After three months, the layout of Shanghai Sk Automation Technology Co.Ltd(688155) in the field of lithium battery has revealed the true face of Lushan.
At the beginning of February this year, Shanghai Sk Automation Technology Co.Ltd(688155) disclosed that it was planning a major asset restructuring related to Ningde Dongheng. The company announced the latest details of the restructuring plan on May 22. According to the plan, the company plans to purchase 51% equity of Ningde Dongheng held by Shi Zenghui, Lin Chenbin and Lin Liju in cash, with a total transaction amount of 816 million yuan.
The target company labeled “Ningde” is registered in Ningde City, Fujian Province, and its business is also highly related to Contemporary Amperex Technology Co.Limited(300750) .
It is disclosed that since its establishment in 2014, Ningde Dongheng has been providing relevant battery structural parts services around its main customers Contemporary Amperex Technology Co.Limited(300750) for a long time. In 2021, the sales revenue of Ningde Dongheng to Contemporary Amperex Technology Co.Limited(300750) accounted for more than 90% of the operating revenue of Ningde Dongheng.
Source: company announcement
cut into the field of lithium battery module structure
As China’s first company to enter the field of intelligent manufacturing equipment for new energy vehicles, Shanghai Sk Automation Technology Co.Ltd(688155) this time plans to pay 816 million yuan in cash to purchase 51% equity of Ningde Dongheng jointly held by Shi Zenghui, Lin Chenbin and Lin Liju. After the completion of the transaction, the company will hold 51% equity of Ningde Dongheng and become its controlling shareholder in one fell swoop.
Ningde Dongheng was founded in May 2014. Its main business is the R & D, design, production and sales of precision metal structural parts of power batteries. It is a comprehensive service provider in the field of new energy vehicle parts, especially in the field of precision structural parts of power lithium batteries applied to new energy vehicles. In the future, Ningde Dongheng will be committed to layout in the field of precision metal structural parts of energy storage batteries and accessories of electrical connection systems.
It is disclosed that Ningde Dongheng and its subsidiaries have qualification certificates such as high-tech enterprises and “specialized and special new” small and medium-sized enterprises in Fujian Province. The restructuring plan shows that Ningde Dongheng has mastered the core technology and process of precision structural parts of power lithium battery and has a certain influence in the industry.
In terms of business, Ningde Dongheng’s main products are module side sectors, module end sectors, module crimping components, etc. the products eventually serve Mercedes Benz, BMW, Tesla, Volkswagen and other automobile brands. At present, 142 related intellectual property rights have been obtained, including 53 software copyrights, 88 utility model patents and 1 invention patent.
Financial data show that from 2020 to 2021, the revenue of Ningde Dongheng was 414 million yuan and 904 million yuan respectively; The net profit was 616528 million yuan and 1418015 million yuan respectively; The net operating cash flow was -9.3002 million yuan and 85.999 million yuan respectively.
In the view of market participants, Ningde Dongheng lithium battery structural parts are expected to have upstream and downstream coordination with Shanghai Sk Automation Technology Co.Ltd(688155) new energy vehicle automation equipment, further improve the company’s production capacity, strengthen the binding with Contemporary Amperex Technology Co.Limited(300750) and implement the two wheel drive development strategy of new energy vehicle equipment and products.
high premium wins Contemporary Amperex Technology Co.Limited(300750) supplier
Shanghai Sk Automation Technology Co.Ltd(688155) this time, Ningde Dongheng is not small.
According to the reorganization plan, Ningde Dongheng provides precision structural parts of power lithium battery such as module side sector, module end sector and module crimping assembly for Contemporary Amperex Technology Co.Limited(300750) a leader in power lithium battery industry. It is a key supplier of power battery shell structural parts for Contemporary Amperex Technology Co.Limited(300750) a key international customer.
Shanghai Sk Automation Technology Co.Ltd(688155) said that Ningde Dongheng actively intervened in the research and development stage of Contemporary Amperex Technology Co.Limited(300750) products, participated in the process development and communication of new products, and combined with its own advantages in quality control, continued to provide high-quality and highly consistent precision structural parts for it. It is understood that Ningde Dongheng has been certified as “excellent supplier of catl” and “Contribution Award for catl production” for many times.
