Steady growth in production and sales of wet lithium diaphragm Enjie is expected to make a net profit of more than 1.7 billion yuan in the first three quarters.

Enjie shares (002812) issued a performance forecast on October 8, predicting that the company's net profit attributable to shareholders of listed companies in the third quarter of 2021 is expected to be 650 million yuan to 740 million yuan, an increase of 101.80% and 129.74% over the same period last year. The net profit attributed to shareholders of listed companies in the first three quarters of 2021 is expected to be 1.7 billion yuan to 1.79 billion yuan, an increase of 164.18% and 178.17% over the same period last year.

Enjie said that the reason for the performance change was that during the reporting period, the company benefited from the continuous improvement of the production capacity of the wet lithium battery separator, the continuous consolidation of its competitive advantage, and the company grasped the development opportunities of the lithium battery separator business and continued to open up markets at home and abroad. the output and sales of wet lithium battery separator continued to grow steadily; At the same time, the company continues to improve management efficiency, through fine management and cost control and other effective measures, the company's performance in the reporting period has been greatly improved.

At the end of August, Enjie shares said in an interaction with investors that the diaphragm market is very good this year, the whole market has entered a period of explosion, and demand continues to grow. The company's monthly shipments increased by 1500-30 million square meters compared with the previous month, and shipments in June increased by 150% compared with January. Due to the accelerated development of the industry, the demand will be stronger after the third quarter, and the company is also facing tremendous delivery pressure, but the company has corresponding measures and future layout plans to ensure the achievement of the set goals.

First of all, Enjie shares expand production capacity by investing in new production lines. The company maintains 10-12 new production lines every year, but now the market demand is strong. The company will have 15-20 production lines every year in the next few years. The company has announced the new Chongqing and Changzhou diaphragm projects. The total investment of the two projects has exceeded 11 billion. At present, Chongqing Enjie has started civil construction, and Changzhou project company has been established. According to the current market situation, The company will speed up the construction of the new production line and put into production ahead of schedule.

According to the plan, Enjie will add 25 wet diaphragm production lines in 2022, corresponding to a delivery capacity of 45-5 billion square meters in 2022, and 30 wet diaphragm production lines in 2023, corresponding to a delivery capacity of 65-7 billion square meters in 2023.

Second, in addition to the new production capacity, the company will continue to optimize the process, transform the equipment, increase the production capacity, improve the production efficiency, and improve the yield and yield by increasing the speed, increasing the width and improving the management level.

From the perspective of supply and demand, Enjie expects that the supply of the diaphragm in the next 3-5 years will still be tight, and downstream customers also have the same judgment. In order to ensure their own supply, they will take the initiative to seek cooperation with the diaphragm factory. In August this year, the company and Yiwei LiNeng signed a cooperation agreement to jointly set up a 1.6 billion square meter diaphragm project in Jingmen, and the products of the joint venture company should give priority to the supply of Yiwei lithium energy.

Enjie further analyzed that the diaphragm industry is characterized by a relatively long period of production expansion and construction, which roughly takes two or even three years. At the same time, the global production capacity of diaphragm equipment is limited, and there is a capacity bottleneck in diaphragm equipment, but the company laid out four years ago and signed an agreement with Nippon Steel, the world's largest and best quality equipment supplier. Locking in most of its capacity ensures the supply of equipment that the company will continue to expand on a large scale in the next few years, ensuring that the company can put in large-scale production capacity every year, while the capacity of its peers is limited. The company's goal is to account for 50% of the market share of the global diaphragm industry by 2025, because in the next 2-3 years, the release of peer capacity is very limited, but the company's production capacity is much larger than that of its peers, and in the case of strong demand, the company's share is bound to rise, and this share is translated into a larger scale and a larger market, making the gap between the company and its peers wider and wider.

In the future layout, Enjie shares said that in order to meet the needs of the future energy storage market, the company and Celgard set up a joint venture dry diaphragm factory, which is expected to produce products early next year and adopt a higher technical threshold blow molding method, which can make products with high quality rate, longer winding length, thinner thickness, better consistency and lower cost. The global lithium electricity market pattern is clear, the European market, the American market, the Asian market, especially the Chinese market prospect is big, the company also carries on the global layout, in addition to continuing to expand production in China, the Hungarian plant currently built overseas is already under construction, and in the future the company will also look for investment opportunities in other overseas regions to match the development needs of the global lithium electricity market. The company has been engaged in membrane production and R & D for more than 20 years, and has accumulated rich industry experience, technical team and R & D talents. in the future, the company will focus on R & D and production of membrane materials, such as water treatment film, aluminum-plastic film, etc., the company has announced that it will invest 1.6 billion yuan to build 8 aluminum-plastic film production lines in Changzhou.