[Dong Mingzhu's dream of a new energy car will die? Yinlong New Energy was exposed as “internal adjustmentâ€. Recently, Yinlong New Energy Co., Ltd. (hereinafter referred to as “Yinlongâ€) invested by Dong Mingzhu, Chairman of Gree Electric Appliances, attracted much attention. The company's Hebei Yinlong New Energy Co., Ltd. The company was exposed to the existence of excess capacity of electric vehicle batteries and the departure of some employees.
An industry insider who asked not to be named told the First Financial reporter that the Yinlong founder Wei Canghai left some black holes in the company. Yinlong is currently in a state of “internal rectificationâ€, focusing on product quality, supply chain management, manufacturing, etc. Improve management.
Automobile industry analyst Jia Xinguang analyzed with the first financial reporter that the battery capacity of Yinlong was "not a simple excess." Ningde era has both technology and capital, and has now become the world's largest supplier of on-board batteries. Different from the ternary material battery technology line of Ningde era, Yinlong has been the main pusher of lithium titanate batteries, and the future development direction of vehicle battery technology is not yet clear.
Net profit declined by 70%
Last year, Yin Long quickly raced across the country after Dong Mingzhu’s shareholding became the second largest shareholder.
According to the official website, there are currently 9 industrial parks in Yinlong, including industrial parks in Zhuhai, Chongqing, Shijiazhuang, Chengdu, Lanzhou, Tianjin, Nanjing, and Luoyang, as well as the United States Ao Ti Nanotechnology Co., Ltd.
After Dong Mingzhu entered, the pace of Yinlong's expansion has accelerated. For example, in August 2017, Yinlong and Luoyang signed a cooperation agreement. Yinlong New Energy Luoyang Industrial Park has a total investment of 15 billion yuan. After it is completed, it will achieve an annual output of 10,000 pure electric commercial vehicles and an annual output of 5,000 pure electric special vehicles. Annually produce 5000 new energy sanitation vehicles, as well as new energy pick-up trucks, pure electric farm machinery and many other new energy models.
The goal of Yinlong in 2017 is the production capacity of 30,000 new energy vehicles, with sales of 30 billion yuan; the production target for 2020 is 100,000 vehicles. However, the reality is cruel. The performance of Yinlong in 2017 was not optimistic. As the revenue increased slightly, net profit declined by nearly 70%. The unaudited annual report shows that Yinlong's operating revenue in 2017 was 8.752 billion yuan and net profit was 268 million yuan. As of December 31, 2017, the company's total assets were 31.512 billion yuan, and the total liabilities were 23.776 billion yuan. In 2017, Yinlong’s net profit fell by 67.94% compared to 2016.
Judging from the sales of automobiles, Zhuhai Yinlong had orders for more than 6,000 electric buses in 2017, which is a far cry from the original plan of 30,000 vehicles. In fact, Yinlong sold only 3,355 pure electric passenger cars in 2017, and its sales volume was nearly the same as that of 6,200 units in 2016.
Judging from the sales of batteries, according to the statistics of electric train exchanges, in 2017, Yinlong’s power batteries had a total of 59 products, of which only 3 products were not produced by Yinlong, and Yinlong’s batteries were mainly digested by themselves.
Since the end of last year, Yinlong’s car orders have been reduced substantially and production has plummeted. From January to March 2018, national sales of new energy buses increased by 328% year-on-year, and sales and sales volume of the passenger car industry showed a double-growth trend. Among them, sales revenue was 13.98 billion yuan, a year-on-year increase of 38.6%; China's bus industry had a total of 35,117 passenger car products with a bus length of more than 5 meters, an increase of 20.9% year-on-year. With the support of policies, new energy buses have increased their sales and sales revenue for the first quarter. New energy bus sales totaled 8,607, of which 8,198 buses and 409 highways. From January to March this year, the country's new energy buses are in a state of high growth.
Yinlong's sales are not so optimistic. From January to March this year, China's bus companies ranked seventh in sales of new energy passengers and buses, Zhuhai Yinlong ranked 499 and 475 in sales, while in March, sales of new energy buses were only 68%. The number of buses sold was only 45. In March, it was time for the auto market to pick up. However, the sales of Zhuhai Yinlong suffered a winter.
