Shanghai Putailai New Energy Technology Co.Ltd(603659)
Work report of the board of directors in 2021
1、 Discussion and analysis of operation
In 2021, the demand for new energy vehicles in major countries in the world exploded, and the market penetration continued to improve. The cumulative sales volume of new energy vehicles in the world reached 6.7 million, a year-on-year increase of 102.4%; The concept of green and low-carbon development has been widely accepted. The benign development of the new energy market has promoted the strong growth of the demand in the relevant energy storage market and further opened the application market space of lithium-ion batteries. The global demand of lithium-ion battery customers has increased strongly, and the upstream material links are in short supply as a whole. Some materials and key links are subject to the long production capacity expansion cycle and strict requirements for dual control of energy consumption, and the effective supply increment of the market is insufficient.
As a supplier of key materials and automation process equipment for lithium-ion batteries, the company actively grasped the market opportunity and started the strategic expansion of "all-round attack". During the reporting period, the company's production capacity was accelerated, the comprehensive production capacity and material utilization rate were improved, the economies of scale of various businesses were gradually reflected, and the negative electrode materials and graphitization business division, membrane materials and coating business division kept pace, driving the continuous improvement of the overall operation. Through years of high capital investment, the company has initially built a vertically integrated industrial chain, extended new products and new businesses through continuous R & D investment, enhanced business synergy, refined management, cost reduction and efficiency increase, jointly alleviated the pressure of rising costs, improved overall profitability and improved performance growth rate.
The main business activities of the company during the reporting period are reviewed as follows:
1. Comprehensively accelerate the integrated production capacity layout of negative electrode materials and coated diaphragms
(1) Speed up the construction of negative electrode material production capacity. Jiangxi Zichen pre process production capacity expansion project and Inner Mongolia Zichen Xingfeng phase II 50000 ton graphitization production capacity project have been completed and put into operation; The preliminary work of feasibility study, project approval, design planning and energy evaluation has been completed for the construction project of Sichuan Zichen 200000 ton integrated production base of negative electrode materials, which has laid a foundation for the production of phase I 100000 ton integrated negative electrode materials by the end of 2022. By the end of the reporting period, the company has formed an effective production capacity of cathode materials with an annual output of more than 150000 tons, including 110000 tons of graphitization processing and 100000 tons of carbonization processing supporting capacity.
(2) Accelerate the integrated construction of coating diaphragm business, and further highlight the synergy of diaphragm base membrane, coating processing, coating materials, adhesives and coating equipment business. In terms of coating processing, Jiangsu zhuogo coating processing expansion project and Ningde zhuogo (plant 2) coating processing project have been completed and put into operation. The construction of Jiangsu zhuogo (plant 2) 1.5 billion M2 coating processing project and Guangdong zhuogo phase I 2 billion M2 diaphragm coating project have been started with their own funds respectively. In terms of diaphragm base membrane, Liyang Yuequan No. 2 production line has formed production capacity, and the yield continues to improve; Sichuan zhuoqin 400 million m2 base film and coating integration project has been fully launched, in which the coating processing capacity has been invested first to meet the needs of surrounding customers. In terms of coating materials and adhesives, the company controls Ruyuan Guangdonghectechnologyholdingco.Ltd(600673) fluororesin, shares Sichuan yindile, and jointly establishes Hainan Pujing to comprehensively accelerate the localization and substitution of key coating materials and adhesives. By the end of the reporting period, the company has formed an annual production capacity of 100 million square meters of base membrane, 8000 tons of nano alumina and boehmite, 5000 tons of PVDF and 4 billion square meters of coated diaphragm.
2. Enrich and improve the automation equipment business, and make concerted efforts with multiple series of products
(1) Since 2020, Jiangsu tuojia has comprehensively promoted the acquisition of products, technologies, teams and other assets by means of M & A and supply chain integration; While the original advantageous products coater and Slitter have been continuously consolidated and upgraded, new process products have been continuously developed and introduced, and a comprehensive product service capacity including coating, slitting, winding, lamination, liquid injection, chemical formation and volume separation and other key cell processes has been preliminarily formed; During the reporting period, the company's new automation equipment products, such as liquid injection machine, lamination machine, winding machine and helium detector, have achieved mass production and batch delivery. High speed cutting and stacking integrated machine and other equipment have formed a technological leading edge, entered the customer certification stage, and the coordinated development of multi series equipment business has achieved initial results.
(2) Further improve the management system, R & D capability and manufacturing capability of the automation equipment division, share customer resources and information, realize the collaborative service of different product and technical teams to the same customer, and significantly improve the equipment delivery capability; With the gradual planning and construction of the automation equipment division in Liyang, Dongguan, Zhaoqing and Qionglai and other production bases, the brand effect and delivery capacity of Jiatuo equipment business will be further consolidated, and the business will return to the track of rapid growth. The automation equipment division actively explores the diversified service mode for battery customers, and gradually establishes the ability to provide supporting services for key battery processes.
3. R & D and promotion of new processes and products
Negative electrode materials: in order to meet the demand of power battery market for fast charging and cost-effective products, the company has further accelerated the product development and market promotion of negative electrode materials with asphalt coke, petroleum coke and other low-cost raw materials; Explore new processes for granulation, coating and carbonization of negative electrode materials and steadily promote the application of new continuous production equipment, in order to further improve product performance and reduce unit production energy consumption and unit investment intensity of negative electrode materials; Actively promote the R & D and innovation of nano silicon pilot line, accelerate the development of a new generation of silicon-based negative electrode products, and conduct pre research in the direction of emerging technology routes such as nano silicon carbon, hard carbon, soft carbon and lithium metal negative electrode, so as to lay technical and process reserves for the next generation of mainstream negative electrode products.
