Ningde is very popular in the capital market. In 2017, the sales volume of power batteries ranked first in the world

Recently, ningde times in the capital market every step, has attracted a chase after and carnival. But its big dreams in capital and power batteries are mixed.

Just 24 days after the filing of the prospectus, ningde times broke the previous record for a listed company's meeting time. May 29, ningde times issued a prospectus and gem IPO notice, May 30 launched online purchase. The offering price per share is 25 cents, according to the prospectus. 14 yuan, the number of shares issued is about 2. 1.7 billion shares, expected to raise a total of 54. 600 million yuan. That figure, though, is far from the 131 pre-disclosed in the previous prospectus filing. 200 million yuan, a drop of more than half, but still broke the gem since the establishment of the highest record.

On the evening of May 30, ningde times issued a notice saying that since the initial effective subscription multiple online was 3,201 times, higher than 150 times, the issuer and co-lead underwriter decided to start the callback mechanism and transfer 60% of the shares of this issue online from offline. After the pullback, the final number of shares issued off-line was 21.72 million, accounting for 10% of the total. The final number of online offerings is 1. 9.6 billion shares, or 90 percent of the total. After the pullback, the winning rate of this online pricing issue is 0. 093736%, subscription multiple of 1067 times.

Shanghai securities research institute gives an earnings forecast of 20-25 times of ningde times' 2018 earnings per share, which is a reasonable price/earnings ratio, corresponding to a valuation range of 29. 00 yuan - 36. 25 yuan.

Before this, the head of the head "unicorn" the industrial rich union of aureole has finished explain buy, medicine bright Kant already landed A share, hot degree makes industry jaw-dropping, also having "unicorn" title ningde times land gem also cause industry extremely high expectation.

May 31 news said, in view of the new shares and new shares issued online subscription ceiling into a positive correlation, ningde times is expected to become the growth enterprise market the highest rate of new shares. "By the harvest of 16 drug Kant trading board calculation, a signed ningde times profit of nearly 100,000 yuan. The market's enthusiastic response was evident.

Ningde era is popular in the capital market because of its rapid development in the field of power batteries in recent years. In 2017, its sales of power batteries ranked the first in the world, surpassing panasonic and byd. Its customers include BMW, Volkswagen, geely, dongfeng, yutong and other well-known domestic and foreign auto companies. The number of new customers in 2015-2017 was 96, 58 and 119, respectively, with 17 new customers contributing revenue. 900 million yuan, 6. 500 million yuan, 1.8 billion yuan. 000 million yuan. However, the company's customer concentration is declining. Data from Shanghai securities research institute shows that the sales amount of the top five customers accounted for 82 percent in 2015. 62 percent, down from 51 percent in 2017. 90%.

According to the data, the operating income of ningde times in 2015-2017 was 57 times respectively. 3 billion yuan, 14.8 billion yuan. $7.9 billion and $19.9 billion. 9.7 billion yuan, an annual compound growth rate of 87. 26%; Net profits were 9. 5.1 billion yuan, 3 billion yuan. $8.9 billion and $4.2 billion. 8.8 billion yuan, an annual compound growth rate of up to 112. 39%. The decline in the annual net profit growth rate of the ningde era from 2015 to 2017 was also very striking. In 2015, net interest rates in the ningde era rose as high as 1,609 percent year-on-year. Ninety-four percent. By 2016, it was 206. 43 percent, and in 2017 that number went back to 35. 98%.

In the eyes of the outside world, it was a bit of a surprise that ningde times saw its order books increase and decrease continuously in the past few years, but the amount of capital raised when it finally went public decreased dramatically.

"The amount raised is based on the number of shares to be issued and the expected price, which is in line with regulatory regulations," said guo yingying, managing director and sponsor representative at citic jiantou investment banking. Zeng yuqun, chairman of ningde times, said in response that the reduction of the company's capital raising did not affect the implementation of the project. "we also raised funds through a variety of financing channels, including self-owned funds and bank loans, to ensure the smooth implementation of the project."

"This is the relevant departments for the development of the power battery industry to release a few signals." Yu qingjiao, secretary general of zhongguancun new battery technology innovation alliance and chairman of the battery hundred people's association, said in an interview with the economic observer that the first signal was the alert to the risks of capacity expansion. Ningde times said in its prospectus that the funds would be used for the ningde times lake west lithium ion battery production base project; And ningde times power and energy storage battery research and development projects.

