Lead
Introduction
There are more and more cross-border car manufacturers, and the track of new energy vehicles is becoming more and more crowded.
Author 丨 Yang Jing
Responsible editor 丨 Xu Jinkai
Edit 丨 Chic
On the evening of February 11, Lixun Precision issued an announcement that the controlling shareholder, Lixun Limited, purchased 19.88% of the equity of Chery Holdings, 7.87% of the equity of Chery Holdings and 6.24% of the equity of Chery New Energy held by Qingdao Wudaokou for 10.054 billion yuan. Before the signing of the Equity Transfer Framework Agreement, Qingdao Wudaokou held 46.77% of the equity of Chery Holdings, making it the largest shareholder of Chery Holdings.
In addition, Luxshare Precision and Chery New Energy intend to jointly establish a joint venture company, specializing in the research and development and manufacturing of new energy vehicles. Among them, Lixun Precision intends to subscribe 500 million yuan to hold 30% of the registered capital of the cooperative subsidiary, and Chery New Energy to subscribe to 1.167 billion yuan and hold 70% of the equity of the registered capital.
In addition to vehicle manufacturing, the joint venture will provide Luxshare Precision's core automotive components business with cutting-edge R&D design, mass production platform and sea outlet, and is committed to achieving the medium- and long-term goal of becoming a leader in automotive parts Tier 1.
It is worth noting that the strategic cooperation agreement signed this time does not constitute a major asset restructuring as stipulated in the Measures for the Administration of Material Asset Restructuring of Listed Companies. After the completion of the transaction, Luxun Limited does not control Chery Holdings, Chery Shares and Chery New Energy.
The second "Foxconn"?
What kind of company is Lixun Precision that has invested tens of billions of yuan in a number of affiliated companies of Chery?
According to the data, Luxun Precision has always adhered to the technology orientation as the core, integrated product development and application services, and gradually realized the leap from traditional manufacturing to intelligent manufacturing. R&D and production of connectors, cables, motors, wireless charging, FPC, antennas, acoustics and electronic modules and other products are widely used in consumer electronics, communications, enterprise-level, automotive and medical and other important areas around the world.
In fact, the most well-known title of Luxun Precision is "Fruit Chain Brother", which is the leading enterprise in the industrial chain of iPhone companies.
"Nikkei Asia" has reported, "Luxshare Precision has received support from Apple to build a large manufacturing base aimed at breaking the monopoly of Taiwanese rivals Foxconn and Pegatron on iPhone assembly for more than 10 years." ”
It is worth mentioning that Wang Laichun, chairman of Luxun Precision, was a migrant worker in the assembly line of Foxconn factory earlier, and came out in 1999 to start a business. Luxshare Precision was founded in 2004, and in the early days of development, Foxconn was still its largest customer. It can be seen that in the manufacturing industry chain, Luxshare Precision and Foxconn have a very similar development process in the field of foundry.
At Hon Hai Technology Day on October 18 last year, Foxconn officially released its pure electric vehicle brand Foxtron and brought three new cars. The year before, Foxconn also pushed its MIH modular platform, which can provide three different cooperation models, including vehicle foundry, chassis technology and external design, and platform technology.
In addition, Foxconn has also reached partnerships with electric vehicle manufacturer Fisker, Thai state-owned enterprise group PTT, the world's fourth-largest automaker Stellantis NV and Zhejiang Geely Holdings.
From the new forces of car manufacturing, to home appliances, mobile phones, real estate and other enterprises have invested in the tide of car manufacturing, cross-border car manufacturing is not a new thing. Not to mention that Luxshare Precision is facing the manufacturing field that it is best at, and with Foxconn, the best template for cross-border car manufacturing, it is not difficult to understand why Luxshare Precision is also involved in the car manufacturing army.
Like Foxconn, Luxshare Precision also laid out in the new energy automobile industry early. At present, Luxshare Precision already has product service capabilities such as automotive wiring harnesses and electronic modules, and its customers include Great Wall, Zotye, BMW, Mercedes-Benz, etc. Now That Luxshare Precision has chosen to cooperate with Chery Automobile, let's take a look at what Chery Automobile has.
According to the data, Chery Holdings and its affiliated subsidiaries have been working in the automotive industry for many years, have a complete technology and product research and development system in the field of vehicles, especially have an independent platform in the vehicle manufacturing process, and can provide Chery Automobile and other brand owners with comprehensive services from vehicle development to mass production, and have a strong and leading core competitive advantage in the industry.
