Breakthrough in key technologies of lithium-ion power batteries

The experts of the Ministry of Science and Technology of the Ministry of Science and Technology in Beijing conducted an acceptance of the “12th Five-Year” National Science and Technology Support Program “New High-safety Diaphragm Research and Application Demonstration for Lithium-Ion power batteries ” project in Beijing.

In accordance with the relevant provisions of the National Science and Technology Support Plan Management Measures and the National Science and Technology Support Plan Special Fund Management Measures, the acceptance expert group listened to the project leader's report on the implementation of the project, reviewed the relevant materials, and conducted questions and discussions. The expert group believes that the project has completed the main tasks and indicators specified and agreed to pass the acceptance.

The project uses a controlled UV cross-linked poly (aryl ether ketone) to prepare a lithium battery separator with an adjustable thickness of 20-40 microns. The key technology of lithium-ion power battery based on new high safety diaphragm is studied, and the battery system test and development platform are established. , carried out research on efficient energy balance technology of battery management system. Established a production line with an annual output of 30 tons of controlled UV cross-linked poly aryl ether ketone lithium ion power battery separator, with an annual output of 1 million square meters of controlled UV cross-linked poly (aryl ether ketone) lithium-ion power battery separator production line, battery system in electric Demonstration application on the bus. The acceptance expert group unanimously agreed that the project passed the acceptance.

CICC pointed out that the concentration of downstream lithium battery industry has increased and the production capacity has increased significantly. 1) The concentration of new energy vehicle terminal market is relatively high. About 80% of new energy passenger car sales in 2016 were occupied by 20 models, and only about 20 lithium battery manufacturers. 2) The concentration of the lithium battery industry began to increase significantly. Compared with 2015, the lithium battery enterprise CR4 increased from 54% to 62% in 2016; CR2 increased from 38% to 48%. 3) The "Conditions for Automotive power battery Industry" comments draft will increase the annual production capacity requirement of lithium-ion power battery cells from "not less than 200 million watt-hours" to "not less than 8 billion watt-hours". Currently, there are only a few Lithium battery companies can reach the standard and the industry concentration in the future is expected to further increase.

Huatai Securities believes that in 2017, the power lithium battery industry has overcapacity, and the price reduction trend is inevitable. The high valuation era may have passed. At this time, it is necessary to select enterprises that have product technology advantages, capacity scale effects, and performance growth support.

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Kangxin new material: new capacity is gradually released, and its performance is growing steadily

The company's performance pre-increased is in line with market expectations, exceeding the 2016 performance commitment. The growth in performance is due to the increasing profitability of the new capacity production of the COSB board. As the company gradually deploys the application of the COSB board in the downstream wooden house structure, it is expected that the future Order volume will bring new performance growth points, and the company will enter a stage of rapid development. Maintain EPS of 2016-18 is 0.40/0.54/0.68 Yuan, taking into account the downward shift of the industry valuation center, giving the company 25 times PE in 2017, and lowering the target price to 13.50 Yuan.

The new capacity of the COSB board was gradually put into production, and the growth in performance was in line with market expectations. In 2016, the company expects to achieve a net profit of 3.7 to 390 million Yuan, an increase of 37% to 44%, and its performance has maintained steady growth, exceeding the 2016 performance commitment of 351 million Yuan, in line with market expectations. The pre-increased performance is mainly due to the gradual production of new capacity of container COSB projects. The abundant product types drive orders to increase steadily. The company's continuous investment in new capacity will continue to expand its market share in the container floor industry, with the continuous increase of new capacity. The operation, the scale effect of production is gradually released, and the income scale and profitability will continue to increase.

The application of the downstream civilian sector continues to expand, and the future will create new profit growth points for the company. With the continuous investment of the production of 28011 and the increase of surplus capacity, the company has gradually expanded from the single container floor business in the past to the downstream civilian field, and through the newly established subsidiary Hubei Tianxin, the wood structure and sales business. With the implementation of green building and prefabricated residential policies, it is expected that the penetration rate of wood-framed buildings in China will gradually increase in the future, and the application scenarios will gradually expand from tourism and cultural relics restoration scenarios to residential areas. The company's future order acquisition space can be expected. This will bring new profit growth points to the company.

Ganfeng Lithium Industry: Strong downstream demand promotes performance growth

The company released the performance report. In 2016, the company realized a total operating income of 2,857,272,300 Guan, an increase of 111.04% over the same period of last year. The net profit attributable to shareholders of the listed company was 456,621,000 Yuan, an increase of 264.56% over the same period of last year; the realized earnings per share were 0.61 Yuan.

The company is a leading enterprise in China's deep processing lithium products industry. Due to the strong demand in the downstream lithium battery market, the upstream battery material industry has been growing rapidly. The sales price and sales volume of the company's basic lithium salt products have increased significantly. In the future, the company will continue to benefit from the growth of downstream demand. The company's 17-18 annual earnings per share are expected to be 1.2 Yuan, 1.6 Yuan. Give an overweight rating.

