"Circle Layer" Fan Jun
Edited by Chen Ji
On February 14, the official website of CATL (also known as "CATL", 300750.SZ) published an obituary on the homepage of the official website of CATL, saying that Dr. Zhang Yujie, honorary chairman of CATL, died on February 14, 2022 at the age of 79 due to ineffective medical treatment.
The obituary said that Dr. Zhang Yujie has studied in Both China and the West, has a global strategic vision, has a thorough understanding of science and technology, and adheres to the concept that colleagues are family, and has cultivated a large number of talents for enterprises and society. For ten years, from the blue wisp of the road to the climbing of the peak, he has always fought side by side with CATL, witnessing one transcendence and victory after another. The Slovaks are gone, and his spirit of struggle will be passed on forever at CATL. May Dr. Zhang Yujie go all the way!
(Image source: NINGDE times official website)
Low-key honorary chairman
At the time of the hot new energy track, the Ningde era, which has a market value of more than one trillion yuan, as a giant enterprise of power batteries, is undoubtedly the focus of attention of hundreds of millions of investors.
In contrast, before this obituary was issued, the outside world knew very little about Zhang Yujie, honorary chairman of the Ningde era.
According to the data, Dr. Zhang Yujie, born in 1943, is from Tai'an City, Shandong Province. He graduated from National Taiwan University with a bachelor's degree in 1965 and graduated from the University of Notre Dame in 1973 with a doctorate.
After graduating, he worked in for The Ford Motor Company, IBM Corporation and Connect Peripheral in the United States, engaged in engineering research and development and management work.
In 1994, he resolutely gave up the superior conditions of the United States and joined Hong Kong's ST Industrial Co., Ltd. (SAE). In 2007, he joined Hong Kong New Energy Technology Co., Ltd. (ATL) as Vice Chairman and Chairman successively.
In 2011, the ATL power battery R&D department was independent and CATL New Energy Technology Co., Ltd. (CATL) was established. Since 2017, he has served as the honorary chairman of CATL.
As early as 2018, CATL landed on the Science and Technology Innovation Board with a market value of less than 50 billion yuan. At the end of the same year, the Standing Committee of the Ningde Municipal People's Congress awarded Zhang Yujie the title of "Honorary Citizen of Ningde City" on the grounds that "Mr. Zhang Yujie has made outstanding contributions to the development of the city's economy, society and leading industries".
Since its establishment in 2011, CATL has only been a decade, but it has rapidly grown into the world's first battery company. Along the way, Zhang Yujie can be said to have personally participated in and witnessed the development of the Ningde era, and built it into a global leading enterprise in the field of lithium-ion batteries in consumer electronics.
In 2021, CATL is still sitting firmly in the first place in the global power battery industry, dominating the global power battery market for 5 consecutive years. According to data from SNE Research, a South Korean new energy market research agency, in 2021, the global power battery installed capacity of CATL ranked first, reaching 96.7GWh, with a market share of 32.6%. This is the fifth consecutive year that the NINGDE era has won the global power battery installed capacity champion.
According to the Times Weekly, Zhang Yujie and Zeng Yuqun, chairman of the Ningde times, are mentor-apprentice relations, and Zeng Yuqun, chairman of the Ningde times, is Zhang Yujie's apprentice. Bringing out Zeng Yuqun with one hand, Zhang Yujie can be said to have contributed to the rapid development of the Ningde era.
Performance pre-increase stock price wrong kill
As the world's leading power battery company, the market value of CATL has increased by leaps and bounds after listing, however, it has recently encountered "Waterloo".
From February 7 to February 11, the stock price of CATL continued to decline, from a high of 609.98 yuan / share, the lowest fell to 489 yuan / share, fell below the 500 yuan mark, a decline of 19.83%, and the market value shrank by 282.004 billion yuan.
Stretching the time, since december 3, 2021 hit a record high of 692 yuan / share, the Ningde era has oscillated downward, the highest fell by nearly 30%.
As of the close of trading on February 15, the stock price of CATL was 527 yuan per share, up 3.74% on the day, with a market value of 1228.359 billion yuan and a price-to-earnings ratio (TTM) of 123.11 times.
Ningde era stock price trend chart in the past three months
(Image source: Screenshot of Oriental Fortune)
The market stock price adjustment in the Ningde era may be affected by the news. On February 13, CATL issued a statement saying that a series of malicious rumors such as the recent ningde era being sanctioned by the United States, being excluded from the ChiNext weight index, and negotiating with Tesla have recently appeared on the online platform, which has caused market misunderstanding and distortion and affected the reputation of the company. Rumors are unfounded, unfounded and of a bad nature. In order to safeguard the legitimate rights and interests of the enterprise, on February 12, the company has officially reported the case to the public security organs and will pursue legal responsibility for the rumor-mongers.
(Image source: CATL Times WeChat public account "CATL Ningde Times")
At the same time, the Ningde era also encountered institutional singing. On February 10, Beijing Capital Securities released a report entitled "How long can the Ningde era fall?" A Quantitative Analytical Perspective". The research report pointed out that from the perspective of short-term market sentiment to analyze the future rise and fall of the Ningde era, you can refer to the stock price trend of Guizhou Moutai in 2021, through fitting, it can be judged that the adjustment of the Ningde era may not be over, and there may still be 20% room for decline in the future, and it is recommended to "sell".
However, on February 14, Soochow Securities pointed out in the research report that the company's recent stock price was wrongly killed due to various rumors, and the valuation was pulled back to the bottom of history. And 2022 is a big year for global electric vehicles and energy storage sales, and the company has sufficient orders in hand, we expect that the global installed capacity share will further increase to more than 35%, shipments and performance are expected to continue to double growth, the current valuation is significantly undervalued.
According to the 2021 annual performance forecast released by CATL on January 28, CATL expects to achieve a net profit of 14 billion yuan to 16.5 billion yuan in 2021, and a net profit of 150.75% to 195.52% year-on-year.
The announcement pointed out that the main reasons for the increase in the performance of CATL in 2021 compared with the same period last year are: 1. The penetration rate of new energy vehicles and energy storage in 2021 will increase, driving the growth of battery sales; 2, the company's market development has made progress, new production capacity has been released, and production and sales have increased accordingly; 3, the company has strengthened cost control, and the proportion of expenses to revenue has decreased.
Soochow Securities said that maintaining the net profit forecast attributable to the mother in the Ningde era from 2021 to 2023 was 15.2 billion yuan, 30.2 billion yuan and 46.3 billion yuan, respectively, an increase of 172%, 98% and 54%, corresponding to PE of 75 times, 38 times, 25 times, considering the high growth of the CATL era in 2022, while being a global power battery Longyi, customers, technology, and costs are fully leading, and the long-term advantages are highlighted, giving a certain valuation premium, giving 70 times PE in 2022, The target price is 905.8 yuan, maintaining a "buy" rating.