This time, Lixun Precision and Chery Holdings and its affiliates jointly signed a strategic cooperation framework agreement, aiming to strengthen the strategic layout of Lixun Precision's automotive business in an all-round way, make full use of Chery Group's deep technology precipitation and terminal brand resources in the field of new energy vehicles, set up a joint venture company, and cross-border empowerment of the technology and customer resources accumulated by Lixun Precision in the field of consumer electronics over the years.
With the strong support of the vehicle joint venture platform as a cutting-edge R&D design, mass production platform and haikou, Luxshare Precision hopes to dynamically enter the game and quickly improve the company's core components comprehensive capabilities as a Tier 1 manufacturer, realize the diversification and large-scale development of the company's core components, achieve the medium- and long-term goal of becoming a Tier1 leading manufacturer, and lay a solid foundation for the company's future sustainable development.
It can be seen that Luxun Precision has secretly made up its mind to not only build its own cars like Foxconn, but also become a supplier of head parts and components, trying to deepen its cultivation in the automotive industry chain.
Is the "tuition fee" enough?
Although there are currently many cross-border enterprises building cars, every time a new entrant is always asked a question: how much money has been prepared to enter the car industry.
How high is the barrier to entry into the automotive industry? Li Bin said at least 40 billion yuan, He Xiaopeng said more than 30 billion yuan; Jidu Automobile plans to invest 50 billion yuan in 5 years, and Xiaomi plans to invest 10 billion US dollars in 10 years. From these data, it can be seen that if you want to really enter the automotive industry, you must maintain long-term and high investment.
What is the capital strength of Luxshare Precision? On February 11, Luxshare Precision closed down 6.09%, closing at 41.05 yuan / share, with a total market value of 290.3 billion yuan, slightly lower than the 332.7 billion yuan of Hon Hai Group, which is foxconn's parent company, but the figures of the two are very close.
According to the 2020 annual performance report of Lixun Precision, the operating income is 92.501 billion yuan and the net profit is about 7.225 billion yuan; in the third quarter of 2021, the operating income is 81.01 billion yuan and the net profit is 4.690 billion yuan. China Merchants Securities raised its revenue forecast for 20/21/22 to 957/1501/198.2 billion, and adjusted its net profit attributable to the parent to 72.5/105/14.5 billion.
According to public information, as of the end of the third quarter of last year, Luxun Precision had a total of 63.05 billion yuan of current assets, of which 15.68 billion yuan was monetary funds. That is to say, this investment in Chery not only costs the net profit of Luxshare Precision last year, but also needs a steady stream of investment in the later stage, in fact, The cash flow of Luxshare Precision is a bit stretched.
However, car building is what Luxshare Precision has to do, according to the total operating income of Luxun Precision in 2020 of 92.5 billion yuan, it is still less than Foxconn's one-month revenue.
According to the 2021 semi-annual report, the main business of Luxshare Precision is consumer electronics, computer interconnection products and precision components, other connectors and other revenues, automotive interconnection products and precision components, communication interconnection products and precision components, accounting for 83.9%, 5.77%, 3.72%, 3.68% and 2.93% of the revenue, respectively.
That is to say, the current money made by Luxshare Precision in the automotive field is at the end of the company segment. In the face of the sunrise industry of new energy vehicles, for any company that devotes itself to it, whether it is to increase revenue or profits or even the company's market value, it has great attraction.
The intention of Lixun Precision is also very obvious, and the agreement indicates that the cooperation with Chery New Energy is exclusive, that is, Chery Group cannot cooperate with other automotive foundry companies in the OEM business, but can independently oem business or cooperate with auto brand enterprises in OEM business.
As early as April last year, Luxshare Precision said that in the face of business opportunities in the automotive field under the "new four modernizations", the company will continue to maintain a high degree of attention and moderate layout. At the same time, the layout of medium/high-power vehicle wireless charging module technology has achieved the development opportunity of power liberalization in the future automotive driverless market.
Today's Luxun Precision has fulfilled its wishes, and more importantly, Apple's car manufacturing is also in progress, which may have a different harvest for the "fruit chain brother".
| Yang Jing |
No sleep at noon
Afternoon crash