On the evening of February 23, Funeng Technology (688567SH) disclosed its 2023 annual performance report, which is expected to achieve an operating income of 164 for the full year7.2 billion yuan, up from 11.5 billion in 20228.8 billion yuan, an increase of more than 40%, continuing the high growth trend since listing; Net profit attributable to owners of the parent company after deducting non-recurring gains and losses was -166.4 billion yuan.
Funeng Technology said that the sharp increase in operating income in 2023 is mainly due to the strong demand in the domestic market and the substantial growth of the company's product exports, of which the export revenue of power batteries contributes more than half and the gross profit margin of export products is higher than that of the domestic market.
According to the statistics of the China Automotive Power Battery Industry Innovation Alliance, Funeng Technology's power battery export sales in 2023 will rank third in China, second only to CATL and BYD; According to data from SNE Research, Funeng Technology will rank seventh in the world in terms of installed capacity in the global power battery market (excluding China) in 2023.
When the whole industry is seeking to lay out overseas markets with high gross profit margins, overseas business has become an important factor supporting the sustained high growth of Funeng Technology's performance.
As a strategic partner of Mercedes-Benz Group's comprehensive electrification, Funeng Technology has exclusive ** Mercedes-Benz EQ series EQA, EQB and EQE models, as well as EQS overseas models. Since the Mercedes-Benz EQ series was delivered in batches around the world in 2021, Funeng Technology has entered the stage of mass shipment simultaneously, and the company's operating income has increased from 11200 million yuan, an increase to 164 in 20237.2 billion yuan, with a revenue growth of nearly 14 times in four years. On this basis, Funeng Technology has reached a strategic cooperation with Turkey's independent electric vehicle brand TUGG and established a joint venture company, SIRO, to build a 6GWh battery module and PACK production line in Turkey. With the start of the delivery of TOGG models and the commissioning of local production capacity, Funeng Technology will start exporting battery cells to SIRO in 2023 for local manufacturing of modules and packs to **TOGG.
In view of the industry-leading product performance and a relatively mature overseas operation system, Funeng Technology's overseas market expansion has accelerated. According to the announcement, in 2023, Funeng Technology has obtained the designation of a pure electric platform project of Mahindra Group (Mahindra), the second largest group in India, and reached a cooperation with an international leading EVTOL manufacturer and began to deliver products.
It is worth noting that SPS, as a strategic product of Funeng Technology to participate in the next stage of market and industry competition, has also been smooth in capacity construction and customer expansion.
Funeng Technology said that the "Ganzhou 30GWh annual output of new energy battery project (phase I)" and "annual output of 30GWh power battery production base project (phase I)" are built according to SPS technology, and the cost of equipment, labor, energy consumption, and plant has been greatly reduced. At present, the above-mentioned sites will be officially put into production in 2024. At the same time, SPS technology products can meet the development needs of downstream customers for platform, generalization and multi-model, and have been designated by car companies and are simultaneously expanding major customers at home and abroad.
According to public information, SPS is a complete set of power battery solutions formed by Funeng Technology's technological innovation in pouch packaging + lamination process for 4 years, with large-size pouch cells with full tab and multi-tab as the core, tracing the optimization and iteration of the production line process forward, simplifying the process flow to improve efficiency, reducing equipment investment by 50%, and reducing manufacturing costs by 30%; In the future, the performance upgrade of the battery system was pursued, and the volume utilization rate was increased to 75%, the number of parts was reduced by 50%, and the material cost was reduced by 33%.
SPS with high group efficiency is compatible with a variety of material systems such as ternary lithium, lithium iron phosphate, lithium-rich manganese, sodium ion, etc., forming a competitive advantage with similar products. For example, the ternary material system SPS can easily achieve a range of 1,000 kilometers and a charging efficiency of 400 kilometers in 10 minutes. The overall performance of lithium iron phosphate SPS is comparable to that of ternary power batteries with traditional designs in the industry, while sodium-ion SPS products can meet the needs of A0 to A-class pure electric vehicles.