Dong Mingzhu should make a real car： Gree new energy vehicles rush to produce.

After receiving an offer of 13 billion yuan from Gree Electric, Yinlong New Energy became the focus of market pursuit and discussion. The "Securities Daily" reporter also went to the Yinlong New Energy Automobile Factory in Wu ‘an City, Hebei Province to find out.

In Yinlong New Energy Industrial Park, the reporter saw that the brand-new factory had just been completed, and the robot’s arm was waving in the factory, and there were staff operating the machine from time to time. A person in charge of Yinlong New Energy said: "This is the world’s largest lithium titanate material and battery production base, which integrates a fully automatic, efficient and industrialized new energy automobile industry chain."

After Gree announced that it would spend 10 billion yuan to acquire Yinlong New Energy, the acquisition disclosed by Gree and the technical path and valuation of Yinlong New Energy were widely discussed in the market. In this regard, Wei Yincang, chairman of Yinlong Group, said in an interview: "The company’s orders are growing rapidly. In this year and next year, the company will usher in high sales growth, and the valuation underestimation does not exist."

Dong Mingzhu, the chairman of Gree Electric, revealed that his plan is to make Gree March towards the goal of a 200 billion yuan enterprise through acquisition.

Take the lithium titanate route alone and expand at a high speed within one year

In a brand-new factory in Yinlong, the reporter of Securities Daily noticed that the sign "It has been put into production for 20 days" was posted on the wall.

A worker told the reporter: "This factory has only been put into production for about 20 days. It is expanded on the original basis. At the same time, new technologies are introduced. The production of the factory is extended in the upstream of new energy vehicles, and the materials of batteries are produced at the same time."

On the occasion of the large-scale development of new energy vehicles, most domestic manufacturers chose the technical route of Ferrous lithium phosphate, while foreign brands such as Samsung chose lithium ternary. In the choice of different technical routes of batteries, Yinlong New Energy did not choose the conventional route in the market, but embarked on the road of independent research and development of lithium titanate.

A considerable part of the newly-built workshops of Yinlong New Energy that the reporter saw are producing lithium titanate batteries. At present, Yinlong plans to expand the production line of lithium titanate batteries on a large scale. According to the plan, it wants to build a closed cycle industrial chain strategic layout of new energy vehicle powertrain and vehicle R&D, production and sales with the unique lithium titanate technology as the core.

However, this battery technology is still under discussion in the market, and the market has different opinions on its advantages and disadvantages.

According to the relevant person of Yinlong New Energy, although the energy density of lithium titanate is lower than that of Ferrous lithium phosphate and ternary lithium in theory, Yinlong has improved the energy density of lithium titanate battery by 40% through continuous research and development in the past three years, and still maintained the characteristics of 6-minute fast charging and 30-year cycle life.

With the support of relevant national policies, the broad prospects of new energy vehicles have made Yinlong New Energy taste the sweetness and accelerated the pace of expanding production capacity.

The reporter learned from many sources that in the past year, Yinlong’s factory is expanding rapidly, and its production capacity will be greatly improved through these new factories. In these days when the news of Gree’s acquisition of Yinlong came out, Yinlong expanded faster.

According to official data, Yinlong New Energy sold a total of 1,844 buses from January to August this year. From the overall sales situation of the industry, Yinlong New Energy ranked seventh in the industry in the first eight months, with a very rapid growth. Wei Yincang revealed that Yinlong New Energy Commercial Vehicle currently has an annual production capacity of 10,000 vehicles, which will reach 30,000 vehicles next year and 100,000 vehicles in 2020, and will also promote the production and manufacturing of passenger cars.

Regardless of the acquisition result of Gree, the large-scale construction investment of Yinlong New Energy is emerging. This time, Yinlong New Energy announced a number of major events, including the completion and commissioning of the fourth generation of high-energy-density lithium titanate nanomaterials and the fourth generation of high-energy battery, the completion and commissioning of fast-charging buses and logistics vehicles, the foundation stone laying of the fourth phase of Austrian Titanium and the inauguration of the Austrian Titanium Nanomaterials Research Institute.

