The temporary expansion of the price war hit the lithium diaphragm listed companies in the first half of the year. Who makes the most money?

August 27 news, with Enjie shares in the first half of the results disclosed today, A shares to lithium battery separator as the main business of listed companies in the first half of the report has been released.

The growth of diaphragm sales contributes to the growth of both revenue and net profit

The operating income and net profit of the five lithium diaphragm listed companies, including battery network statistics, increased in the first half of the year. Among them, the operating income of Putailai, Enjie shares and Xingyuan Materials doubled compared with the same period last year. The net profit of Putailai and Enjie shares more than tripled compared with the same period last year. At the same time of the increase in profits, the R & D expenses of Putailai and Enjie shares have also doubled. In addition, Enjie shares, Cangzhou Pearl, Pu Tailai, Sinamak Technology sales gross profit margin compared with the same period last year, also has varying degrees of growth.

Enjie shares (002812)

Enjie's operating income in the first half of the year was 3.394 billion yuan, an increase of 135.58% over the same period last year, while its net profit was 1.05 billion yuan, an increase of 226.76% over the same period last year. Among them, Shanghai Enjie, a subsidiary of Enjie, whose main business is lithium battery separator, has an operating income of 2.683 billion yuan and a net profit of 967 million yuan.

Enjie continued to maintain its leading market position in the wet diaphragm market in the first half of the year. At present, the company has entered the supply chain system of most mainstream lithium battery manufacturers in the world, including overseas lithium battery production giants: Panasonic, Samsung, LG Chem, and Ningde Times, BYD, Guoxuan, as well as more than 20 domestic lithium battery companies, including Funeng, Lishen, etc.

Star Source material (300568)

The operating income of Xingyuan material in the first half of the year was 831 million yuan, an increase of 143.65% over the same period last year; the net profit belonging to shareholders of listed companies was 112 million yuan, up 56.39% from the same period last year. Of this total, the operating income of lithium-ion battery separator new energy materials is 821 million yuan (overseas market sales revenue is about 192 million yuan), an increase of 200.09% over the same period last year.

In the first half of the year, Xingyuan material sold more than 500 million square meters of lithium-ion battery separator products, further increased cooperation with foreign lithium-ion battery manufacturers such as South Korea LG Chemical, Samsung SDI, Japan's Murata, SAFT, and supplied lithium-ion battery separators in bulk to mainstream lithium-ion battery manufacturers such as Ningde Times, BYD, Hefei Guoxuan, AVIC Lithium, Yiwei Lithium Energy, Tianjin Lishen, Xin Wanda, etc. The company continues to expand the company's market share by continuously improving the production capacity and output of dry-wet diaphragm and coated diaphragm.

Pu Tai Lai (603659)

The operating income of Pu Tai Lai in the first half was 3.923 billion yuan, up 107.82% from the same period last year, and the net profit was 775 million yuan, up 293.93% from the same period last year. Among them, in the first half of the year, due to the increase in the output of downstream domestic power battery customers, Putailai coated diaphragm and processing shipments were 798.39 million tons, an increase of 264.05% over the same period last year. The company's coated diaphragm and processing shipments accounted for 31.88% of domestic wet diaphragm shipments in the same period, an increase of 2.12% over the same period last year. The company's diaphragm and coating processing business achieved a main business income of 895 million yuan (including basement membrane business), an increase of 217.73% over the same period last year.

Pu Tailai said that in view of the continuous strong product demand of major customers of downstream power batteries, in order to alleviate the bottleneck of the company's coating capacity and form a matching capacity for customers nearby and as soon as possible, on the basis of speeding up the fixed investment project with an annual output of 500 million tons in Ningde Zhuogao, the company has accelerated the expansion of its production capacity in Ningde, Fujian and Liyang, Jiangsu through the purchase of existing mature plants of Ningde A Li and Haicheng Optoelectronics. And will complete the production capacity in time according to customer demand, in line with the construction progress of the company's production base in Qionglai, Sichuan and Zhaoqing, Guangdong, and strive to form a diaphragm coating capacity of more than 4 billion tons in 2022 and 6 billion tons in 2025 respectively.

Sinopec (002080)

In the first half of the year, Sinopec achieved an operating income of 9.359 billion yuan, an increase of 22.76% over the same period last year, and a net profit of 1.847 billion yuan belonging to shareholders of listed companies, an increase of 103.19%.

In the first half of the year, Sinopec Technology sold a total of 350 million square meters of diaphragm products, achieving a sales income of 480 million yuan. Among them, the proportion of international customers continues to increase, more than 10%.

