Pret: Highstar Wins Orders for Battery Modules and Cells with more than 600 Million Yuan

On February 22, Shanghai Pret Composites Co., Ltd. (002324) announced that the company's holding subsidiary Highstar recently signed the 2023 Purchase and Sales Framework Contract with Daqin New ENERGY Tech (Taizhou). Highstar will provide Daqin New ENERGY Tech (Taizhou) and its subsidiaries with lithium-ion battery modules, batteries and other products with a total sales value of not less than 600 million yuan.

Pret said that Highstar focuses on the R&D and production of lithium-ion batteries and sodium-ion batteries, and has large-scale and high-quality battery production and manufacturing capabilities. Daqin New ENERGY Tech (Taizhou) focuses on the development of overseas household energy storage product R&D and production. It is one of the first excellent enterprises in China to deploy overseas energy storage markets. The two parties have joined forces to give full play to their respective advantages, and through complementary resources, they will jointly rapidly expand the market share of overseas household energy storage products.

In terms of performance, Pret expects a net profit attributable to the parent of 200 million to 250 million yuan in 2022, a year-on-year increase of 742% to 953%. According to the company, the main reason for the large increase in net profit in 2022 is that the sales revenue of the main automotive-modified materials has achieved a relatively large increase, and the sales volume of products has continued to grow.

In addition, Pret completed the major asset reorganisation of Highstar in August 2022, and Highstar became a holding subsidiary of Pret.