21st Century Business Herald reporter Han Xun reported from Shanghai
Under the high boom of new energy, the performance of industrial chain companies has been reported frequently.
On the evening of July 5, Xingyuan Materials, the “second-ranked” dry-process diaphragm, released its semi-annual performance forecast for 2022. The company’s net profit attributable to its parent was about 365 million yuan to 385 million yuan, a year-on-year increase of 227.05%-244.97%.
In this regard, the Zeng Duohong team of Soochow Securities believes that the performance of Xingyuan Materials’ semi-annual report “exceeds market expectations”.
Affected by the news, on July 6, Xingyuan Materials closed at 33 yuan with an increase of 8.70%, and once rose to 33.52 yuan during the session. Since April 21, the stock price of Xingyuan Materials has risen by more than 80% since the “ex-rights transfer”.
Thanks to the explosion of lithium batteries
As for the reasons for the sharp increase in performance in the first half of the year, Xingyuan Materials believes that there are two main reasons: “First, during the reporting period, the lithium-ion battery separator industry maintained a good development trend, and the company’s operations achieved sustained and stable development. With the initial investment in project production capacity Released, the company strengthened strategic cooperation with existing customers, at the same time increased efforts to develop domestic and overseas markets, and continued to optimize customer structure, thereby driving the overall profit level to increase significantly. The amount of impact on the net profit attributable to shareholders of the listed company is about 15 million yuan.”
“The performance growth of Xingyuan Materials is mainly due to the explosion of demand in the lithium battery industry, the company’s production capacity is increasing, and the customer structure is also optimizing, so profits have begun to continue to increase.” On July 6, a chemical industry analyst at a brokerage told the 21st Century Economy Reporter.
According to the research report of the Zeng Duohong team of Soochow Securities, in the first half of 2022, the production capacity of Xingyuan Materials is 1.5 billion square meters, which is full of production and sales.
Huaxin Securities Research Report also believes that the “volume and profit of Xingyuan materials have increased together, the single-level profit has continued to rise, and the product and customer structure have been significantly optimized, which will continue to narrow the profit gap with the leading companies. By improving yield and efficiency, increase The width and speed of the vehicle, the self-developed dry process equipment, and the cost side also have considerable room for decline. Looking forward, overseas customers are expected to continue to make efforts, the proportion of coating products will increase, and the company’s single-level profit is expected to continue to increase.”
As the “second place” of dry-processed diaphragms, the market share of Xingyuan Materials has long ranked second in China.
The above-mentioned chemical industry analyst of a brokerage company told the 21st Century Business Herald reporter that in terms of dry-process diaphragms, the overall market pattern is ‘three pillars’, “Zhongxing New Materials ranks first, Xingyuan Materials and Huiqiang New Materials follow behind. , but the market share is also increasing year by year.”
He said that although the wet process technology represented by Enjie shares is the mainstream in the production of diaphragms, and the demand for dry process is still picking up, “the core advantages of dry process diaphragms are lower cost, low production line investment, and unit cost. Low energy consumption is more suitable for application scenarios that are highly cost-sensitive and require low energy density, such as the energy storage market.”
In addition, from the perspective of manufacturing equipment, “the manufacturing equipment of dry-process diaphragms has been replaced, while the core manufacturing equipment of wet-process diaphragms mainly relies on imports. The mainstream equipment manufacturers are Japan Steel Works, Germany’s Bruckner and other advanced technologies.”
Production ramp-up in the second half of the year
Huaxin Securities Research Report shows that Xingyuan material has also achieved dry and wet walking on two legs. In 2021, its dry process market share will be 21%, ranking second, and its wet process market share will be 12%, ranking third.
The 21st Century Business Herald reporter learned in the interview that in the wet process equipment, Xingyuan Materials has cooperated with Bruckner for a long time. “The company’s fifth-generation 6.2-meter wide production line will be officially put into operation in 2022, with a maximum single-line design capacity of 200 million square meters. The iteration of production line technology will further reduce product costs and increase efficiency.”
According to the research report of the Zeng Duohong team of Soochow Securities, from the third quarter of this year, Xingyuan Materials will add new dry and wet production capacity and put it into production.
“The dry process production capacity is expected to contribute to the increase in Q3, and the wet process production capacity of the Nantong base is expected to be put into operation in Q4. We expect the company’s shipment growth to accelerate in the second half of the year. The annual shipment of diaphragms is expected to exceed 1.7 billion square meters, an increase of about 40% year-on-year. The proportion of French method is expected to increase to 60%+, in addition, the company benefits from BYD blade batteries, and the proportion of dry method remains around 40%.”
At the same time as the expansion of production capacity, the expansion of overseas customers of Xingyuan Materials is also accelerating.
Prior to June 15, Xingyuan Materials announced that Changzhou Xingyuan, a wholly-owned subsidiary of the company, signed a purchase agreement with Freyr. Changzhou Xingyuan will supply Freyr with wet-processed diaphragms, and the agreement amounted to about 737 million yuan. Freyr is a clean energy battery producer based in Norway.
Xingyuan Materials has cooperated with Samsung, SK, Murata and other international customers. In 2021, the company’s overseas market revenue will reach 396 million yuan, an increase of about 70% year-on-year.
In China, Xingyuan Materials is a supplier of BYD blade battery separators, which is expected to benefit with the development of blade batteries.
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