After refuting the rumor many times, XIAOMI finally announced that he had built a car, and there was another strong general in China's new energy vehicle industry.

If Wang Chuanfu is the lone hero in the field of new energy vehicles in China, then Musk is the idol singer in the field of new energy vehicles in China, who leads the trend of electric cars and feeds China's electric car industry chain with enough orders.

Almost exactly the same as the mobile phone industry chain ten years ago, the fattened electric vehicle industry chain needs more new energy vehicle brands to integrate and fill production capacity.

At this time, Lei Jun came out again, claiming that he wanted to start his last business in his life.

Lei Jun, who was born in 1969, is already 52 years old. Ten years later, he is 62 years old, old enough to retire.

It could be the last time he started a business.

Ten years ago, Lei Jun, who was laid off and started a business, found Xin Wanda, who had just expanded production but was driven out of the supply chain by Jobs. The two hit it off and gave birth to XIAOMI.

Today, Xinwanda is still manufacturing floor-sweeping robots for XIAOMI with a very low gross profit.

Electric vehicles are more complex than mobile phones, and the industrial chain is more complex than mobile phones, but the advantage is that from the perspective of the industrial chain, electric vehicles are not fundamentally different from mobile phones.

XIAOMI has the strength to integrate the electric car industry chain, of course, the first choice is still an old friend: Xin Wanda.

Xinwanda has just released its annual report for 2020, which shows that in the field of power battery business, the business strength and development potential of power battery in 2020 have been recognized by many well-known new energy vehicle companies at home and abroad, and have made a breakthrough in sales performance. power battery business has a good momentum of development.

BEV ternary VDA and MEB product models lead the industry in technical indicators, have been fully applied in the market, and entered the European market in batches; lithium iron phosphate products have completed multiple model certification, excellent data performance, has been recognized by a number of well-known car companies and began to have mass production capacity; HEV technology maturity industry leading, with full market competitiveness.

Product applications have quickly entered high-end brand models, and a total of 34 models have entered the promotion catalogue.

The car companies that have established cooperative relations with Xin Wanda include: Renault-Nissan Alliance, VOLVO, Geely, easy Jet, Shangtong Wuling, Dongfeng Liuqi, Dongfeng passenger cars, XPeng Inc., Yundu and so on.

No wonder XIAOMI is so confident in building a car that his most loyal partner is ready.

Similarly, Desai batteries, which are also suppliers of Apple Inc mobile phone batteries, have also begun to move into power batteries.

Behind the dazzling light of the Ningde era, a large number of "second-line" power battery enterprises are eager to try on this track full of thorns and hopes.

1. Revenue of "second-line" power battery enterprises

1. Xin Wanda's annual report

In 2020, the company achieved a total operating income of 29.692 billion yuan, an increase of 17.64% over the same period last year, and a net profit of 802 million yuan belonging to the parent company, an increase of 6.79% over the same period last year.

The company's revenue is getting bigger and bigger, but the company's net profit is not high, which has something to do with the company's pursuit of scale rather than net profit.

From the perspective of revenue composition, the company's core business is the OEM of mobile phone digital batteries, notebook computer batteries and intelligent hardware, of which the intelligent hardware is mainly XIAOMI's floor sweeper.

2. Desai battery with slow transformation

When Xin Wanda was kicked out by Jobs, the new love she found was the Desai battery. Today, Xin Wanda has returned to the Apple Inc supply chain and is a battery supplier of Apple Inc products with Desai Battery.

However, the subsequent development routes of the two are also very different.

Xin Wanda, who has suffered losses, has made great efforts to develop businesses other than mobile phone digital batteries, while Desai batteries are deeply bound to Apple Inc.

Desai battery is cautious in every transformation, and the company's power battery business is just beginning.

From the 2020 annual report, if we only look at the increase in revenue and net profit, there will be a subjective and simple concept for Desai batteries: under the influence of the epidemic, it has still achieved a certain degree of revenue growth and net profit growth, which belongs to relatively normal growth.

However, the company's revenue composition has undergone earth-shaking changes.

The company's smartphone lithium battery business declined, but the smart wearable device battery business achieved rapid growth, with revenue of 3.115 billion yuan during the reporting period, an increase of 128.79 percent over the same period last year.

