Enjie (002812): Global expansion of leading wet-method leader in capacity distribution

Enjie (002812): Global expansion of leading wet-method leader in capacity distribution

Event: ENJIE released its 2018 annual report, which reported a real revenue of 24.

570,000 yuan, an increase of 16 in ten years.

23%; realized net profit attributable to mother 5.

180,000 yuan, an increase of 40 in ten years.

79%; net profit deducted from non-attributed mothers3.

180,000 yuan, an increase of 125 in ten years.


Among them, Shanghai Enjie achieved significant revenue13.

28 ppm, an increase of 48 in ten years.

57%; net profit achieved 6.

380,000 yuan, an increase of 62 in ten years.

34%, net profit attributable to listed companies4.

7.6 billion.

The earlier performance forecast deviation of actual net profit was mainly due to the adjustment of government compensation confirmation time.

Accumulated and accelerated release of wet carbonate, faucet combined with solid solid content: The report piled up, Zhuhai Enjie completed the release of a total of 1 billion square meters of 12 base film production lines.

400 million flat replacement membrane production capacity, ranking first in the world.

With the rapid expansion of production capacity, the sales volume of wet expansion has gradually reached 4.

6.8 billion square meters, with a global market share of 14% and a domestic market share of 45%.

In terms of effective capacity, the efficiency is over 80%.

At present, the company has 20 production lines and gradually increased its production capacity by 1.5 billion square meters, including 4 in Zhuhai Phase II, 8 in Jiangxi, and 8 in Wuxi. It is expected that all of them will be put into production from the end of 19 to the beginning of 20 years.

By then, the total production capacity will exceed 2.8 billion square meters, and it is estimated that it can be used with a battery capacity of about 150GWh.

The huge capacity advantage will also help the company improve its bargaining power, reduce unit costs, and thus maintain profitability at an ideal level.

High-quality customers and an increase in the proportion of overseas supplies: The company’s wet method segmented customers’ existing TOP battery companies, including Panasonic, LG, Samsung, CATL, BYD, Guoxuan Hi-Tech, Funeng Technology, Lishen, etc.

Among them, the company’s products developed in cooperation with an overseas customer in 18 years will replace the power batteries of Hyundai Motor and Volkswagen. At present, a five-year cooperation agreement has been reached; with other overseas customers, 杭州桑拿网 it has also passed 4 production line certifications and started to develop in early Marchgoods.

It is estimated that in 19 years, the company’s overseas supply ratio is expected to reach 25%.

In the future, LG, CATL, and other manufacturers have integrated expansion plans. The company is the main supplier of CATL. Through in-depth cooperation with overseas customers, it will enhance core competitiveness globally and achieve further market share gains.

Changes in fund-raising projects and increased research and development of membrane products: The company also issued an announcement at the same time, intending to incorporate the original plan into “annual production 1”.

3 The top-grade high-end environmental-friendly special paper reconstruction and expansion project “raised funds to build a new project” Enjie Technology 苏州夜网论坛 Research Institute “.

The institute will integrate its subordinate technology centers. In addition to upgrading existing products’ processes and product quality, it will carry out forward-looking R & D on new products such as aluminum plastic film, water treatment film, PI film, etc.growth point.

Traditional business performance has its own advantages and disadvantages, short-term pressure: the report was consolidated, and the company’s cigarette film and cigarette label products achieved revenue2.

500 million and 1.

1 ‰, downgraded ten years ago.

04% and 28.

04%, mainly due to the destocking of cigarette companies; flat film realized revenue3.

400 million, an increase of 8 in ten years.

03%, thanks to the active development of the market; due to the intensified competition in the industry, the cost of special paper has increased and the period of revenue has been extended.

53% to 1.

3 ppm, gross margin extended by 2.19; aseptic packaging business revenue 2.

300 million with an annual value added of 5.

27%, the report is expected to add Yili, Mengniu, Royal Dutch Friesland and other well-known customers, is expected to expand market share in the future.

In general, the company’s traditional business has achieved total revenue11.

29 trillion, constant 7%.

At the same time, due to the intensification of competition in the industry and the increase in the cost of raw materials and paper, the gross profit margin has improved, and finally contributed net profit of 0.

4.2 billion, a 73% reduction in one year.

In the future, the gradual volume of reorganized aseptic packaging products for major downstream customers is expected to drive traditional business to contribute a stable performance increase.

Investment suggestion: We expect the company’s revenue growth rate to be 37 in 19-21.

8%, 25.

3%, 19.

1%, net profit growth rate was 63.

0%, 26.

6%, 23.

6%, EPS are 1 respectively.

78, 2.

26, 2.

79; First coverage, give Buy-A investment rating, target price 65.

00 yuan.

Risks: Lower-than-expected downstream demand, lower-than-expected capacity release, and intensified competition in the industry leading to lower-than-expected price drops.