Wanshun New Material Research Minutes 0716
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In the case that the revenue of battery foil has not been fully released and the investment in research and development is large, the company has still achieved high profitability and has great flexibility in follow-up performance. In the first half of 22 years, the net profit attributable to the mother is expected to be 115-125 million yuan, an increase of more than 500% year-on-year; Net profit after deduction of non-attributable to the mother was 110-120 million yuan, an increase of nearly 700% year-on-year. The profit growth mainly came from the production of battery foil in Anhui Zhongji Base.
First, the company's three major business sectors are introduced
1. Aluminum processing business
The aluminum processing business is the largest business segment, and the deep processing of aluminum strip, aluminum foil and carbon coating foil is laid out. The aluminum processing business is headquartered in Jiangsu Zhongji, a wholly-owned subsidiary, and consists of Anhui Zhongji, Jiangsu Huafeng and Sichuan Wanshun Zhongji Holdings.
Aluminum plate and strip production capacity: Anhui Zhongji + Huafeng a total of 110,000 tons; Sichuan Wanshun Zhongji is building a 130,000-ton aluminum plate and strip base, the equipment has been customized, the plant is under construction, and it will be put into production in 23 years. In 24 years, the production capacity of aluminum plate and strip was more than 240,000 tons.
Aluminum foil production capacity: Jiangsu 83,000 tons of aluminum foil production capacity; Anhui layout of 72,000 tons of battery foil + 100,000 tons of battery foil under construction, 24 years of Anhui base formed 172,000 tons of battery foil production capacity, 72,000 tons has been put into production 40,000 tons, the second phase of 32,000 tons to step up construction as soon as 23 years to put into production. 24 years of aluminum foil production capacity of 255,000 tons of carbon-coated foil is an extension of aluminum foil, through the holding subsidiary Shenzhen Yuzhen layout, in Huizhou and Hubei test two bases a total of 3700 tons of production capacity, 7.15 announcement Shenzhen Yuzhen plans to build 50,000 tons of carbon-coated foil project in Huafeng base, 3 years of construction period, the first phase of 25,000 tons + the second phase of 25,000 tons, in the first half of 23 years a small part of the production capacity has been invested.
To the upstream aluminum plate strip extension to ensure the supply of core materials, the state controls the electrolytic aluminum 46 million tons of production capacity is no longer a new batch of projects, in the case of limited production capacity to avoid being stuck neck, with electrolytic aluminum as an aluminum plate strip, as a battery foil blank Aluminum plate strip technical threshold is high, Anhui base aluminum plate strip industry recognized as a first-class level.
Downstream coating carbon foil extension to meet the diversified needs of customers, carbon foil in the power, energy storage of lithium iron phosphate batteries application, reduce internal resistance, improve the overall performance of the battery, downstream battery customers part of their own supporting but most of the external extraction of carbon coating.
Battery foil: the company participated in the battery foil earlier, 16 years to participate in the formulation of national standards, 18 years of invention patents, there is technology accumulation, the second half of 2020 battery foil market with the new energy power battery demand increased and really exuberant, the current stable supply to Ningde, Xingwangda, polyfluoride, the domestic 11 top battery factories have passed the certification, for the expansion of production capacity in advance layout of the market, customer quality recognition is high, yield rate in the industry is higher.
2. Paper packaging materials
Paper packaging materials are traditional business, Henan two bases 80,000 tons of production capacity, mainly for tobacco and alcohol packaging, the market is relatively stable, a few hundred million sales a year, to provide stable cash flow for the company, tobacco control so there is no growth, maintain stability.
3. Functional membrane
The functional film business has invested in a lot of imported equipment, magnetron sputtering coating equipment, electronic plating equipment, nano coating line, 21 years of drag on the business.
22 years of focus on the development of high barrier film, just built at the end of 21 years, the main direction of expansion for photovoltaic backplane, the existing backplane structure barrier is relatively weak, solar backsheet service life of more than 25 years, to 8-9 years when the performance will decline, downstream customers use high barrier membrane sandwiched in the middle of the backplate structure (not to replace PVDF), water barrier oxygen, can improve life.
There are also anti-retina, PET copper film, copper film used in the power battery anode, mass production process is still being improved and developed.
Second, battery foil business
Anhui base phase I battery foil production capacity increased rapidly, put into production at the end of December 21, Q1 large customers have been inspecting the factory, through the verification of faster, production capacity increased every month, now increased to more than 80% (about 3000 tons / month), Q3 can go up the ladder, Q3 is expected to have 10,000 tons of shipments.
Customer structure of 3000 tons/month: no disclosure of specifics. The head of the battery market is obvious, and the head effect is also obvious in the shipment, and the proportion of the first few is large.
Price: The price of different specifications of batteries is not the same, the highest quotation is 26000, the lowest is 16000. Battery foil processing fees are 10,000-20,000, and the average value is about 15,000-16,000.
Cost: 16000 product costs 13000. There is a lot of room for cost reduction after full delivery.
Equipment: German equipment manufacturers in the factory for 21 years responsible for the equipment installation, the machine can be turned up normally, follow-up use by the company itself arranged, the process, formula is the company's own business. The investment in equipment + infrastructure (plant) is 150 million / 10,000 tons, and the equipment is depreciated for 15-25 years, small for 15 years, and large for 20-25 years.
Thickness: can do 8-20um, the current customer demand is mainly in 12-13um, thin is the pursuit of trends, thin is more expensive, but customers mainly focus on performance, medium thickness of the process and other aspects of the most suitable, downstream demand or medium thickness mainly.
Third, the battery aluminum foil yield rate
Fourth, the battery foil climbing speed
Fifth, battery aluminum foil competition pattern, supply and demand
6. Coat with carbon foil
7. PET copper film
In the link where the patent is made into a product in Ningde, the company cooperates with the downstream, maintains technical communication and docking, and the mass production expectation is not easy to say. Several of the PET copper films are still in the process of trial.
The company is now able to supply small rolls, but mass production needs to be improved. The copper plating process has been there before, and the electronic shielding products have copper coating.
PET film equipment: the company did not use domestic equipment, coating equipment are imported, there are electronic plating, evaporation, magnetron equipment, imported equipment precision, quality control is more excellent. The equipment of each enterprise is different, and the degree of process differentiation is large.
8. High barrier film
Used in photovoltaic solar cell backplanes, it can enhance the barrier of moisture and oxygen and prolong the service life of the module. At present, downstream customers are very interested
Customers: The direct customer is a backplane enterprise, Zhongtian has a small amount in supply, Zhonglai, Saiwu other enterprises have to send samples, the price is equal to the amount of disclosure.
In short, ji wants to say very clear that the copper film is produced with Ningde, after all, some patents are in the hands of Ning Wang, but pet and opp base film Wanshun have their own patents, Ning Wang chooses Wan Shun such a base film manufacturer to cooperate in the production of copper film is very reasonable, there is no suitable base film light has copper plating equipment what is the use.