On the evening of February 28th, Xingyuan material (300568) disclosed its annual report that the company's operating income in 2021 was 1.861 billion yuan, an increase of 92.48% over the same period last year, and its net profit was 283 million yuan, an increase of 133.49% over the same period last year. Among them, the company's lithium diaphragm achieved an operating income of 1.842 billion yuan in 2021 (accounting for 99.02% of the operating income), an increase of 109.71% over the same period last year.
Main accounting data and financial indicators of Xingyuan material in 2021 (unit: yuan)
According to the annual report, sales of lithium diaphragms made of Xingyuan material were 1.219643 billion tons in 2021, an increase of 74.25 percent over the same period last year, while production was 1.2148504 billion tons, an increase of 64.14 percent over the same period last year, mainly due to the increase in sales orders.
According to the analysis of Xingyuan material in the annual report, from the perspective of the global lithium-ion battery diaphragm market, diaphragm production countries mainly include China, Japan, South Korea, the United States, and so on, although China's lithium-ion battery diaphragm industry started relatively late, but our diaphragm manufacturers have caught up with each other by virtue of technological progress and cost advantages, and the speed of development is relatively fast. From 2016 to 2021, China's diaphragm shipments increased from 1.09 billion square meters to 7.8 billion square meters, with an average annual compound growth rate of more than 40 percent. From the perspective of global share, China's diaphragm enterprises have occupied more than 70% of the global market in 2021. With the gradual expansion of the production capacity of domestic leading enterprises and the further deepening of cooperation with foreign first-line lithium battery manufacturers, the share of diaphragm shipments in China will continue to increase.
From the perspective of the domestic lithium-ion battery diaphragm market, in recent years, domestic diaphragm manufacturers have made progress in capacity construction, cost control, technology improvement and so on. Domestic diaphragm manufacturers represented by Xingyuan material, Enjie shares, Sinopec Technology, etc., are rapidly expanding their production capacity to seize market share by virtue of the continuously improving technical level and the advantage of local production costs. The competition in the domestic diaphragm industry will mainly focus on micropore preparation technology, design capacity of complete sets of equipment, raw materials and coating formula technology, product quality and sales channels, cost advantages brought by scale effects, and so on. the market share of lithium-ion battery separator manufacturers with independent core technology, stable product quality and sales channels and cost advantages will increase steadily.
Xingyuan material is an early domestic enterprise engaged in the research, development and manufacture of lithium-ion battery diaphragm, which is in a leading position in the industry. After nearly 20 years of technical precipitation, the company can take into account the thickness, pore diameter, porosity, mechanical properties, thermal shrinkage and water content of the diaphragm as a whole, and the quality of the diaphragm products is at the international high quality level. it is one of the mainstream suppliers of high-end lithium-ion battery separators in the world.
In 2021, Xingyuan material will provide competitive lithium-ion battery separator and after-sales service for well-known lithium-ion battery manufacturers at home and abroad by strengthening information exchange and business cooperation with the world's leading companies in the industry. make full use of the company's brand advantages and product advantages to further open domestic and foreign markets. The company has successively signed supply guarantee agreements with Northvolt AB and LG New Energy to deepen cooperation, and customers have covered Ningde Times, BYD, Guoxuan Hi-Tech, China New Airlines, LG Chemistry, Samsung SDI, Murata, Japan and other domestic and foreign well-known lithium-ion battery manufacturers.
Specifically, in March 2021, Xingyuan signed a "supply contract" with Northvolt AB, which agreed that the company would supply lithium-ion battery separators to Northvolt AB with a contract amount not exceeding about 3.34 billion yuan; in August, 2021, the company signed a "supply guarantee agreement" with LG Energy Solution,Ltd, agreeing that the company would supply LG Energy Solution,Ltd with wet-coated lithium-ion battery diaphragm materials with an agreement amount of about 4.311 billion yuan. At the same time, the company has built a lithium-ion battery separator factory in Europe supporting Northvolt lithium-ion battery production, and has set up a wholly-owned Swedish company and invested in the construction of the first and second phase of the European factory, which will further accelerate the company's development in the European market and lay a good foundation for cooperation with well-known European car companies.
At the same time, in order to seize the opportunities brought about by the rapid development of the industry, Xingyuan Materials actively expand production capacity, develop middle-and high-end product lines, and gradually release production capacity:
Wet diaphragm project with an annual output of 360 million square meters for lithium-ion batteries
Xingyuan material has set up a wholly-owned subsidiary Changzhou Xingyuan in Changzhou, Jiangsu Province to implement the "wet separator project with an annual output of 360 million square meters of lithium-ion battery". The construction period of the project is 33 months. the construction is divided into two phases: the first phase and the second phase each have an annual output of 180 million square meters of lithium-ion battery wet separator. Up to now, the "annual output of 360 million square meters of lithium-ion battery wet diaphragm project" has been completed and supplied to customers in large quantities.
Super coating plant project
Xingyuan material set up a wholly-owned subsidiary Jiangsu Xingyuan to implement the "Super coating Factory" project in Changzhou, Jiangsu Province. the total construction period of the project is 36 months and is divided into two phases. among them, the first phase of the project plans to build 8 dry diaphragm production lines and 30 coated diaphragm production lines, with an annual production capacity of 400 million square meters for lithium-ion batteries and 600 million square meters for high-performance lithium-ion batteries. In the second phase of the project, 20 new coated diaphragm production lines will be built to form a high-performance lithium-ion battery coated diaphragm with an annual processing capacity of 400 million square meters. So far, the "Super coating Factory" project has been supplied to customers in large quantities.
Wet diaphragm and coated diaphragm for high performance lithium ion battery (phase I and phase II)
Under the background of the rapid development of the new energy industry and the increasing demand of downstream customers, according to the actual business situation and future development plans, to improve the efficiency of raising funds and maximize the interests of shareholders, Xingyuan Materials held the fourth interim shareholders' meeting in 2021 on November 5, 2021 to deliberate and pass the "motion on changing the fund-raising projects and the use of some of the funds raised." The remaining 670.9983 million yuan in the original investment project "Super coating Factory Project" implemented by Jiangsu Xingyuan, a wholly-owned subsidiary of the company, and "Wet separator Project of Lithium-ion Battery with an annual output of 200 million square meters" implemented by wholly-owned subsidiary Changzhou Xingyuan, will be used for the "wet and coated diaphragm of high-performance lithium-ion battery" implemented by Nantong Xingyuan in the Economic Development Zone of Nantong City, Jiangsu Province (Phase I, The construction of the second phase of the project.
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