Original title: The stock price rises like a rainbow, and the reduction of holdings is as fast as the wind! Who is the hunter and who is the prey? The hot "energy storage concept stock " Shenghong Co., Ltd., the actual controller and management are staged a competition to reduce holdings
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Author | Baolang
Edit | Xiaobai
111. The stock price goes north and shareholders go south
Recently, Fengyunjun noticed such a company. The stock price of has risen like a rainbow, but the major shareholders are scrambling to escape , staged a huge reduction in holdings.
It is covered with current popular trend tags such as energy storage and charging piles, which has attracted the attention of the capital market.
It is Shenghong Shares.
Time goes back to 2017, when the company has just been listed. Fang Xing, Xiao Xueli and Sheng Jianming are the actual controllers of the company in concert.
Three years later, that is, in 2020, the relationship between joint action expires and the company's actual controller is changed to Fangxing.
In the recent rise in the company's stock price:
On June 2, 2022, the actual controller Fang Xing announced that he planned to reduce his holdings of the company's shares ;
html On July 29, Xiao Xueli announced that he planned to reduce his holdings of the company's shares by 5%;
html In September, director Li Han's wife and daughter, and senior executive Wei Xiaoliang were ready to move and announced plans to reduce their holdings.
(Note: market value APP, which is specially used for the registration system,)
In fact, this is not the first time that the company has been reduced by multiple parties many times, so that at this year's performance briefing, some investors issued such a soul-like question: Is the management level already in a lying state?
(Note: Company Announcement)
Since Xiao Xueli, Sheng Jianming and Fang Xing broke off the consistent relationship, according to Fengyunjun's general statistics, in the past year, Xiao Xueli has cashed out 400 million from the stock market, and Sheng Jianming has cashed out nearly 200 million .
Currently, the two hold 5.18% and 7.12% of the company's shares respectively, and the drama of reducing holdings and cashing out continues.
Compared with the actual controller Fang Xing cashed out only 14.03 million yuan, which is an alternative comfort for investors that is not as good as the top and the bottom.
Fangxing currently holds 18.89% of the company's shares.
2. Mainly overseas business, the sixth shipment of energy storage PCS
Shenghong Co., Ltd. itself has four businesses, three of which have new energy tags. Among them, the energy storage tag is the most eye-catching and the main driving force of the company's stock price, although it currently accounts for about 20% of the company's revenue.
In 2021, the energy storage business revenue accounted for 24%, an increase of 7 points year-on-year, becoming the company's second largest business. In 2017, when it was just listed, the revenue share of this business was the lowest among the four major businesses, only 5%.
Energy storage is the storage of energy. Electric energy storage is the most important energy storage method at present, including two types of technology types: mechanical energy storage and electrochemical energy storage.
Pumped energy storage in mechanical energy storage is the most mature power energy storage technology , but it is subject to many limitations and has limited development space; electrochemical energy storage is the most development potential of power energy storage technology.
According to CNESA data, as of 2021, the cumulative installed capacity of electrochemical energy storage was 24.3GW, and increased by 1% year-on-year, accounting for 11.6%, up 4 points year-on-year, and developing at a relatively fast speed.
(Note: Paineng Technology's 2022 Private Issue Prospectus (Draft for Application))
The company's energy storage products are currently mainly used in electrochemical energy storage. Currently, the products are mainly energy storage converters (PCS) and semi-integrated energy storage systems, mainly facing the industry and commerce and the power grid side, and belong to the middle of the energy storage industry chain.
Energy storage converter: controls the charging and discharging process of the energy storage battery pack and performs AC and DC conversion;
semi-integrated system: integrates all electrical designs and equipment in the energy storage system into one container, and customers only need to install the battery to use it directly.
(Note: KU Guochuang 022 Private Issue Prospectus (Draft for Application))
The company's energy storage business is mainly overseas, currently accounting for more than 60% overseas, mainly in North America and Europe, and is the top three energy storage markets in the world.
According to statistics, as of 2021, the cumulative installed capacity scale ranking of new energy storage projects in the global power system is mainly distributed in North America, Asia-Pacific and Europe. In 2021, the total number of new installed capacity of the United States, China and Europe accounts for 80% of the global market.
(Note: White Paper on Energy Storage Industry Research 2022 (Abstract Edition))
has developed rapidly since its listing, rising from 2017 to 240 million in 2021.
However, in the first half of this year, the sector ushered in negative growth for the first time, with revenue of only 80 million, and the growth rate fell by 4 percentage points year-on-year.
The specific reason for the company did not explicitly state that it may be due to the high battery cell price that led to the slow pace of energy storage project construction.
According to CNESA data statistics, among the shipments of China's energy storage PCS providers in 2021, Shenghong Co., Ltd. ranked sixth in the number of new commissioned and installed capacity at home and abroad.
In its more focused overseas markets, Sungrow Power Supply , Kehua Data, BYD , Guruiwatt, Shangneng Electric and other companies rank in the top five. In addition to Gurivat, who is currently IPOing on the Hong Kong Stock Exchange, other listed companies, Fengyunjun, are covered. If you are interested, you can search and read it on the Market Value Fengyun APP.
(Note: White Paper on Energy Storage Industry Research 2022 (Abstract Edition))
In addition, it must be mentioned that the gross profit margin of the company's energy storage business has continued to decline since its listing, falling from a high of 69% to 36% in 2021, and rebounded to 45% in the first half of this year.
In May this year, the company released a convertible bond issuance plan, planning to raise 400 million yuan for the construction project of 5GW energy storage equipment annually, but no progress has been made so far.