“As the shell of lithium battery, the precision structure of power lithium battery plays an important role in transmitting energy, carrying electrolyte and protecting safety. It is an important part of lithium battery.” Insiders said that there are many kinds of precision structural parts of power lithium battery, and different models of products need to be developed separately. Therefore, power lithium battery manufacturers have strict certification and management system requirements for power lithium battery precision structural parts suppliers, and usually need to obtain their supplier quality to supply them.
Shanghai Sk Automation Technology Co.Ltd(688155) said that as the precise structural parts of power lithium battery have the characteristics of many kinds of products, high quality requirements and long certification cycle, the cost of battery manufacturers replacing suppliers is high. Therefore, once the cooperation relationship is established, it will remain relatively stable, reflecting the strong customer stickiness to a certain extent.
It is worth mentioning that the reporter found that among the core technicians of Ningde Dongheng, Wang Xu, director of R & D department, once worked in Contemporary Amperex Technology Co.Limited(300750) . It is disclosed that Wang Xu graduated from Chongqing University majoring in mechanical design and theory. After graduation, he has been engaged in R & D and design in Contemporary Amperex Technology Co.Limited(300750) and has been engaged in the new energy industry for more than 6 years. At present, he is mainly responsible for planning the future technology development planning and team management construction of Ningde Dongheng R & D department.
Source: company announcement
In fact, Shanghai Sk Automation Technology Co.Ltd(688155) also maintains close cooperation with Contemporary Amperex Technology Co.Limited(300750) . The company previously disclosed that the total amount of various contracts and fixed-point notices signed with Contemporary Amperex Technology Co.Limited(300750) in 2021 has exceeded 1.2 billion yuan (excluding tax).
Or Shanghai Sk Automation Technology Co.Ltd(688155) made a lot of money for this transaction based on the optimistic future of the power battery industry and the recognition of Ningde Dongheng in the industry.
According to the appraisal report, as of December 31, 2021, through the income method, the appraisal value of Ningde Dongheng’s net assets is 1640 million yuan, which is 1557393200 yuan higher than the book net assets of the parent company of 820668 million yuan, with an appreciation rate of 188531%; The book net assets according to the consolidated criteria were 271481 million yuan, with an estimated appreciation of 1368519 million yuan and a appreciation rate of 504.09%.
For this valuation, Shi Zenghui, the counterparty, promised that the net profit of the target company in 2022 would not be less than 150 million yuan; The promised net profit in 2023 shall not be less than 160 million yuan; The net profit promised in 2024 is no less than 170 million yuan.
launched equity incentive scheme for three consecutive years
In recent years, the proportion of Shanghai Sk Automation Technology Co.Ltd(688155) new energy vehicle intelligent equipment business has been increasing. At the same time, the company’s management has continuously launched equity incentive schemes to boost business development.
At the beginning of this year, the company launched a restricted stock incentive plan to grant 1 million restricted shares, accounting for 1.32% of the total share capital of the company at the time of announcement, including 875200 shares for the first time and 124800 shares reserved.
The incentive object is 148 employees, accounting for 6.1% of the company’s number (by the end of 2021), and the award price is 108 yuan.
Since its listing in 2020, the company has issued an equity incentive plan for three consecutive years to fully mobilize the enthusiasm of employees. Compared with the 2021 plan, the 2022 plan has basically the same number of shares and incentive personnel. After this incentive, the company has annual performance assessment targets from 2022 to 2024.
Just last month, Shanghai Sk Automation Technology Co.Ltd(688155) disclosed that the company has received important orders of new energy in North America, which is the most important North American order since the company established its U.S. subsidiary in 2019. The company said that since 2022, the company has actively arranged the overseas market, obtained orders from relevant customers in the North American market and actively negotiated with customers in the European market.
As for whether the epidemic in Shanghai will affect the company’s production capacity, Shanghai Sk Automation Technology Co.Ltd(688155) said that the production capacity of the Shanghai plant is about 10% of that of the whole company. At present, the company’s main production plants in Changsha and Wuhan have not been affected by the epidemic. At present, the Shanghai factory is also gradually returning to work, and the company is actively solving the logistics, supply chain and other aspects affected by the epidemic. On the whole, the impact of the epidemic on the company’s overall production is very limited.
According to the company’s previous disclosure, when the factories in Changsha, Wuhan and Shanghai are in full production, the annual output value is expected to be about 4 billion yuan.