"The peak of orders for new energy vehicles is in the second half of the year. At present, the company has received a large number of orders, but most of them are complete vehicles. There are few orders for batteries. At present, the batteries we produce will be supplied to our own vehicles first, and we will only consider selling them to the outside world after meeting the needs of our own vehicles. The batteries are in a state of sales exceeding supply. The production capacity of our batteries is still expanding. " Insiders of Yinlong New Energy told reporters.

He told reporters that at present, Yinlong new energy vehicles are mainly supplied to Beijing, Handan, Zhuhai and other cities. This year, they have entered Shenzhen, Anhui and other places, and there is a special sightseeing line in Beijing that uses pure electric double-decker sightseeing buses produced by Yinlong. "At present, the demand in the Beijing market is constantly expanding."

Wei Yincang said that the company plans to invest about 35 billion yuan in the next five years, complete about 650,000 new energy vehicles, achieve energy storage of more than 1500MWH, and the total output of power batteries exceeds 4 billion ampere hours. The total output of lithium titanate materials reaches 42,300 tons, and the output of charging stations is nearly 15,000 units.

Li Yuheng, a researcher of China Investment Consulting’s new energy vehicle industry chain, said: "At present, many domestic new energy vehicle manufacturers are looking for financial support, and Gree, with abundant capital flow, is a good partner. Gree Electric is currently the world’s largest specialized air-conditioning enterprise integrating R&D, production, sales and service. In order to increase revenue, Gree began to enter the new energy vehicle market. New energy vehicles have become the development direction of the future automobile market. Coupled with the government’s strong subsidies for new energy vehicles, Gree’s willingness to choose to transform into new energy coincides with Yinlong’s expansion needs. "

Accelerate the extension of upstream and downstream Gree wants to swallow the whole industrial chain.

After investigation, the reporter found that the opposite of the reporter’s factory is the assembly workshop of Yinlong new energy vehicle, and Yinlong also has a vehicle production and assembly workshop in Shijiazhuang. In other words, just in this production base in Handan, Yinlong New Energy can completely produce and deliver vehicles from material production and processing to vehicle assembly. This base covers almost the entire industrial chain of Yinlong New Energy Vehicles.

After Gree acquires Yinlong New Energy, it will control the whole industrial chain of new energy vehicles.

The reporter learned that Handan New Energy Automobile Industrial Park is part of the national strategic layout of Yinlong New Energy, and after the acquisition of Gree, Yinlong New Energy will continue to expand to meet the production of complete vehicles.

Yinlong New Energy said that in the future, Yinlong New Energy plans to build Chengdu New Energy Industrial Park in Southwest China and Lanzhou New Energy Industrial Park in Northwest China. After being acquired by Gree, Yinlong New Energy will continue to exert its strength in technology research and innovation in the future.

In the expansion of Yinlong New Energy Handan Industrial Park, the upstream and downstream production of new energy vehicles has been promoted to the first place, and Yinlong is accelerating the expansion of battery materials and charging piles.

Is it worthwhile to spend 10 billion yuan to buy?

After Gree announced that it would spend 10 billion yuan to acquire Yinlong New Energy, the acquisition disclosed by Gree triggered a heated discussion in the market, and the technical path and valuation of Yinlong New Energy were also widely discussed in the industry, with different views.

Some insiders believe that the suitability of lithium titanate battery technology selected by Yinlong New Energy needs to be verified. At present, lithium titanate has the weakness of low energy density and instability. However, some insiders have raised doubts about the high valuation of Yinlong New Energy in the acquisition of Gree.

Wei Yincang responded by saying: "There is a reason why Yinlong spent ten years paying 10 billion yuan in tuition fees to choose the lithium titanate route." He does not deny that Yinlong’s lithium titanate battery has the weakness of low energy density compared with other technologies such as lithium iron phosphate battery, but its advantages of wide temperature resistance, high safety, long life and fast charging and discharging speed deserve more attention. However, he said that according to relevant statistics, the average daily driving distance of passenger cars is about 50 kilometers, and about 90% of passenger cars are not used for long-distance operation.

Regarding the question that the market questioned the overvaluation of the acquisition, Wei Yincang said that the company is expected to achieve high sales growth this year and next year, and the company is not worried about this issue, because orders are already increasing rapidly.

"We hope that through the acquisition, more enterprises of 100 to 200 billion yuan will be born in China." Regarding the acquisition target, Dong Mingzhu, chairman of Gree Electric, said.