After earning 8 billion, "King Ning" is going to guard

The game has never stopped and will not stop.

Wen ｜ Peng Suping

Edit ｜ Li Qin

Source ｜ 36 carbon (ID: carbon_36kr)

Cover Source ｜ IC Photo

In Ningde Times, it once again showed the super bargaining ability to the downstream.

On August 23, the company disclosed in the half -year report of 2022: In the first half of the year, operating income was 112.971 billion yuan, an increase of 156.32%year -on -year, and net profit attributable to mothers was 8.168 billion yuan, an increase of 82.17%year -on -year.

In just three months, the situation was reversed in one fell swoop.

Since last year, the price of lithium carbonate in raw materials has skyrocketed, and the Ningde era has fallen into the dilemma of "increasing income and increasing increasing benefits". In the first quarter of this year, the company's net profit attributable to mothers fell by 23.6%year -on -year.

In the question of "gross profit", Ningde was panicked. At the first quarter performance briefing, Zeng Yuqun, the chairman of Ningde Times, came forward in person to express to investors: the price increase in the second quarter.

However, after the completion of the task in the second quarter, Zeng Yuqun did not appear at the call on the evening of August 23. Jiang Li Dai, secretary and deputy general manager of the company's board of directors, introduced it. As the price adjustment has been adjusted one after another, and there is a certain price traceability adjustment in the first quarter, the company's gross profit margin resumed in the second quarter.

As a leading company in the field of power battery, Ningde Times has always been regarded as "guests" by the entire vehicle factory. Although the cooperation conditions are strict and the product prices are relatively high, it has always been a stable supply in Ningde Times. Factory's wish. This unbelievable relationship has given Ningde Times the confidence of adjusting prices.

A month ago, Zeng Qinghong, chairman of GAC Group, couldn't help but "talk". The cost of power battery had accounted for 40%-60%of the cost of the car, and it was still increasing- "Isn't I worked for the Ningde Times now? "

Wu Kai, chief scientist in Ningde Times, responded modesty afterwards, and Ningde Times only "struggled on the edge of profit." However, this response obviously has no persuasion. As soon as the latest financial report comes out, it also shows that the status of the industrial chain established in the Ningde era was quite stable, so that when the upstream price was under pressure, the pressure could be transmitted to the downstream.

But even if it is as strong as the Ningde era, such a pressure conduction process is not easy. Since the second half of last year, the Ningde era began to brew the price increase on downstream, but until the first quarter of this year, the new price agreement failed to spread it in a large scale, so that the company's "cold" recorded in the first quarter was recorded. The net profit declined until the second quarter of this year, most of the power battery customers "basically completed the price adjustment and negotiation."

The game has never stopped, and it will not stop.

In addition to the publicity of the car company, more and more vehicle manufacturers are "escaping" the Ningde era. Over the past year or two, important customers in many Ningde eras such as GAC, Weilai, Xiaopeng, etc. have pioneered new choices, not only supporting many second -tier battery suppliers, but even self -study and self -made battery -Ningde Times. The short -term price increase pressure was smoothly transmitted to the downstream, but this move inevitably accelerated the pace of "escape" of car companies.

The market share of "Ning Wang", who has been in the first year, has to face the situation of defending.

Strong price increase

Faced with the rise in raw materials, the prices in Ningde's era rose so much that it was not fast, but the results were significant.

According to Jiang Li, the Ningde Times began to negotiate price adjustment with customers in the first quarter of this year. Most power battery customers in the second quarter price adjustment negotiation have been basically completed, so the financial situation in the second quarter has significant feedback. Data show that in the first half of 2022, the gross profit margin of Ningde Times reached 18.7%, which was significantly significant compared to 14.5%in the first quarter.

Mao profit is one of the core indicators of market concern. This intuitively shows the level of "value -added" of a company's product or business, and it also largely determines the company's profitability. While the gross profit margin increased, the current management, R & D expenses of Ningde Times had proper control, and the company reversed the decline in net profit in the second quarter.

How did the Ningde era increase? Li Bin, the founder, chairman and CEO of Weilai, once mentioned the matter: "In April, it began to sign a new agreement with the battery supplier Ningde Times, that is, the cost of battery costs and raw materials. Look at the cost of the second quarter higher than the first quarter. "

The cost of the entire vehicle is the income of the battery plant. Data show that in the first half of this year, the Ningde Times achieved operating income of nearly 113 billion yuan, an increase of 156%year -on -year, of which the operating income of the power battery system achieved 79.1 billion yuan, an increase of 160%year -on -year.

Rising prices is a favorable factor that supports the growth of operating income. Some people in the industry revealed to 36 carbon that from the end of last year to the second quarter, raw materials increased by about 40%. The price increase to car companies by BYD and the second -tier echelon battery company. Ning Wang is more powerful, even if some core customers have given 35%.

