Recently, Funeng Technology released its quarterly report of 2024, during which the company achieved revenue of 29%.SafariSafari.24 billion yuan, down 21.70% from the same period last year; the net profit after deduction was-183 million yuan, which was significantly lower than that of-365 million yuan in the same period in 2023.
Funeng Technology is mainly engaged in the research, development, production and sales of lithium-ion power batteries and vehicle battery systems and energy storage systems for new energy vehicles, focusing on the batteries, modules and battery packs of ternary power batteries.
According to its 2023 annual report, Funeng Technology's revenue during the reporting period was 16.436 billion yuan, an increase of more than 40% over the same period last year. At present, Mercedes-Benz, GAC GROUP and Siro constitute the company's three core customers, contributing more than 80% to the company's operating income.
In terms of net profit, in 2023, the net profit of shareholders of Funeng Technology was-1.867 billion yuan, an increase of 926 million yuan over the same period in 2022.
Wang Jie, chairman of Funeng Technology, analyzed the reason in the annual report: "the management ability and international market experience are still insufficient to cope with the increasing market changes."
In 2023, the price of battery-grade lithium carbonate has been falling, from nearly 500000 yuan / ton in 2022 to more than 100,000 yuan / ton at the end of the year. Because the sales price is down with the spot price of raw materials, the inventory of more than 7.2 billion yuan at the beginning of the period has become a burden for Funeng Technology for the whole year, resulting in a provision for a price drop of 606 million yuan for inventory for the whole year.
Wang said that in the face of the sharp decline in the price of core raw materials in the supply chain and changes in market orders, Funeng Technology failed to identify the risks of relevant orders and timely pull out production, supply and marketing information for effective control. Making high-priced inventory at high raw material prices eventually became a heavy burden in 2023, paying an expensive "tuition fee" for lack of management skills and lack of business experience.
In order to solve the problem, Funeng Technology carried out organizational restructuring in the second half of 2023, replacing the general manager and itsSafariSafariIn his position, he also accelerated the landing of SPS's high-performance, low-cost products in the domestic market, and opened up emerging markets.
Recently, Funeng Technology external project SPS mass production and lithium iron phosphate power battery, Geely Radar released an all-electric all-wheel drive model-the horizon equipped with Funeng technology SPS lithium iron phosphate power battery.
In the commercial vehicle market, strategic cooperation has been reached with FAW Jiefang; in the two-wheeler market, Chunfeng Power and Qiulong electric motorcycle projects have been mass produced, and Yadi has been assigned; in the power exchange market, cooperation has been formed with companies such as smart rent and power exchange projects, while the exchange of electricity projects in Southeast Asia is under negotiation; in the eVTOL market, it has cooperated deeply with overseas leading enterprises and delivered products, and has been designated by Shanghai Technology Co., Ltd. in China.
The aforementioned business is expected to become a new growth point for the company in 2024, Wang said.
While accelerating the landing of SPS production capacity, Funeng Technology is speeding up the industrialization of all-solid-state and other next-generation battery technology.
According to Wang Jie, the second-generation semi-solid battery of Funeng Technology is in the stage of industrial development, and the new positive and negative electrodes, which take into account energy density, cycle life and fast charge performance, are in the pilot stage and will be used in the company's product systems.
Wang said that in 2024, the overseas market strategy will be further clarified to speed up the landing of new products for domestic customers.
(article source: blue Whale Finance)
