The most recent Chinese soft bag has a big event.

On March 23, the General Administration of Market Supervision Administration issued an announcement, Beiqi Xinyuan Automobile Changzhou Co., Ltd., Beijing Auto Co., Ltd., Beiqi (Guangzhou) Automobile Co., Ltd., filed on the State Market Supervision Administration, decided to be 2021 From March 24th, the EX360 and EU400 pure electric vehicles produced from November 1, 2016 – December 21, 2018, totaling 3,1963.

The battery equipped with two models is produced by Fu Can Technology.

The announcement of this Fu can be released, the recall of the recall is expected to be between RMB 30 million to 50 million yuan, the warranty of the company, will not have a significant impact on the company’s 2021 net profit.

Fu Can Technology of “The First Share of Power Battery” just listed in July last year, although the year has been rising, but the days are not good. On the one hand, the big customers continue, but it is often only for one year, there is no copy. On the other hand, Fu can go out of the order acquisition, production capacity expansion, and heavy partners, and continuously emit good news.

The development trend of Vi can definitely not sustainable. Can Fu can be up, still down?


2020 performance is a bit miserable

The results of the performance released, 2020, total operating revenue is 1.53.0 million yuan, down 53.1% year-on-year; the operating profit is $ 418 million, down 402.31% year-on-year, the total profit decreased by 393.84%; the same period earlier is 131 million yuan.

In addition, net profit attributable to the owner of the parent company fell by 340.64% year-on-year; net profit attributable to the owner of the parent company fell by 5,581.71% year-on-year; basic earnings decreased by 320.00% year-on-year; weighted average net assets The rate is reduced by 5.67 percentage points.

Such performance can be used very wound.

Since 2018, Funeng Technology’s deduction net profit has been losing a loss, but in 2019, this data turned forward and has a small profit. At present, according to Fu Can Technology 2020 Performance Express, its deductible net profit is still negative, and the loss is large.

Source: Fu Can Technology 2020 Performance Express

From the perspective of financial report, the loss of Fu can further expand unless the regular profit or loss is removed. The so-called non-regular profit or loss is the first one or occasional profit or loss other than the company’s normal operating profit or loss. Here, mainly refers to government subsidies and investment income. It is also shown that Fu can be poor in sustainable profitability.

(1) Daily asset impairment

Before the Performance Express, the accounting asset impairment of Fu Energy is prepared for 152 million yuan, first attracted attention, and issues to ask the inquiry.

In this regard, Fu Can Technology explained that inventory of impairment in A product storage is mainly the A product core 29F, the impairment amount is 42.28 million yuan, accounting for 64.18% of the impairment amount of A product inventory. The inventory amount in 1 year in the 29F battery is 39.93 million yuan, and the amount of inventory in 1-2 years is about 120 million yuan. The product depreciation begins in the fourth quarter of 2020.

According to reply, Fu Can Technology has been further processed into a module or battery pack for the first 29f battery. The main target customer is Great Wall Auto Co., Ltd. (hereinafter referred to as Great Wall), mainly supplying a certain model for Great Wall Motors for “webmark car” The model of the market. The model is well experience in 2019, Great Wall Motors and Fu Can Technology expects the probability of the model in 2019 in 2020. However, in the first half of 2020, it was influenced by the epidemic of new coronal pneumonia. In the year, I encountered a change in the parameters of the net approximation, so that the Great Wall car updated iteration, and re-introduced the product after updating iteration in the fourth quarter.

Therefore, Last year, Fu Can Technology’s sales of Great Wall cars did not expect, resulting in a largest inventory for A products that were deposited due to stocks.

“Considering the actual situation of stocking of stock batteries and the demand for company funds, the company’s management decides to take direct sales of the electrical cells of the stocks.” Fu Can Technology said. In November 2020, Fu Can Technology and Hangzhou Yumei Technology Co., Ltd. signed a sales contract of 1 million 29F batteries, and sales unit cost is lower than unit cost.

Another product B product cell has no signs of impairment, which is due to the defects and defects in terms of appearance or performance, making it below normal cells. The B products for impairment in 2020 mainly came from the first phase of Fune Zhenjiang.

(2) In the first half of the epidemic, the customer did not come back in the second half of the year.

Fu Can said in the 2020 Performance Express, product sales, due to epidemic reasons in the first half of 2020, the company has decreased significantly in 2019, in the second half of 2020, these models of these models did not rebound with the industry. Between, due to the update of the vehicle factory products, there has been a phenomenon that has been discontinued, directly leading to the company’s 2020 main business income sharply.


Can’t hold the customer: Beiqi, Great Wall, there may be Daimler

Fu Can Technology is not only large for large customers, but also is very bad.