What do you have in the wearing category?

The company is Apple Inc's wearable equipment core battery vendor, there are two main types, Apple Watch and AirPods.

In 2020, Apple Watch sold well, with AirPods as the representative of the real wireless headphones. Although the mobile phone battery business declined seriously, the company's revenue scale was not greatly affected, especially the battery margin of wearable devices was higher, but the company's net profit increased not low.

From the point of view of the company's revenue composition, the impact on the entire Apple Inc supply chain is quite great.

Those who mainly do mobile phone business will not be easy to mix in 2020, while those related to headphones and AirPods will generally be not bad in 2020.

45.47% (8.82 billion) of the company's revenue comes from Apple Inc, and it is highly dependent on Apple Inc, which also means that it will be more difficult for the company to get out in the future when it encounters Xinwanda.

However, judging from the balance sheet, the company's financial situation is not normal.

Why would you say that?

The company has only more than 5 billion in paper cash, but more than 1 billion in long-term and short-term loans, so its short-term solvency is worrying.

Most importantly, the company did not buy wealth management products.

Wealth management products have become the standard for the "rich" of listed companies. If you don't buy financial management, it means that the company's funds must be tight.

Where is the money given by Apple Inc?

There are two major uses: one is that the amount of receivables is as high as 4.75 billion, and the other is inventory of 1.7 billion.

Although Apple Inc is the company's biggest customer, Apple Inc's debt is basically paid off within six months, and only about 2.1 billion of the balance belongs to Apple Inc.

Most of the rest are other clients.

In other words, customers who do not account for a large proportion of the company's revenue take up the amount of receivables of most companies.

Eventually led to the company's capital chain tension.

For Guoxuan Hi-Tech, the best news received in 2020 is to be bought by the public.

The rumor about the "affair" between Volkswagen and Guoxuan Hi-Tech has been circulated for a long time, and the parties concerned were silent again and again, and finally issued an announcement.

According to the announcement, after the completion of the private offering and share transfer of Guoxuan Hi-Tech, Volkswagen China will hold a total of 440802578 shares of the company, accounting for 26.47% of the total share capital of the company, making it the largest shareholder of the company. Li Gong, the former major shareholder of the company, and his actors will hold a total of 303126849 shares of the company, accounting for 18.20% of the total share capital of the company, making it the second largest shareholder of the company.

As a contestant who claims to be the second largest power battery manufacturer (actually the third in China), Guoxuan Hi-Tech has a market share of about 5% in China.

With the continuous withdrawal of new energy subsidies, the company's operating cash flow for many years are negative, deducting non-net profit is not good, the company is in operational difficulties.

For the company, the industry is a good industry, but there is no sufficient cash flow to support it for a long time. It is a good choice to find a rich financial father to hold his thighs.

two。 New energy vehicle technology, led by electric vehicles, represents the future.

In a sense, the automobile development route of exchanging market for technology is a failure.

But on the other hand, it is also true that the automobile development route of exchanging market for technology has been successful.

The failure is due to the fact that few successful companies in China have been able to compete with Toyota and Volkswagen in traditional fuel car companies, and many large car companies have invested heavily.

Success is due to the fact that after decades of development of the automobile industry, China's spare parts industry is very developed. Except for the individual core technologies such as engines and gearboxes, it is difficult to break through, and the rest of the whole automobile industry chain technology has basically approached the international leadership.

When the new energy car came, we were pleasantly surprised to find that what we could not catch up with, we could not use it, while the core technologies such as batteries were even more advanced.

In terms of technology reserve, China's new energy vehicle industry chain is on the eve of the outbreak.

In terms of national strategy, China, a country that imports 73 per cent of its crude oil (60 per cent of which is refined into refined oil and burned), is vulnerable to energy security. Fuel vehicles consume too much crude oil, and the replacement of new energy vehicles is the necessity of transformation.

3. Main points of investment in power battery industry.

In the field of power batteries, Ningde Times and BYD are the "leading brothers", but with the continuous expansion of China's electric car market, the demand for power batteries will become more and more exuberant.

After a long period of disorderly competition, the waves have screened out the best in the industry. Behind the leader, some "second-tier" enterprises still have ample market space and are expected to get part of the industry cake eventually.