Guoxuan High-tech 2021 revenue first exceeded 10 billion

Continuously improving its competitiveness, Guoxuan High Tech's 2021 and 2022Q1 results are bright.

Recently, Guoxuan High Tech released its 2021 annual report and 2022 Q1 report. The report shows that the company's revenue in 2021 was 10.356 billion yuan, exceeding 10 billion for the first time; in the first quarter of this year, the revenue was 3.916 billion yuan, up 203.14% year-on-year.

Multiple factors, including strong battery production and sales, continuous optimization of customer structure, enhanced technology R&D strength, and continuous development of overseas business, constitute the core drivers of Guoxuan Hi-Tech's bright performance.

In terms of market performance, Guoxuan High-tech's battery shipment volume reached 16GWh in FY2021, doubling year-on-year; the number of domestic installed units is nearly 400,000, with a market share of 11.2%, ranking third in China.

From January to February 2022, its global power battery installed 1.6GWh, with a year-on-year growth rate of 225.2% and a global market share of 3.1%, ranking eighth; in the domestic market, it ranked fourth with a total installed power of 2.57GWh from January to March, accounting for 5.01%. Among them, the market share in February was as high as 5.81% in a single month.

In terms of capacity deployment, Guoxuan Hi-Tech has built 8 production bases in Hefei headquarters, Hefei Economic Development Zone, Lujiang, Nanjing, Qingdao, Tangshan, Nantong and Liuzhou, and acquired Bosch Group's factory in Göttingen, Germany to establish its first new energy production and operation base in Europe.

Guoxuan Hi-Tech also plans to break through 100GWh by the end of 2022 and 300GWh by 2025.

In terms of customer structure, CXG has entered into strategic partnerships with SAIC Datsun, Jianghuai Automobile, Chery Automobile, Chang'an Automobile, Geely Automobile, Great Wall Automobile, Zero Runner, Weimar Automobile, Hecho New Energy, and overseas companies such as Bosch, Tata, Ebusco, Volkswagen and Vinfast.

At present, it has stood firmly in the first echelon of the A00-class segment, providing battery support for the hot-selling models of SAIC-GM-Wuling, Jianghuai Automobile, Chery Automobile, Zero Running Automobile, Changan Automobile, BAIC New Energy and other A00-class car companies. Among them, in 2021, the battery support exceeds 134,000 units of Hongguang Mini EV, with 1.67GWh installed in a single vehicle model.  

In terms of technical R&D strength, Guoxuan High-tech 210Wh/kg LiFePO4 battery has been industrialized, while 230Wh/kg LiFePO4 battery will be gradually moved to mass production by the end of 2022. In addition, Guoxuan's semi-solid-state batteries for domestic high-end pure electric vehicles have achieved a range of over 1000km, double that of its first generation models.

In addition, Guoxuan also holds flexible large module formation technology, lightweight technology such as liquid-cooled integrated box, thermal runaway protection technology for ternary and lithium iron square cell systems, and functional safety certified BMS product technology, which have successfully achieved large-scale market application.

In terms of overseas business, Guoxuan High-tech has maintained high speed development in recent years. 2021 overseas revenue is RMB 528 million, up 232.58%, accounting for 5.1% of total revenue, doubling again from 2020.

Since 2021, Guoxuan Hi-Tech has continued to expand overseas markets. It has signed strategic cooperation with VW, Jinko and other high quality enterprises, cooperated with Vietnam Vinfast to develop Southeast Asia market, and signed a 200GWh strategic cooperation with a listed car company in the US to provide LiFePO4 battery packages.