读铅蓄电池世界龙头Clarios招股书（二）

7月15日，Clarios递交S-1/A招股书，内容方面和S-1招股书并无较大差异，所以第二部分的内容就接着第一部分继续往下读。

第一部分传送门：读铅蓄电池世界龙头Clarios招股书（一）

Increasing electrical loads are driving OEMs to specify Advanced Batteries in a growing number of new vehicle platforms. We expect Advanced Batteries to be approximately half of low-voltage batteries sold by 2035, as more vehicles with “first fit” Advanced Batteries enter the typical aftermarket replacement cycle. 

第一句讲述的是一个事实：AGM和EFB在新车型中的渗透率越来越高。

据Clarios预测，到2035年，高级电池（AGM、EFB）将占低压电池销量的一半左右，原因不仅是在新车中的渗透率提升，还有更多配备高级电池的存量车辆进入了更换周期。

上图左为Clarios对各类电池销量比例的预测（Flooded为传统铅蓄电池，Advanced包括AGM、EFB），上图右为Clarios秀肌肉（AGM产能占全世界的一半以上）

While Advanced Battery volumes comprised 20% of our total unit sales in 2020, in the aftermarket they accounted for only 9%.

Clarios的高级电池销量占2020年总销量的20%，但在售后市场仅占9%。此处再次强调了售后市场巨大的潜力。

We have a strong and expanding position in China and are strategically positioned for growth in the highly profitable AGM product in that market.

令人激动的一段即将展开，看看Clarios如何看待中国市场。

We have a strong, competitive position with a more than 40% market share in BEVs and expect significant growth within the region given the proliferation of next-generation new vehicle sales and the relatively low age of the current car parc.

我国的汽车保有量数据就不在这里放出来了，作为投资者应该都知道这个数字迅猛增长的事实，同样的，也不在此赘述国内新能源车市场的广阔前景。需要注意的内容是，Clarios声称自家在国内纯电动汽车领域拥有超过40%的市场份额。

Approximately half of our sales in China are Advanced Batteries and we expect significant growth in Advanced Batteries throughout the region.

Clarios在国内的电池销售，高级电池的占比差不多能到总销售额的50%，而从全球视角看，Clarios的高级电池营收占比远未达到50%，由此可见Clarios聚焦于抢夺国内高级铅蓄电池市场，尤其是AGM。

Our existing AGM capacity currently comprises approximately 70% of total AGM capacity within the country. 

Clarios现有的AGM产能目前约占国内AGM总产能的70%。看到这个数字还是有些惊讶的，这么说起来国内厂家合在一起都没到总产能的30%？

In order to keep up with the growth in the region, we have three state-of-the-art manufacturing facilities, including our latest facility that is coming online this year. 

Clarios在国内有3座铅蓄电池制造工厂，按投产时间排序，分别位于湖州、重庆和滨州。（滨州厂本来是渤海汽车控股，2020年渤海汽车将股权全部转让给Clarios）除上述3座铅蓄电池厂以外，Clarios还在江苏太仓建有低压锂电池厂。

接下来上两张图，第一张是2002年-2020年Clarios的营收（单位为10亿美元）。

除2009年（金融危机）和2020年（新冠疫情）外，Clarios营收均保持环比增长趋势。

这张图则反映了2020年新冠疫情爆发后不同区域售后市场的恢复速度，EMEA（欧洲、中东和非洲）从2020年4月恢复至同比增长的状态，北美则稍晚一个月。

后面有一大段是对前面内容的重复叙述，在这儿就先跳过了，咱只看关键内容。

Profitable growth in any regional aftermarket demands a network of strong and solvent distributors able to provide effective coverage to a diverse range of workshops and battery retailers. This is especially critical in China given its rate of expansion, size and relative immaturity of the automotive aftermarket. Our approach to build out this network relies heavily on the experience, playbook and learnings of our business in Mexico, where we guided a fragmented collection of many undersized family businesses into a small set of professionalized operations, constantly expanding our reach within and beyond the auto segment.

这段有点长，概括下来就是说，Clarios在中国抢占售后市场的策略将会借鉴之前在墨西哥市场的成功模式。至于这个成功模式，根据我粗浅的理解，应该是把现在市场上的个体户们（比如随处可见的电池维修店）整合改造成专业的品牌销售零售商，实现共赢。

In addition, we are well-positioned to serve the growing number of new entrants in our core sectors, including new electric vehicle OEMs and aftermarket customers. 

到这里，Clarios终于要专门聊到对新能源车低压电池市场的看法了。首先表明自己已经做好了准备，欢迎广大下游厂商和车主来做客户。

Despite low current volumes, we have focused on growing relationships with the majority of these players.

尽管你们的整体销量还不高，但Clarios并不会不把你们当回事哦

By growing capabilities through partnerships and the emerging online-to-offline e-commerce model, we have achieved outsized growth in China and aim to leverage these strategies to further our leadership in developed markets.

Clarios认为在中国新能源车配套市场已取得了巨大成功并希望沿用在中国的战略去扩大在发达国家市场的领先地位。不得不说，这句话的阅读体验极度舒适。

Beyond our core markets, we see the potential to leverage our existing recycling network and knowhow into electric vehicle high-voltage lithium-ion battery recycling.

敲黑板了啊，重点来了，一起瞅一瞅Clarios对汽车动力锂电池回收怎么看。

We are working with the U.S. Department of Energy (“DOE”) and industry partners to leverage our closed-loop and logistics expertise and develop and apply innovative technologies to lithium-ion recycling in connection with low-voltage and high-voltage lithium-ion batteries.

先是交代了目前正在与美国能源部以及业内伙伴一起开发锂电池回收技术，当然，这事国内也有很多厂商在做。

Despite the significant market opportunity, very few lithium-ion automotive batteries are currently available to be recycled and this initiative will take time to grow to scale as the market develops. 

话锋一转，尽管锂电池回收市场机会巨大，但目前可回收的动力锂电池实在是太少了。

However, we are planning for the long-term to ensure all batteries regardless of chemistry are responsibly recycled as well as working with local governments in their goal to secure domestic supply chains of critical minerals for the future.

最后Clarios以一句漂亮话收尾：无论是啥材质的电池，以后统统都要回收，一个都不能少

第二部分的内容到此告一段落，第三部分，也是最后一个部分，我想读一读招股书中行业概况的内容，另外也顺便留意一下会不会有中国企业出现在Clarios的招股书中。

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