The agreement with Tesla (tsla. NASDAQ) made Ningde era (300750. SZ) rush to microblog hot search again.
On the evening of June 28, Ningde Times announced that the company signed an agreement with Tesla on June 25 to supply lithium-ion power battery products to Tesla from January 2022 to December 2025. On the same day, the share price of Ningde times reached a record high, once exceeding 500 yuan / share, and finally closed at 493.9 yuan / share, up 3.71%, with a total market value of over 1150.3 billion yuan.
According to the announcement, Ningde times signed a supply framework agreement with Tesla this time, and the final supply situation of Tesla will be determined by the way of order. Therefore, the impact of the signing of the agreement on the company’s future business performance depends on the specific order situation of Tesla, which is uncertain.
Power battery business is the cornerstone of Ningde era, contributing the most revenue and profit for the company. According to the financial report data, in 2020, the sales revenue of Ningde times power battery system was 39.425 billion yuan, an increase of 2.18% over the previous year; During the reporting period, the sales volume of lithium-ion batteries of the company was 46.84gwh, a year-on-year increase of 14.36%, of which the sales volume of power battery system was 44.45gwh, a year-on-year increase of 10.43%.
It is worth noting that Tesla has just recalled more than 280000 electric vehicles, including model y and the best-selling model 3. On June 26, the official certification microblog “Tesla customer support” of Tesla motor (Beijing) Co., Ltd. issued an article saying that due to the possibility that the active cruise control function may be mistakenly activated by the driver and there are potential safety hazards in extreme cases, Tesla took the initiative to file the recall plan with the State Administration of market supervision.
In Ningde era, any news related to Tesla will stir up the sensitive nerves of the market.
As early as June 7, it was reported that Tesla was preparing to use LG Chemical NCMA four yuan lithium battery in domestic model y models. The nickel content of the battery is as high as 90%, and the cobalt content is expected to decrease significantly. On June 3, Reuters quoted people familiar with the matter as saying that Ningde times plans to build a new large power battery plant in Shanghai to provide half of Tesla’s batteries for electric vehicles and roof energy storage worldwide.
According to reports, the rumored annual capacity of the Shanghai factory will reach 80gwh, while the current capacity of Ningde times is 69.1gwh, and 77.5gwh is under construction.
On June 8, Reuters reported again that apple, the mobile phone manufacturer, is negotiating with Ningde times and BYD to supply batteries for its electric vehicle project. The negotiation between apple and the two companies is at an early stage, and it is still uncertain whether a substantial cooperation agreement will be reached. On the above two pieces of news, the reporter of time weekly asked relevant people of Ningde times for confirmation, but the other side did not comment.
The story of Ningde era and Tesla can be traced back to 2018.
In July 2018, Elon Musk, the founder of Tesla, flew to Shanghai to sign the landing agreement of Tesla’s Shanghai factory. During the signing of the agreement, musk secretly met with Zeng Yuqun, chairman of Ningde times, but they did not reach any substantive agreement.
A year later, during his participation in the “2019 world Artificial Intelligence Conference” in Shanghai, musk once again met with senior leaders of Ningde era, including Zeng Yuqun. Different from the last time, Panasonic, the power battery supplier, refused to invest in the construction of a battery factory in Shanghai and broke up with Tesla. At this time, only four months before Tesla’s Shanghai factory was put into operation, Tesla urgently needed a new power battery supplier to ensure the smooth start of production.
The meeting only took more than 40 minutes, and Zeng Yuqun and musk basically finalized their cooperation intention. In the view of industry insiders, Ningde era has been deeply bound with Tesla ever since.
On February 3, 2020, Ningde Times announced that Tesla will purchase lithium-ion power batteries from Ningde times, and the supply period is from July 1, 2020 to June 30, 2022. However, the cooperation belongs to cooperation, and the agreement does not impose any constraint on Tesla’s purchase volume. The specific purchase situation will be determined by Tesla in the form of order according to its own needs.
Compared with the agreement signed in 2020, in the latest agreement disclosed by Ningde times, except for the extension of supply time, the rest of the contents have not been changed.
There is a market view that the name of the agreement between Ningde times and Tesla has changed from “production pricing agreement (China)” to “production pricing agreement”, the cooperation framework has removed “China”, and it is expected that this supply agreement will cover the world.
According to the Research Report of Everbright Securities, Ningde era, the domestic power battery leader, has entered the global supply chain. Its installed capacity in 2020 will reach 25% of the world’s total, basically ranking first in the world with LG new energy.
(image source / Vision China)
Panasonic 400 billion yen clearing Tesla
Tesla is so anxious to sign a contract with Ningde times, or it has something to do with Panasonic, the main supplier of primary batteries.
Panasonic’s fiscal year 2020 report released on June 25 shows that by the end of March this year, Panasonic had cleared all its holdings of Tesla shares and cashed out about 400 billion yen (about 23.236 billion yuan). In response, Panasonic said, “it will not affect the cooperative relationship and is continuing to maintain a good relationship.”.
In 2009, Panasonic signed the first supply contract with Tesla. Soon, Panasonic began producing power batteries for Tesla Model s. In 2011, Tesla and Panasonic signed a supply agreement for 640 million 18650 batteries. In 2013, the two sides renewed the agreement to increase the supply of power batteries to 1.8 billion.
Panasonic used to be the only battery supplier of Tesla. In addition to selling products to Tesla, the purchase of Tesla stock is the most impressive investment of Panasonic in recent years.
In 2010, Panasonic bought 1.4 million Tesla shares at a price of $21.15 per share, with a total transaction price of about $30 million. From the outbreak of new energy industry in 2020, Tesla’s share price can reach as high as $900 / share. Even taking into account the Tesla split, Panasonic’s earnings are still more than 100 times. Matsushita vice president Keiji Sato once said, “we and Tesla are not a community of common destiny, but different companies. We will judge calmly. ”
On the one hand, the relationship between Ningde era and Tesla is getting closer, and on the other hand, Panasonic is clearing its position in Tesla stock. The subtle relationship between the three can not help but cause market discussion.
According to Guosen Securities, Ningde times has a market value of less than 50 billion yuan since it was listed on the gem at the beginning of 2018, and by the end of May 2021, it has exceeded one trillion yuan. The market expectation has been gradually raised, and it has increased nearly 20 times in three years. Ningde times has become the “wind vane” of the industry by taking advantage of new energy.