Thirty years east, thirty years West. Capacitor film listed companies such as Anhui Tongfeng Electronics Company Limited(600237) (600237) and Zhejiang Great Southeast Co.Ltd(002263) (002263) with better fundamentals have re entered the vision of the organization after many years. Among them, Zhejiang Great Southeast Co.Ltd(002263) obtained institutional research again on December 23.
Securities Times · e company learned that with the rapid development of downstream new energy vehicles, photovoltaic and other industries, the capacity supply of capacitor films is tightening, especially ultra-thin Capacitor Films (less than 4 microns), which are in short supply. In China, Anhui Tongfeng Electronics Company Limited(600237) , Zhejiang Great Southeast Co.Ltd(002263) and Sichuan Em Technology Co.Ltd(601208) are rare listed enterprises in China that can mass produce ultra-thin capacitor films.
regain intensive institutional research
A year ago, Anhui Tongfeng Electronics Company Limited(600237) and Zhejiang Great Southeast Co.Ltd(002263) , even if they took the initiative to shout, the institutions may not be interested. Maybe six months ago, cold weather would also be a high probability event. But now, the two companies have suddenly become a pastry.
Both Anhui Tongfeng Electronics Company Limited(600237) and Zhejiang Great Southeast Co.Ltd(002263) are well-known capacitor film manufacturers in China, and the downstream is film capacitor. Thin film capacitor is an electronic component, which can be widely used in new energy vehicles, Cecep Solar Energy Co.Ltd(000591) power generation, wind power generation, electric locomotives, household appliances, smart grid and other fields.
Due to the long-term overcapacity of the industry, the performance of Anhui Tongfeng Electronics Company Limited(600237) and Zhejiang Great Southeast Co.Ltd(002263) mainly engaged in capacitor films is mediocre. Sichuan Em Technology Co.Ltd(601208) also produces capacitor films, but mainly focuses on insulating materials and optical film materials, so Sichuan Em Technology Co.Ltd(601208) has a relatively good performance.
In addition to the poor prosperity of the industry, Anhui Tongfeng Electronics Company Limited(600237) and Zhejiang Great Southeast Co.Ltd(002263) have been ignored all year round, and the same troublesome factors come from the controlling shareholders.
At present, the actual controller of Anhui Tongfeng Electronics Company Limited(600237) is the Management Committee of Tongling Economic and Technological Development Zone, with a shareholding ratio of 19.79%; Zhejiang Great Southeast Co.Ltd(002263) the actual controller is Zhuji state owned assets supervision and Administration Commission, holding 17.78%. Before state-owned assets became the owner, the actual controllers of the two companies were natural persons.
In October 2020, due to insolvency, the Tongfeng group held by Ying Jianren was forcibly auctioned by the court, and Tongling state-owned enterprise finally took over the offer of RMB 464 million and finally became the actual controller of Anhui Tongfeng Electronics Company Limited(600237) ; In June 2019, Zhuji state-owned enterprises successfully bid for 1.2 billion yuan to become the restructuring investor of Zhejiang Great Southeast Co.Ltd(002263) group, thus becoming the actual controller of Zhejiang Great Southeast Co.Ltd(002263) .
Statistics show that the last Research Report on Anhui Tongfeng Electronics Company Limited(600237) pushed by securities companies was written by Citic Securities Company Limited(600030) in January 2016; The Research Report on Zhejiang Great Southeast Co.Ltd(002263) needs to be traced back to 2011.
However, the Anhui Tongfeng Electronics Company Limited(600237) and Zhejiang Great Southeast Co.Ltd(002263) that have not been paid attention to by institutions for many years have suddenly become fragrant pastries.
According to the interactive platform, Zhejiang Great Southeast Co.Ltd(002263) released a record of investor relations activities on December 23, China International Capital Corporation Limited(601995) and Shanghai minshen Asset Management Co., Ltd. conducted research on the company.
It can be found that Zhejiang Great Southeast Co.Ltd(002263) has been investigated at least three times recently. According to the record of public activities, from November 30 to December 1, Zhejiang Great Southeast Co.Ltd(002263) was investigated by 9 institutions such as Zhongtai Securities Co.Ltd(600918) , Sinolink Securities Co.Ltd(600109) , BOCOM fund and South Fund; On December 7, Haitong Securities Company Limited(600837) analysts also investigated Zhejiang Great Southeast Co.Ltd(002263) .
On the interactive platform, although the reporter of company E did not see the record of the reporter’s investigation Anhui Tongfeng Electronics Company Limited(600237) , it does not mean that the company has not been investigated by the organization. Recently, the reporter called Anhui Tongfeng Electronics Company Limited(600237) to understand the changes in the industry, and learned from the relevant personnel of the company that the company is also receiving close attention from the organization, but refused to investigate due to epidemic factors.