At present, Sinopec has an annual production capacity of 1 billion square meters of base film, and has set up four production bases in Tengzhou, Shandong, Changde, Hunan, Ningxiang, Hunan and Hohhot, Inner Mongolia, covering the mainstream lithium battery customer market at home and abroad. In terms of capacity construction, Sinopec Hunan production base 21-2 production line has been completed and put into production, which will release production capacity one after another; Tengzhou Phase II project is expected to complete installation and commissioning in the fourth quarter of 2021, when the company's lithium film production capacity will exceed 1.5 billion square meters; at the same time, the company is laying out its Nanjing base in the Yangtze River Delta where the lithium battery industry is gathering, and plans to build a new production capacity of 1 billion square meters, which will continue to expand.

The Pearl of Cangzhou (002108)

The operating income of Cangzhou Mingzhu in the first half of the year was 1.355 billion yuan, an increase of 21.52% over the same period last year. The net profit belonging to shareholders of listed companies was 233 million yuan, an increase of 124.91% over the same period last year. Among them, the company's lithium-ion battery separator operating income in the first half of the year was 236 million yuan, an increase of 17.43% over the same period last

Cangzhou Mingzhu currently has a production capacity of 290 million square meters for lithium-ion battery diaphragm design. Among them, the production capacity of dry-process lithium-ion battery diaphragm design is 100 million square meters, and that of wet-process lithium-ion battery separator design is 190 million square meters. This year, the company aims to sell 198 million square meters of lithium-ion battery diaphragm products.

The price war is over, and a new round of capacity expansion begins.

Since the second half of last year, due to the outbreak of demand, the price war in the lithium battery diaphragm industry has come to an end, and corporate profits have rebounded. Xingyuan material, Enjie shares, Cangzhou Pearl, Pu Tailai, Sinopec Technology all predict that the business income for the whole year will achieve positive growth.

Anxin Securities issued a research report that in recent years, with the breakthroughs in the membrane preparation process of domestic enterprises, the acceleration of production expansion and the prominence of cost advantages, domestic lithium-ion battery diaphragm products have gradually entered the overseas market, and the market share of domestic manufacturers has further increased. And the gap between domestic diaphragm enterprises has been further opened, leading enterprises have increased production expansion efforts, relying on R & D strength and scale advantages to build high-tech and cost barriers, industry concentration is expected to be further improved.

Against this background, Battery Network noted that the above five lithium battery diaphragm listed companies have all announced significant production expansion plans this year:

Shanghai Enjie plans to invest in 16 high-performance lithium-ion battery microporous diaphragm production lines and 39 coating lines in Chongqing Changshou Economic and technological Development Zone, with a total investment of 5.8 billion yuan, Enjie announced on January 8.

On January 31st, Enjie announced that it would set up a joint venture with Polypore subsidiary to jointly produce high-quality and high-performance dry lithium battery separators in China, and agreed to jointly increase the capital of Jiangxi Mingyang (wholly owned subsidiary of Shanghai Enjie) with Polypore. After the capital increase, Shanghai Enjie holds a 51% stake in Jiangxi Mingyang and Polypore holds 49%. Jiangxi Mingyang plans to invest in the lithium battery isolation membrane dry process project in Gao'an High-tech Industrial Park, Jiangxi Province, with a total investment of 2 billion yuan and a production capacity of 1 billion square meters. The project is gradually put into production and will be completed in six years' time.

On June 18, Enjie shares issued two investment announcements. Shanghai Enjie, a holding subsidiary, signed an investment cooperation agreement with the people's Government of Jintan District of Changzhou City and the Management Committee of Jintan Economic Development District of Jiangsu Province to invest in the construction of lithium battery isolation membrane project. the project plans to invest about 5.2 billion yuan in fixed assets. In addition, Shanghai Enjie, in cooperation with the people's Government of Jintan District of Changzhou City and the Management Committee of Jiangsu Jintan Economic Development Zone, plans to invest in the construction of aluminum-plastic film projects, with fixed assets of about 1.6 billion yuan.

On August 2, Enjie announced that it plans to set up a joint venture with Yiwei LiNeng in Jingmen to invest 5.2 billion yuan to build a wet base membrane with an annual production capacity of 1.6 billion square meters and a coated film project that fully matches its production capacity. The registered capital of the joint venture is 1.6 billion yuan, of which Enjie shares and Yiwei LiNeng contribute 55% and 45% respectively.

