The production and sales of new energy vehicles have increased significantly, the lithium battery industry chain continues to be hot, and the news of power battery expansion continues. In 2022, with the expansion of power battery capacity, the story of the game between battery manufacturers and vehicle enterprises is still unfolding.
Recently, the reporter of securities times · e company visited the Contemporary Amperex Technology Co.Limited(300750) Shanghai battery module base. The base has started production, and Tesla Shanghai Super factory is only 3 kilometers away from the base.
"The current power battery enterprises are indeed bound with vehicle enterprises. The logic of production of nearby vehicle enterprises is still continuous, which can ensure the effective supply and production capacity of batteries. Deep binding is an inevitable trend." Cui Dongshu, Secretary General of the national passenger car market information joint committee, said in an interview with the reporter of the securities times · e company.
The "binding" between power battery manufacturers and vehicle enterprises reflects the game of discourse rights of both sides. On the one hand, the surging downstream demand is transmitted upward. In order to seize more market share, power battery enterprises must choose to expand production. On the other hand, expanding production also helps vehicle enterprises lock in production capacity. In addition, in order to gain a greater voice in the field of power batteries, power battery manufacturers and car enterprises have also opened joint ventures, shares and other modes to ensure production capacity.
the battery module base has begun to supply
A group of new energy vehicle industry chain enterprises gathered in Lingang New Area of Shanghai free trade zone. Driving along Lianggang Avenue, you can see a large gray white exterior wall and the blue logo of "catl". Here is Contemporary Amperex Technology Co.Limited(300750) Shanghai battery module base.
Recently, the reporter of securities times · e company visited Contemporary Amperex Technology Co.Limited(300750) Shanghai battery module base. The words "Ruiting times (Shanghai) New Energy Technology Co., Ltd." were hung at the door of the base. Trucks drove in from time to time, and employees in uniforms kept going in and out of the factory.
● according to the enterprise investigation information, Ruiting times (Shanghai) New Energy Technology Co., Ltd. (hereinafter referred to as "Ruiting times") was established on May 24, 2021, with a registered capital of 500 million yuan and 100% controlled by Contemporary Amperex Technology Co.Limited(300750) . Ruiting times is mainly engaged in technical services in the field of new energy technology and automobile technology. In July 2021, the business scope of Ruiting times changed, adding battery manufacturing, battery sales, automobile parts research and development, etc.
The reporter saw in the Ruiting era that several five storey buildings are distributed in the plant area, some wood is stacked in the open space next to the building, and there are several large hydrogen production equipment next to the parking lot. "The workshop here is mainly used for making battery modules and installing electric cells on the modules. Battery production is not here." An employee of Ruiting times told the reporter of E company that he came to Shanghai battery module base last September.
A staff member wearing yellow construction clothes told reporters that there are eight factories here, which have entered the production state. "We are here to do environmental protection projects. We have been here for several days.". In addition, a staff member claiming to be a Contemporary Amperex Technology Co.Limited(300750) supplier said that he had worked in the base for more than a month, mainly making equipment.
"Our factory has not been built yet. It is rented to meet Tesla's needs and supply lithium iron phosphate batteries." A Contemporary Amperex Technology Co.Limited(300750) employee deployed from Fujian to Shanghai base said, "the new battery factory will be built next to Tesla Shanghai Super factory. The ground has just been started, and we can't see the specific location yet." It is worth noting that Ruiting era is only 3 kilometers away from Tesla Shanghai Super factory.
In February 2020, Contemporary Amperex Technology Co.Limited(300750) signed an agreement with Tesla to supply lithium-ion power battery products to Tesla from July 2020 to June 2022. In June 2021, the cooperation between the two sides will be further extended, and Contemporary Amperex Technology Co.Limited(300750) will continue to supply Tesla from January 2022 to December 2025.
It is understood that Contemporary Amperex Technology Co.Limited(300750) investigated the site selection in Lingang last year. Lingang group set up a major project promotion team to find a ready-made plant with a suitable address. The relevant standards meet the requirements of Contemporary Amperex Technology Co.Limited(300750) and only need to do some internal decoration and small-scale transformation. On December 20 last year, the Shanghai Municipal Commission of economy and information technology disclosed that the Contemporary Amperex Technology Co.Limited(300750) Shanghai Lingang Holdings Co.Ltd(600848) battery module production base will be put into operation in early 2022.
Contemporary Amperex Technology Co.Limited(300750) accelerate the layout in Shanghai
Zhang Xiang, an auto industry analyst, told the reporter of E company that the Contemporary Amperex Technology Co.Limited(300750) battery module base is located near the port mainly to supply Tesla quickly and at a lower cost. "Tesla Shanghai Super factory delivered nearly 500000 vehicles last year, which is very large. If the battery module base is not supervised near the port, the transportation cost of batteries alone is very high, and the transportation cycle of batteries is also relatively long."
