Who are the core companies with the highest technical barriers in lithium battery materials?
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The diaphragm is the link with the highest technical barriers in lithium battery materials. It is the midstream material of the new energy vehicle industry chain. The performance of the diaphragm is important for the lightweight and safety of lithium batteries. In recent years, there has been a trend of wet-process diaphragms replacing dry-process diaphragms. In 2019, the total domestic diaphragm production in Q1 reached 520 million square meters, an increase of 62% year-on-year; of which wet-process diaphragm production was 380 million square meters, an increase of 111% year-on-year , The production of dry-process diaphragms was 140 million square meters, an increase of 1% year-on-year, and the share of wet-process diaphragms was as high as 73%. At present, there are three listed companies in the diaphragm field in the midstream material of China's A-share new energy automobile industry chain, namely Enjie (the leader in wet process, accounting for about 5.5% of the market share after the acquisition of the second place), and Xingyuan Materials (Dry process leader, currently dry and wet are advancing simultaneously), and Cangzhou Pearl (Lithium-ion battery separator revenue accounted for a small proportion and can be ignored for the time being).
Currently, the diaphragm industry adopts the wet process as the mainstream technology route. Compared with the early dry process, the wet process diaphragm has obvious advantages in terms of performance and cost performance, so it occupies In most markets for lithium battery separator products, from this perspective, the wet process leader Enjie has absolute market pricing power after acquiring its second child, Suzhou Jieli. After completing the acquisition of Jieli’s equity, Enjie’s wet process separator market The market share will increase to 5.5%, the pricing power will be further enhanced, the leading position will become more stable, and the industry competition landscape will undergo major changes. Therefore, the market has given Enjie a higher valuation, and the current trend is also the best. However, from the perspective of the profitability of listed companies in the industry, Enjie shares have been listed for a short time and the main business has changed. In 2018 and the first half of 2019, the company's film product gross profit margin was 46.82% and 48.59%, respectively; In terms of time period, from 2016 to the first half of 2019, the gross profit margin of Xingyuan Material was 60.60%, 50.68%, 48.25% and 52.25%. From this perspective, the competitiveness of Xingyuan Material cannot be underestimated.
The problem now is that Enjie is the dominant player. The domestic lithium battery customers of diaphragm downstream customers should not be willing to see the upstream due to the consideration of bargaining power and supply guarantee. If there is an oligopoly supplier or even a dominance in the key raw material link, will the downstream battery factory turn to support other diaphragm manufacturers in the industry such as Xingyuan Material, Cangzhou Pearl and make an appropriate balance? This needs further observation. At the same time, it needs to be further observed whether the bet between Enjie and the second Mu0026A Suzhou Jieli can be realized? The main content of the bet between Enjie and Suzhou Jieli is that from 2020 to 2022, Suzhou Jieli promises to have a net profit of not less than 100 million, 150 million and 200 million respectively. According to the bet signed by Shengli Precision and Suzhou Jieli in the first transaction According to the agreement, from 2016 to 2018, Jie Li’s performance commitments were 130 million, 169 million, and 220 million, respectively, while Jie Li’s actual performance was 60 million, -20 million, and -1 million, so this also needs to be observed, otherwise Enjie The strong alliance with Suzhou Jieli may give Enjie a huge goodwill, but if the strong alliance meets expectations, Enjie may become another absolute world leader in China's subdivisions. These are the things above. The certainty and uncertainty that Czech Republic faces in the future.
As for the material of Xingyuan, as the leading dry process, it designed and manufactured the first domestic unidirectional stretch dry process production line in 2008. The future development of Xingyuan material It mainly depends on the space and speed of its further development in the field of wet processing. After all, in the field of diaphragms, the performance of wet processing is better. Fortunately, Xianyuan Material has been dry and wet at the same time, which is the uncertainty that Xingyuan Material will face in the future. Sex.
From a trading perspective, Enjie shares are undoubtedly trending stronger, but the double bottom structure of Xingyuan material is also very obvious and at a low level, so from the perspective of configuration In other words, the two targets have their own advantages and disadvantages.
Enjie has an absolute dominance in this field. At the same time, the 360 u200bu200bmillion square meter wet diaphragm under construction by Xingyuan Material Changzhou is also a clear bright spot. In the future, with the gradual advancement of Tesla's localization and the acceleration of global traditional automobile leading companies in the field of electric vehicles, the new energy automobile industry chain will also enter a rapid development channel, which is pregnant with a large number of investment opportunities, especially The diaphragm link with the highest technical barriers in lithium battery materials, as the industry's reshuffle is gradually coming to an end, leading companies in the diaphragm field will also usher in a significant increase in profits and enjoy higher capital premiums.
