Mingguan New Materials Co., Ltd. IPO is approved to register to raise 410 million plus solar cell back panel and lithium battery aluminum-plastic film business.

SMM: according to the news released by the CSRC on November 24th, recently, the CSRC agreed to the registration of the initial public offering of Science and Technology Innovation Board of Mingguan New Materials Co., Ltd in accordance with legal procedures. This time, IPO, Mingguan New Materials intends to raise 410 million yuan for the solar cell backplane expansion project with an annual output of 30 million square meters, aluminum-plastic film expansion project with an annual output of 10 million square meters for lithium battery, expansion project of Jiangxi Optoelectronic Composite material Engineering and Technology Research Center, supplementary working capital, etc.

Mingguan Xincai said that the fund-raising will focus on the R & D and production of solar cell backpanels and aluminum-plastic films for lithium-ion batteries.

Data show that the main business of Mingguan new materials is the research and development, production and sales of new composite membrane materials, and the main products are solar cell backpanels.

Mingguan New Materials disclosed in the registration draft that from 2017 to 2019 and the first half of 2020, the company's solar cell backpanel business achieved sales revenue of 592 million yuan, 857 million yuan, 884 million yuan and 307 million yuan respectively, accounting for 99.99%, 99.20%, 94.11% and 90.94% of the main business income, respectively.

In addition, based on the formula and production technology of existing composite membrane materials, Mingguan new materials have successively developed aluminum-plastic film, special protective film, POE film and other products for lithium-ion battery, expanding the related technology to many application fields. From 2017 to 2019 and the first half of 2020, the above new products accounted for 0.01%, 0.80%, 5.89% and 9.06% of the company's main business income, respectively.

In the field of aluminum-plastic film, due to the high difficulty in the production process of aluminum-plastic film, most of the domestic aluminum-plastic film fails in terms of electrolyte corrosion resistance and drawing performance, so the global and domestic aluminum-plastic film market is mainly monopolized by Japanese DNP printing, Showa Electric and other Japanese enterprises.

According to the relevant research report released by Guojin Securities, the market demand of China's aluminum and plastic film industry reached 180 million square meters in 2019, an increase of 11.11% over the same period last year, which is mainly monopolized by Japanese companies. Among them, the market share of Japanese DNP, a leading thermal process enterprise, is the highest, accounting for 49%, followed by Showa Electric, a leading dry process enterprise, with a market share of 20%. The combined market share of Japanese DNP and Showa Electric in China has reached 69%, and the market advantage position is obvious. Overall, the market for aluminum-plastic film is monopolized by Japanese companies, with domestic manufacturers accounting for less than 10% of the market.

Mingguan new material said that the aluminum-plastic film for lithium-ion battery developed and produced by the company adopts the original dry-hot composite preparation technology, which has the characteristics of good electrolyte resistance and water resistance, while taking into account the drawing depth and cutting performance. The realistic path of domestic substitution has been explored in the field of aluminum-plastic film products for power batteries.