Preface
Founded in 1997, Sunwoda Electronics Co., Ltd. is a global leading brand in the field of lithium-ion batteries. With the mission of "innovation-driven new energy world progress", Sunwoda is committed to contributing wisdom and strength to the realization of the "double carbon" goal, and building six business segments: 3C consumer batteries, electric vehicle batteries, energy technology, intelligent hardware, intelligent manufacturing and industrial Internet, and third-party testing services.
Revenue and net profit for the past year
From 2019 to 2023, Sunwoda will achieve revenue of 25.241 billion yuan, 29.692 billion yuan, 37.359 billion yuan, 52.162 billion yuan and 47.862 billion yuan respectively. The year-on-year growth rates were 24.10%, 17.64%, 25.82%, 39.63% and -8.24%.
From 2019 to 2023, Sunwoda will achieve net profits of 751 million yuan, 802 million yuan, 916 million yuan, 1.068 billion yuan and 1.076 billion yuan respectively. The year-on-year growth rates were 7.06%, 6.79%, 14.18%, 16.64% and 0.77%.
During the reporting period, Sunwoda was engaged in the R&D and manufacturing of lithium-ion batteries, and its main products are lithium-ion battery cells and modules, which belong to the field of green and environmentally friendly energy. As an important part of the new energy field, the lithium-ion battery industry is currently highly valued and vigorously supported by governments around the world, and is currently developing rapidly, and is widely used in mobile phones, laptops, electric vehicles, wearable devices, power tools, electric two-wheelers, smart homes, energy Internet and energy storage and other fields.
In 2023, the revenue structure of Sunwoda's various products is shown in the figure above, with consumer batteries achieving revenue of 28.543 billion yuan, accounting for 59.64% of the total revenue in 2023, electric vehicle battery revenue of 10.795 billion yuan, accounting for 22.55% of revenue, other revenue of 7.414 billion yuan, accounting for 15.49% of revenue, and energy storage system revenue of 1.110 billion yuan, accounting for 2.32%.
During the reporting period, the overall operation of Sunwoda's business in different regions is shown in the figure above. In 2023, the domestic income will be 27.406 billion yuan, accounting for 57.26% of the revenue, and the foreign income will be 20.456 billion yuan, accounting for 42.74%.
Top 5 customers and suppliers
Sunwoda's top five customer sales in 2023 and the proportion of the top five suppliers' procurement volume are shown in the figure below:
In 2023, Sunwoda's top five customers will have sales of 22.876 billion yuan, accounting for 47.81% of the total annual sales. Among them, the sales of the first place were 11.537 billion yuan, accounting for 24.11% of the total annual sales.
In 2023, Sunwoda's top five suppliers will have a total procurement volume of 13.822 billion yuan, accounting for 40.55% of the total annual procurement. Among them, the procurement amount of the first place was 6.167 billion yuan, accounting for 18.09% of the total annual procurement.
R&D investment over the years
According to the data of Sunwoda's report, from 2019 to 2023, Sunwoda's R&D investment will be 1.523 billion yuan, 1.806 billion yuan, 2.327 billion yuan, 2.742 billion yuan and 2.711 billion yuan respectively. The year-on-year growth from 2019 to 2023 will be 43.66%, 18.63%, 28.81%, 17.84% and -1.14%, respectively.
As of the end of 2023, the company has a total of 8,442 R&D personnel, accounting for 17.79% of the company's employees. In 2023, the company's R&D expenses will be 2.711 billion yuan, accounting for 5.66% of the company's operating income.
Sunwoda's total market capitalization
Sunwoda Electronics Co., Ltd. was listed on the Shenzhen Stock Exchange on April 21, 2011, with an issue price of 18.660 yuan per share, an issue number of 47 million shares, and a market value of 3.939 billion yuan on the first day of listing.
From the perspective of market value from 2020 to the present, on November 30, 2021, the market value of Sunwoda reached the highest of 91.019 billion yuan, and the lowest was 20.556 billion yuan on April 13, 2020. As of April 25, 2024, Sunwoda's total market capitalization is 25.494 billion yuan.
Profitability analysis
The gross profit margin of Sunwoda's sales from 2019 to 2023 is shown in the figure below. During this period, the company's gross profit margin was the highest in 2019 at 15.35% and the lowest in 2022 at 13.84%.
