Optimization personnel? What is the relationship with CATL? Preh: Signing a strategic cooperation protocol is the best response.

CATL (300750.HK) SZ, share price 266 yuan, Market Cap 1171.322 billion yuan) is “withdrawing” from the lead intelligence (300450. SZ, share price 20.02 yuan, Market Cap 31.355 billion yuan)?

Recently, on multiple internet platforms, several individuals who claim to be current or former employees of XianDao Intelligence have stated that the company is undergoing personnel optimization. The employees involved are mainly from the lithium battery department.

In the first half of 2024, ContiTech achieved operating income of 5.752 billion yuan, a year-on-year decrease of 18.82%; achieved a net profit attributable to the mother of 459 million yuan, a year-on-year decrease of 61.74%. Among them, the smart lithium battery equipment business achieved operating income of 3.905 billion yuan, a year-on-year decrease of 27.10%, mainly due to the slowing growth of the domestic market demand and the delayed pace of equipment acceptance.

The reporter of ‘Daily Economic News’ noticed that as CATL increased its stake in Xingdazhi Intelligent in 2021, the cooperation between the two has continued to deepen, but from the sales figures, it has started to slow down since 2023.

On the afternoon of December 31st, a reporter from Daily Economic News called XianDao Intelligent. The company’s secretary’s office staff said that personnel changes are normal adjustments and are not related to the business.

Regarding the relationship between the company and CATL, the staff member stated that the strategic cooperation agreement signed with CATL last month is the best response, and CATL’s reduction of holdings is based on its own investment arrangements. The decline in CATL’s sales is related to its own capital expenditure and also related to the strategic layout of SDIC, and the company’s revenue scale in 2023 is already expected to grow significantly, hence the decrease in the proportion of CATL’s sales.

The sales proportion is decreasing

CATL is ‘withdrawing’ from Xindao Intelligence? A set of sales data tells you the answer.

In 2021, Envision AESC completed the issuance of shares to CATL, with the number of shares issued being 112 million. The new shares were listed on July 7, 2021. After the issuance, CATL holds 7.14% of Envision AESC’s shares, entering the list of top ten shareholders of the company.

In the same year (2021), with changes in equity relationships, the relationship between Envision and CATL also became closer. The amount of sales to CATL and its holding subsidiaries was 4.107 billion yuan, accounting for 40.92% of the total annual sales.

In 2022, the cooperative relationship between the two deepened further, with the amount of goods sold by Envision AESC to CATL and its holding subsidiaries increasing to 5.546 billion yuan, accounting for 39.8% of the annual sales.

However, by 2023, the sales ratio data has dropped significantly: the amount of goods sold by Contemporary Amperex Technology Co., Ltd. to Ningde Times and its holding subsidiaries is 2.54 billion yuan, accounting for 15.27% of the annual sales total.

The 2024 interim report of Pioneering Intelligent shows that the amount of goods sold to CATL and its holding subsidiaries was 534 million yuan, compared to 1.056 billion yuan in the same period last year.

With the deepening of cooperation, the ‘sweet troubles’ also begin to emerge.

During 2021-2023 and the first half of 2024, the year-end balances of accounts receivable of Contemporary Amperex Technology Co., Ltd. (CATL) and its holding subsidiaries were 2.023 billion yuan, 3.525 billion yuan, 2.561 billion yuan, and 2.046 billion yuan, while the accounts receivable balance of Contemporary Amperex Technology Co., Ltd. (CATL) continued to increase significantly during the same period, reaching 4.06 billion yuan, 6.446 billion yuan, 9.749 billion yuan, and 9.185 billion yuan. Based on this estimation, Contemporary Amperex Technology Co., Ltd. (CATL) accounted for 49.83%, 54.69%, 26.27%, and 22.28% of the accounts receivable of its holding subsidiaries.

At the same time as reducing holdings, strategic cooperation is achieved.

The reporter from Daily Economic News noticed that although the sales of Ningde Times by Xinda Intelligent will experience a significant decline in 2023, it will not affect the overall revenue growth of the company.

In 2023, SenseTime will achieve operating revenue of 16.628 billion yuan, a year-on-year increase of 19.35%; and achieve a net profit attributable to the parent of 1.775 billion yuan, a year-on-year decrease of 23.45%.

Sino-lead Intelligence stated that in 2023, the company’s smart lithium battery equipment business steadily grew, with a total annual revenue of 12.642 billion yuan, an increase of 27.12% year-on-year; the photovoltaic smart equipment business saw a substantial growth, achieving a business income of 1.028 billion yuan, a year-on-year increase of 121.85%; overseas business income was 2.242 billion yuan, an 87.52% year-on-year increase, accounting for an increased proportion of 13.48%.

On the evening of November 29th, Xindao Intelligent disclosed a brief equity change report, stating that Contemporary Amperex Technology’s shareholding proportion in Xindao Intelligent has passively changed and they have actively reduced their holdings, resulting in Contemporary Amperex Technology’s shareholding proportion decreasing from 7.15392% to 4.99999%, falling below 5%.

Xian Dao Intelligent stated that Ningde Times’ active reduction of holdings is mainly due to its own asset allocation needs and normal investment arrangements, and will not affect the business cooperation between the two parties.

At the same time, Enovate also gave the market a “reassurance pill.” On the same day (November 29th) evening, Enovate disclosed that the company has signed a “Strategic Cooperation Agreement” with CATL. As leading enterprises in their respective industries, both parties intend to carry out cooperation in relevant fields and establish a strategic partnership to achieve complementary advantages, resource sharing, and win-win cooperation based on this agreement.

LEAD said that it intends to cooperate in new fields and technologies in accordance with this agreement, including but not limited to solid-state batteries, perovskites and other fields. The “Strategic Cooperation Agreement” signed this time will not have a significant impact on the company’s operating results for the current year, and the impact on the company’s operating results in the future years will be determined depending on the specific agreements signed by the two parties and the implementation of the subsequent agreement.

（Article Source: Daily Economic News）

Source: East Money

Author: Daily Economic News