On the evening of August 30, the leading diaphragm company Enjie co., LTD. announced the performance of the first half of 2022, in the first half of 2022, Enjie co., Ltd. achieved operating income of 5.756 billion yuan, an increase of 69.62% year-on-year, net profit attributable to the mother reached 2.02 billion yuan, an increase of 92.32% year-on-year, and the overall gross profit margin was as high as 50.2%, which was a new high for the same period, and the net profit margin was 36.98%, which was also at a historical high.
Among them, in the second quarter of 2022, the operating income of Enjie shares reached 3.164 billion yuan, an increase of 62.2% year-on-year, an increase of 22.06% month-on-month, and the net profit attributable to the mother reached 1.104 billion yuan, an increase of 78.6% year-on-year and 20.56% month-on-month.
1. Raw material price disturbance affects the gross profit margin of the diaphragm
The overall gross profit margin of Enjie shares in the first half of this year did not increase much compared with last year, mainly because the raw materials PE and PP increased significantly in the first quarter, but with the peak decline in the price of these raw materials in the second quarter and the volume and price of diaphragm products, the revenue and profit of Enjie shares in the second quarter also showed significant growth, of which the profit increased by 78.6% and 20.56% year-on-year.
Specific to the business itself, in the first half of this year, the operating income of membrane products of Enjie Co., Ltd. reached 5.234 billion yuan, an increase of 78.92% year-on-year, the gross profit margin increased by 1.65 percentage points to 52.03%, and the revenue of membrane products accounted for more than 90% for the first time to reach 90.92%, of which BOPP membrane is stable in both expansion planning and sales scale, so battery separator is the leading factor in profit growth.
The main raw materials of the diaphragm, including PE and PP, reached the high point of the first half of the year in early March this year, respectively, about 9600 yuan / ton and 9500 yuan / ton, followed by a large correction in the second quarter, the lowest point was pulled to about 8400 yuan / ton, the decline reached about 12.5% and 13% respectively, the price decline of raw materials also reduced the cost of Enjie shares in the second quarter, thereby improving the performance of the second quarter.
2. The pace of overseas layout has accelerated, but the level of overseas business has retraced
The pace of Enjie's overseas expansion is significantly accelerating, whether it is business cooperation with overseas enterprises or going overseas to build factories, Enjie shares are at the forefront of the industry, but at present, its overseas business has shown a slight correction at both ends of revenue and gross profit margin.
In the first half of 2022, the overseas operating income of Enjie Co., Ltd. reached 577.5 million yuan, an increase of 19.93% year-on-year, and the growth rate was less than that of 140% and 119% in the main domestic regions of southwest and east China, while the revenue accounted for 10%, compared with 14.19% in the same period last year, and the gross profit margin decreased by 1.51 percentage points to 51.65%.
Previously, the overseas gross profit margin of Enjie shares was nearly 20 percentage points higher than that of many domestic regional businesses, and now this gap has dropped to less than 5 percentage points, and although the gross profit margin of overseas diaphragms as a whole still exceeds many domestic regions, the gap is gradually narrowing.
But from another point of view, Enjie shares for overseas factory layout is accelerating, on May 5 this year, Enjie shares announced that it will invest in the construction of lithium battery isolation film factory in the United States, becoming the first diaphragm enterprise to build a factory in the United States (domestic diaphragm manufacturers such as Xingyuan Material has built a factory in Europe, but no diaphragm manufacturer chooses to build a factory in the United States), the project plans to build a base film production line with a production capacity of about 10-120 million square meters and supporting coating equipment, and the total investment of the project is expected to be about 916 million US dollars.
Previously, the only overseas production base of Enjie Co., Ltd. was the Hungarian base (still under construction, no mass production began, and the planned production capacity was not as large as the US project, only 400 million square meters).
For Enjie shares, both the investment amount and the planned production capacity mark that the project will be the largest overseas project of Enjie shares, and it is also a powerful attempt to expand overseas, superimposed on the recently passed "2022 Inflation Reduction Act" in the United States, which clearly advocates the localization of new energy vehicle components.
Enjie shares directly in the United States to build factories and sales will obviously also benefit from this, while the domestic factory in the United States can only be exported by the diaphragm enterprises may face high tariffs and downstream customer choice tendencies and other unfavorable conditions.
In addition, the products of Enjie Co., Ltd. have gradually been recognized by overseas customers, and since the second half of last year, Enjie Co., Ltd. has frequently signed long orders with overseas major customers, including Ultimu Cells in June last year (3-year contract, total purchase amount of 258 million US dollars), a large overseas car company in January this year (long-term contract, the guaranteed supply quantity in 2022-2024 is not more than 1.65 billion square meters, and the guaranteed supply quantity from 2025 is not more than 900 million square meters / year) , as well as the French ACC company in May this year (7-year contract, total purchase amount of 655 million euros), these large orders also ensure the stability of the future performance of Enjie shares.
3. The capacity expansion plan is orderly
From the perspective of capacity expansion, Enjie co., Ltd. in the localization of equipment self-research is also deeply tied to the Nippon Steel Institute, to ensure that the next three years of equipment orders to meet the expansion needs (domestic equipment in terms of accuracy, stability and other aspects compared to overseas equipment still have a certain gap, can not meet the requirements of many first-line customers, of course, if it is used in the quality requirements of energy storage batteries on the impact is not large).
The stability and other advantages brought by the excellent equipment of Nippon Steel also make the yield rate of Enjie shares (85%) far exceed that of other competitors (60%-70%), further forming the cost advantage of Enjie shares themselves.
Enjie shares currently in the domestic Shanghai, Zhuhai, Jiangxi, Wuxi, Suzhou five major bases with a total production capacity of up to 5 billion square meters, in addition to the previous has been in Chongqing (1.2 billion square meters of diaphragm capacity expansion), Changzhou (2 billion square meters of diaphragm capacity expansion), Jiangsu (200 million square meters of diaphragm production capacity expansion) and other places have expansion planning, the recent Enjie shares and power battery leading company Ningde times strong joint venture company has also determined to land in Xiamen, production capacity includes 16 wet base film and supporting coating production lines, In the planning of another 2 billion pinggan production line, this batch of expanded products is purchased by the excellent ningde era, so there is no need to worry about follow-up product demand.
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