On the evening of April 27th, German Nano (300769) released its annual results report, saying that the net profit and loss attributed to shareholders of listed companies in 2020 was about 28.4 million yuan, down 128.36 percent from the same period last year; operating income was about 942 million yuan, down 10.62 percent from the same period last year; basic earnings per share was 0.36 yuan, down 114.06 percent from the same period last year.
German Nano said the main reasons for the sharp decline in the company's performance last year were:
First, the reasons for production and sales. Affected by the epidemic, the operating rate of the whole industry declined in the first half of 2020, resulting in an increase in sales of the company's main product lithium iron phosphate for the whole year, but not as expected; in addition, affected by the epidemic, the production dates of the construction project of qu Jinglin Iron and the first phase of qu Jingde's construction project were delayed, resulting in the postponement of the originally planned production capacity in the second half of 2020.
The second is the price reason. Compared with the same period in 2019, the price of lithium iron phosphate declined as a whole in the first half of the year and hovered at a low level in the second half of the year.
The third is the reason of cost. The company is in the stage of capital expenditure, capacity and personnel expansion, various expenses have increased significantly, while production and sales have failed to keep up with Synchronize, resulting in a significant increase in expense rate. In addition, share payments also increase fees.
According to public data, German Nano is a manufacturer of nano-lithium iron phosphate cathode materials and carbon nanotube conductive fluid, and is a leading enterprise in the lithium iron phosphate industry, and its products are widely used in the production of power batteries and energy storage batteries. At present, the company's nano-lithium iron phosphate production base (including projects under construction and pre-planning and design projects) has a total of 5 places: Foshan German side, qu Jinglin German side, qu Jinglin Iron and Yibin German Times, Defeiwei (chip), among them, Foshan German side is the company's pre-listing, mature production base; The first phase of Qujing German side project is the company's initial public offering to raise funds, and Qujing German Phase II is the company's 2020 investment project to raise funds by issuing shares to specific targets; Qujing Lintie is a joint venture company controlled by German Nano and jointly invested with Ningde Times; Yibin German Times is a wholly-owned subsidiary of Qujing Lintie; and Dezhong Yiwei (chip) is a holding subsidiary to be built in a joint venture with Yiwei Lithium Energy.
According to German Nano disclosure, from 2018 to 2020, the company's sales of nano-lithium iron phosphate were 16800 tons, 23400 tons and 30700 tons respectively, with an average annual compound growth rate of 35.18%; carbon nanotube conductive liquid sales were 1281.59 tons, 1626.11 tons and 1282.09 tons respectively. Overall, the scale of carbon nanotube conductive liquid business is basically stable. Among them, in 2020, the company's nano-lithium iron phosphate and carbon nanotube conductive liquid income were 907 million yuan and 34 million yuan respectively, accounting for 96.32% and 3.56% of the company's operating income, respectively, and their gross profits were 92.4111 million yuan and 4.9244 million yuan, respectively. accounted for 94.68% and 5.05% of the company's total gross profit, respectively.
In terms of market demand for electric vehicles, Ningde Times and BYD respectively launched "CTP" and "blade battery" technology, which provided a reliable technical guarantee for the further promotion of lithium iron phosphate; popular models such as "Modle 3", "BYD Han" and "Hongguang mini" adopted lithium iron phosphate battery to make the technical route of lithium iron phosphate more popular in the terminal consumer market. The decline of the price of new energy vehicles, the further popularization of the distribution of charging piles, the wide promotion of fast charging technology and the exploration of power exchange mode have created a more convenient environment for the use of lithium iron phosphate version of electric vehicles. With the progress of the above-mentioned technical level, the improvement of product power and the convenience of the application environment, the lithium iron phosphate power battery is gradually enriched in the industrial ecology, which effectively promotes the development of the industry to the direction of depth.
In terms of power energy storage market demand, in addition to Electroweb frequency modulation, peak regulation and communication base station energy storage, the demand for energy storage in the field of wind power, photovoltaic and other new energy generation is becoming more and more urgent. "carbon peak and carbon neutralization" will reshape all aspects of China's energy system and power system "generation-transmission-transformation-distribution-use" in the medium and long term, as the power system develops in the direction of new energy, distribution and intelligence. power energy storage is expected to become another important application scene for the company's business development in the future.
In addition, last year, German Nano understarted existing capacity and delayed the commissioning of new projects, resulting in lower-than-expected production and sales for the whole year. Therefore, the company pays more attention to the construction of new production capacity this year: on the morning of March 31st, the opening ceremony of the "annual production base project of 100000 tons of lithium iron phosphate" jointly built by German Nano and Yiwei Lithium Energy was held in Qujing Economic Development District. Before the opening ceremony, the German Nano and Qujing Economic Development Zone signed an annual production base project of 150000 tons of lithium iron phosphate.
At present, the annual production capacity of German Nano Lithium Iron Phosphate is about 80, 000 tons, which is much higher than that of last year, and the company's production capacity is expected to reach 120000 tons by the end of 2021 as the project to raise shares to specific targets is put into production in the second half of the year.
Battery Network found that the performance of German Nano has improved significantly in the first quarter of this year. According to the first quarterly report released by the company, the company achieved a total operating income of 510 million yuan in the first quarter of 2021, an increase of 224.07% over the same period last year; the net profit of shareholders belonging to the parent company was 50.6872 million yuan, an increase of 678.57% over the same period last year; and basic earnings per share was 0.57 yuan. The company said that the main reason for the sharp year-on-year increase in performance was a sharp decline in operating income and net profit due to a decrease in orders in the same period last year due to the epidemic. With the effective control of the domestic epidemic situation, the rapid development of the new energy vehicle industry and energy storage industry, the strong demand of downstream customers, and the gradual release of the company's new production capacity, the company's production and sales have been greatly improved compared with the same period last year, promoting the rapid growth of the company's performance.
It is worth noting that on March 30th, German Nano issued an announcement, in order to focus on the main business, improve the company's competitive advantage, and optimize the company's profit structure, the company plans to sell the fixed assets, inventory and intangible assets involved in the company's carbon nanotube conductive electro-hydraulic business to Qujing Feimo Technology Co., Ltd., the transaction consideration is 24.4214 million yuan, paid in cash; Qujing DeFang Nanotechnology Co., Ltd., a wholly-owned subsidiary of the company, plans to lease some of its factories to Qujing Feimo for a term of one year, with a total annual rent of 1.0647 million yuan with reference to the market price.
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