Ningde era(300750.SZ) ushered in a highlight moment again.
June 23,Ningde eraThe disclosed results of fixed increase refinancing show that nearly 45 billion yuan of funds raised have been paid into designated accounts, includingGuotai Junansecurities、JPMorgan、BarclaysbankHillhouse’s HHLR and other 22 institutional investors were allocated.
21st Century Business Herald reporters noticed that,Ningde eraThe issue price of 410 yuan/share for the scheduled increase this time, although it reached 120.71% of the issue reserve price, but as of the close of June 23, these investors who have just subscribed for the scheduled increase have already obtained up to 30.97% of the book floating profit.
Another focus that has attracted the attention of the market is that CATL officially released the third-generation CTP technology Kirin on the afternoon of June 23.Battery。
It is reported that KirinBatteryThe first battery cell large-surface cooling technology supports 5-minute fast hot start and 10-minute fast charge, which can achieve a battery life of 1,000 kilometers.KirinBatteryIt will be mass-produced and launched in 2023TeslaThe 4680 battery system improved by 13%.
“Ningde era releasedKirin battery“The topic, rushed to the 23rdWeiboHot search, some netizens said: 1000 kilometers of battery life, fuel vehicles will be terminated?
“This is another space innovation in the history of batteries.” A relevant person in the Ningde era said, “Kirin batteryIt will be mass-produced and launched in 2023, and can achieve 1,000 kilometers of vehicle battery life. “
Production capacity is expected to be 670GWh by 2025
CATL has raised 5 investment projects this time, with a total investment of 56.343 billion yuan, of which 45 billion yuan is planned to be used.
according toannouncementSorting out, the above-mentioned fundraising projects of CATL will add an annual production capacity of about 135GWh of lithium-ion batteries, the construction period is 24 months to 48 months, and the total investment recovery period (after tax, including construction period) is 6.16-7.01 years.
“Part of the fundraising projects have already started construction.” Ningde Times staff told the 21st Century Business Herald reporter on June 23.
However, the refinancing of the Ningde era has “shrunk”.
According to the fixed increase plan disclosed in August 2021, CATL plans to raise an additional capital of 58.2 billion yuan.After that, adjustments were made in November of that year, removing the 9.3 billion yuan supplementary liquidity fund-raising needs and the 3.1 billion yuan lithium-ion battery expansion project, and reducing the investment in one project, with the total reduced from 58.2 billion yuan to 45 billion yuan.
CATL is a big A-share financing company. In June 2018, it raised 5.462 billion yuan in its initial listing, and in July 2020, it refinanced 19.7 billion yuan through a fixed increase.
Through capital “fertilization”, CATL’s production capacity has achieved leapfrog growth.
According to public information, the production capacity of lithium-ion batteries in CATL was about 31.5GWh in 2018, 69.10GWh in 2020, and 170.39GWh in 2021.
“After the lithium-ion battery production line that the company has built and put into production has completed the ramp-up and stable operation, the total designed annual production capacity will reach 260GWh to 280GWh.” Ningde Times stated in this fixed increase prospectus (registration draft).
In addition, CATL is also building battery capacity projects in Yichun production base, Gui’an New District production base in Guizhou, Xiamen production base, and Yibin manufacturing base, with a total investment of 65.5 billion yuan and a corresponding production capacity of about 218GWh.
As a result, coupled with the 135GWh of new capacity added by this fixed increase investment, the future lithium-ion battery capacity of CATL will reach 633 GWh.
However, Ningde Times announced that before 2025, the company’s battery production capacity is expected to reach more than 670GWh.
And according to peacesecuritiesResearch reportIt is estimated that the production capacity of CATL will reach more than 790GWh by the end of 2025.
Such a scale of production expansion requires huge capital investment. According to the relevant disclosure of CATL, the actual investment per GWh of production capacity requires 300-500 million yuan.
“The expected production capacity is a reasonable estimate based on the development of the industry and the company.” The above-mentioned CATL staff said.
CATL believes that with the globalnew energyWith the substantial increase in vehicle penetration, the power battery shipments will enter the “TWh” era in the next few years.