(1) Old customers are lost, the new customers are not expected

Another concern in the calling exchange inquiry letter is that the main customers in 2020 have changed compared to 2019. In 2019, the top three major customers of Fu Can Technology were Beiqi Group, Great Wall Auto and Shanghai Rui Magnesium New Energy Technology Co., Ltd. (hereinafter referred to as Shanghai Rui Magnesium). The amount of sales in the same year was 110.2 billion yuan, 564 million yuan and 407 million. Yuan, accounting for 47.58%, 24.37%, and 17.56% of the company’s main business income. The sales amount of three enterprises totaled 2.073 million yuan, accounting for 89.51%, contributing nearly 90% income.

However, in 2020, the sales of the above three companies decreased to 0.14%, 0.29% and -0.55%, reached 99.69%, 98.76% and 103.33%. According to the sales decline in sales, the sales of Fu Can Technology is 2073 million yuan in 2020, which affects gross profit of 400 million yuan according to the 2019 marble rate.

Among them, Shanghai Rui Magnesium sales accounting for negative values ​​is due to the presence of returns. It is worth noting that Fu can supply Shanghai Rumei Sales Department to FAW Pentium through Shanghai Rui Mei.

Source: Fu Can Responsive

Before 2020, Beiqi Group is the largest customer of Fu Can Technology.

2017-2019 Five customers in Fuki Technology

Source: Fu Can Technologies issued by the prospectus issued on July 10, 2020

Early with a sharp decline in Beiqi Group, Fu Can Technology has been explained.

According to the prospectus issued by Fu Can issued July 10, 2020, the issuer fell sharply to the sales revenue of Beiqi Group, mainly due to the latency of the company’s supported Beiqi Group model; the issuer to the Great Wall Group Sales revenue fell sharply, mainly due to the company’s supporting Great Wall Group models need to be upgraded; according to Fu Can expect, its cooperation with Beiqi Group, Great Wall Group, and FAW Group is mainly produced in the second half of 2020, so The sales revenue of the above customers is mainly concentrated in the third and fourth quarters.

In fact, this part of sales revenue did not honor.

In replying, the reason for explaining the sharp decline in business income declines: First, due to the influence of the epidemic, the supply of overseas motorcycle customers Zero has fallen sharply; second, the company The top three customers, Beiqi Group, Great Wall Motors and FAW Group, reduce the purchase amount of the company due to their own own, more than about 2 billion yuan for the sales of 2020; the third, Zhenjiang Phase I Production capacity provides products for new customers, due to epidemic conditions, production capacity climbing slowly, Fu Can no longer expects to expect the income of Guangqi Group; the fourth, another part of the production capacity of Zhenjiang is preparing for Daimler production. During the reporting period, there was no income in bulk supply during the reporting period.

Take the Great Wall as an example, with the honeycomb energy production, it is tilted into the hive, and the dependence of Fu Vi can be greatly reduced. With the adjustment of the model, it will also choose Fu energy in the later stage, and it is not known.

(2) Adverse warnings with Daimler cooperation

According to the news of German Manager Magazine, Stuttgart has passed the warning signal: Fu Can Technology’s first batteries sample is “disastrous”. Therefore, there is a rumor that the two sides are negotiating “major issues” and do not rule out the possibility of failure of cooperation. For this news, Fu Element officially rumored to domestic media:

“Fu Can Technology Delivery to Daimler customers, the product performance and technical specifications of the modules and battery systems have been widely tested and certified by Daimler customers. So far, Fu Can Technology delivers Daimler Customer product quality is in line with customer quality requirements. For good performance of product technology and quality, both parties have confirmed the current and future delivery programs, Fu Can Technology ensures the demand for global delivery of Daimler customers. “

At present, Daimler also holds the full share of Fu. Support is willing to be natural. But Daimler starts from its own interests, and will not hang on a tree. Daimler actually has a cooperation with Ningde Times. In August 2020, both parties signed a supply agreement. If Vo can fall, Ningde will be replaced at any time.

Overall, although Fu Can receive a lot of powerful host mills, the maintenance of old customers is very bad, and the loss is very serious.


Newly developed customers: Guangzhou Automobile, Geely and chart, etc.

Of course, Fu Can Technology is also actively expanding new customers.

(1) Become a core supplier of Guangzhou Automobile

In 2018, Fu Can Technology and Guangqi Group signed a strategic procurement agreement to become a core supplier of Guangqi Group.

In May 2020, Foli Technology began to supply GAC Chuan Aion V. It can be seen from the whole vehicle factory certificate data that Aion V’s main supply should be Fu Can Technology.

2020 Guangqi Chuan Aion V Support (MWH)

Source of information: Automobile factory certificate data

From the 2020 data, Fu Can Technology is also expected to “too high” for GAC Group, and its income of Guangqi Group is still not expected.

