More than 30 mergers and acquisitions have been ma

2022-08-15
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More than 30 mergers and acquisitions have been made in the power battery industry in six months

so far, there have been more than 30 concurrent mergers and acquisitions in the field of lithium batteries, materials, equipment and other enterprises in the first half of 2018, involving an amount of more than 60billion yuan

in the past week, the capital Carnival of the lithium battery industry has reached its peak. 2. It is a robust data processing function

on June 11, 2018, the unicorn enterprise Ningde times (53.000, 4.82, 10.00%) officially landed on the Shenzhen Stock Exchange gem. On the day of listing, it realized the daily limit, with an increase of up to 44%. The amount of sealed orders exceeded 2.5 billion yuan, and the market value reached 78.64 billion yuan. Then Ningde times increased the limit for five consecutive trading days, and the market value easily exceeded 100 million yuan. As of June 15, the company's share price rose by the limit price of 53 yuan/share, with a total market value of 115.1 billion yuan, one day short of exceeding the current "gem brother" Wen's shares (22.850, -0.01, -0.04%)

with the soaring share price, capital flowed in the lithium battery industry. In fact, although the lithium battery industry has exposed many problems in the industry under the influence of the declining subsidies of downstream automakers and the rising prices of upstream raw materials since 2018, the capital boom in the lithium battery industry is still hot under the huge development expectation of new energy vehicles

according to incomplete statistics of transaction information disclosed by enterprises, up to now, there have been more than 30 concurrent mergers and acquisitions in the field of lithium batteries, materials, equipment and other enterprises in the first half of 2018, involving an amount of more than 60billion yuan

Mercer, chief analyst of true lithium research, told the times weekly that even though the industry is concentrated to the leading and the enterprise reshuffle is intensifying, the development of electric vehicles has just begun. Although the energy storage market as a whole has not been opened, it has broad prospects. The lithium battery market will continue to expand at a high speed for many years. In the future, "capital is either chasing scale or technology. In my opinion, capital chasing technology will be more."

power battery capital boom

it is understood that common fault 3: the pendulum position is abnormal. Before Ningde era caused capital's keen attention to the lithium battery industry, as the core of the development of new energy vehicles, by 2020, the lithium battery industry has been favored by capital

the latest report issued by Gaogong lithium battery pointed out that, was the upsurge of domestic power battery construction. In 2015, due to the high subsidies for new energy vehicles, the cost of raw materials has not increased significantly, and the gross profit margin of power batteries generally exceeded 30%. Attracted by the high gross profit and huge market development space, the lithium battery industry attracted many new entrants, including group companies, listed companies, the original digital lithium battery enterprises and so on

from the perspective of the acquirers and M & A participants in the lithium battery industry in the first half of this year, the overall layout characteristics of the industrial chain are particularly obvious, and there is a trend to increase the upstream links such as upstream mining, cobalt and other raw materials. According to statistics, there are 15 transactions involving lithium carbonate, nickel, cobalt, lithium hydroxide and lithium hexafluorophosphate. Among them, Tianqi lithium (54.990, 0.00, 0.00%) with the largest transaction amount acquired the equity of sqm, and the transaction amount reached 25.893 billion yuan

in addition, cross-border layout is still one of the major types. In February, Zhongli group (14.300, 0.00, 0.00%) engaged in the cable business planned to acquire BIC power, which ranks first in the power battery industry, for 10 billion yuan. In addition, on May 18, baling Technology (13.070, -0.75, -5.43%), a provider of integrated solutions for heat exchanger products, planned to hold 20% of the equity of Yuliang battery - 30% of the initial equity of the dream dawn of a powerful country in the past history, by transferring equity. It is reported that the purpose of such cross-border enterprises is mainly to enter the field of new energy through acquisition and add a new development engine to the company

even though many enterprises have achieved the rise in share prices and performance through cross-border layout of the lithium battery industry, it should be noted that in 2018, the decline in subsidies and the formation of the situation led by Ningde era and BYD (48.180, -0.87, -1.77%) are becoming more and more obvious, and enterprises or capital as latecomers seem to need to be more cautious