(Note: Company Announcement)
It is worth mentioning that the company raised 300 million yuan during its IPO. After repeated delays, the two projects originally scheduled to be completed in August 2018 were changed to April 2023, and the R&D projects in the area are expected to be completed in August 2020 will also be changed to the end of 2021.
can only be said, it has been 5 years, and I am afraid that children can make soy sauce.
Fengyunjun can only say that we should not use the drastic changes in the industry as a reason, and it is more important that the company itself is not useful. Feasibility analysis of , which is flying around, isn't , not as good as toilet toilet paper?
(Note: Company Announcement)
3. Charging pile: The scale is not enough, but the profit is good
Electric vehicle charging and swapping service is the company's second largest new energy tag business, with revenue accounting for 19%. The market attention is second only to the energy storage business, and its main product is charging piles.
(Note: 2022 semi-annual report)
The company slapped a wide chest hair and said that it will focus on charging piles and energy storage business areas in the future.
The company's charging pile business currently comes mostly from China, and most of the revenue from domestic charging piles comes from the whole machine. The main customer type is urban charging station operators.
is obvious. As a supporting industry for new energy vehicle , the development of charging piles depends on the development of the new energy vehicle market.
The new energy vehicle market is very enthusiastic in 2021, causing the penetration rate of to jump from 5.4% in 2020 to 13.4%.
(Note: China Automobile Manufacturers Association , Fute Technology's prospectus pre-disclosed)
corresponds to the company's performance. From 2017 to 2020, the revenue scale of this sector steadily grew, and the first 22% decline in 2021 was mainly due to the fierce market competition of passenger car charging station operators in the city developed by the company, the project investment recovery period is long, and the speed of operator investment and website building has temporarily slowed down.
Benefited from the stimulus of policies and demand in the new energy electric vehicle industry, the business sector was in a reversal trend in the first half of this year, with revenue increasing by 55% year-on-year.
In 2021, the number of new energy vehicle charging piles in my country reached 2.617 million, while the number of new energy vehicle ownership was 7.84 million. According to this calculation, the vehicle-pile ratio is 3:1, which is still far from the current construction plan of the 1:1 vehicle-pile ratio.
(Note: Fute Technology's prospectus pre-disclosed)
For this type of brand-name market, the biggest problem is that it attracts more and more entrants, and the market competition is fierce.
Judging from the comparison of relevant performance of some listed charging pile companies in 2021, Shenghong Co., Ltd.'s current revenue scale is not large, but because it is in the upstream of the industry, its profitability is still strong. However, from the perspective of the industry's average profit margin level, the current profit margin performance is almost impossible to continue.
In addition, the development of the new energy industry has enabled lithium battery manufacturers to expand the production capacity of lithium battery . The company's third new energy label business, "battery detection and chemical equipment", has increased demand, and its revenue doubled in the first half of this year.
Currently, the sales of related equipment in this sector are mainly in the customer laboratory field rather than the production line field, and customers include CATL , etc. However, the revenue scale of this sector is not large, accounting for 15% of its revenue in 2021.
4. Pulse growth of industrial supporting power supplies, making profits difficult to maintain
Although new energy-related businesses have attracted the attention of the public, the company's largest revenue is still from old businesses such as industrial supporting power supplies, which is also the company's starting business.
This type of business is mainly to solve the problems encountered by users during power use, ensure the quality of users' electricity use and the safety of electricity use. It can be widely used in 30+ industries including high-end manufacturing.
(Note: 2022 semi-annual report)
In 2021, stimulated by the demand for downstream high-end new materials and semiconductors, the revenue of this sector exceeded 400 million for the first time, with a year-on-year growth rate of nearly 50%, and the gross profit margin remained above 50%, which can be said to be one of the few high growth in recent years.
(Note: Starting from 2021, industrial power supply and power quality products will be merged into industrial supporting power supply business)
5. Profit margin is the highlight, and shareholder returns are still low
Overall, since its listing in 2017, Shenghong Shares' revenue has continued to grow, rising from 450 million to 1.02 billion, with a CAGR of 23%. In the first three quarters of this year, the company's revenue continued to grow 42% year-on-year to 930 million.
The company's net profit attributable to shareholders in the first three quarters was 130 million yuan, which is higher than the whole year of last year.
The company's comprehensive gross profit margin is relatively high, and the overall profit margin remains above 43%.
The company's sales expense ratio and R&D expense ratio are small, and it is mainly driven by sales.
Cash cycle days show that in 2021, the company needs to deposit 53 days of its own funds for completion of a round of "purchase, inventory and sales", and the efficiency of capital utilization has been significantly improved.
017-2022Q3, the company can earn real money, but due to the increase in capital expenditure in recent years, the cumulative free cash flow of is only 30 million, and its ability to return shareholders is weak.
From the actual dividend , the company's dividend rate has remained around 20% in recent years.
Judging from the cumulative fundraising and dividends since its listing, the current dividend level is still relatively low.
(Source: Market Value Fengyun App Wu Stock Rating)
Conclusion
Company's business has expanded from industrial supporting power supplies with stable profitability to new energy track businesses such as energy storage, charging piles, and battery testing.
Among them, energy storage and charging piles are the two areas that the company focuses on in the future. The industry competition environment is relatively fierce. The company's energy storage PCS ranks sixth in domestic and foreign shipments. The revenue scale of charging piles is relatively small but its profitability is relatively strong.
Overall, the company's quality is pretty good, but whether it can match the overheated secondary market trends is probably the insider has told you and me the answer with an honest body.
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