(2) Depth binding Geely

On December 24, 2020, Fu Can Technology issued an announcement, the company and Geely Science and Technology Group Co., Ltd. (hereinafter referred to as “Geely Technology”) signed a strategic cooperation agreement, and the two parties plans to establish a joint venture company to build a power battery production plant, joint venture equity proportion of joint venture. The governance structure is determined according to the actual situation of specific projects. According to the agreement, it is expected that Fu Can Technology and Joint-owned Corporation is not less than 120GWH, of which 20021 is not less than 20GWH. Unless there is a serious breach of contract, the other party has no cooperation with the power battery capacity expansion in the other side.

According to the announcement, the technology, R & D and sales of joint ventures shall be responsible for Funeng Technology, funding by the market capitalization of joint ventures, and Geely Science and Technology is responsible for assisting funds. Geely Science and Technology and its holding subsidiaries and Geely Commercial Vehicle Group preferred the power battery produced by Fu Can Technology or Joint venture under the same conditions. The annual purchase volume is not less than 80% of its demand.

However, it is worth noting that the brands such as geometrical, lead, Baotte, Lutus, and Volvo are not included in Geely Science and Technology, Geely Technology’s brand is still adjusted, and the future market size is much, and it is not yet known.

At present, the cooperation with Geely Science is to achieve, or eventually become “mirror of flowers” has not yet known. After all, Geely has battery capacity.

(3) Get the fixed point of 图

In August last year, Fu Neng also received a fixed notice of Dongfeng Motor Group Co., Ltd., and became the power battery supplier of Dongfeng’s H56 project. The model is expected to be 5GWH in the next 7 years, and the company will complete the product support, production and delivery in the requirements of Dongfeng Group’s requirements. The designated project plan has been put into production in 2022.

In addition, since August last year, Fu Can also won a large order of Jiangling Automobile, Guo Zhijun, Turkish Auto Manufacturer Togg, Spring Breeze, etc., which significantly expanded ambition.

However, most of these customers are still a “futures” stage, and can eventually be implemented, and they can really support their sales of customers remain small and very concentrated.


What happened to Fu Can?

To explore how it is, it may be possible to pull a blacklist from the Beiqi Blue Valley from the second half of the year.

Source: Network

On August 10, 2020, an investor asked Fu Can Technologies for the blacklist of Beiqi Blue Valley. The secret response said that the list is the internal production of Beiqi procurement. It is only a multi-dimensional, comprehensive evaluation provider of the purchasing department, and does not affect the effectiveness of cooperation agreements signed by both parties.

This reply was considered by the media that the Beiqi Blue Valley Purchasing Department was completely true.

The rumors of cooperation with Daimler, follow-up recall, return this series of events, can’t help but think of whether the reliability of Fu Can products is really problematic.

And in the blackboard of Beiqi suppliers, Fu Can Technology has the reason is the quality problem, and it seems to have confirmed this guess.

The recall of Beiqi Xin Energy, the reason is explained by the reasons of the “partial vehicle power battery system, the long-term continuous fast charge in high temperature environments, may result in deterioration of individual cellular battery cell performance, extreme cases, emergency failure , Causing the risk of the power battery to fire, there is a safety hazard. ” The reason is not directly directed to the battery, but from the Funeng Announcement, 3,000-50 million fees preparations are concerned, Fu Can the battery is certainly part of the responsibility.

Another thing is that in March this year, Fu Can Technology announced that its core technician, the R & D manager Michael Douglas Slater resigned from the relevant position due to personal reasons. Michael Douglas SLATER During the period, the main core technology includes “high-specific capacity positive material technology”, “advanced electrolyte and lithium ion battery technology”, “high-energy density high safety battery key material application technology”, mainly involved in research projects 400WH / kg high energy density “,” high-security power battery technology development “,” high-grade interrupted hybrid battery technology development “.

This is already in just a few more than half a year, Fu Can Technologies Thirdly Reallied core technicians.

The two left projections were released after 1 month after the listing. On August 22, 2020, Fu Can Technology issued information, its core technicians, senior managers Daniel Ba Le and core technicians, R & D PAUL KLEIN III resigned from personal reasons. During the period of Fu Can Technologies, dominated, participated in the research and development of multiple core technologies.

“Out” of multiple core technicians really will not affect development progress, this only knows themselves.

At present, there are many crises that Fu can face, core customers and R & D personnel are lost, and there is a problem with the reliability of mass production products. It is now possible to be the most crisis of Fu, Fu can work together with the high-quality customers like the electricity, and the quality customers like Daimler, Geely, solve the quality of the product, is the biggest in front of the chairman of his chairman problem.

The power battery industry has fly, as China’s largest country, seized a lot of opportunities. However, there are many companies, self-consumption batteries, tool batteries, they are in the era, although they have realized their loading, mass production, but there is no passage of the product of the vendor supplier. The bitterness of Fu Can, is a lot of Chinese battery companies. Many battery companies are also returning to consumption, tools or small power batteries after cross-border. I hope that Fu can break through, not down down.


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