Preface
Founded in 2002, Shenzhen Highpower Technology Co., Ltd. is committed to the R&D, design, manufacturing and sales of lithium-ion batteries and nickel-metal hydride batteries, waste battery recycling and resource recycling.
Adhering to the core values of "Customer Achievement, Openness and Win-Win, Rigorous and Pragmatism, and Self-Criticism", Highpower Technology focuses on the challenges and pressures faced by global brand owners, and has been recognized by many well-known brands around the world with years of technology accumulation and product research and development experience.
Revenue and net profit for the past year
From 2019 to 2023, Highpower Technology achieved revenue of 2.071 billion yuan, 2.624 billion yuan, 3.318 billion yuan, 3.506 billion yuan and 4.541 billion yuan respectively. The year-on-year growth rates were 8.15%, 26.70%, 26.46%, 5.65% and 29.53%.
From 2019 to 2023, Highpower Technology achieved net profits of 151 million yuan, 167 million yuan, 254 million yuan, 159 million yuan and 50.2978 million yuan respectively. The year-on-year growth rates were 88.63%, 10.94%, 51.75%, -37.32% and -68.39%.
Highpower Technology is committed to the R&D, design, manufacturing and sales of lithium-ion batteries and nickel-metal hydride batteries, and is an enterprise with independent R&D capabilities and comprehensive competitiveness in the international market, which can provide customers with flexible and reliable one-stop power solutions. The company's existing products include polymer pouch lithium-ion batteries, cylindrical lithium-ion batteries, energy storage cells and nickel-metal hydride batteries.
In 2023, the revenue structure of Highpower Technology's products is shown in the figure above, and the revenue of pouch lithium-ion batteries will be 2.461 billion yuan, accounting for 54.20% of the total revenue in 2023; the revenue of cylindrical lithium-ion batteries was 1.199 billion yuan, accounting for 26.41%; nickel-metal hydride battery revenue was 655 million yuan, accounting for 14.43%; other revenue was 226 million yuan, accounting for 4.97% of revenue.
During the reporting period, the overall operation of Highpower Technology's business in different regions is shown in the figure above. In 2023, overseas income will be 2.743 billion yuan, accounting for 60.41%; The domestic revenue was 1.798 billion yuan, accounting for 39.59% of the revenue.
Top 5 customers and suppliers
Highpower Technology's top five customers in 2023 and the proportion of the top five suppliers' procurement value are shown in the figure below:
In 2023, the sales of Highpower Technology's top five customers totaled 1.193 billion yuan, accounting for 26.28% of the total annual sales. Among them, the sales of the largest customer 1 were 455 million yuan, accounting for 10.01% of the total annual sales.
In 2023, Highpower's top five suppliers will purchase a total of 885 million yuan, accounting for 31.65% of the total annual procurement. Among them, the procurement value of the largest supplier 1 was 274 million yuan, accounting for 9.81% of the total annual procurement.
R&D investment over the years
According to the data reported by Highpower Technology, from 2019 to 2023, Highpower Technology's R&D investment will be 110 million yuan, 148 million yuan, 181 million yuan, 215 million yuan and 333 million yuan respectively. From 2019 to 2023, the year-on-year growth will be 31.39%, 34.68%, 21.89%, 19.03% and 55.00%, respectively.
As of the end of 2023, the company has a total of 1,066 R&D personnel, accounting for 16.43% of the company's employees. In 2023, the company's R&D expenses will be 333 million yuan, accounting for 7.34% of the company's operating income.
Highpower Technology's total market capitalization
Highpower Technology was listed on the Shenzhen Stock Exchange on September 5, 2022. The opening price on the first day was 62.63 yuan, and the total market value of the company on the day of listing was 6.012 billion yuan.
From the perspective of market value since listing, the market value of Highpower Technology reached the highest of 6.352 billion yuan on September 6, 2022, and the lowest was 2.36 billion yuan on February 7, 2024. As of May 10, 2024, Highpower Technology's total market capitalization was $2.382 billion.
