Author / Wei Zhongyuan
While the valuation of the new energy sector is constantly being adjusted, some power battery manufacturers are increasing their production capacity.
On the evening of September 20, Xinwangda (300207.SZ) announced a new energy power battery expansion project with a total investment of 21.3 billion yuan, which will form a total capacity of 50GWh of power batteries and energy storage batteries.
This means that the total amount of investment and expansion announced by Sunwoda in five days exceeds 33 billion yuan. Five days ago, Sunwoda just announced the construction of a large-scale power battery base in Yichang, planning to build a 30GWh power battery project with a total investment of 12 billion yuan.
Since the beginning of this year, second- and third-tier battery manufacturers have made frequent moves to expand production and accelerate overseas business layout. Will the global power battery competition pattern gradually change as a result?
Sunwoda slams another 33.3 billion to expand the production of power batteries
According to the announcement, Xinwangda and its subsidiary, Xinwangda Automotive Battery, plan to sign a project investment agreement with the Yiwu Municipal People’s Government, and will build a new energy power battery production base project in the local area. , modules, PACK and battery systems, etc.
According to the plan, the total planned investment of this project is about 21.3 billion yuan, which will be constructed in two phases. The planned production capacity of the first phase is 30GWh, and the investment is about 12.8 billion yuan; the investment of the second phase is about 8.5 billion yuan, and the production capacity is planned to be 20GWh. The agreement stipulates that in the future, Sunwoda Auto Battery will jointly invest with the Yiwu Municipal Government or its designated platform to establish a project company as the main body of the project. The registered capital of the joint venture company is 500 million yuan, of which Sunwoda Auto Battery will invest 400 million yuan, accounting for 400 million yuan. 80%.
In addition, in the power battery production base project in Yichang, Sunwoda mainly cooperates with Dongfeng Group and Dongfeng Hongtai through its subsidiary Sunwoda Auto, and the joint venture company jointly invested and established by the three parties is responsible for the implementation. The project investment is mainly engaged in power battery cells, modules, PACKs and battery systems. It is planned to be implemented in two phases. The investment in the first phase is about 8 billion yuan and the planned production capacity is 20GWh; the investment in the second phase is about 4 billion yuan and the planned production capacity is 10GWh.
According to the incomplete statistics of the first financial reporter, Sunwangda has planned and built a number of large-scale power battery production bases in Zhuhai, Yichang, Yiwu, Huizhou, Nanchang, Nanjing, Zaozhuang, Shifang and other places, and the planned production capacity has exceeded 200GWh.
Power battery is the core component of new energy vehicles, and it is a relatively good part of the current industrial chain except for upstream lithium materials. Since the beginning of this year, the scale of domestic new energy vehicle production and sales has continued to increase. In August, my country’s power battery output totaled 50.1GWh, a year-on-year increase of 157.0% and a month-on-month increase of 6.0%. In August, the installed capacity of power batteries in my country was 27.8GWh, a year-on-year increase of 121.0% and a month-on-month increase of 14.7%.
In the first half of the year, Xinwangda achieved an operating income of 21.718 billion yuan, a year-on-year increase of 38.5%, a net profit attributable to the parent of 372 million yuan, a year-on-year decrease of 39.72%, and a net profit of 247 million yuan after deduction, a year-on-year increase of 11%. Among them, the company’s power battery shipments totaled 3.95Gwh, achieving revenue of 4.2 billion yuan, a year-on-year increase of 631.92%.
During the reporting period, the main reason for the substantial growth of Sunwoda’s electric vehicle batteries was that the orders from major domestic and foreign customers imported in the previous period began to be delivered in batches in the first half of this year. It should also be noted that the rising cost of upstream raw materials has put pressure on the company’s profitability in the short term.
The tide of production expansion may reshape the global pattern
For a long time, the domestic power battery competition pattern has clear boundaries, with first-tier manufacturers led by CATL and BYD, as well as second-tier battery manufacturers represented by Xinwangda, China Innovation Aviation, Guoxuan Hi-Tech, and Honeycomb Energy. Although the leading manufacturers have a large market share and production capacity scale advantages, with the continuous growth of new energy vehicle production and sales, OEMs hope to further improve their supply chains, and then actively introduce second and third suppliers to ensure production capacity supply .
“We believe that from the perspective of global power battery installations, as models of various platforms gradually enter the mass production stage, the global landscape may be reshaping, and this year, domestic battery manufacturers have significantly accelerated the pace of business going overseas. In the layout of the European supply chain, Guoxuan, Yiwei, and Honeycomb are all moving quickly.” A head of a first-tier supplier of new energy vehicles told Yicai.com.
Judging from the pace of expansion and the scale of financing, the determination of second-tier battery manufacturers to seize market share is not too big. Many power battery companies have increased their production capacity plans. China Innovation Aviation plans to produce more than 500GWh of capacity during the “14th Five-Year Plan” period; Honeycomb Energy plans It will reach 600GWh in 2025. Honeycomb Energy also recently announced that it will build a second overseas battery factory in Europe; Guoxuan Hi-Tech’s 2025 production capacity planning target is 300GWh. Regarding the continuous expansion of production by friends, CATL has publicly stated that the large-scale expansion of production by peers will not necessarily intensify competition, and products with innovative material systems and structural systems are worthy of competition.
It should be seen that there is a certain duplication of construction at the same time as the power battery capacity expansion. Last week (September 15), Xin Guobin, Vice Minister of the Ministry of Industry and Information Technology, said that new energy vehicles have now become an outlet industry, attracting a large number of technologies and capital to converge and gather in this industry, and some local governments also have the desire to transform and upgrade. In some provinces, cities and localities, there is indeed a situation of blind investment and repeated construction.
The above-mentioned suppliers pointed out that second- and third-tier manufacturers should take into account technology and efficiency while expanding production capacity. “Rising raw materials are under pressure on the profitability of domestic battery companies, and fluctuations in gross profit in the past 1-2 years are inevitable. Technological innovation and mechanism innovation are expected to ‘smooth’ profit fluctuations. If only from the perspective of battery structure, the industry development trend is a hundred schools of thought contend, such as battery The core manufacturing process mainly includes two types of lamination process and winding process, and the two types of technologies have their own advantages and disadvantages, and they are indistinguishable.” The above-mentioned supplier said, “Power batteries can have a direct impact on the performance of vehicles, and car companies must Master its core technology. Innovative materials are on the one hand, and basic material research and development and innovation have always been our relatively weak links. Without the progress of materials science, there will be no progress in new energy battery science. During the period of rapid development of emerging industries, the popularity of capital and making money The effect may temporarily blind companies to the importance of innovation.”
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- 2022-09-21Second- and third-tier power battery manufacturers continue to “grab food”, Sunwoda plans to spend 33.3 billion to expand production
- 2022-09-15Xinwangda : plans to invest 12 billion to build a 30GWh power battery production base
- 2022-06-21Sunwoda launched the car battery business spin-off plan, and the battery company has a new round of valuation of 20 billion yuan
- 2022-06-19 Xinwangda : plans to jointly establish a company with Dongfeng Group and others for 255 million yuan
- 2021-07-29Geely and Xinwangda form a joint venture to produce hybrid batteries
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