It has been reported that among the top-selling new energy vehicle manufacturers, only BYD is able to achieve "self-sufficiency" in battery production. Most other car companies, including Beiqi New Energy, SAIC Passenger Vehicles, Zhongtai Automobile, Jianghuai Automobile, Geely Automobile, and even BMW Brilliance, rely on third-party battery suppliers. Notably, many of these companies have ties to Contemporary Amperex Technology Co., Limited (CATL), commonly known as Ningde Times.
On November 10, the pre-disclosure of the IPO prospectus for Ningde Times on the GEM (Growth Enterprise Market) was published on the China Securities Regulatory Commission's website. According to the pre-disclosed details, the company's valuation is expected to reach 130 billion yuan. This represents a significant increase from March of this year, when Hon Hai Group acquired a 1.19% stake in Ningde Times for 1 billion yuan, suggesting a valuation of approximately 84 billion yuan at that time. In just eight months, the valuation has surged by 50%, surpassing the market capitalization of many full vehicle manufacturers and even approaching the value of Wen's shares, which are currently the top-performing stock on the GEM.
According to the pre-disclosure documents, Ningde Times reported operating revenues of 869 million yuan in 2014, 5.703 billion yuan in 2015, and 14.889 billion yuan in 2016, reflecting a growth rate of 314.31%. Net profits were 56 million yuan in 2014, 951 million yuan in 2015, and 3.089 billion yuan in 2016, with a compound annual growth rate (CAGR) of 642.70%. The majority of its revenue comes from power battery systems. In 2014, 2015, 2016, and the first half of 2017, the sales revenue from power battery systems reached 715 million yuan, 4.981 billion yuan, 13.976 billion yuan, and 5.327 billion yuan, respectively. These accounted for 94.17%, 87.98%, 95.55%, and 87.14% of total operating income.
Ningde Times plans to issue no more than 217 million new shares, representing at least 10% of the total share capital after the issuance. None of the shares will come from existing shareholders, and the funds raised will be used for two key projects: the “Ningde Era Huxi Lithium Ion Power Battery Production Base Project†and the “Ningde Era Power and Energy Storage Battery R&D Project.†A total of 13.12 billion yuan is expected to be invested. Based on this, the estimated issue price is around 60 yuan per share, resulting in a valuation of 130 billion yuan. According to insiders, if listed successfully, Ningde Times will become the first major listing on the GEM.
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