Profitability analysis
The gross profit margin of Highpower Technology from 2019 to 2023 is shown in the figure below. In 2023, the gross sales margin will be 19.24%.
Operational capability analysis
In the past five years, Highpower Technology's inventory turnover rate is shown in the figure below. In 2023, the inventory turnover ratio is 5.43.
Solvency analysis
From 2019 to 2023, Highpower Technology's asset-liability ratio is shown in the figure below. In 2023, the debt-to-asset ratio is 70.05%.
Core competitiveness
First, the advantage of customer resources
The company has accumulated a large number of high-quality customer resources and established cooperative relations with well-known enterprises in many industries. At present, the company's terminal brand customers include HP, Dell, MSI, Acer, Asus, Microsoft, Sony, Logitech, Google, DJI, Mindray, Harman, Philips, Panasonic, Braun, Garmin, GOAL ZERO, GOPRO, ZTE, PAX, AMAZON, Duracell, Energizer, Geely, Hongqi, GAC Aion, BYD, Xiaomi and other well-known enterprises at home and abroad. High-quality customer resources have laid a solid foundation for the company to continue to explore the high-end market and accumulate rich experience.
Second, the advantages of comprehensive services
The company has a variety of types and models of secondary clean battery product series covering small and medium-sized polymer pouch lithium-ion batteries, button lithium-ion batteries, cylindrical lithium-ion batteries, nickel-metal hydride batteries, etc., and provides battery recycling and resource reuse services through Ganzhou Highpower, a joint-stock company, which can provide customers with flexible and reliable one-stop power solutions.
3. Technological innovation and R&D talent advantages
Through independent research and development, the company has mastered the key technologies of the industry such as "high energy density battery technology", "battery electrolyte technology", "high temperature battery technology", "key technology of battery rapid charging and discharging", "key technology of high safety battery" and "key technology of battery protection and control BMS", among which "high voltage and high energy density lithium battery key technology research and development and industrial application project" won the "second prize of scientific and technological progress" assessed by Shenzhen Science and Technology Innovation Commission; Nickel-hydrogen battery for consumer electronics won the honor of "Single Champion Product in Manufacturing Industry" assessed by the Ministry of Industry and Information Technology of the People's Republic of China and the China Federation of Industrial Economics; "Wide-temperature and long-life backup battery technology development and industrialization project for intelligent networked vehicle terminal T-BOX system" and "R&D and industrialization project of high-density, large-capacity parallel-scale and expandable energy storage battery module" won the "Key Link Improvement Project of Industrial Chain" by Shenzhen Municipal Bureau of Industry and Information Technology; "R&D and Industrialization Project of High Energy and Long Life Polymer Lithium Battery for High-end Notebooks" won the "New Generation Information Technology and Industrial Development Project" of Guangdong Provincial Department of Industry and Information Technology.
Fourth, the advantages of manufacturing
At present, the company has mastered a number of key technologies of intelligent manufacturing, such as battery intelligent manufacturing information system, battery automation logistics system, and electrode automatic feeding intelligent system. Through the introduction and development of advanced enterprise management systems such as SAP-ERP system, PLM product life cycle management system, WMS warehouse management system, MES system, mobile inspection system and tooling and fixture management system, the company digitizes and visualizes the order, procurement, manufacturing, delivery and other information in the production and manufacturing process, forms a complete product data traceability chain, improves the company's data management analysis and rapid response ability, and effectively guarantees the quality of the company's product shipments.
I love the audio network summary
Highpower Technology said that it will take the "Business Leadership (BLM)" model as the theoretical basis, combined with the characteristics of actual operation, starting from gap analysis and market insight, through the prudent analysis of the macro environment, market trends, target customers, competitors, self-positioning and core competencies to determine the direction of the company's future strategic opportunities, and update the future strategic development plan on a rolling basis every year, focus, innovate and press, and continue to provide high-quality, clean, safe and high-energy power solutions and services for global brands. Achieve high-speed and high-quality growth to achieve operating income.
Tips: The above information is for reference only and is not intended as a suggestion to enter the market; Investment is risky, and you need to be cautious when entering the market.
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