Shantou Wanshun New Material Group Co.Ltd(300057) (300057)
Main points:
Event: the first phase of the company’s high-precision electronic aluminum foil project was put into operation, and the second phase was 32000 tons. The company announced that the first phase of the high-precision electronic aluminum foil production project with an annual output of 72000 tons has been put into operation recently. The project product high-precision electronic aluminum foil is mainly used in battery electrode materials and soft pack battery packaging materials, chip aluminum electrolytic capacitor electrode materials, printed circuit board substrate materials and other fields. At present, the company has started and accelerated the construction of phase II (annual capacity of 32000 tons) project, and the capacity expansion is carried out in an orderly manner.
Landing in the high boom window period and continuous promotion of downstream customers.
Based on the characteristics of high process barriers and long production cycle, the current industry supply is tight. The company’s phase I production capacity of 40000 tons is landing in the high boom window, and it is expected to be full production at the beginning of next year. According to the current industry’s net profit of 3000-4000 yuan / ton of lithium aluminum foil, the company’s expected profit contribution of 40000 tons in phase I is about 120-160 million yuan, and the overall 72000 tons is expected to contribute about 220-290 million yuan. Meanwhile, the company accelerated the delivery and proofing of downstream samples. According to the disclosure of the third quarterly report, the company’s downstream customers include excellent new materials, lithium shield new energy, Zhongtian energy storage, Ruipu energy and other companies, which are expected to enter the customer production verification stage at present. The company has high R & D and production barriers, and its core technicians and production equipment are leading in the industry, ensuring the high yield of the company’s aluminum foil products.
Traditional business orders are stable and cost pressure has improved significantly.
The orders for food grade aluminum foil and cigarette packs in the company’s traditional business are stable; In terms of cost, the aluminum price dropped significantly in early November, and the current aluminum ingot market price decreased by 10% compared with the end of October. The company actively took hedging, reduced the export proportion, shortened customer pricing and delivery time and other methods to reduce the aluminum price fluctuation; The price of white card also dropped from the high of 9800 + yuan / ton in the first half of the year to 6100 + yuan / ton. Therefore, the overall raw material pressure of the company has improved significantly and the profit space has thickened since Q4.
The high resistance diaphragm is about to be put into operation, and the progress of carrier copper film business exceeds expectations.
The company’s high resistance diaphragm business is about to be put into operation, which can be applied to photovoltaic backplane, electronic device packaging, high-end packaging and new display devices in the photoelectric field. The company is committed to building a platform type high-performance film production foundation, covering a variety of functional films, and has the first mover advantage of technology and capacity. In addition, the company’s carrier copper foil business has accelerated. According to the information exchanged on the platform, the company’s carrier copper foil has been submitted for inspection to downstream battery enterprises. If it is mass produced, it has a large growth space. We estimate that the net profit attributable to the parent company from 21 to 23 will be RMB 59 / 274 / 391 million, corresponding to 109.2x/23.4x/16.4xpe. The company’s traditional business is stable, the new business with high growth has equipment and process accumulation, and the product structure continues to upgrade; Since 2021, the company’s positive aluminum foil and high resistance diaphragm projects have been implemented one after another, moving from expected to output and maintaining core recommendations.
Risk statement
The price of raw materials rose sharply and the production capacity was lower than expected.