In addition to the production of battery module base, the news that Contemporary Amperex Technology Co.Limited(300750) is in Shanghai Construction Group Co.Ltd(600170) plant has also attracted market attention. In early June last year, there were market rumors that Contemporary Amperex Technology Co.Limited(300750) was negotiating with the Shanghai government to build a new battery factory with an annual output of 80gwh cells in Shanghai, but it was unclear when a final agreement would be reached. At that time, Contemporary Amperex Technology Co.Limited(300750) said it would not comment on the news.
According to Contemporary Amperex Technology Co.Limited(300750) employees, the new factory of Contemporary Amperex Technology Co.Limited(300750) is located near Tesla Shanghai Super factory. The reporter of E company found that there are many construction sites around Tesla Shanghai Super factory, but no sign of Contemporary Amperex Technology Co.Limited(300750) plant construction has been found nearby.
An observable fact is that Contemporary Amperex Technology Co.Limited(300750) is more and more closely connected with Shanghai. On August 18 last year, Contemporary Amperex Technology Co.Limited(300750) signed a strategic cooperation framework agreement with the Shanghai municipal government in Shanghai. It is understood that Contemporary Amperex Technology Co.Limited(300750) will land in related projects such as global innovation center and international functional headquarters, Future Energy Research Institute and high-end manufacturing base in Shanghai.
Among them, the high-end manufacturing base will rely on the latest production and manufacturing technology of Contemporary Amperex Technology Co.Limited(300750) to build a green and efficient intelligent factory in the New Lingang area. At the same time, Contemporary Amperex Technology Co.Limited(300750) will also promote the demonstration and application of cutting-edge technologies in the field of electrification and new energy storage in Shanghai in the future, and help Shanghai accelerate the implementation of the work goal of "carbon neutralization and carbon peak".
● looking at the official website of Contemporary Amperex Technology Co.Limited(300750) , the footprint of the company in 2021 is mainly distributed in Shanghai, including the layout of innovation center, Future Energy Research Institute and port base in Shanghai, and the joint construction of future technology institute with Shanghai Jiaotong University. On January 8 this year, Contemporary Amperex Technology Co.Limited(300750) Future Energy Research Institute officially settled in Minhang District, Shanghai. The future energy research institute will cooperate with Shanghai Jiaotong University to lay out and tackle a number of forward-looking technologies in the field of new energy, build itself into a global future energy innovation center in the long term, and help Shanghai build an ecosystem in the field of future energy.
" Contemporary Amperex Technology Co.Limited(300750) for the layout of high-end manufacturing project base in Shanghai, it is considered to be closer to Tesla factory to facilitate timely communication with customers. In addition, it can also attract talents in the new energy industry chain near Shanghai's Yangtze River Delta." An investor in the lithium battery industry in Shanghai told reporters that the introduction of Tesla plant in Shanghai has driven the development and improvement of the new energy vehicle industry chain by relying on SAIC, Tesla and other vehicle enterprises. According to the implementation plan of Shanghai for accelerating the development of new energy vehicle industry (2021-2025), by 2025, the annual output of local new energy vehicles will exceed 1.2 million; The output value of new energy vehicles exceeded 350 billion yuan; The R & D and manufacturing of key components such as power batteries have reached the international leading level.
battery manufacturers and car enterprises
The discourse power game of
According to the data of the passenger Federation, the total sales volume of new energy vehicles in 2021 reached 3.521 million, a year-on-year increase of nearly 160%. Huge downstream demand drives the supply volume of upstream enterprises in the industrial chain to increase significantly. As one of the core components of new energy vehicles, the number of vehicles equipped with power batteries has also increased significantly.
● according to the data released recently by China automotive power battery industry alliance, the annual China Shipbuilding Industry Group Power Co.Ltd(600482) battery output in 2021 totaled 219.7gwh, a year-on-year increase of 163.4%. Among them, the total output of ternary battery was 93.9gwh, accounting for 42.7% of the total output, with a year-on-year increase of 93.6%; The cumulative output of lithium iron phosphate battery was 125.4gwh, accounting for 57.1% of the total output, with a year-on-year increase of 262.9%. Last year, China Shipbuilding Industry Group Power Co.Ltd(600482) battery loading volume totaled 154.5gwh, a year-on-year increase of 142.8%.
