The official version of the "research minutes" was announced.
On February 15, Contemporary Amperex Technology Co.Limited(300750) issued a detailed record form of investor relations activities (hereinafter referred to as the "record form"). According to the record table, Contemporary Amperex Technology Co.Limited(300750) held a research meeting for specific objects on February 14. Zeng Yuqun, chairman of Contemporary Amperex Technology Co.Limited(300750) , Jiang Li, Secretary of the board of directors and deputy general manager, and Zheng Shu, chief financial officer participated in the research meeting. More than 50 institutions and investors participated in the meeting, including Gaoling capital, Hongshang capital, Tencent investment, Temasek, Sequoia Capital, Fidelity Fund Warburg Pincus investment, COSCO Shipping, KKR, GIC, capital group, etc.
From the focus of the record sheet, many investors are concerned about several key points, such as the layout of upstream lithium resources, the cost of downstream logistics, technology R & D, international development and competition.
The person in charge of new energy investment of an institution told reporters that this research may be the reverse roadshow of Contemporary Amperex Technology Co.Limited(300750) before the official issuance of fixed growth.
According to public information, the net amount of funds raised from the initial public offering of Contemporary Amperex Technology Co.Limited(300750) in 2018 was 5.352 billion yuan, and the investment projects include Contemporary Amperex Technology Co.Limited(300750) Huxi lithium ion power battery production base, etc; In 2020, the net capital raised from non-public offering of shares was 19.618 billion yuan, and the investment projects included Contemporary Amperex Technology Co.Limited(300750) Huxi lithium ion battery expansion project, etc.
In 2021, Contemporary Amperex Technology Co.Limited(300750) again proposed a fixed increase plan for five major projects, including the construction of Fuding era lithium ion battery production base project and Guangdong Ruiqing era lithium ion battery production project phase I, involving an amount of 58.2 billion yuan. According to the fixed increase announcement issued on January 17, 2022, it is proposed to raise no more than 45 billion yuan and issue to no more than 35 specific objects. Although the amount raised has been reduced by 13.2 billion yuan, it is still a big Mac in the fixed growth of the new energy industry.
multiple questions point to cost
The reporter noted that many investors who participated in the survey raised many questions about the company's cost. The first question in the minutes is about the company's layout and control of upstream lithium resources. In this regard, Contemporary Amperex Technology Co.Limited(300750) said that the company guaranteed the supply of lithium resources through long-term cooperation, investment cooperation, recycling and self mining. In terms of recovery, the recovery rate of lithium has exceeded 90%, and lithium recovery has played a certain role in supply guarantee; In addition to previous overseas investment and cooperation, the company also invested in lithium resources in Yichun and other places to mine lithium minerals by itself.
In fact, Contemporary Amperex Technology Co.Limited(300750) has long intended to lay out lithium mines and has held shares in North American lithium industry, North American nickel industry and other enterprises since 2018. In 2021, Contemporary Amperex Technology Co.Limited(300750) and Ganfeng Lithium Co.Ltd(002460) even launched an "acquisition war" against the Vancouver based Millennium lithium industry.
In January 2022, Contemporary Amperex Technology Co.Limited(300750) successively established lithium mining companies in Sichuan and Guizhou. Yesterday, Contemporary Amperex Technology Co.Limited(300750) announced that its subsidiary Sichuan Shidai new energy resources Co., Ltd. signed a joint venture agreement with Ganzi investment group, Yibin Sanjiang Huida company and Sichuan Tianfu Mining Company in Chengdu to jointly accelerate the exploration and development of lithium resources in Sichuan Province and increase the supply of lithium resources.
"As the mining and supply rhythm of lithium ore rises by leaps and bounds, but the demand is curved and continuous, in the long run, the shortage of lithium ore resources will not continue. However, there is a mismatch between the current demand and mining rhythm of lithium ore, and the price will naturally not come down." The person in charge told reporters.