Operational capability analysis
In the past five years, Sunwoda's inventory turnover rate is shown in the figure below. In 2023, the inventory turnover ratio is 4.83 times.
Solvency analysis
From 2019 to 2023, Sunwoda's asset-liability ratio is shown in the figure below. In 2023, the debt-to-asset ratio is 59.07%.
Core competitiveness
1. Continuous independent innovation ability
Since its establishment, the company has always attached great importance to R&D and innovation, accumulated strong technical advantages, and insisted on relying on continuous technological innovation to provide customers with more perfect products and services. The company is at the leading level in the domestic industry in the research and development of digital lithium-ion battery modules for mobile phones, lithium-ion battery modules for notebook computers and lithium batteries for automobiles and power.
Second, the leading power management system research and development capabilities
The company is at the leading level in BMS research and development, has rich experience, the company has mastered the core technology of basic charge and discharge protection, intelligent management of battery parameters, temperature regulation of battery protection module, data transmission, battery safety protection monitoring and multi-cell balance through independent research and development, and the self-developed power management system can be used for the company's products mobile phone batteries, laptop batteries, automobiles and power batteries and energy storage battery systems, which have been unanimously recognized by customers.
3. Excellent overall development and manufacturing capabilities of lithium-ion battery modules
As one of the first batch of enterprises engaged in the production of lithium-ion battery modules in China, the company has a group of executives and business backbones who have been engaged in the design and development of lithium-ion battery modules for a long time. The company's R&D and design team has a deep understanding and grasp of the market trends, technological progress, production capacity, upstream raw material performance and downstream demand of the lithium-ion battery module industry. In order to better guide and realize the customer's lithium-ion battery module use needs and achieve the optimization of the overall development and design of lithium-ion battery module, the company's cooperation with customers has begun from the research and development stage of customer products. In the process of cooperative research and development with customers, the company refers to the appearance and internal structure of customers' new products, product energy consumption indicators, use environment simulation indicators, product communication parameters and other factors to carry out the development and design of lithium-ion battery modules, and guides customers to optimize the design of their products in the above aspects. The company has been deeply engaged in the field of lithium-ion battery module manufacturing for many years, has served the world's leading electronics manufacturers for a long time, has accumulated rich experience in process management, has a complete quality control system, strictly controls the procedures and quality in the production process of products, and conducts strict quality inspection of finished products to ensure the quality of factory products.
Fourth, the advanced level of automation
In order to conform to the trend and trend of industrial development and grasp the development opportunities of Industry 4.0, the company will build an intelligent factory in an all-round way, develop the field of intelligent manufacturing, and promote the layout and development of business in the field of intelligent manufacturing. The implementation of production line automation and intelligence is conducive to reducing labor costs, improving production capacity, stabilizing quality, saving energy and reducing emissions, improving product profitability and improving market competitiveness. At present, the company's automation level is in the leading position in the industry.
Fifth, the advantage of rapid response
Relying on strong design and development capabilities, efficient procurement management system, good supporting production capacity, flexible production organization management system and reasonable production base layout, supplemented by a number of independent research and development of automated production equipment and reasonable production line planning, the company has improved production efficiency, effectively shortened the switching time of multiple batches of product transfer production, and enhanced the ability to undertake various orders, so that the company can quickly respond to customer needs, quickly organize production and timely delivery according to orders.
Sixth, high-quality customer resources
After years of operation and development, the company has accumulated a large number of high-quality customer resources, and has a deep understanding and awareness of customer needs. With the continuous large-scale expansion of the company's business areas and the continuous improvement of product performance, the company's market covers major regions across the country and overseas, and the customer base is expanding year by year, and has established long-term and stable cooperative relations with the leading consumer electronics manufacturers in the country and even in the world. During the reporting period, while serving old customers, the company focused on developing high-quality customers in the field of power batteries, laying a solid foundation for the company's sustainable and healthy development in the future.
I love the audio network summary
2024 is the first year for Sunwoda to implement the next five-year strategic plan, and the company will implement strategic gathering and actively embrace national strategic opportunities. Guided by the "Four Modernizations" strategy of globalization, digitalization, intelligence and greening, we will accelerate the pace of going overseas, build a lighthouse factory, strengthen technological innovation, focus on brand promotion, and deepen ESG practices, so as to achieve sustainable growth of the company, and contribute to actively promoting the green transformation of the global energy structure and creating a zero-carbon future.
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