Affected by the adjustment of subsidies for new energy vehicles, the recent battery aftershocks have been frequent.
The first three consecutive years among the power battery industry, with the BYD, Ningde era's one-time Shui Wengma subsidiary, Watarma, in just a few months, 'the building will dump', the overall debt of more than 20 billion yuan The company was sentenced to death almost directly.
Subsequently, Zhuhai Yinlong New Energy Co., Ltd., which gained fame with investments from Dong Mingzhu and Wang Jianlin, was even faced with suppliers’ debt collection in recent days. Many of the plant sites in the blast suffered major shutdowns and production shutdowns, accumulating over 1.2 billion yuan in debt.
A person close to Yinlong told the "Securities Daily" reporter that a series of generous investment in Yinlong is most likely to have been caused by the flicker of the upper class. 'If you say that you missed the lithium titanate technology route, you can also blame the leaders for not understanding. Technology. Then miscalculate market prospects and blindly expand 7 production bases, causing a complete collapse of the capital chain. It can be said that the whole thing was carried out in an atmosphere of advocacy and expansion.
In response, insiders told the "Securities Daily" reporter that for Yinlong, if Dong Mingzhu can re-election and successfully lead the acquisition of Yinlong, it should be the best result. Yinlong also owes money. The progress of the money is still advancing. There is an unwritten agreement within the debt-requiring suppliers, that is, they don't spread remarks against Yinlong. 'They are also afraid of Yinlong's collapse. If it is really liquidated, the debt will really be overdone. The. '
Investment Yinlong or Fudge
For Yinlong’s current crisis, many people attribute it to the slump in the new energy bus market. However, in the eyes of a person in the lithium battery industry, Yinlong’s fundamental problem stems from the technical route and its passenger car carries lithium titanate. The serious battery life problem of the battery is the fundamental reason that leads to the obstruction of passenger car sales and the stagnation of battery business.
People close to the Yinlong area told reporters that 'Yinlong buses need to be recharged every time they run about 30 kilometers. In addition, car manufacturers must not only increase the amount of car purchases, but also have to do other vehicle deployment and duty arrangements. There is no competitiveness in terms of practicality. At the moment, Wuan City, Hebei Province, has already relocated some of Yinlong electric buses that run townships back to the fuel buses.
Due to the weakness of the battery, the sales of Guangtong Automobile, a wholly-owned subsidiary of Yinlong, were directly impeded, and orders were drastically reduced.
According to the data, in the first quarter of this year, the sales of new energy passenger cars in China achieved a significant year-on-year increase of 328%. During the month of warming, Yinlong's performance was still frozen: In the first quarter, Yinlong new energy passengers, bus sales They were 499 vehicles and 475 vehicles. Among them, their new energy bus sales fell to 68 vehicles and 45 vehicles in March.
According to the “Securities Daily” reporter, although Dong Mingzhu has repeatedly linked Yinlong’s lithium titanate battery technology to Chinese manufacturing, Zhuhai Yinlong’s lithium titanate technology actually originated from 35 years of unprofitable U.S. listed companies. At this stage, lithium titanate is not only more costly than mainstream lithium iron phosphate and ternary materials. More importantly, lithium titanate is bulky and has low energy density, which makes lithium titanate technology gradually Japan and other countries eliminated.
To this end, Dong Mingzhu repeatedly corrected that the reason for promising Zhuhai Yinlong is not only the application of lithium titanate batteries in the new energy vehicle market, but more importantly, its energy storage advantages in the smart home sector. However, regardless of manufacturing costs From a commercial perspective, lithium titanate seems to be too expensive to store energy.
The above-mentioned lithium-ion source told reporters that lithium titanate batteries have low energy densities and that many energy storages will inevitably lead to an increase in volume. The corresponding separators, copper foils, aluminum foils and electrolytes must be increased. Titanium itself is also a precious metal, and the manufacturing cost is too high.
It is such a battery technology that Zhuhai Yinlong chose to do its best. According to statistics, since December 2016, Yinlong has started construction in Chengdu, Lanzhou, Tianjin, Nanjing, Panzhihua, Zhuhai, and Luoyang. New energy industry bases and industrial parks, total investment up to 70 billion yuan.
The data shows that in 2017, China's electric vehicle market realized lithium-titanate battery capacity of 533.4MWh, and Zhuhai Yinlong's installed capacity was 508.3MWh, accounting for 95.3% of domestic lithium titanate installed capacity market. In other words, Zhuhai Yinlong has almost Already hold up the installed capacity of domestic lithium titanate batteries.
'Tom's personality is high-profile, and behind the resolute decisiveness is also planted a rough hidden danger. 'In view of the above people, Yinlong technical route deviation and blindly increase capital to expand production is likely to result from Dong Mingzhu being fooled. 'If you say wrong The lithium titanate technology route can also be attributed to the fact that the leaders do not understand technology. Then miscalculate the market prospects and blindly expand the seven production bases, resulting in a complete collapse of the capital chain. It can be said that the whole thing is in an atmosphere of advocacy and expansion. ongoing. '
Suppliers look forward to Dong Mingzhu’s re-election
Yinlong suppliers told reporters that the customer groups of Zhuhai Yinlong New Energy Bus are actually very small, mostly from Zhuhai, Baoding, Shijiazhuang, and some of the places where they have invested. They are mainly through the form of 'exchange for investment' and local governments. Cooperate to complete sales. 'It's not a market action, it's more like an exchange of interest.'
The above suppliers told reporters that there are indeed two pressures in the supply system in the household appliance industry, but they do not work in the electric bus industry: The oligopoly of the upstream raw material suppliers of electric buses must be paid after the goods first; the downstream state-run bus companies are extremely Strong, fierce competition in the procurement environment; at the same time accompanied by state bills to pay for liquidation of the long period, resulting in a general emergency of the electric bus company capital chain.
It is worth pondering that all the suppliers who had been forced to pay their debts due to defaulting on debts were unusually silent when Yin Long lived or died.
In response, insiders told the "Securities Daily" reporter that at present, Yinlong's repayment progress for the arrears is still advancing. The repayment amount is generally between 5% and 10%. There are unwritten documents inside suppliers. The agreement, that is, does not spread unfavorable remarks on Yinlong, so as not to form a public opinion run.
In fact, because Yinlong itself is not a listed company, unlike Wattmar (Garewell's subsidiary) has the obligation to disclose financial status, there is still hope of turning over. 'They also don't want Yinlong to close down. If it's true, Closed liquidation, debts really wander.
Talking about the possible future direction of Yinlong, the above-mentioned sources told reporters that Dong Mingzhu’s successful re-election and successful acquisition of Yinlong should be the best outcome. At the same time, he does not have to worry that Yin Long wants to turn over. , not only the problem of money, but also the problem of the technical route, which requires the company to change its course completely on the technical route and product layout. 'The face of a small thing, the overall restructuring is really difficult.'