The performance of high nickel leading Ningbo Ronbay New Energy Technology Co.Ltd(688005) (688005. SH) finally broke out.
On February 24, Ningbo Ronbay New Energy Technology Co.Ltd(688005) released the performance express. During the reporting period, the company achieved an operating revenue of 10.464 billion yuan, a year-on-year increase of 175.75%; The net profit attributable to the owners of the parent company was 911 million yuan, a year-on-year increase of 327.75%; The net profit attributable to the owners of the parent company after deducting non recurring profits and losses was 814 million, with a year-on-year increase of 408.01%.
In terms of the reasons for the substantial growth of the company’s revenue and profit indicators during the reporting period, Ningbo Ronbay New Energy Technology Co.Ltd(688005) said that in 2021, the downstream market demand was strong, the new production capacity of the company was accelerated, and the sales of core products ncm811, ni90 and above high nickel, ultra-high nickel series and NCA products doubled; With the increase of selling price, the operating revenue increased significantly.
In addition, with the upgrading and iteration of the new cathode production line and the gradual expansion of the production scale, the growth of sales volume and the improvement of capacity utilization bring cost reduction and efficiency increase under the scale effect; The self supply rate of precursors was increased and the cost of the supply chain was reduced, the profitability of products was greatly improved, and the relevant profit indicators increased significantly.
Statistics show that Ningbo Ronbay New Energy Technology Co.Ltd(688005) is mainly engaged in the R & D, production and sales of lithium battery cathode materials. It is the first cathode material manufacturer in China to realize the mass production of ncm811 series products and apply them to new energy vehicles. From 2017 to 2020, its ncm811 series products ranked first in China.
The company landed on the sci-tech innovation board in 2019. In the year of listing, it accrued huge asset losses due to the difficulty in recovering the accounts receivable of downstream customers bike power. In 2020, the company suffered a “double drop” in operating revenue and gross profit margin, and the net profit rebounded sharply by turning back the bad debt provision of accounts receivable.
In 2021, with the outbreak of the new energy vehicle industry, Ningbo Ronbay New Energy Technology Co.Ltd(688005) performance continued to rise. The semi annual report showed that the company achieved an operating revenue of 3.592 billion yuan, a year-on-year increase of 191.69%; The net profit attributable to the shareholders of the listed company was 321 million yuan, a year-on-year increase of 491.36%. This means that the revenue and net profit in the second half of the year increased by more than 80% compared with the first half of the year.
Interestingly, in the face of soaring performance, the executives of Ningbo Ronbay New Energy Technology Co.Ltd(688005) were once punished for revealing their performance in advance in the research. On the evening of June 11, 2021, the Shanghai Stock Exchange issued the first disciplinary decision of the science and innovation board in 2021, announcing the punishment of Bai Houshan, then Chairman and actual controller of Ningbo Ronbay New Energy Technology Co.Ltd(688005) Zhang Yuanyu, then Secretary of the board of directors, circulated a notice of criticism. For the above disciplinary actions, the Shanghai Stock Exchange will also notify the CSRC and record them in the integrity archives of listed companies.
According to the data of fund heavy positions in the 2021 annual report, as of the end of the year, there were 55 funds with heavy positions Ningbo Ronbay New Energy Technology Co.Ltd(688005) , of which Xingquan Hetai hybrid a holds the largest number. In 2022, with the continuous popularity of the new energy industry and the company’s dominant position in the field, Ningbo Ronbay New Energy Technology Co.Ltd(688005) seems to be still the hot target recognized by the institution.
According to a record of investor relations activities released in early January, a total of 518 institutions and individuals participated in the survey Ningbo Ronbay New Energy Technology Co.Ltd(688005) in the three days of January 3, January 4 and January 9 alone.
In the performance express, Ningbo Ronbay New Energy Technology Co.Ltd(688005) pointed out that in 2021, the company completed the construction of 120000 T / a capacity of three cathode manufacturing bases in Hubei, Guizhou and South Korea, and promoted the construction of 30000 T / a high nickel precursor project in Zhejiang Linshan phase 1-1, resulting in a significant increase in the total asset scale of the company.
At the same time, the company has signed major strategic agreements with upstream and downstream partners to cooperate with upstream companies such as Zhejiang Huayou Cobalt Co.Ltd(603799) to accelerate the layout of upstream resources such as precursors and low-cost metal raw materials; Strategic supply agreements have been signed with Contemporary Amperex Technology Co.Limited(300750) , Farasis Energy (Gan Zhou) Co.Ltd(688567) and other customers, which is expected to have a positive impact on the company’s operating performance in 2022. In 2022, Ningbo Ronbay New Energy Technology Co.Ltd(688005) has obtained Contemporary Amperex Technology Co.Limited(300750) 100000 tons, Farasis Energy (Gan Zhou) Co.Ltd(688567) 30000 tons of high nickel cathode supply agreement. In addition, ski, honeycomb, Yiwei and other customers have also increased significantly.
According to the Research Report of Soochow Securities Co.Ltd(601555) , the shipment of Ningbo Ronbay New Energy Technology Co.Ltd(688005) is expected to reach 150000 tons in 2022, with a year-on-year increase of 170%. It is expected that the production capacity will exceed 250000 tons by the end of 2022, ranking first in the world.
