The market value has gone back 66.8 billion a day!Rumors disturbing, what is the anxiety and challenge in Ningde Times?

While the business expansion, the Ningde era also faced issues in the first quarter of performance increasing increasing income, rising prices of lithium carbonate materials in upstream, and increasing market competition.

"Investment Times" researcher Dong Lin

Within three days, Ningde Times New Energy Technology Co., Ltd. (hereinafter referred to as Ningde Times, 300750.SZ) shares in the Ningde Times have experienced a wave of twists and turns.

On June 8th, it showed that the Ningde Times fell more than 7%, and the total market value also fell below trillion yuan. In the afternoon, the stock declined, closing up by 0.22%on the same day, and the market value also returned to 1.07 trillion yuan. By June 9, the company's stock price fell 6.23%to close at 431.35 yuan/share, and the market value evaporated by 66.8 billion yuan a day.

Regarding the stock price of the Ningde Times, the market generally believes that it is related to the recent rumors of the company. Since June 7, the Ningde Times will be confirmed in the Ningde Times to confirm the loss of more than one billion yuan of futures investment in the first quarter. In addition, there are rumors that Huang Shilin, a number of figures in Ningde Times No. 2, recently reduced its cash withdrawal.

On the evening of June 9, the Ningde Times issued an announcement to clarify market rumors. The company said that the above rumors were seriously false and have been widely reproduced and disseminated through the Internet, bringing a large negative impact on the company.

After emergency rumors, the secondary market ushered in a positive reaction. As of the close of June 10, the stock price of Ningde Times rose 5.25%to 454 yuan/share, with a total market value of 1.06 trillion yuan.

"Investment Times" researcher noticed that since the listing of Ningde Times, it has continued to rise in the stock price for a long time since its listing, and reached the historical highest point of 692 yuan/share on December 3, 2021, but entered 2022 Later, due to multiple factors, the company's stock price continued to decline. While the business expansion, the Ningde era also faced issues such as increasing increasing revenue in the first quarter of performance, rising prices of lithium carbonate materials in upstream, and intensified market competition.

It is worth mentioning that on June 15, the market rumors came back. It is reported that the Ningde Times had a quotation of more than 150 billion yuan in funds, and the price was 9.3 % off. In this regard, the company's relevant person said, "This matter must be based on the announcement and will not respond for the time being."

As soon as the news came out, the stock price of Ningde rose sharply on the day, and the increase in the market exceeded 8%. As of the closing, the stock closed at 465.66 yuan/share, closing up 5.4%, with a total market value of 1085 trillion yuan.

In 2022, the stock price trend of Ningde Times (yuan/share)

Data source: wind

The first quarter performance is not as good as expected

As a leading company in power batteries, the performance of the first quarter of this year in Ningde Times exceeded the expectations of the capital market. According to the first quarterly report, during the reporting period, the company achieved revenue of 48.678 billion yuan, an increase of 153.97%year -on -year; net profit attributable to the mother was 1.493 billion yuan, a year -on -year decrease of 23.62%. Fall 41.57%.

Because the cost of raw materials accounted for nearly 85%of the total cost of Ningde era, since last year, the company's profits have been continuously under pressure from the continuous increase in the price of power battery raw materials. Data show that the operating cost of Ningde Times in the first quarter was 41.628 billion yuan, an increase of 198.66%year -on -year.

The increase in cost growth exceeds the growth rate of revenue and has led to a significant decline in its gross profit margin. In the first quarter of the Ningde era, the sales gross profit margin of Ningde reached the lowest level since 2014, only 14.48%, a year -on -year decrease of 12.8 percentage points. At the same time, the company's net interest rate on sales of the company also fell from 12.23%in the same period last year to 4.06%.

At present, although the price of raw materials upstream of power batteries in May has fallen, the overall is still high. Analysis in the industry believes that for power battery companies such as Ningde Times, the pressure of raw material price increases still exists; from the current market's confidence in Ningde Times, the performance growth rate of Ningde Times in the second quarter may not be good, and it is extremely high. It may be lower than market expectations.

"Investment Times" researcher noticed that in order to transfer cost pressure to downstream customers, Ningde Times said that negotiation with customers will increase the price of the product next. The relevant person in charge of Ningde Times said that the supply chain pressure with customers was friendly and negotiated with customers. At present, the dynamic adjustment of battery prices is relatively smooth, and the production and operation conditions are normal.

