In 2020, all power battery companies will still have 20-30, and more than 80% of them will be eliminated at this stage. Some are naturally eliminated, and some are killed by capital.
From the structural overcapacity to the lack of cash flow, to the suspension of production, the power battery is experiencing a new round of reshuffle.
Previously, the power battery industry was in the carnival of Ningde era lightning IPO, but with the first down limit of the leading enterprises in Ningde era, BYD's share price fell, and Watmar was in deep debt crisis, the whole power battery industry problem. Gradually exposed, cast a shadow of 'money shortage'.
On August 2, lion technology exposed its cash flow, Miao Sheng, Zhi Hang and other power battery companies suffered a stoppage and production cuts.
After the new subsidy policy was put on the ground, the shortcomings of weak technical skills of the power battery companies in the early stage and subsidized were exposed. The current battery could not meet the energy density requirement, and only the idle production line could be idle.
The data shows that China's power battery supporting enterprises have dropped from about 150 in 2015 to around 100 in 2017, and one-third of the companies have been eliminated. In the future, more companies will be cleaned up.
Deadly crisis is not accidental
From the sudden emergence of the military to the rapid collapse, the power battery industry is suffering from cash flow threats. However, the fatal crisis is not accidental.
'Now the power battery industry, very few companies with good cash flow.' On August 6, a person in charge of a power battery company told the 21st Century Business Herald.
The reporter learned that at present, many power battery companies have suffered a large amount of money owed by customers. Among them, huge amounts of money cannot be recovered in time, and power battery companies have formed great advantages in production and procurement, capacity expansion, R&D investment and equipment upgrade. The pressure is that companies have to lower their operating rates and reduce spending waiting for 'resurrection'.
Among them, Waterma has significantly reduced production due to funding problems. On August 2, lion technology exposed its cash flow.
On August 2, Guangdong Mengshi New Energy Technology Co., Ltd. announced that its subsidiary's fund-raising account was forcibly transferred by Zheshang Bank Shenzhen Branch, resulting in tight capital flow. At the same time, Mengshi Technology also exposed the company and its subsidiaries. Some of the company's bank accounts were frozen, and most of the controlling shareholders' shares were pledged and judicially frozen.
Previously, Mengshi Technology released the 2018 semi-annual performance forecast amendment announcement, which reported a loss of 27,000-293.5 million yuan during the reporting period. According to the company, the main impact on the expected performance in the first half of 2018 is the lithium battery business and clean electricity. business.
In June, Shenzhen Waterma Battery Co., Ltd. was exposed to nearly 500 employees for six months. Subsequently, its parent company, Shaanxi Jianrui Wooleng Co., Ltd., proposed to realize the discount on some assets of Watmar.
However, Zhihang New Energy has a certain representativeness in the industry. In the first half of this year, Zhihang New Energy has a large supporting capacity for logistics vehicles, exceeding the Ningde era. However, the good times are not long, this year, July 19, Zhejiang Youfu High-tech Fiber Co., Ltd. (stock short name '*ST Youfu') announced that the company's wholly-owned subsidiary Jiangsu Zhihang New Energy Co., Ltd. (referred to as 'Zhihang New Energy') recently received relevant litigation documents.
As Zhihang New Energy owed money, it was taken to court by Jiangxi Ziwei Technology Co., Ltd. As of April 24, 2018, the reconciliation between the two parties showed that the defendant still owed the plaintiff a total of 90 million yuan.
Soon, *ST Yufu gave the reason that the lithium battery business segment, the industry boom is low, the operating rate is insufficient, the lithium battery operating income has dropped sharply and suffered losses.
In this regard, an expert in the power battery industry believes that Zhihang New Energy may set a low price in order to increase sales, and the internal cost control ability is weak. In the first half of the year, the cost of ternary cathode materials increased and led to losses.
'Since last year, the problem has gradually emerged. Until now, the cash flow problem has become more and more serious. If a battery factory does not get through the whole chain, it will be more dangerous. 'The above-mentioned power battery manager told the 21st Century Business Herald reporter.