Strong downstream demand boosts the company's performance. The main reason for the sharp increase in the company's performance is the strong demand for downstream lithium battery market, which has driven the rapid growth of the upstream battery material industry. The sales price and sales volume of the company's basic lithium salt products have increased significantly.

The asset impairment caused by the subsidiary's fire caused the company's performance to fail to meet expectations. In the third quarterly report of the company, the net profit attributable to shareholders of listed companies is expected to increase by 400%-450% compared with the same period of the previous year. The net profit is attributable to shareholders of listed companies disclosed in this performance report increased by 264.56% year-on-year. For the two-year fire accident of Shenzhen Meibai Electronics Co., Ltd., a wholly-owned subsidiary, it caused certain asset impairment losses to the company. The company's losses in the third quarter are not expected.

The future will continue to benefit from the growth of downstream demand. The company is China's deep processing lithium products industry: the leading enterprise, is the world's largest supplier of lithium metal, is the professional manufacturer with the most complete range of lithium series products, the longest product processing chain and the most comprehensive technology, and will continue to benefit the growth in downstream demand in the future. The company's 17-18 annual earnings per share are expected to be 1.2 Yuan, 1.6 Yuan.

National Optoelectronics: the core leader of the intelligent audio era

Fixed speaker technology and intelligent speakers, the company's speaker development logic is clear, large customer share inflection point or arrival: from the current industry pattern, the company's future competition logic is from large speakers to small speakers, and finally into the micro-speakers of mobile phones and other terminals the way. I believe that the company's development logic is clear: 1) Speaker miniaturization is the future. The company's future opportunities are still to make the speaker small, cut into the ultrabook, tablet and smartphone business; 2) layout automation production line to expand production capacity. Only by actively deploying automated production lines can high precision and large order requirements be achieved. The company recently announced a plan to increase the number of funds, investing 1 billion Yuan in micro-speaker products and technological innovation projects for emerging smart audio products: 32 micro-speaker production lines and 16 micro-speaker production lines, with a total annual profit of about 190 million Yuan. This time to increase the micro-speaker technology transformation project, coincides with the above two points of revelation, while the timely development of intelligent audio project capacity is closely following the trend of the acoustic industry. This is also the reason why Guoguang is expected to post in the future and rush to share the shares of Japanese, Korean and Taiwanese companies.

The largest electro-acoustic manufacturing base in China, from the speaker to the speaker, the two businesses simultaneously promoted. Future growth in the company's acoustics sector 1) Consumer electronics micro-speakers have higher profit margins, and acoustic companies will continue to move from the low-end to the mid-to-high end of the industry value chain, with individual speakers ranging in price from $2 to $4; 2) combining recent CES The analysis of the new product information of the exhibition, the voice assistant is widely embedded in the audio terminal products, the company's speakers have a wide space in the field of smart home; 3) From the trend of this year's CES exhibition, a large number of excellent and excellent audio products are still receiving the attention of the audience, the future High-end requirements such as noise reduction and high-fidelity audio will be gradually introduced into product design and production processes. On the other hand, in the era of digital music, Internet manufacturers pay more attention to music streaming, voice control, and cloud platform construction, audio design, OEM or outsourcing to ODM/OEM. The company's high-end speaker business prospects are still broad.

The transformation of manufacturing attributes to the innovative attributes of industrial parks: the company's development ideas have changed from traditional manufacturing to innovative industrial parks. The forward-looking layout of industrial real estate technology services has been for 10 years. At present, Guangzhou Huadu Guoguang Industrial Park and Guangxi Yinzhou Intelligent Electronics Industrial Park are steadily advancing. 1200 mu of land in Huadu District of Guangzhou City is positioned to build an intelligent electronic industrial park, with a focus on technology services; Guangxi Yinzhou Park mainly uses In the future production base construction, it is expected to enjoy better labor costs and tax policies.

At present, the company is in the critical period of transformation and development, and the management has made major changes to the transformation of the R&D team and corporate governance. The main methods include: 1) each team is independent and self-financing, internal execution can be improved; 2) introduction of external strategic investors.

Earnings Forecast and Investment Proposal: Forecast the company's 16-18 year net profit of 60 million, 152 million and 254 million, corresponding to EPS of 0.14 Yuan, 0.36 Yuan, and 0.61 Yuan. The company's 17-year speaker and speaker business have steadily advanced, and major customers have progressed or exceeded expectations. The company's development has entered an inflection point. Considering the company's high growth, 50 times PE (PEG is less than 1) is given. Combined with the 17-18 year profit growth rate, the company will be given 50 times PE in 2017, corresponding to a target price of 18.19 Yuan.

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