Putailai announced on March 3 that the company's wholly-owned subsidiary intends to invest in the construction of Sichuan production base project: the company plans to invest in the construction of 2 billion square meters of basement membrane and coating integration project through Sichuan Zhuoqin New material Technology Co., Ltd., with a total planned investment of no more than 6 billion yuan. It is expected to complete the first phase of 400 million tons of production capacity construction in 2023 and the second phase of 800 million tons of capacity construction in 2024. The construction of the third phase of 800 million tons of production capacity will be completed in 2025. It is proposed to build a 10, 000-ton ceramic powder project through Sichuan Polar Dun New material Technology Co., Ltd., with a total investment of no more than 80 million yuan. It is expected to complete the first phase of 4000 tons capacity construction in 2022 and the second phase of 6000 tons capacity construction in 2025.

On August 19, the signing ceremony of the diaphragm coating production and lithium power equipment manufacturing project of Putailai South China Base was held in Zhaoqing, Guangdong Province. It is reported that the Putailai South China Base project plans to invest 5.2 billion yuan to build a diaphragm coating production base and lithium electric automation equipment manufacturing base with an annual output of 4 billion square meters in two phases.

Xingyuan material announced on March 31st that the company plans to invest no more than 2 billion yuan to build a production plant in Svista Industrial Zone in Eskilstuna, Sweden. when the new factory is completed in 2025, it will become the European headquarters of Xingyuan material.

On May 28th, Xingyuan material announced that the company plans to invest 10 billion yuan to build wet diaphragm and coated diaphragm with an annual output of 3 billion square meters in Nantong Economic and technological Development Zone. The main body of the project is a newly established wholly-owned subsidiary. At present, Xingyuan material (Nantong) New material Technology Co., Ltd., a wholly-owned subsidiary set up by the company, has completed the industrial and commercial registration procedures and obtained the business license issued by the Administrative examination and approval Bureau of Nantong Economic Development District. The company said it aims to start construction of the first and second phases of the project by the end of September 2021.

Cangzhou Mingzhu announced on May 18 that the company plans to invest in the construction of a "wet lithium-ion battery membrane project with an annual production capacity of 200 million square meters" in Cangzhou City, Hebei Province. With a total investment of 620 million yuan, the project mainly invests in the construction of two wet-process lithium-ion battery diaphragm production lines for the production of wet-process lithium-ion battery diaphragm products.

Nanjing Lithium membrane, a wholly owned subsidiary of Sinopec, plans to invest in the construction of an "annual production line with an annual output of 1.04 billion square meters of lithium ion battery diaphragm" in Nanjing, Jiangsu Province. The project builds 4 single-line production capacity of 80 million square meters / year, 8 single-line production capacity of 100 million square meters / year of lithium-ion battery base membrane production line and 6 single-line production capacity of 50 million square meters / year oily coated diaphragm production line. According to the announcement, the total investment in the construction scale of the project is estimated at 3.75 billion yuan.

It is worth noting that with the improvement of the prosperity of the lithium diaphragm industry, the giant cross-border layout reappears: Hengli Petrochemical, which had revenue of nearly 104.6 billion in the first half of the year, recently said that the company has substantially started various preparations for the capacity construction of new lithium diaphragm products, including diaphragm equipment procurement negotiations and core talent market recruitment and other work to promote the progress of the business quickly and efficiently.

While domestic enterprises are accelerating production expansion, foreign companies are relatively cautious in expanding production, but there are also signs of acceleration: on April 13, the second battery separator factory of South Korea's SK in Changzhou, China, began commercial operation. At the same time, the company said it would invest 1.1 trillion won to build its third and fourth battery separator plants in Silesia, Poland. On Aug. 3, LG Chemical announced that it plans to buy LG's electronic diaphragm business for $460 million. According to foreign media reports, LG Chemical plans to jointly produce wet separators for lithium batteries with Japanese Toray in Europe.

Conclusion: judging from the news from lithium diaphragm manufacturers, the price of lithium diaphragm will still show a trend of maintaining stability in this year and next year, but there will be a high growth in market demand and shipments.

According to SNE Research, the global battery diaphragm market is expected to grow from about $3.56 billion this year to about $9.56 billion in 2025, with an average annual growth rate of 27.9%.

Guoxin Securities also predicts that global diaphragm supply and demand is expected to continue to tighten in 2021-2023, the industry is expected to stop falling and pick up, leading with an increase in exports and an increase in film coating, a significant increase in profits. At the same time, Guoxin Securities has raised its forecast of global diaphragm demand to 228 / 53 billion in 2025 / 2030 based on the continued upward global demand for electric vehicles.