At the same time, the reporter of E company also noted that on December 21, Southwest Securities Co.Ltd(600369) released a Research Report – Anhui Tongfeng Electronics Company Limited(600237) : old trees bloom new flowers, tongfengpu new chapter, which is also the “first” coverage of Anhui Tongfeng Electronics Company Limited(600237) and gave a “buy” rating.
In addition, according to the industry research report, on November 23, Changjiang Securities Company Limited(000783) released the “growth return of thin film capacitors with new energy”; On December 13, Huaxin securities released “the demand for film capacitors is improving, and the supply of core material PP film is in short supply”.
reversal of industry supply and demand
Why are institutions paying close attention to capacitor film listed companies? Changes in the industry can not be ignored.
It is understood that after the peak construction in 2012, the capacitor film industry as a whole is in excess supply, with an actual capacity surplus of about 10%. There is fierce competition among enterprises, and there is almost no production expansion in the industry in recent years. At present, there are 55 production lines in the world, with a capacity of 170000 tons calculated according to the 7 micron specification, including 38 production lines in China with a capacity of 120000 tons. The film used in the market of household appliances, power grids, motors and lighting lamps in traditional industries is basically stable at 100000-110000 tons.
Nowadays, the relationship between supply and demand of capacitor film industry is changing from overcapacity to short supply.
Securities Times · e company learned that with the large-scale production of downstream new energy vehicles, photovoltaic and other industries, the supply of capacitor films, especially ultra-thin capacitor films, is in short supply. In China, Anhui Tongfeng Electronics Company Limited(600237) , Zhejiang Great Southeast Co.Ltd(002263) and Sichuan Em Technology Co.Ltd(601208) are one of the few listed enterprises in China that can mass produce ultra-thin capacitor films. For relevant special reports, please refer to the “high light moment for core raw materials of new energy fire film capacitor industry chain” published by the securities times on November 15.
According to the Research Report of securities companies, the capacitor film has a cycle of ten years. In the past five years, there has been little new production capacity in China. With the explosive growth of downstream new energy vehicle industry, ultra-thin BOPP film is in short supply and the price is bullish, which will bring greater performance flexibility to relevant companies.
The price of ultra-thin capacitor film is bullish. Another factor is that it is difficult to expand production capacity.
It is understood that there are very few production equipment that can manufacture ultra-thin films for new energy all over the world. Chinese capacitor film manufacturers mainly purchase from Bruckner, Germany. Previously, it took 2 years for the equipment to be placed and finally received. At present, it takes longer. If you place an order now, it may take 3 years to get the equipment.
5.5 years is the production time given by Anhui Tongfeng Electronics Company Limited(600237) new project. In June this year, Anhui Tongfeng Electronics Company Limited(600237) announced that it would spend 346 million yuan to start the ultra-thin film material project for new energy, introduce two ultra-thin film production lines in two phases, and support some domestic equipment and relevant public auxiliary projects. After the project is completed and put into operation, it will form an annual production capacity of 4100 tons of film materials for new energy and 2100 tons of recycled particles.
Due to the difficult delivery of equipment, the production cycle of the new production line is long. Therefore, to improve the output of capacitor film for new energy, we can only carry out technical transformation and upgrading of the original old equipment production line. However, according to the reporter’s insiders, it is also difficult to take the road of transformation and upgrading.
According to the Research Report of Huaxin securities, since 2019, with the rapid development of new energy industry, especially the rapid development of new energy vehicles, the demand for thin film capacitors has increased significantly. Achieve product supply and demand balance by the end of 2020. In 2021, the world demand is about 120000 tons (210000 tons of 7 micron equivalent), and the capacity gap is about 23%. Since there is almost no incremental supply in 2021, it can be expected that the supply and demand gap of capacitor films will continue to expand. At the same time, Southwest Securities Co.Ltd(600369) research report points out that the key equipment of ultra-thin capacitor film depends on imports, and the production expansion cycle is as long as 2-3 years. New production capacity will be put into operation in 2023. It is expected that the supply and demand gap of ultra-thin capacitor film will continue to widen, and the price of ultra-thin film of 3 microns and below is bullish.
In the record of investor relations activities, Zhejiang Great Southeast Co.Ltd(002263) also pointed out that since the second half of 2020, with the continuous increase of national investment in new energy, driving the rapid development of the whole new energy industry, the film consumption of the new energy industry has increased rapidly. In the new energy industry, photovoltaic, wind energy and automotive films are mainly concentrated between 2-4 microns. Compared with ordinary 6-8 micron products, the production capacity is reduced by more than half at the same time, the total output decreases significantly, and the relationship between market supply and demand is reversed.
(E company)