Technical defects are still expanding too quickly
Gree Electric Appliances held the "2018 Relaunch" large-scale evening party held on the evening of May 16th. The First Financial reporter noticed that most of the hundreds of busses responsible for shuttle passengers were Yinlong's electric buses. Dong Mingzhu printed a large advertisement for Gree's home central air conditioner.
However, the reporter did not appear in the album of the core partners that Gree Electric had sent to the guests.
Last year, Gree's smart equipment business revenue achieved rapid growth of more than 200 times. Most of this revenue comes from the sale of smart equipment to Zhuhai Yinlong's related party transactions.
A veteran of China's home appliance industry told the First Financial reporter that Yinlong is not in this album, and it may be that Dong Mingzhu wants to “avoid suspicion.â€
However, the development of Yinlong is full of ups and downs.
The first is technical issues. The above-mentioned Chinese home electronics industry veterans analyzed with the First Financial reporter that he had visited Toyota 16 years ago. At that time, Toyota was developing hybrid technology and nickel-hydrogen batteries. At that time, it was charged for 2 hours and ran for 800 kilometers; now it is charged for 3 minutes. , Run 1000 kilometers, and nickel-metal hydride batteries are not polluted. He believes that lithium batteries are transitional technologies. "Lithium titanate battery is a technology that has been eliminated in Japan and the United States because of its low density and short mileage."
The Guangtong Automobile, a wholly-owned subsidiary of Zhuhai Yinlong, is not far from the bus that uses lithium titanate batteries. It costs about 30 kilometers each time to run one round trip, and there is a serious problem of battery life. It is because of this inconvenience that Wuan City, Hebei Province, has returned some of the electric buses that run townships back to the fuel buses.
Recently, because of problems in the sales of Guangtong Auto, orders suddenly decreased. This directly led to Hebei Yinlong New Energy Co., Ltd., which provided batteries for the company, also falling into a state of overcapacity and a large backlog of inventory.
It is reported that there are five battery production workshops in Hebei Yinlong. In the normal production situation, there are about 700 workers in a workshop. Now only one of the workshops, this time took more than 600 employees.
Recently, employees in various shops in Hebei Yinlong Plant were receiving notice and were required to attend one-month training. The training period ended on May 31. Employees who cannot attend training on time will be resigned by default.
For the above report, an industry insider who is close to Gree stated that Yinlong is not willing to accept media interviews. Currently Yinlong is undergoing internal rectification. Excessive external intervention may cause contradictions at the shareholders level.
Followed by funding issues. The rapid expansion led to a substantial increase in costs. Li Zhi, vice president of finance at Yinlong New Energy, said that due to the current construction of multiple industrial parks and the country’s subsidy funds for new energy vehicles have not yet arrived, Yinlong does not make ends meet in 2017. The total funding difference is about 4 billion yuan.
On January 10th this year, a photo of a Zhuhai Yinlong supplier, Zhuhai Siqi, collecting debt at the entrance of Zhuhai Yinlong was aroused heated debate on the Internet. Although Zhuhai Yinlong later denied malicious default, it admitted to rejecting Zhuhai. Si Qi company part of the purchase price facts.
In view of the aforementioned unfavorable conditions and the cold weather of the new energy bus market, Yinlong plans to shift to the passenger vehicle market. Last year at the Beijing New Energy Auto Show, Yinlong, a new energy electric SUV, made its debut, which is also seen as a signal for Yinlong to enter the passenger car market.
Talking about the future trend of Yinlong, Jia Xinguang suggested that first of all, it is still necessary to do a good job in researching industry trends; secondly, to grasp the core technology, electrodes, diaphragms, and electrode fluids are key components and materials for batteries, and breakthroughs are needed to grasp the initiative.
Will Dong Mingzhu's dream of new energy cars die? Jia Xinguang believes that the electric vehicle industry is still developing and the demand for onboard batteries is also increasing. However, there are many blind investments in the auto industry. Many people still do not understand the auto industry. Tesla has "burned" several billion investments and it is still not known when it will be profitable.
It can be seen that the profit model of the electric vehicle industry is not yet mature and has not yet formed a virtuous circle of self-hematopoiesis. Cross-border "retrofitting" needs to be more rational and prudent.
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