The energy industry is good, and the performance looks good. Can Liu Jincheng's Yiwei lithium really be "carefree"? Born in 1964, he received a bachelor's degree in engineering from the University of Electronic Science and Technology of China, a master's degree in science from Wuhan University, and a doctor's degree in engineering from South China University of Technology.
Liu Jincheng founded Yiwei Lithium Energy in 2001 and listed on the Shenzhen Stock Exchange only nine years later (2009). Its main products are lithium-ion batteries, which cover consumer batteries, power batteries and energy storage batteries. It is a typical manufacturing enterprise.
The aforementioned Liu Jincheng's "bombardment" of the real estate industry is not without confidence. At present, China's economic structure is in a period of major adjustment. The real estate industry, which has driven the development of GDP for nearly 20 years, is experiencing a painful downward cycle, with declining sales and high liabilities of enterprises. Urban investment groups around the country are also complaining about the hole in arrears. But Liu Jincheng said,
"Now a house of 10 million, but also said it is difficult, why is it difficult?"? Why is it difficult? So, real estate is in the sky, and manufacturing people are on the ground. In the manufacturing wave of
"on the ground", the lithium power industry is a silhouette of vigorous development. Although the scale of the industry can not be compared with the real estate industry, lithium power is a typical sunrise industry. In terms of lithium-related industries and markets, China has established a relatively complete battery industry chain, and battery manufacturing ranks first in the world. According to data released
by GGII, China's lithium battery market shipments reached 380 GWh in the first half of 2023, an increase of 36% over the same period last year; The lithium battery industry was the first to reap the dividends of the rapid development of the electric vehicle industry. According to the data of the China Automobile Association, the sales of new energy vehicles in China in the first half of 2023 were 3.747 million, an increase of 44% over the same period last year.
According to the data released by SNE Research, a Korean energy market research Institute, in 2022, the sales of new energy vehicles in China were 3.747 million. Among the TOP10 enterprises with global power battery installed capacity, Chinese enterprises occupy six seats, with a total share of more than 60%.
As Liu Jincheng said, "Lithium battery industry, we can also'block 'the neck of others.".
China's lithium battery technology has been highly recognized by overseas markets. At present, overseas automobile companies such as Tesla in the United States, BMW and Volkswagen in Europe, Kia and Ssangyong in South Korea have begun to use lithium batteries provided by Chinese enterprises. Why is the
lithium power industry developing so rapidly? Liu Jincheng said.
As a giant in the lithium power industry, under the background of the improvement of the whole lithium power industry, the shipment of lithium power products has also increased significantly. Data show that in the first half of 2023, the shipment volume of Yiwei Lithium Power Battery reached 12.65 GWh, an increase of 79.46% over the same period last year, and the installed capacity ranked eighth in the world, an increase of 151% over the same period last year.
The high growth of the
shipment volume in the second half of the year provided a good support for the performance of Yiwei Lithium Power Battery. The semi-annual report released
by Yiwei Lithium Energy shows that in the first half of this year, in the power battery sector, the company achieved revenue of 12.119 billion yuan, an increase of 71.92% over the same period last year, and gross interest rate of 14.11%, an increase of 0.36% over the same period last year; In the energy storage battery sector, the company achieved revenue of 7.072 billion yuan, an increase of 120.17% over the same period last year, and gross interest rate of 15.63%, an increase of 14% over the same period last year.
It is also a rare lithium battery manufacturer with synchronous development of three technical routes of square battery, cylindrical battery and soft-pack battery in China.
Such a diversified business layout is extremely rare among domestic battery manufacturers, which also expands the company's market space.
However, behind the seemingly good performance of Yiwei Lithium Energy, there are also several risk points that cannot be ignored:
first, high government subsidies support half of the net profit. The semi-annual report disclosed a net profit of 2.151 billion yuan, an increase of 58.27% over the previous year, but the net profit after deduction was only 1.256 billion yuan-the increase of non-net profit after deduction was only 5. The main reason is the "non-recurring profit and loss" of lithium energy. In the
financial data, the non-recurring profit and loss is as high as 895 million yuan (only 165 million yuan in the same period last year), even higher than whole year of last year. Up to 10.
February this year, While disclosing the fourth equity incentive plan, Yiwei Lithium Energy also announced the annual performance evaluation targets, which are "no less than 70 billion in 2023, no less than 100 billion in 2024, no less than 150 billion in 2025 and no less than 200 billion in 2026" in the next four years.
It is not difficult to calculate that according to the revenue achieved in the first half of the year 229. It can be expected that the performance in the second half of the year will be under pressure. What business measures will Yiwei Lithium take in the second half of the year?
For the revenue target that has not yet been completed, Yiwei Lithium Energy also disclosed part of the plan.
First of all, in terms of 46 series large cylindrical batteries, the company has obtained a total of 472 intentional orders from customers in the next five years. In other words, the company currently has "sufficient orders".
It is worth noting that in order to meet the demand for orders, Yiwei Lithium Energy has further increased the pace of production expansion this year: in the first half of this year, the investment in Yiwei Lithium Energy reached 8.1 billion yuan, an increase of 425.54% over the same period last year; By the end of June this year, the company's construction in progress was 19.391 billion yuan, an increase of more than 6 billion yuan compared with 13.298 billion yuan at the end of last year, accounting for 5.72 percentage points of total assets, which has broken through to 21.
Under the continuous expansion of production, the debt ratio of Yiwei Lithium Energy has remained high. According to the data, in the first half of 2022, the company's debt ratio was 65.47%; at the end of 2022, it was 60.35%; in the first half of 2023, it was 60.The
lithium battery industry has achieved remarkable results, and the controllers are very optimistic about the future development of the company and the industry. However, under many hidden worries such as high debt ratio and insufficient profitability, the performance pressure of Yiwei Lithium Energy in the second half of the year is not small.
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