On April 29, Farasis Energy (Gan Zhou) Co.Ltd(688567) disclosed the annual report of 2021 and the quarterly report of 2022. In 2021, the operating revenue reached 3.5 billion yuan, a record high, an increase of 212.6% over 1.197 billion yuan in the same period of last year, and significantly higher than 2.45 billion yuan in 2019. With regard to the substantial growth of operating revenue, Farasis Energy (Gan Zhou) Co.Ltd(688567) said in the annual report that after early accumulation, the projects of several customers of the company entered the stage of mass production in the current year, including the supply of important customers Daimler EQs, new EQA and EQB models; At the same time, Guangzhou Automobile Group Co.Ltd(601238) also significantly increased the purchase volume of the company.
In the first quarter of 2022, Farasis Energy (Gan Zhou) Co.Ltd(688567) continued to maintain a strong growth momentum, realizing an operating revenue of 1.529 billion yuan, a year-on-year increase of 317.09%. The company’s energy storage business has made substantial progress as the second main business; The next generation battery technology with energy density up to 330wh / kg won the annual team achievement award of uscar (American Automotive Research Council) and received a positive response from customers who sent samples; Most importantly, the company’s comprehensive gross profit margin has successfully turned positive in the first quarter of this year when it was negative in 2021, marking the enhancement of Farasis Energy (Gan Zhou) Co.Ltd(688567) cost control ability and self hematopoiesis ability.
In terms of production capacity, the company’s shipments in the third and fourth quarters of 2021 were 1.16gwh and 1.31gwh respectively. The shipments in the first two months of 2022 further increased to 1.61gwh, nearly half of the total of 3.47gwh in the whole year of last year Farasis Energy (Gan Zhou) Co.Ltd(688567) previously disclosed that the company’s orders on hand in 2022 reached 14.81 GWH, more than four times the annual shipments in 2021. Zhenjiang No.1 plant, which completed the capacity ramp up in 2021, increased the effective capacity of Farasis Energy (Gan Zhou) Co.Ltd(688567) from 5gwh to 13gwh. With the capacity ramp up of Zhenjiang No.2 plant and No.3 plant in 2022, the dislocation period between capacity ramp up and revenue will be further shortened under the bedding of mature experience.
Farasis Energy (Gan Zhou) Co.Ltd(688567) proposed a new position as a provider of clean energy solutions. The successful implementation of energy storage business has become a key symbol. In that year, it achieved a revenue of 104 million yuan and a gross profit margin of 1.03%. Wang Xuan, chairman of the company, said in a letter to shareholders that substantial progress had been made in the energy storage business. The company won the bid for the procurement project of emergency replacement battery of China’s iron tower, taking the first step into the energy storage market.
In 2021, Farasis Energy (Gan Zhou) Co.Ltd(688567) R & D investment totaled 545 million yuan, an increase of 45.62% over the same period last year. In terms of core technology, three technologies such as high specific energy and fast charging lithium-ion battery technology will successively enter the industrialization stage this year and next, increasing the market competitiveness of the company’s products; The award-winning 330wh / kg next-generation battery technology follows closely, which not only makes Farasis Energy (Gan Zhou) Co.Ltd(688567) continue to lead the industry in key indicators such as energy density, but also provides a better choice for automobile enterprises in the development of new platforms and new models; The 400wh / kg high energy density cell that meets the national standard of China Shipbuilding Industry Group Power Co.Ltd(600482) battery strong inspection and the safety standard of American advanced battery alliance has been in the pilot stage. This technology can achieve high energy density and reduce production and manufacturing costs, so it has better industrialization.
Farasis Energy (Gan Zhou) Co.Ltd(688567) at present, the research and development of the first generation of semi-solid battery has been completed, and the research and development from semi-solid battery to all solid battery is continuing.