However, Fang Jianhua, partner and president of the National Science and Technology Achievements Transformation Fund New Energy Vehicle Venture Capital Fund, believes that 'this has nothing to do with the technical route. Now the use of lithium iron phosphate in special vehicles is greater than that of ternary materials. So many problems are concentrated. Appeared, mainly related to enterprise technology and management methods. '
According to industry insiders, Miaosheng Power Technology Co., Ltd. (hereinafter referred to as 'Miaosheng Power') has also experienced a certain degree of problems. As early as last year, Miaosheng Power’s internal employees complained that the company often defaulted on wages for no reason, even more It broke the news that 'the capital chain has been broken and the government subsidies are used to maintain daily expenses'.
In June of this year, Qiu, the chairman of Miaosheng Power, publicly revealed that in 2018, Miaosheng Power has been able to achieve a monomer energy density of 300Wh/kg in the laboratory, and has already conducted a pilot test, but it is very costly. High, poor cycle performance, lack of comprehensive battery indicators.
However, some insiders pointed out that the main reason for the difficulty in returning large-scale battery factories this time was that the proportion of new energy subsidies approved in 2016 and 2017 was lowered. Many auto companies did not get the 'application fund quota', and then upstream Corporate funds are also not in place.
'In general, the payment period for vehicle manufacturers to power battery suppliers is about one year. However, due to the adjustment of subsidy policies, it is more difficult for OEMs to obtain self-application funds, but many vehicle companies Will choose to extend the account period, it is estimated that this also makes it difficult for many power battery companies to maintain their own business. 'On August 10, a car company executive told the 21st Century Economic Reporter.
80% of power battery companies will be eliminated?
'This is faster than expected. After the subsidy declines, some speculative companies will bear the brunt.' On August 3, Wang Binggang, a well-known expert on China's new energy vehicles, said in an interview with the 21st Century Business Herald, 'Blind investment is serious, outstanding The performance is the battery. It seems that most power companies will withdraw. The battery is not a simple imitation, it must have research and development capabilities. If there is no scale and ability, quality management can not do well.
Wang Binggang also said that in the past, no matter whether the battery companies did not ship, they could make money. 'China's subsidies for new energy vehicles are the biggest. Although the market is stimulated, the side effect is that there will be many speculative companies.'
Fang Jianhua believes that in the past few years, the power battery companies that supply logistics vehicles are mainly for the supply of operating enterprises. 'When the state adjusts the liquidation in order to prevent fraud, the OEM does not receive subsidies, upstream and downstream. The supplier's account period is lengthened, and the next home can't pay for the purchase. In fact, this is very abnormal in the field of special vehicles. '
'Sometimes some battery companies, a little bit of money, just want to do the whole car. Waterma and Yinlong have this problem, companies that do commercial vehicles want to do passenger cars. But capital and technology are limited, if Without focusing on one area, companies are prone to collapse and accelerate failure. A power battery expert told 21st Century Business Herald.
On June 27, at the 2018 Lithium Industry and Power Battery International Summit Forum, Chen Qingtai, chairman of the China Electric Vehicle Hundred People's Association, said that the number of power battery supporting companies has decreased from 150 in 2016 to less than 100 in 2017.
'After the development of the industry, in fact, the products in the automobile industry chain are typical market competition products, and cannot rely on subsidies. The future enterprise orders will be concentrated to the enterprise battery enterprises with scale effect and technology research and development strength, leading enterprises The advantages will be bigger and bigger, I am afraid that there will be only a few companies left in the future. 'Wang Binggang stressed.
'Industry shuffling has begun, most unnamed companies will fall first. By 2020, all power battery companies will still have 20-30, and more than 80% of them will be eliminated. Some are naturally eliminated, some Killed by capital. 'Fang Jianhua said.
At this stage, every battery company with a problem with cash flow has different coping strategies. The battery companies that have the parent company to continue the blood transfusion support will not be affected too much. The battery companies that have no blood transfusion can stop production and wait for customers to return. paragraph.
In addition, capital has also retired. Just recently, Nissan Motor Co., Ltd. announced that it has stopped selling its 51.% stake in AESC, a battery company, to the China Jinshajiang Venture Capital Fund. The reason is that Jinshajiang Venture Capital notified Nissan that it lacked acquisition funds and could not Complete the transaction before the deadline of the 29th.
