21 depth丨Nold shares vice president "cut belly bet" of the bottom: the performance into the explosive period, the top fund manager bought

21st Century Business Herald reporter Han Xun reported from Shanghai

Nord's vice president Chen Yubi's circle of friends who "the market value next year is not 50 billion, I apologize for it" may not be a whim, and the company's performance in the first three quarters of this year increased by more than 20 times.

On the evening of October 28, NORD shares (600110. SH) released the third quarter report of 2021, during the reporting period, the company achieved operating income of 3.236 billion yuan, an increase of 137.26%; achieved a net profit attributable to the mother of 322 million yuan, an increase of 2070.12%; of which, the company achieved operating income of 1.228 billion yuan in the third quarter, an increase of 114.87% year-on-year; and achieved a net profit attributable to the mother of 120 million yuan, an increase of 8663.26% year-on-year.

In addition to the "beautiful" performance, it is worth noting that many funds, including top-notch fund manager Zhou Weiwen, increased their holdings or bought a large proportion of NORD shares in the third quarter of this year.

However, Nord shares still fell by 8.15% on the morning of October 29, the stock price fell to 22.19 yuan, and the morning minimum fell to 22.10 yuan, can Chen Yubi's "five billion market value" still be realized?

<h4>The stock price once hit a 14-year high</h4>

From taking the lead in cutting into the field of galvanized copper foil in 1999 to switching to the field of lithium battery copper foil in 2014, NORD shares have not attracted the attention of the capital market for such a long time in the past.

The focus may come from a circle of friends of Chen Yubi, vice president of Nord Shares, in a "Kwa Haikou" circle on the evening of October 22, 2021.

On the evening of October 29, NORD co., Ltd.'s third quarter report of 2021 showed that its operating income was 3.236 billion yuan and its net profit attributable to the mother was 322 million yuan.

As for the increase in operating income, NORD co., Ltd. explained that it was mainly due to the increase in the number of products sold and the increase in prices in the current period. ”

What is the concept of a net profit of 322 million? This is a "good result" that NORD has never achieved since its listing in 1997, and the best performance was 190 million yuan in 2017, which was completed in only 9 months this year.

Wind data shows that from 1997 to 2020, nord's net profit attributable to the mother changed from 0.32 billion yuan to 0.05 billion yuan, during which it also lost more than 68 million yuan, 262 million yuan and 122 million yuan in 2011, 2014 and 2019, respectively.

But since the beginning of this year, NORD shares have "suddenly" changed like a person, and the net profit attributable to the mother in the first quarter of 2021 reached 0.65 billion yuan, and by the end of the third quarter, it has reached 322 million.

The market value of NORD shares has increased from 12.9 billion yuan in early 2021 to about 33.8 billion yuan today, an increase of about 1.6 times.

On October 28, 2021, NORD shares rose as high as $25.59, a price that also hit a new high for the stock in the past 14 years, with the last touch of $25.59 dating back to September 26, 2007.

<h4>The layout of the institution began at the end of last year</h4>

Such a high-speed growth performance has naturally attracted the "favor" of many institutional investors, but in fact, the layout of the institutional round of NORD shares in this round began in the fourth quarter of 2020.

Wind data shows that throughout 2019, only Invesco Great Wall Quantitative Select Fund and Taikang Strategic Preferred Fund occasionally showed their faces in single quarterly reports, and other mainstream fund companies never bought NORD shares. In the third quarter of 2020, it was only the Cathay Intelligent Automobile Fund, Wanjia Harmonious Growth Fund, Huaxia Xinghe Fund, and Hongdao Phase 3 that appeared in the first quarterly report and the third quarterly report.

However, from the fourth quarter of 2020, the shareholders of NORD shares suddenly poured into the products of many mainstream fund companies.

Wind data shows that at the end of 2020, at least 13 public fund companies with 28 products, as well as 2 private equity fund products, became shareholders of NORD shares.

According to the 2020 annual report of Nord Shares, Cinda Australia Bank New Energy Industry, Tongyi Fangyuan No. 8 Private Equity Fund, Haifutong Reform Driven, Shengxin Phase 2 Private Equity Fund have become institutions that have newly entered the top ten outstanding shareholders, and hongdao Phase 3 private equity fund and Huaxia Xinghe, which were originally held, have continued to increase their holdings of the stock.