The main accounting data of Ningde Times in the first quarter of 2022

Data source: company financial report

Rumors of sharp empty rumors

For the Ningde era in the center of the storm, rumors have never stopped.

Beginning on June 7, the industry's rumors about "the Ningde Times may confirm the loss of more than one billion yuan in futures investment in the first quarter" quickly attracted market attention.

"Investment Times" researcher noticed that what aggravated investors' concerns was that the first quarter report of the Ningde Times showed that the company's derivative financial liabilities increased by 1.787 billion yuan. At the same time, the net income of other comprehensive income was changed from 3.014 billion yuan in 2021 to -1563 billion yuan, with a change of more than 4.5 billion yuan. However, other comprehensive income in the first quarter was not reflected in the current profit and loss. This can not help investors to question whether the company's hedging business has had huge losses.

In the clarification statement, the Ningde Times stated that based on the need to ensure the stable supply and cost reduction of the company's raw materials, the company has partially layout the nickel resources industry chain. The package business is based on the spot. The floating profit and loss of the futures side has corresponding spot sketching, which has a small impact on the company's performance. It is rumored that it is not true. In addition, the company also clarified the "Ningde Times No. 2 character Huang Shilin recently reduced its holdings".

The announcement shows that due to the needs of family assets planning, Huang Shilin signed the "Consensus Personal Agreement" with six private equity securities investment fund products on January 4, 2022, stipulating that the transfer of no more than 2 million shares to the latter. The only investors after the penetration of the six private equity investment fund products are Huang Shilin himself, and the proportion of its holding funds is 100%, and the above 6 private equity investment funds products are the same as Mr. Huang Shilin.

The transformation of the above shares is the internal transfer between Huang Shilin and its consistent active acting personnel. It did not lead to changes in the proportion and quantity of the company's shares in the company's actual control (through direct or indirect holdings), and there is no disguise in market rumors.

According to public information, Huang Shilin is currently the deputy chairman and deputy general manager of the Ningde era, and is one of the founders of the Ningde era. As of now, it directly holds 11.1%of the Ningde era and is the company's second largest shareholder.

The anxiety and challenge of "King Ning"

In addition to the above -mentioned rumors, it may be a rumor that BYD will be worried about Ningde era. On June 8th, Lian Yubo, executive vice president of BYD Group and dean of the Automobile Engineering Research Institute, said in an interview with the media that BYD will provide Tesla with battery products.

Although the above remarks were not officially confirmed, BYD's stock price was affected by the news. As of the close of June 14, the company's stock price was closed at 343.59 yuan/share, with a market value exceeding the 900 billion yuan mark.

"Investment Times" researcher noticed that the annual report showed that the sales of Tesla in 2021 in Ningde Times were 13.04 billion yuan, accounting for 10%of its annual sales. It will bring certain performance pressure to Ningde Times.

Some analysts point out that compared with the Ningde era, BYD's layout in the field of ternary lithium batteries is slightly weaker and the production scale is far from. However, it is not to be ignored that BYD's blade batteries are not weaker than the lithium iron phosphate in Ningde Times in terms of performance and production capacity, and even have a trend of transcendence.

In addition to BYD's strong position, Ningde Times also faced competitive pressure from the global power battery market.

It is understood that at present, Tesla's domestic models are equipped with two versions of lithium iron phosphate batteries and ternary lithium batteries. Among them, the supplier of lithium iron phosphate batteries is Ningde Times. Essence

In May 2022, with Tesla's announcement of the 4680 battery version of the 4680 battery version of the "new generation of power battery revolution" to ordinary users, the global power battery market pattern may usher in new changes.

Although Tesla has produced a 4680 battery in its own factory, it is far from meeting its demand for batteries. Tesla still needs to rely on third -party suppliers.

At present, Panasonic may become the biggest beneficiary. Panasonic is the earliest battery supplier of Tesla. The two companies have cooperated for a long time since 2009 and co -built a battery factory in Nevada.

On February 28 this year, Panasonic announced that it would begin producing 4680 batteries for Tesla in 2023, and plans to build two new production lines in the two major factories in Koshan, Japan, investing in 80 billion yen (about 700 million US dollars). It is expected that annual production capacity is expected For 10GWh, enough for Tesla's 150,000 electric vehicles.

Coincidentally, on June 13th, the largest competitor LG new energy in Ningde era said that it plans to invest 582 billion won (approximately US $ 453 million) in South Korea's OCHANG factory to produce 4680 batteries, and the production capacity of the new production line is 9GWh.

The pressure of Ningde era can be imagined.

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