Putailai was listed on the battery network on November 3, 2017. The power lithium battery is expanding. As a new upstart in the middle reaches of lithium batteries, Shanghai Putailai New Energy Technology Co.
, Ltd. (hereinafter referred to as “Putailai”, 603659 .SH) is also following the expansion.
Recently, Putailai announced that it plans to raise funds of 870 million yuan for the “construction project of the production base of functional coating separators for high-safety lithium-ion batteries”, “annual output of 30,000 tons of high-performance lithium-ion battery negative electrodes” Materials (important processes such as carbonization) projects", and supplementary working capital. The reporter of “my country Business News” interviewed Putailai on the above-mentioned fund-raising and other matters, but the company’s personnel did not reply on the grounds that it was in the silent period of financial report disclosure. The road to expansion Putailai was established in November 2012.
Its main business is the research and development, production and sales of key materials for lithium-ion batteries and automated process equipment. Listed on the Shanghai Stock Exchange in November 2017. In fact, since its establishment, Putailai has completed the industrial chain layout of key materials and equipment in the upstream and downstream of the lithium-ion battery industry through a series of asset restructuring operations such as new establishments and acquisitions.
In 2012, Putailai invested and established Jiangxi Zichen, acquired 80% equity of Dongguan Kaixin, and successively acquired 65% equity of Dongguan Zhuogao and 100% equity of Shanghai Electric Energy. After a series of capital operations, Putailai caught up with a series of policy dividends for new energy vehicles. In November 2017, Putailai was successfully listed on the Shanghai Stock Exchange.
At that time, nearly 1 billion yuan was raised for projects such as the annual output of 20,000 tons of high-performance lithium-ion battery anode materials and the construction of R&D centers. Since then, Putailai has used the listed company as a financing platform to extend and integrate the industrial chain, and expand the company’s market in various application fields of lithium-ion batteries including electric vehicles. In March this year, Putailai announced that it planned to raise 870 million yuan for the “construction project of the production base of functional coating separators for high-safety lithium-ion batteries”, “annual output of 30,000 tons of high-performance lithium-ion Battery anode materials (important processes such as carbonization) project”, and supplementary working capital.
The reporter learned that Putailai plans to speed up the construction of production and manufacturing bases in Jiangxi, Fujian, Liyang, Inner Mongolia and other places, and appropriately promote the extension of the industrial chain. As of the end of 2018, Putailai’s projects under construction include the production expansion project of anode materials for high-performance lithium-ion batteries with an annual output of 20,000 tons, the expansion of anode materials for high-performance lithium-ion batteries with an annual output of 20,000 tons, and the construction of R&D centers, coating The equipment production base and R&D center construction project and the graphitization processing base project with an annual output of 50,000 tons in Zhuozi County, Ulanqab, Inner Mongolia. As of the end of 2018, Putailai had a total investment of 2.
272 billion yuan in projects under construction, of which 658 million yuan had been invested. In fact, in recent years, companies in other industries have also been expanding, such as Shanshan Shares (600884.SH) acquiring Huzhou Chuangya, and National Technology acquiring Shenzhen Snow.
In addition, some domestic lithium-ion battery manufacturers have landed in the capital market to expand. According to statistics, in the first half of this year, a total of 17 companies in the lithium battery industry chain sprinted for IpO, and 8 of them passed the meeting smoothly. In addition, many applications have been accepted or are in the counseling stage.
Among them, the Science and Technology Innovation Board has become the mainstream choice for the company’s IPO. . Future "Changes" Under the background of the current tightening subsidy policy in the new energy vehicle industry and the increasing risk of excess production in the power lithium-ion battery industry, Putailai’s future projects under construction and proposed projects will release or have certain pressure.
Industry insiders said that the decline in subsidies will make the entire industry chain pay for it, and key materials such as cathode materials, anode materials, and diaphragms will make corresponding price adjustments. According to the financial report data, from 2016 to 2018, Putailai’s operating income was 1.677 billion yuan, 2.
250 billion yuan, and 3.311 billion yuan respectively. Year-on-year increases of 81.
77%, 34.10%, and 47.20%, with net profits of 354 million yuan, 451 million yuan, and 594 million yuan respectively.
Year-on-year increase of 256.21%, 27.47%, 31.
80%. However, according to the first quarterly report of 2019, Putailai achieved an operating income of 1.029 billion yuan, a year-on-year increase of 79.
52%; a profit of 129 million yuan, a year-on-year increase of 0.51%. However, the company’s shipments achieved a high increase, but the gross profit margin declined.
Its comprehensive gross profit margin fell by 10.05 percentage points year-on-year to 26.51%.
Putailai’s financial report shows that the main reason for the increase in operating income in the first quarter is that the shipment volume of anode materials and coated diaphragm processing business has increased significantly, and the growth rate of operating costs is higher than that of operating income. The increase in demand for rechargeable products is due to the increase in the number and cost of carbonization processing by the company. According to the report issued by Haixin Century Credit Evaluation and Investment Service Co.
, Ltd., the raw materials purchased by Putailai from the outside mainly include: coke, primary graphite and pitch required for the production of negative electrode materials. Among the raw materials, coke is mainly petrochemical products, and its price is affected by the price of basic raw materials such as petroleum and the relationship between market supply and demand, and fluctuates to varying degrees.
If the company’s raw material prices fluctuate greatly, and the company cannot effectively transfer the pressure of rising raw material prices to the downstream, or cannot offset the pressure of rising costs through technological innovation, or fails to manage inventory well in the process of price decline, will adversely affect the company’s operating performance. As we all know, the technical barriers and scale barriers for the production of lithium-ion battery materials are high, and the industry has grown rapidly in recent years, and an oligopoly pattern has initially formed. According to institutional data, in 2018, the market size of my country’s lithium-ion battery anode materials was 10.
5 billion yuan, a year-on-year increase of 27.9%; the shipment volume was 192,000 tons, a year-on-year increase of 31.2%.
From the perspective of industry concentration, the production and sales of anode materials are increasingly concentrated in a few core companies, and the eight core companies in China and Japan have a market share of 96%. The report of Haixin Century Credit Evaluation and Investment Service Co., Ltd.
shows that the key materials and equipment industry of lithium battery in which Putailai is located belongs to the industry with a relatively high degree of marketization and fierce competition. In recent years, with the rapid development of the domestic lithium battery materials and equipment industry, there has been a structural and staged overcapacity in the market. Intensified market competition may lead to large fluctuations in product prices, which in turn affects the company’s profitability.