When the first quarter report of Nord 2021 was disclosed, Hongdao Phase 3 Private Equity Fund, Cinda Australia Bank New Energy Industry, Tongyi Fangyuan No. 8 Private Equity Fund, and Shengxin Phase 2 Private Equity Fund all withdrew, and the new entrants were Yinhua Fund - Chengtong Financial Holdings No. 4 Single Asset Management Plan, Golden Eagle Information Industry, Everbright Sun Life Asset Jucai No. 121 Directional Asset Management Products, and Huaxia Xinghe, which was originally held, continued to increase its position.

When the performance of nord's 2021 semi-annual report was released significantly, the institution rushed into the stock like a rush.

Wind data shows that at the end of the first half of 2021, mainstream fund companies including Xingquan Fund, Southern Fund, Harvest Fund and other mainstream fund companies began to become new shareholders of NORD shares.

On the evening of October 28, the 2021 third quarterly report disclosed by NORD shares showed that the Ceibus New Blue Chip and CEIBS New Trend, led by top-tier fund manager Zhou Weiwen, became the company's 4th and 6th largest circulating shareholders with 19,177,298 shares and 15,389,609 shares respectively; Oriental Growth Mid and Mid Cap and Oriental Alpha Dominant Industries under Orient Fund Company became the 3rd and 7th largest circulating shareholders of the company with 24,936,744 shares and 14,788,231 shares, respectively TEDA Manulife Transformation Opportunity Fund became the company's 9th largest outstanding shareholder with 13,489,621 shares.

The social security fund is not "outdated", and the 118th group of the national social security fund and the 116 combination of the national social security fund rank as the second and 10th largest circulating shareholders with 27.584149 million shares and 12.8666 million shares respectively.

It is worth noting that the two products of Xingquan Fund Company have diverged, among them, Ji Wenhua's Xingquan Hefeng has continued to increase its position by 5.30909 million shares to 19 million shares in three years, ranking as the fifth largest outstanding shareholder, while the other Xingquan Social Responsibility company he is in charge has reduced its holding of 424,860 shares, ranking the eighth largest outstanding shareholder with 14 million shares.

<h4>What is the basis for the "cut belly" bet? </h4>

Since October 28, NORD shares hit a new high of 25.59 yuan, the stock has fallen all the way; in the morning of October 29, the stock opened with a gap of 23.70 yuan, closing down 8.15% at noon, and the stock price fell to 22.19 yuan.

"What about your $50 billion?" An investor left a message in the stock bar of NORD shares, which meant that when Chen Yubi boasted about Haikou's "50 billion market value" concept can be realized?

According to the data, NORD co., Ltd. is mainly engaged in the research and development, production and sales of electrolytic copper foil for lithium-ion batteries, and the products are mainly used in the production and manufacture of lithium batteries.

Data from the China Automotive Power Battery Industry Innovation Alliance shows that in May 2021, China's power battery production totaled 13.8GWh, of which lithium iron phosphate battery output was 8.8GWh, ternary battery output was 5.0GWh. The production of lithium iron phosphate batteries hit a new high in May this year and surpassed ternary batteries for the first time.

In the view of the above-mentioned brokerage new analysts, May this year is the inflection point of the performance of NORD shares, "lithium battery copper foil, is the negative collector fluid of lithium batteries, and its performance can directly affect the internal resistance and cycle life of lithium batteries." Due to the low energy density of lithium iron phosphate and the higher amount of copper foil than that of ternary batteries, as long as the sales of lithium iron phosphate batteries continue to grow, the performance of NORD shares will rise. ”

On October 12, 2021, the China Automotive Power Battery Industry Innovation Alliance released the monthly data of power batteries for September 2021. In terms of output, in September 2021, China's power battery output totaled 23.2GWh, of which ternary battery output was 9.6GWh, accounting for 41.6% of the total output; lithium iron phosphate battery output was 13.5GWh, accounting for 58.3% of the total output.

You know, this is already the fifth consecutive month that the output of lithium iron phosphate batteries exceeds that of ternary batteries.

In terms of loading capacity, in September 2021, China's power battery loading capacity was 15.7GWh, of which ternary batteries loaded a total of 6.1GWh, and lithium iron phosphate batteries loaded a total of 9.5GWh. Since July this year, the loading capacity of lithium iron phosphate batteries has exceeded the ternary lithium battery for the first time, which has exceeded the loading capacity of ternary batteries for three consecutive months.

"The same logic, look at Jiayuan Technology, Chaohua Technology, which did not start from the first half of this year's performance outbreak." A new analyst of a brokerage company told the 21st Century Economic Herald reporter that the current institutional circle of nord shares this year's performance of the unanimous judgment of the net profit of about 500 million yuan.

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