Compared with the rise in prices, the increase in sales scale is equally important. Jiang Li said that in the first half of this year, the sales volume of Ningde in the first half of this year exceeded 100GWh, and it increased in the first quarter in the second quarter.

The specific growth rate is unknown, but it can still be referenced from the installation volume. According to the SNE Research report, in the first half of this year, the global power battery installed capacity of the Ningde Times was 71GWh, ranking first in 5 consecutive years, and the market share reached 34.8%, an increase of 6.2 percentage points from the same period last year. Price increase and sales have expanded, making Maorira in Ningde Times. However, Yu Bo, the price increase, cannot be ignored.

"Ning Wang" enters the stage of defending

In the second quarter, it returned to the "volume and price rising" channel, and Ningde was still the obvious king in this field. But at the moment, after the price increase of "merciless", the challenges facing "King Ning" may also be further increased.

The "escape" of car companies is becoming commonplace. Recently, according to 36 carbon understanding, Weilai's new brand "Alps" has implemented an open power battery procurement strategy. The iconic actions are to determine the intention of battery supply cooperation with China Innovation Airlines and BYIVED batteries.

As a big customer in Ningde, Weilai has long paved more roads for future battery supply. Earlier this year, Weilai, Xiaopeng, and the ideal three new forces joined forces to invest in Xingwangda, a battery producer, and at the same time, Weilai personally cut into the circuit of battery research and development. There are already about 400 people.

Before Weilai, Xiaopeng had first opened more suppliers outside the Ningde era, including China Innovation Airlines and Yimei Lithium Energy. Xiaopeng G9, which is about to go public, will use Xinwangda's high -power battery, and the supply share of Xinwangda in a certain model will exceed 50%.

In the Ningde era, the peers ushered in a strong "kick". Although the above -mentioned multiple orders have not really landed, the absolute leading position of "King Ning" has been shaken.

Data show that in the domestic market with rapid development of electric vehicles, due to the growth of BYD pure tram models, BYD's Fudi battery market share has increased, but the market share in Ningde Times slowly declined. According to data from the China Automotive Power Battery Industry Innovation Alliance, as of July this year, the domestic market share in the Ningde Times was 47.6%, and last year's number was still 52.1% -for the Ningde era, 4.5 percentage points were enough to form a formation, which was enough to form formed Pain in the skin.

In the long run, it is difficult for the Ningde era to control the supply of domestic power batteries. With the gradual cultivation of the new energy vehicle market, many battery companies on the second and third lines will usher in the opportunity to take off again, plus more cars Enterprise self -developed and self -produced batteries, Ningde Times also faced the risk of being replaced by a larger scale -even if the batteries developed by these car companies were difficult to land in the short term, this can also fight for more chips for their subsequent negotiations with Ningde Times. Essence

Ningde was not unprepared.

Just a few weeks ago, the Ningde Times issued a series of personnel changes. Huang Shilin, the founding veteran and vice chairman of the Ningde Times, applied for resignation from the position of vice chairman, director, board strategic committee and deputy general manager; week Jia resigned as the general manager's position and became the company's vice chairman; Chairman Zeng Yuqun personally served as the general manager.

A person familiar with the matter revealed that after taking office of Zeng Yuqun, he soon launched the schedule and visited key customers such as Xiaomi Group and ideal cars.

At the same time, Ningde Times was also strengthening production capacity and quality control.

The semi -annual report shows that the current capacity of the power battery system in Ningde Times was 154.25GWh, the capacity utilization rate exceeded 80%, and at the same time, it had 100GWH construction capacity. As the leader of the leader, the advantages of Ningde era in production capacity are still significant. Although various manufacturers have announced radicals and even surpass the Ningde era expansion plan, the effective production capacity is still the first place.

In terms of quality control, 36 carbon learned that, in addition to promoting PPB (1 billionth) failure standards in the quality of the battery cells, the Ningde Times also began to implement the standard of PPM (one -millionth) level of battery packs.

In addition, the R & D investment in Ningde Times also increased significantly. In the first half of 2022, the company's R & D expenses investment was 5.77 billion yuan, an increase of 106.5%year -on -year, accounting for about 5%of total revenue. Once released, the Kirin battery that collects orders for ideal cars and Nezha cars is one of the results of the Ningde era.

However, in addition to the main battlefield of the ternary square battery in Ningde Times, there are new technical directions such as fast charging batteries, 4680 large batteries, manganese -phosphate iron batteries, etc. -around the second half of the "war" of the second half of the power battery, the power battery It has already started -and this time, the first advantage of "Ning Wang" is not so obvious.

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King Ning is going to guard

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