“The company’s production capacity in 2022 is expected to be gradually released. It is expected that the shipments of ternary and lithium iron phosphate will be four or six, and the absolute volume will increase significantly year-on-year.” Zeng Yuqun, chairman of Ningde Times, etc.researchsaid, “new energyThe industry is currently in the early stage of development, and Xiaohe has only shown sharp corners, and there is still room for more than ten times the market scale growth in the future. “
The reason given by Zeng Yuqun and others is that high-quality and effective production capacity will still be scarce in the future, but at the same time there will be a problem of excess ineffective production capacity. However, with the continuous mass production of new cost-effective products in the CATL era, the advantage gap compared with second-tier manufacturers is increasing. big.
However, although the scale of production capacity continues to expand rapidly, the gross profit of the Ningde erainterest rateHowever, it continues to decline. From 2019 to the first quarter of 2022, its comprehensive grossinterest ratewere 29.06%, 27.76%, 26.28% and 14.48%, respectively.
The ever-decreasing gross profit margin level, and the above-mentioned statement of the increasing “advantage gap”, inevitably makes people feel self-contradictory.
Start exporting technology “to charge tuition”
After the highly concerned 45 billion yuan refinancing landed, CATL immediately released the third-generation CTP——Kirin battery。
According to the information provided by CATL to 21st Century Business Herald reporters, Kirin batteries have improved the battery pack’s resistance to vibration and shock, released 6% of the energy space, shortened the battery cell temperature control time to half of the original, and supported a 5-minute fast hot start And 10 minutes fast charge.
Ningde Times said that Kirin battery system integration has reached a new high in the world, volume utilization has exceeded 72%, energy density can reach 255Wh/kg, iron phosphatelithium batteryThe system energy density is increased to 160Wh/kg. Under the same chemical system and the same battery pack size, the power of the Kirin battery pack can be increased by 13% compared to the 4680 system.
Once the Kirin battery, which claims to easily achieve 1,000 kilometers of vehicle battery life and will be mass-produced and launched in 2023, was announced.ideal carCEO Li Xiang immediatelyWeiboForward it with the text “See you next year”.
This is interpreted asideal carKirin batteries have been pre-ordered.
In this regard, the relevant person of CATL revealed on the afternoon of June 23 that there are other well-known car brands ordering Kirin batteries.
“We believe that Kirin batteries have great competitiveness as a mainstream product.” Zeng Yuqun, chairman of CATL, said in a previous survey.
In addition to the Kirin battery that “achieved a comprehensive improvement in battery life, fast charging, safety, lifespan, efficiency and low temperature performance”, CATL has already laid outsodium ion batteryM3P and other new technology products.
The Ningde era claims that it has startedsodium ion batteryIndustrialization layout, the basic industrial chain will be formed in 2023. “The first generationsodium ion batteryIt has the advantages of high energy density, high rate charging, excellent thermal stability, good low temperature performance and high integration efficiency,” and can achieve 80% fast charging in 15 minutes.
For cobalt-free batteries, fullsolid state batteryrare metal-free batteries and other next-generation batteries and emerging technologies in the industry, CATL also stated that it has always paid close attention to and carried out technology layout.
The R&D strength of CATL is second to none in the industry.
Periodic reports show that by the end of 2021, CATL has 10,079 R&D technicians, 3,772 domestic patents and 673 overseas patents, and a total of 5,777 domestic and overseas patents are being applied for.
From 2019 to 2021, the R&D expenses of CATL will be 2.992 billion yuan, 3.569 billion yuan and 7.691 billion yuan respectively.
“Our cooperation with Jiaotong University is very in-depth, and nearly 200 R&D projects have started cooperation this year.” Ningde Times revealed during the survey.
At the same time, the CATL started a “tuition fee” model for technological output.
The 21st Century Business Herald reporter combed through the public information of CATL and found that so far it has reached a CTP technology license agreement with ATL, Mobis and Arun Plus. Among them, the license agreement signed with ATL will obtain 150 million US dollars of technology authorization each year in the next 10 years. income.
Regarding the current market competition situation, CATL said that from the perspective of market share changes, its comprehensive competitive advantage is already very obvious. “If there is no disruptive technology, the current competition pattern cannot be changed.”
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(Article source: 21st Century Business Herald)