some insiders pointed out that under the multiple effects of the sharp decline in subsidies, the rise in the price of upstream raw materials, the reduction in the price of downstream main engine plants, the substantial expansion of production capacity, and the intensification of market competition, lithium battery enterprises are generally facing the pressure of declining net profit and gross profit margin, tight capital chain, and extended accounting period. Therefore, at present, such mergers and acquisitions are actually facing investment risks and pressures such as the sharp increase in the valuation of the target, the scarcity of high-quality targets, the increasing difficulty of mergers and acquisitions, the decline in the competitiveness of the target enterprise, and the high probability of gambling failure

however, Mercer also pointed out that even if leading enterprises such as Ningde times and BYD stand in the spotlight of capital, it does not mean that there is a lack of capital in other second and third camp enterprises. With the sustainable development of new energy vehicles, the lithium battery industry still has many development opportunities

the pressure of industry reshuffle intensifies

although in the future development trend, capital has been in the "foot" line, but in the environment of extremely obvious industry differentiation and constant strength of the strong, the survival pressure of second and third tier enterprises also really exists

it is understood that with the increasing requirements of the state on the energy density of power batteries, the market share of leading enterprises in the industry is becoming larger and larger. The number of power battery related enterprises in China has decreased from 150 in 2016 to less than 100 in 2017. Especially in the field of lithium iron phosphate batteries, the number of production enterprises in 2017 was reduced by half compared with 2016

Mercer also said that in the next few years, many enterprises will be born and many enterprises will close down. According to the latest monthly statistics of the lithium battery industry, the total installed power of power batteries in May was about 4.50gwh, an increase of 213% year-on-year. The total installed power of power battery in the month was about 12.67gwh, an increase of 224% year-on-year. However, in terms of the installed capacity of enterprises, the top ten power battery enterprises with a total installed capacity of 3.83gwh, accounting for 85% of the overall proportion. Among them, Ningde times and BYD are far behind the enterprises in the second camp with a high market share of 43% and 12%

in addition, in the case of structural overcapacity in the overall industry, the main body of production expansion tends to be large-scale enterprises and new entrants

the report of Gaogong lithium battery pointed out that in 2018, there were three main forces for production expansion: one was enterprises with a certain market share and a certain scale. It needs to continuously expand its production to meet the needs of customers in 2020 and beyond. Such representative enterprises include catl, Funeng, BYD, GuoXuan, etc; The second type of enterprises are battery enterprises established in 2016 – 2017, which need to build the first phase of production capacity, such as Ruipu energy, Tafel, Huading Guolian, etc; The third type of enterprises are those that need multi technology development and build another shape of battery capacity, such as Hubei Mengshi, Jiangsu Far East foster (22.880, 0.32, 1.42%), Lixin, etc. Among the three types of enterprises, the first type of enterprises has a larger investment scale, with a single phase of new capacity of 4 – 10gwh

the report also analyzes and predicts that, under the overall low utilization rate of power battery capacity across the country, the enthusiasm for capacity expansion in the power battery industry in 2018 is generally not high, and the new scale will be lower than that in, the total capacity of the whole year is expected to increase by 60 – 65gwh, the effective capacity is expected to increase by 70 – 80gwh, and the number of new effective capacity is greater than the total capacity, "Because part of the capacity in 2017 is gradually released, that is, it takes a certain buffer time to reach the design capacity"

it is worth noting that under the pressure of intensifying market differentiation in the industry, technology research and development may become a magic weapon for enterprises that do not have an advantage in market share

according to the analysis of the times weekly, there are two waves of reshuffle in the lithium battery industry in the short term. At present, it is the first wave, which is reflected in the change of market share. After threeorfour years, there will be a second wave, which is reflected in technological innovation. In the future, funds will either pursue scale or technology. In his opinion, there will be more funds to pursue technology

it is understood that since last year, enterprises in the lithium battery industry have shifted beyond the technical route of ternary lithium batteries, and more and more enterprises have also entered the R & D and production of new products such as fuel cells, solid-state batteries, square pack batteries, etc

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