Obviously, reducing costs, product standardization, improve the cost performance, are inseparable from capacity expansion. Expansion has been the established course of action for all battery companies in recent years. But if the supply of the current market is simply aimed at a lack of expansion, or some risk. "The reduction in approvals should be motivated by the desire to limit excessive capacity expansion and focus on improving competitiveness." According to yu, investment in battery companies' capacity expansion has been hot recently, and the China securities regulatory commission wants to control the pace and not blindly follow suit.

In addition, it is also considered to reduce the amount of capital raised in combination with the valuation changes caused by the decline of profit margins in the audit and concerns about future profits.

According to yu puritanism, even for "unicorn" companies, ningde times could not avoid the "squeeze at both ends" faced by the battery industry. In 2017, ningdetimes' net profit margin on sales was 20 percent. 97 percent, compared with 19 percent in 2016. 61 percent, compared with 16 percent in 2015. 67%. Under the scale effect, its profit margin increases year by year. However, its year-on-year growth rate of non-net profit deduction has been declining all the way. In 2017, the year-on-year growth rate of non-net profit deduction in ningde times was -14. 74 percent, compared with 216 in 2016. Sixty-one percent, compared with a staggering 6,619 in 2015. 47%.

But regarding the upstream, the government to the vehicle enterprise's subsidy in the gradual decline, has the very big influence to the industry. In addition, the crackdown on fraudulent subsidies requires operating new energy vehicles after 30,000 km to apply for subsidies, and the cycle of payment collection of vehicle manufacturers is lengthened, which also leads to the increase of receivables in the battery industry. Upstream, raw material prices have been rising. Since last year, the high price of upstream cobalt energy has boosted profits for cobalt energy companies.

Under the attack of upstream and downstream, the battery enterprise's profit shrunk sharply, from the point of listed companies in 2017 annual report, Chinaspecial lithium electricity belonging to sichuan chengdu integration Technology holdings Co., Ltd. (chengdu integration), hefei countries hin high-tech Power energy Co., Ltd. (the porch tech center), Dynavolt Renewable Power Technology Co., Ltd. (the lion Technology) net profit is negative.

"Battery enterprises are a sandwich layer. On the one hand, raw materials are rising; on the other hand, vehicle enterprises need to significantly reduce costs. Previously, a senior executive of shenzhen watma battery co LTD told the economic observer.

Such is the problem facing battery companies. With the adjustment of the subsidy policy for new energy vehicles, the price of power batteries in China generally fell in 2017. At the same time, the price of upstream raw materials has been rising rapidly, and the profit space of battery enterprises has been constantly compressed due to the double pressure from the top and bottom.

At the same time, the competition between power battery companies is also intensifying. Last year, byd announced the independence of its power battery business. After the independence, byd battery has obviously increased its efforts in market development. Sales of power batteries in April showed byd's battery sales at 1. 32Gwh installed more than ningde era, once again become the industry leader.

Another potential risk is that the path of power battery technology is not yet clear. If disruptive materials and technologies emerge in the next three to five years, the current leaders will face even greater challenges. With the development of technology, the energy density and cost performance of fuel cells, sulfur-lithium air batteries and other technical routes surpass lithium ternary batteries, and the ternary lithium batteries, which are in the mainstream of the market, are also at risk of being replaced.

Driven by both performance expansion and industrial development prospect, power battery enterprises have entered the capital market recently. Such as the electric power god backdoor st jialing, baic new energy backdoor SST forward. In terms of individual ipos, only the ningde era has made it so far, with three or five companies still in the queue. "Overall, companies are short of capital against the backdrop of capacity expansion." Industry insiders suggest that, do not all to squeeze the IPO bridge, mergers and acquisitions reorganization backdoor listing, including asset mergers and acquisitions also do not lose a good way of financing development. "The listing of ningde era is of great significance for China's battery industry to improve its international competitiveness and participate in the competition in the international market. It was called Puritan. He thinks, at present, we are compared with Japanese panasonic, Korea LG chemical, samsung SDI power battery, still have certain gap. Therefore, the government gives support at different levels, hoping to compete with Japanese and Korean battery companies in technology, export volume and market share in the future.

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