At the same time, the price of battery raw materials has risen, and the demand of main engine manufacturers for power batteries has also continued to rise. " Contemporary Amperex Technology Co.Limited(300750) the production of Shanghai base will reduce the transportation cost of some batteries, so that the price of batteries will not rise so fast, which is good for both sides." In an interview with the reporter of E company, Moke, founder of true lithium research, said that Contemporary Amperex Technology Co.Limited(300750) This move is conducive to consolidating key customers and binding relevant production capacity with key customers. "When the demand for electric vehicles breaks out, we need to do so. Vehicle manufacturers are looking for the guarantee of battery supply, and Tesla has a great demand. This approach of Contemporary Amperex Technology Co.Limited(300750) is worth it." Mercer said.
The choice of power battery manufacturers to build factories near car enterprises is also the result of multiple trade-offs. "Generally speaking, battery manufacturers will not build factories next to each host factory they cooperate with. It will be cost-effective only if the amount of cooperation is large enough. If the amount is not large enough to achieve the economies of scale of the battery factory, it may be difficult to recover the investment in building the battery factory." Zhang Xiang believes that Contemporary Amperex Technology Co.Limited(300750) building a base or factory near Tesla's super factory can ensure Tesla's battery supply and protect Tesla from the risk of battery shortage. On the other hand, it is to facilitate timely communication and try to avoid affecting Tesla's production progress due to communication delay.
The "binding" between power battery manufacturers and car enterprises is more like a game of discourse. In order to gain a greater voice in the field of power batteries, power battery manufacturers and car enterprises have also opened joint ventures, shares and other modes to ensure production capacity.
As early as 2017, Saic Motor Corporation Limited(600104) and Contemporary Amperex Technology Co.Limited(300750) jointly funded the establishment of two joint ventures: SAIC times Power Battery Co., Ltd. and SAIC times power battery system Co., Ltd. This mode of deep binding between vehicle enterprises and battery enterprises has gradually prevailed in recent years. Several car companies have established similar joint ventures with Contemporary Amperex Technology Co.Limited(300750) .
Last November, Sunwoda Electronic Co.Ltd(300207) announced that the company's subsidiary Sunwoda Electronic Co.Ltd(300207) automotive battery and Wuling industry signed the letter of intent for joint venture and cooperation. Wuling industry is a holding subsidiary of Wuling Automobile. The two sides intend to jointly invest and establish a joint venture covering the power battery system of new energy vehicles in Liuzhou, Guangxi. Sunwoda Electronic Co.Ltd(300207) said that the signing of the letter of intent means that the company's customer base in the automotive power battery business has been further expanded, and the business scale and industry status of automotive power battery will be further improved in the future.
● a recent example is that Byd Company Limited(002594) established a power battery joint venture with FAW. Enterprise investigation shows that FAW Freddy has been officially established recently with a registered capital of 1 billion yuan. Its business scope includes the development, production and sales of power batteries and battery systems. The company is jointly held by Byd Company Limited(002594) wholly-owned subsidiary Freddy Industry Co., Ltd. and FAW equity investment (Tianjin) Co., Ltd., a wholly-owned subsidiary of China FAW Group Co., Ltd, Shares accounted for 51% and 49% respectively.
battery manufacturer multi means
deal with the price increase of raw materials
Under the background that the "battery shortage" restricts the production capacity of car enterprises, the game between power battery manufacturers and car enterprises continues.
"The rise in battery prices this year is mainly caused by the sharp rise in upstream raw materials. Compared with January last year, the rise in battery costs is 30% to 50%. This year's rise in battery factory prices is inevitable, but the actual increase in the price of main engine factory is not so large." An investor in the power battery industry told reporters that the overall price increase may not be too high because some large battery factories have some long single layout and battery factories will digest the impact of price increase through technology. The second-line battery manufacturers have a relatively weak voice, and will refer to the first-line battery manufacturers in terms of price rise to a certain extent.
"For some vehicle manufacturers whose voice is not strong enough, if they want to bind the production capacity of first-line battery manufacturers, they may need to invest in the production line of battery manufacturers. Some battery bases are bound with vehicle manufacturers, and the speed of battery capacity expansion depends on the speed of investment of vehicle manufacturers to a certain extent. If the speed of investment of vehicle manufacturers is slow, the speed of battery price rise may be faster." The above investors said.
It is worth mentioning that power battery enterprises themselves are also ensuring the supply of raw materials through self construction, joint venture, M & A and other ways to deal with the rise of raw material prices. In July 2021, Eve Energy Co.Ltd(300014) issued several announcements successively, planning to acquire 28.125% equity of jinkunlun lithium industry, and establish a joint venture with jinkunlun lithium industry, with an investment of no more than 1.8 billion yuan by stages, to build a project with an annual output of 30000 tons of lithium carbonate and lithium hydroxide; 110 million yuan to acquire 5% equity of Dahua Chemical, which enjoys the mining right of Dachaidan Salt Lake; Tibet Yiwei Holding Co., Ltd., the controlling shareholder of the company, plans to acquire 29% equity of Dahua Chemical.
Enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) have also made in-depth layout in China's lithium resources. Taking Contemporary Amperex Technology Co.Limited(300750) as an example, in September 2021, Contemporary Amperex Technology Co.Limited(300750) announced that it planned to invest in the construction of a new lithium battery production and manufacturing base (Yichun) project in Yichun, Jiangxi, and signed a cooperation framework agreement with the local government of Jiangxi in July 2021. On January 13 this year, Sichuan Shidai new energy resources Co., Ltd., which is 100% controlled by Contemporary Amperex Technology Co.Limited(300750) , was registered and established. Its business scope includes beneficiation, mineral washing and processing, metal ore sales, new material technology research and development, etc
"With the rapid increase in the penetration rate of electric vehicles, the demand for precious metals such as lithium, nickel and cobalt continues to be strong. Under the background that the expansion of production requires a certain period, the price is expected to remain relatively high and the periodicity is relatively weakened." According to the analysis of Kaiyuan Securities Research Report, on the one hand, investing in metal raw materials can facilitate enterprises and resource-based enterprises to have more voice when signing long-term agreements to ensure the supply of their own raw materials. On the other hand, they can also enjoy the share of investment income as shareholders.
lithium battery enterprise expansion tide,
wave of listing followed
The production and sales of new energy vehicles have increased, the demand for power batteries has increased sharply, and major battery manufacturers are competing to expand production capacity. According to the data of the Institute of lithium battery research (GGII), the global new energy vehicle market penetration will reach more than 25% by 2025, which will drive the global power battery shipment to exceed 1.55twh.
● according to incomplete statistics of GGII, there are 63 power battery investment and expansion projects (including raised investment projects) in 2021, with a total investment of more than 621.8 billion yuan and a planned new capacity of more than 2.5twh. On the whole, the production expansion of a single base of power battery enterprises is almost at the level of tens of GWH, and the capacity planning of head enterprises has risen to the level of 100 GWH.
From the published capacity deployment of Contemporary Amperex Technology Co.Limited(300750) , its capacity will reach 600-700gwh in 2025. During the 14th Five Year Plan period, the capacity of China Innovation Airlines exceeds 500gwh; Honeycomb energy is planned to reach 600gwh by 2025; Gotion High-Tech Co.Ltd(002074) the production capacity planning target in 2025 is 300gwh. In addition, according to the site selection of power battery expansion, Sichuan, Jiangsu, Anhui, Jiangxi and Hubei have become the key provincial capitals of power battery enterprises.
The "Crazy" expansion action also raised concerns about whether the lithium battery has excess capacity. In November last year, the electronic information department of the Ministry of industry and information technology issued the lithium ion battery industry specification conditions (2021 version) (Exposure Draft) and the lithium ion battery industry specification announcement management measures (2021 version) (Exposure Draft), which put forward relevant requirements for China Shipbuilding Industry Group Power Co.Ltd(600482) battery enterprises in terms of capacity expansion, product performance, process technology and enterprise management, It also said that in the future, it will guide enterprises to reduce manufacturing projects that simply expand production capacity, strengthen technological innovation, improve product quality and reduce production costs.
According to market analysis, this move may serve as a warning for the large-scale expansion of power battery production in China, so as to avoid repeated construction of low-end capacity by battery enterprises and serious overcapacity. "After the expansion is implemented, the overall power battery capacity will be relatively abundant, but high-quality capacity is still in short supply." Investors in the lithium battery industry in Shanghai told reporters that the requirements for the overall performance of power batteries are very high. Some low-end production capacity included in the statistics may be invalid and cannot meet the delivery standard. Generally speaking, the market still needs high-quality production capacity.
Under the bustling tide of production expansion, some power battery enterprises are on the road of IPO. Citic Securities Company Limited(600030) recently disclosed that it has signed a listing guidance agreement with honeycomb energy and has filed for listing guidance with Jiangsu securities regulatory bureau. The two sides plan to complete the preparation of listing application documents by March this year.
In addition to beehive energy, there are also news about the listing of China Innovation airlines. At present, China Innovation Airlines has submitted the approval of overseas initial public offering of shares (including common shares, preferred shares and other forms of stock derivatives) of Co., Ltd. In addition, LG energy is on the eve of IPO. The company will land on the Seoul Stock Exchange on January 27 and plans to raise US $10.7 billion. The raised funds will be invested in capacity expansion and next-generation technology research and development respectively. It can be seen that power battery enterprises need to continuously invest in R & D and technological upgrading in order to obtain competitive advantage. At the same time, huge capacity expansion also needs a lot of capital support. Power battery enterprises may accelerate their landing in the capital market.
