Recently, Honeycomb Energy Technology Co., Ltd. (referred to as "Honeycomb Energy") IPO of Science and Technology Innovation Board was accepted by the Shanghai Stock Exchange, which also means that the only unlisted company among the top ten power battery companies in the world has officially entered the capital market .
prospectus shows that the company's investment funds raised this time are mainly used in the Honeycomb Energy Power lithium-ion battery project, the ternary high-energy density battery and system development project, the "second-generation" cobalt-free positive electrode material, the cobalt-free battery and system development project, the "short knife" battery and system development project, and other new battery development projects.
Editor found that the current market's judgment on the relationship between Hive Energy and Great Wall Motors is not accurate. In 2018, Honeycomb Energy officially became independent from Great Wall Motors, and since then, the two companies have been completely independent on equity structure .
( Tianyan Check shows that Honeycomb Energy and Great Wall Motors have achieved complete independence in equity structure)
In the process of independent development, Honeycomb Energy has gradually built internal driving force for long-term development and achieved high-quality development. According to SNE Research, the cumulative installed capacity of Honeycomb Energy's power battery in 2021 ranks tenth among global companies; according to statistics from the China Automobile Power Battery Industry Innovation Alliance, in 2021 and the first half of 2022, Honeycomb Energy's power battery installed capacity ranked sixth in China. With the continuous release of market demand and the company's production base gradually put into use, Honeycomb Energy is expected to further accelerate its growth.
Industry insiders said that Honeycomb Energy achieved high-quality development in the early stages of its establishment, which is actually closely related to the company's cornerstone customers. Taking the cornerstone customers of Great Wall Group as an example, through early mutual support, the company has been able to continuously improve product research and development and testing, realize effective technology iteration and upgrade, thereby creating a battery expert who understands cars better. In addition, in the long run, with the increase in entrants, this part of the cornerstone customers will be conducive to the company's long-term stability in the power battery industry.
In fact, the high customer concentration of power battery companies is a common phenomenon in the industry. Generally speaking, power battery manufacturers will comprehensively consider their own situation, choose to focus on developing a few strategic customers, and cooperate in depth with them, which has led to a high concentration of customers in many power battery companies in the early stage.
At the same time, Honeycomb Energy has achieved remarkable results in customer expansion with its excellent products and advanced technologies. In addition to Great Wall Motor, it has also reached cooperative relationships with complete vehicle companies such as Geely Auto , Leapmoto Auto , Dongfeng Auto , Lantu , Xiaopeng Auto , Ideal Auto, Beam Auto, Salis Auto, Hezhong New Energy Vehicle and other vehicle companies, and has also carried out business cooperation with well-known international car manufacturers such as PSA (Stellantis Group ).
The good customer development results are also reflected in the company's related transactions . Since 2021, the proportion of related transactions in Honeycomb Energy's main business has shown a significant downward trend, and as of the second quarter of 2022, this value has dropped to 52.23%. During the same period, the quarterly compound growth rate of non- related transactions in the main business of was 163.37%, far higher than the compound growth rate of related transactions of 0.16% and 13.89% of the overall sales compound growth rate.
Overall, since the independent development of Honeycomb Energy for four and a half years, it has gradually built a solid market position with its leading technological advantages. I believe that as Honeycomb Energy successfully enters the capital market in the future, the company will further enhance its market competitiveness and achieve high-quality independent development.