The shortage of lithium will not be solved for a while and a half. Resource development needs a cycle, and the prices of copper and aluminum are also rising. When asked how the company responds during this period and whether it is worried about sales volume, Contemporary Amperex Technology Co.Limited(300750) said that the rise in the short-term cost of raw materials such as lithium carbonate has a certain impact on the company, which can be hedged through a variety of ways; Copper and aluminum can be greatly reduced through new technologies. The power exchange mode allows consumers to realize that the first purchase cost is lower than that of fuel vehicles, and enjoy the convenience of electrification, intelligence and power exchange at the same time.
In addition to the upstream cost problem, Contemporary Amperex Technology Co.Limited(300750) also answers the company's choice of export routes and logistics providers. Contemporary Amperex Technology Co.Limited(300750) said that the company has selected a wide range of partners around the world to comprehensively evaluate logistics warehouse transfer, inland transportation and other factors to reduce comprehensive costs.
upgrade technology and expand global territory
At the research meeting Contemporary Amperex Technology Co.Limited(300750) frankly, the biggest challenge for the company's future development is the company's growth rate, organizational ability and personnel's internationalization ability. "Based on the replicability of the extreme manufacturing system, the company has arranged 10 production bases by the end of last year. In the future, the company plans to strengthen the layout of overseas bases and improve the system construction, including overseas employee training, which also faces more challenges."
Considering the high share of the company's energy storage in the U.S. market, how to treat the risk of changes in the U.S. energy storage policy. Contemporary Amperex Technology Co.Limited(300750) did not give a final conclusion, saying that the company had discussed with American energy storage customers, and the customers wanted localized supply, which should be determined by comprehensively considering power battery capacity, customer demand, production cost and other factors.
When asked whether to consider building a factory in the United States, Contemporary Amperex Technology Co.Limited(300750) did not give a direct answer, but said that at present, the company has more interaction with American customers, including both new forces and traditional car enterprises. The two sides jointly discussed various possible supply and cooperation schemes and the possibility of localized production, but the specific situation needs to take into account worker training, efficiency The impact of trade unions and other factors on quality and cost.
"The expansion of production by friendly businesses does not mean that competition will increase. Only products with innovative material system and structural system are worthy of competition. The company always provides customers with the most cost-effective products through material innovation, structural innovation and extreme manufacturing."
Contemporary Amperex Technology Co.Limited(300750) frankly, the improvement of roe and ROIC depends on technological progress. The chip on BMS comes from the United States and is also being localized at present. In the research, technology and industry advantages and other related issues have also been mentioned.
For example, as for the ultimate solution for models in the range of 80000-120000 yuan, Contemporary Amperex Technology Co.Limited(300750) frankly speaking, it is chocolate for electricity.
"It is difficult to replace the models in the price range of 80000-120000 by electrification. The first purchase cost of new energy vehicles (excluding batteries) is lower than that of fuel vehicles, and the replacement speed is equal to the refueling of fuel vehicles, so as to solve the problem of cost performance."
The new product m3p that Contemporary Amperex Technology Co.Limited(300750) plans to launch is not lithium manganese iron phosphate, but also contains other metal elements. The company calls it the ternary of phosphate system. The cost is lower than that of ternary, but it still occupies a certain cost of new energy vehicles.
From the perspective of resources, the advantages of different products are different, Contemporary Amperex Technology Co.Limited(300750) has made ultra long-life batteries in the existing system to support business model innovation. In terms of new system, the sodium ion battery developed by the company has good low-temperature performance. At the same time, products with higher energy density will also explore and realize breakthrough applications in new fields, such as commercial aircraft.
Contemporary Amperex Technology Co.Limited(300750) also said that at present, the company has the annual recycling technology and production capacity of ternary and iron lithium waste batteries, and the production capacity will continue to expand in the future. In addition to the positive electrode, the company has arranged graphite and electrolyte recycling to improve product economy and reduce product carbon emission.
In addition, the company has also developed new technologies to solve the problem of uneven distribution of binder in the electrode during the evaporation process of solvent in the coating and drying process, so as to charge lithium and realize 9-minute fast charging at the same time. "After the structural design is completed, it is challenging to realize the corresponding control and truly achieve high reliability, strong safety and low cost."
