On July 6, 2017, Chengfei Integration (002190) released the latest investor activity relationship record form disclosure. After the completion of the lithium-fired Luoyang Phase III project and the Jiangsu Phase I project, the production capacity will reach 5G watts; the Jiangsu Phase II project will also be implemented. The design capacity is 5-7G watts, which will exceed 10G watts in total. The detailed communication is as follows:
1. What is the production capacity of the company's existing lithium battery business?
After the completion of the lithium-fired Luoyang Phase III project and the Jiangsu Phase I project, the production capacity will reach 5G watts; the Jiangsu Phase II project will also be implemented, with a design capacity of 5-7G watts, which will exceed 10G watts.
2. Is the capacity of the project under construction fully operational in the fourth quarter?
The Luoyang Phase III and Jiangsu Phase I projects can be fully put into operation at the end of the year, but the design capacity must be gradually realized.
3. What is the current market situation and the market situation in the second half of the year? How much is the shipment volume higher than the first half?
At present, the market has gradually started, showing an upward trend in the second half of the year; shipments will be determined according to the release of orders and capacity. Due to the low shipments in the first half of the year, the second half will definitely increase significantly from the first half.
4. The company's products account for the proportion of lithium iron phosphate and ternary? Jiangsu's second phase mainly invests in ternary batteries. Does the market layout have large customer cooperation intentions?
At present, lithium iron phosphate is the mainstay. After the second phase of Jiangsu construction, the amount of ternary batteries will exceed that of lithium iron phosphate. The layout of the three-yuan market companies with cooperation intentions, including Changan Automobile, which has already been supplied, will form a strategy with the group. Cooperation with Dongfeng Motor and so on.
5. Do we still do energy storage? Are there other market applications?
The energy storage market has not yet started, including electricity, mineral storage, etc., but the company has made sufficient preparations, such as the safety certification, etc., once this part of the market is launched, the company will be qualified if it is qualified. The initiative, as a supplement to the market segment. In addition, the company actively explores the market and promotes cooperation in the application of communication base stations.
6. What is the price of the product and the bidding margin? Does it exceed 20%? Does the policy have any impact on the receivables?
Affected by the subsidy policy, the price reduction of lithium battery products will reach or exceed 20%, which will affect the company's product gross profit; of course, the company will also control the cost of materials, and some materials can pass the risk of falling product prices. Policy adjustments and regulations have a greater impact on car companies, which will affect the company's accounts receivable.
7. Will lithium battery products still cut prices next year?
This is not a good judgment. It depends on the market competition. However, this year’s policy impact will not be so large. After the subsidy policy adjustment is promulgated, it will remain unchanged for two years. Therefore, the product price next year will mainly depend on Competition situation.
8. What is the trend of material prices?
Most of the materials showed a trend of price cuts, and some of the raw materials were firmer and even rising. As material manufacturers expanded their production capacity and gradually released their production capacity, competition increased and prices will gradually stabilize.
9. The company's auto parts grew faster this year. The main customer is Chery Automobile. Is this part and the second half of the auto mold part expected?
The company's auto parts are currently maintaining a good growth trend. On the one hand, its main customer Chery Automobile has integrated its subsidiary with Ruiqi as a strategic supplier. With the good development of customers, it has a rapid growth. On the other hand, it integrates Ruiqi. It is also investing in capacity expansion to increase production capacity.
10. Does the company have any intention to cooperate with the project? Faced with market fluctuations, do not worry about overcapacity in the industry? Does the company participate in the military market?
I think that if there is a surplus in this round, it will be a structural surplus. In the face of policy adjustments, after reshuffle, it will enter a new competitive landscape. We have relevant weapons and equipment production license certification, the company is actively expanding the military application market, but this part will not be too large for the time being.
11. The management model of the company management team? Is there any equity incentive?
It is the tenure system appointed by the board of directors. Of course, it will not be replaced at will after the term of office, and will continue to be appointed. There is currently no equity incentive, but it will be actively explored.
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