for the first time on November 10, 2017 and the company's prospectus updated on March 12, 2018. The meeting was held on April 4. It was approved by the IPO on May 18th. The meeting only used 24 days, refreshing the IPO meeting in one fell swoop. Records, although the contents of the approval of the Securities and Futures Commission, the financing scale of the Ningde era has shrunk dramatically, but it still broke the current fundraising record of the GEM.

According to the company's prospectus updated on March 12 in Ningde, the Ningde era achieved operating revenue of 19.997 billion yuan, nearly 20 billion yuan, an increase of more than 34% year-on-year; the net profit attributable to listed companies was 3.972 billion yuan, a year-on-year increase of 31.4%. . Power battery shipments reached 12GWh, ranking first in the world.

Ningde era revenue for 2015, 2016, and 2017 was 5.703 billion yuan, 14.889 billion yuan, and 19.997 billion yuan, respectively, and net profits were 951 million yuan, 3.089 billion yuan, and 4.288 billion yuan. It can be seen that the company camp in 2016 Income and net profit rose faster, operating income more than tripled, and net profit more than tripled.

According to the business situation of the company, the performance of the Ningde Times is as follows:

It can be seen that the power battery system is the company's main source of income. In 2015, 2016, and 2017, the sales revenue of the company's power battery system was 4.98 billion yuan, 13.975 billion yuan, and 16.65 billion yuan respectively, accounting for 9 percent of the main operating revenue. to make.

In addition, in terms of lithium battery materials in 2017, compared with the same period of last year, the proportion of businesses has greatly improved, from 4.18% in 2016 to 12.91% in 2017, which is a threefold increase; in terms of sales revenue In 2016, lithium battery material revenue was 611 million yuan, and in 2017 it was 2.471 billion yuan, and revenue increased fourfold.

From the perspective of market share, the Ningde era not only surpassed BYD for the first time, but also took away the global power battery system sales championship from Panasonic. Taking into account the impact of the rapid expansion of the new energy automotive market, the demand for power batteries in China has been fierce in the past two years. Combined with the expansion plans under way in the Ningde era, CITIC Securities analysis pointed out that Ningde Power Battery shipments are expected to approach 50GWh in 2020. .

According to the statistics of the Graduate Institute of Advanced Industrial Estates (GGII), the top five global power battery sales in 2017 were Ningde, Matsushita Electric, BYD, Waterma and LG Chemical, with sales of 12GWh, 10GWh, 7.2GWh, and 5.5 respectively. GWh and 4.5GWh.

The transcendent market share is inseparable from the pursuit of vehicle manufacturers. By the first half of this year, Ningde Times signed 44 battery plant power battery orders, including many joint venture brands such as BMW, Mercedes-Benz, and Volkswagen. Many supporting models.

At the same time, Ningde also won the shares of Chang'an Automobile and Dongfeng Motor, and jointly established a plant with SAIC, establishing two joint ventures in times of SAIC and SAIC, and deeply binding downstream customers.

So far, the Ministry of Industry and Information Technology released a list of 500 new energy vehicles that have 500 batteries in the Ningde era. Last year, the installed capacity of power batteries in the Ningde era accounted for 27% of the total installed capacity in the domestic market, which is more than the second market for BYD. The market share is more than doubled.

On February 23 this year, the Ministry of Science and Technology released the 2017 China Unicorn Enterprises List, a total of 164 unicorn enterprises were selected in 2017, and 62 new companies were recruited, including 20 billion U.S. dollars in the era of Ningde. The valuation ranks sixth and is the only one among the top ten new energy companies.

In addition, on March 1st this year, the Ningde era as the 2017 global lithium-ion battery sales champion, on behalf of China's lithium battery debut in the "Great Power" in the second quarter, click on the blue word to see the energy storage headlines for the readers of the "Yuan Zhen Festival Ceremony | CCTV took you 5 minutes to see how the Ningde era cast "powerful country".

So, what kind of supplier is this new company that has stepped on hot wheels?

Ningde era industrial chain dismantling

From the perspective of the industrial chain, the main suppliers in the Ningde era can be divided into three categories: raw materials, battery accessories, and lithium-electric equipment.

Among them, the key raw materials include cathode materials, anode materials, electrolytes, and separators.

According to the Ningde Times prospectus, in 2017, the purchase amount of major raw materials alone reached 6.143 billion yuan, of which the cathode material was 3.382 billion yuan, accounting for half of the purchase amount of raw materials.

From the cathode material perspective, Ningde era in 2015 ~ 2017 cathode material purchases amounted to 556 million yuan / 1.764 billion yuan / 3.382 billion yuan. The suppliers of lithium iron phosphate in the Ningde era are Germany Nano, Beijing University, Beterui, ternary precursor supplier Grenme, ternary material supplier Zhenhua Xincai, Xiamen Tungsten, Hunan Shanshan, long-term lithium Section.

Judging from the negative electrode materials, the negative electrode material purchase amount in 2015-2017 was 152 million yuan / 324 million yuan / 655 million yuan. The main suppliers of negative materials: Shanshan Technology, Beitui, Jiangxi Ziyi, Dongguan Kaijin.

From the diaphragm point of view, Ningde era in the purchase of electrolytes in 2015 ~ 2017 amounted to 150 million yuan / 530 million yuan /6.44 billion yuan. Negative suppliers are Tianci Materials, Xinzhou State, and Cathay Pacific.

From the standpoint of the diaphragm, the purchase amount of the diaphragm in the Ningde era from 2015 to 2017 was 300 million yuan/600 million yuan/740 million yuan. The Ningde era wet separator suppliers are Shanghai Enjie and Changyuan Zhongli, the suppliers of dry process separators are Xingyuan Materials, Henan Yiteng, and the coating processors are Dongguan Zhuogao.

Battery addition includes structural parts, electrical parts, copper foil, thermal management.

From the viewpoint of copper foils, Ningde Times calculated the demand for CATL copper foil at 1,445 tons/4,481 tons/7,817 tons from 2015 to 2017. The main supplier of copper foil is Noord, which is the largest lithium battery manufacturer in China and has a domestic market share of over 35%.

In addition, Nords is a small number of domestic companies with a capacity of 6μm electrolytic copper foil. The 6μm copper foil of Ningde Times was supplied by Noord. The production technology of 6μm copper foil is at the leading international level.

Judging from the structural components of the power battery, the purchase amount of power battery structural components in Ningde era from 2015 to 2017 was 263 million yuan / 5.63 billion yuan / 755 million yuan. The suppliers of structural parts include Kedali and Haiyuan Machinery. In 2017, Ningde purchased Khedali for 7.5 million yuan, which was the largest supplier and accounted for 52% of the total revenue of Kedali.

Judging from the electrical parts, the electrical parts in the Ningde era came from the supplier, Hongfa, and the thermal management suppliers were Yinlun and Zhongding.

Lithium electrical equipment includes coaters, winders, presses and inspection machines.

From the perspective of lithium-ion battery equipment, the lithium battery equipment purchases in 2016/2017 in Ningde Times were RMB 1.840 billion/ RMB 2.022 billion. The main suppliers of equipment include Pioneer Intelligence, Xinjiatuo, Xingyun Stock, and Keheng Shares.

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