From 6 lithium-film enterprise performance to see diaphragm 2018 dividend where?

The decline in diaphragm prices has become an irreversible trend, but it must be faced that the dividends of the diaphragm in the four key lithium materials are still not negligible.

Gaogong Li-electric inventory Shanghai Enjie, Xingyuan Material, Victory Precision(Suzhou Jieli), Zhangzhou Pearl, Yuntianhua(New Rice Technology), Zhongcai Technology 6 listed companies Lithium-electric diaphragm performance found, in the past price and gross profit Both dive in 2017, many diaphragm companies are firmly seated at Diaoyutai, Enjoying the market dividend.

For example, the domestic wet diaphragm leader Shanghai Enjie's 2017 revenue was 894 million yuan, and the net profit attributed to the parent company owner was 393 million yuan, becoming the big winner of the lithium diaphragm market in 2017.

In addition, companies such as Xingyuan Material, Zhangzhou Pearl, and New Rice Technology have also performed well. Fundamentally, a common reason for the growth of these split companies is that the subsidy policy has receded in 2017 and is directly linked to energy density. The demand for ternary power batteries has soared. Even many mainstream lithium iron phosphate battery companies have announced a layout of three yuan.

Data from the Institute of Lithium Research and Production(GGII) showed that the proportion of three-way power battery shipments rose to 48 % in 2017, an increase of 22 percentage points from 2016.

It can be expected that in 2018, ternary power batteries will still be the mainstream demand in the new energy car market. This to the diaphragm enterprise, is undoubtedly a good news. But according to the performance of the six companies in 2017, not every one of them will be able to share a cup.

First of all, I want to take a look at the performance of Shanghai Enjie, Xingyuan Material, Victory Precision(Suzhou Jieli), Zhangzhou Pearl, Yuntianhua(New Rice Technology), and Zhongcai Technology's six listed companies:

According to audit data released by Innovation(002812), Shanghai Enjie's total operating income in 2017 reached 894 million yuan, and the net profit attributed to the parent company owner reached 393 million yuan.

Xingyuan Material(300568) released the 2017 Performance Express. When the company achieved a total revenue of 521 million yuan, it realized a net profit of 107 million yuan for shareholders belonging to listed companies.

Victory Precision's 2017 lithium battery diaphragm business(Suzhou Jieli) achieved revenue of 474 million yuan, a year-on-year increase of 76.27 %, and net profit was a loss of 12.913 million yuan.

According to the 2017 report of Zhangzhou Pearl(002108), the company's revenue during the reporting period was 3.524 billion yuan, an increase of 27.47 % year-on-year; The net profit was 545 million yuan, an increase of 11.89 % year-on-year. The company's lithium-ion battery diaphragm new energy materials achieved revenue of 432 million yuan, a year-on-year increase of 14.34 %. The total sales volume of diaphragm products is approximately 13.997 million square meters, and the gross profit margin is 47.75 %. Sales of wet lithium-ion battery diaphragm products were 5,314,100 square meters, an increase of 242.83 % over the same period last year.

Yun Tianhua released the 2017 report. During the reporting period, the company achieved revenue of 56 billion yuan, an increase of 5.59 % year-on-year; The net profit of shareholders belonging to listed companies is 201 million yuan. Among them, lithium battery diaphragm(New Rice Technology) revenue reached 138 million yuan.

China Materials Technology achieved revenue of 10.267 billion yuan in 2017, an increase of 14.48 % year-on-year; The net profit attributable to shareholders of listed companies was 767 million yuan, an increase of 91.15 % year-on-year. Among them, the revenue of the lithium battery diaphragm business was 29,529,100 yuan, accounting for 0.27 % of the total revenue.

According to the interpretation of the performance of each company in 2017, it is initially predicted that in 2018, the company's desire to enjoy market dividends needs to meet the following conditions:

First, large capacity. In the opening year of 2018, large diaphragm companies announced that they would take the initiative to reduce prices by 20 %. The big separator, which ranks first this year, is still ramping up capacity building, according to the GGII survey, and the release of new capacity will leave the separator facing a price drop of more than 20 per cent in 2018.

Price margins continue to shrink, and without scaled capacity to spread costs, it is difficult for companies to stand out in the price battle with battery companies.

Second, thick capital. Capital has always been a key factor in the company's dependence on the power cell market, but with the gradual deepening of the competition, production capacity, capital has become the fastest expansion of the factor in the short term.

At present, a number of domestic technology, quality separator enterprises such as Jinli shares, Hongtu diaphragm are actively seeking capital upgrading, but also from the side of the separator enterprise's desire for capital.

Third, high quality. According to the TOP10 ranking of power battery installed capacity released by GGII in 2017, the top ten power battery companies account for 74 % of the overall market. The increase in the degree of centralization, on the one hand, the battery company and the diaphragm company are more bound, on the other hand, in the quality control will be more stringent.

The page contains the contents of the machine translation.