Coating diaphragm: the company further improves the production efficiency and material utilization of coating processing by introducing wide film, improving equipment speed, strengthening process control and automation level; By accelerating the research and development of new products such as ultra-thin coating diaphragm, mixed coating diaphragm, large hole high bonding oily diaphragm and high film breaking temperature oily diaphragm, we continue to meet the diversified needs of customers with a variety of products and services; By improving the consistency of spraying process, continuous R & D and process technology upgrading, realize the localization and substitution of lithium battery grade PVDF in the field of diaphragm coating and cathode material binder; Accelerate the integrated construction project of base membrane and coating, explore and improve the integrated production technology, and further consolidate the comprehensive competitive advantage of the company in the coating diaphragm business.
Aluminum plastic packaging film: by continuously improving the degree of production automation and intelligence, the company realizes the closed-loop management of data recording, tracing and decision-making in the MES system of the whole workshop, and realizes automatic feeding, automatic batching and automatic feeding on the basis of real-time monitoring. The efficiency of production line equipment is among the best in the industry. On the basis of ensuring the stability of moisture and heat resistance and initial adhesion of the product, remarkable results have been achieved in energy saving and consumption reduction by optimizing equipment process parameters and other improvement measures.
Automation equipment: with excellent technical advantages and good cost performance, the company's new equipment products have made positive progress in market promotion and further enriched the product structure, which has laid a good foundation for the development of the company's automation equipment business. 2、 Industry of the company during the reporting period
1. Lithium ion battery industry
The company's products are mainly lithium-ion battery key materials and automatic process equipment, which is the upstream of lithium-ion battery industry. Lithium-ion batteries can be divided into consumption, power and energy storage according to application scenarios:
(1) Consumer battery
At present, the consumer electronics market has gradually entered a mature period and maintained relatively stable growth as a whole.
In terms of smart phones, according to the global smart phone shipment report in 2021 released by DIGITIMES, the global smart phone shipment in 2021 was about 1.32 billion, an increase of about 6.1% over the previous year, of which 5g mobile phones showed a significant growth trend, with about 530 million shipped in 2021, accounting for nearly half. The computer terminal also achieved year-on-year growth. IDC, an international data company, tracked that the PC shipment reached 388 million units in 2021, a year-on-year increase of 14.8%; In addition, according to trendforce Jibang Consulting survey, the demand for remote home office under the influence of the epidemic will continue. Benefiting from the trend of commercial computer replacement caused by the gradual "rework" of large consumer countries such as Europe and the United States, the shipment of notebook computers reached 240 million units in 2021, with an annual increase of 16.4%. In addition to the stable growth trend of traditional consumer electronics such as smart phones and computers, in recent years, lightweight and miniaturized emerging consumer electronics products such as wearing bracelets and TWS headphones have also become new growth points of demand. According to the statistics of Asahi big data, the global shipment of TWS headphones will reach 590 million pairs in 2021, with a growth rate of about 28%.
According to the judgment of Gaogong lithium battery, the growth rate of consumer battery demand in the next few years will achieve steady growth in the range of 5% - 10%. It is expected that the shipment volume of consumer lithium-ion battery in China will increase from about 42gwh in 2021 to 51.5gwh in 2023. (2) Power battery
The carbon emission of transportation is one of the key areas that need to be paid attention to in the process of implementing the "double carbon economy". In November 2021, the State Council issued the action plan for carbon peak before 2030, which proposed that "by 2030, the proportion of new energy and clean energy powered vehicles will reach about 40% in that year". With the strong support of national policies, the consumption habits of China Shanxi Guoxin Energy Corporation Limited(600617) market have been gradually formed, and the concept and mode of green and low-carbon transportation have been deeply rooted in the hearts of the people. In 2021, with the year-on-year decline in the sales of fuel vehicles in China, new energy vehicles, as a substitute for fuel vehicles, achieved strong growth. According to the statistics of the passenger Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in the middle of 2021 was 2.9889 million, with a year-on-year growth rate of 169.1%, and the penetration rate increased rapidly to 14.84% from 5.76% in 2020. According to the research of lithium battery of Gaogong, the increase of sales volume of new energy vehicles represented by electric vehicles directly led to the year-on-year growth of China Shipbuilding Industry Group Power Co.Ltd(600482) battery shipment of 220gwh in 2021, of which the shipment of lithium iron phosphate power battery was 117gwh, with a year-on-year increase of 270%; The shipment volume of ternary power battery was 109gwh, with a year-on-year increase of 127%.
While the consumption habits of new energy vehicles are gradually formed, the technical support and infrastructure support in the field of new energy vehicles such as more diversified models, more lasting mileage and more abundant charging piles will be improved, which will promote the positive and circular growth of the new energy vehicle market. According to the prediction of Gaogong lithium battery, in 2022, the global and Chinese Shanxi Guoxin Energy Corporation Limited(600617) automobile production is expected to reach 8.5 million and 6 million respectively, and the demand for power batteries will exceed 650gwh and 450gwh respectively; Global power battery shipments will reach 1550gwh in 2025 and 3000gwh in 2030, with an average annual compound growth rate of nearly 35%. The development of new energy vehicles will remain on the track of rapid growth for a long time, bringing broad market space for sustainable development to the lithium-ion battery industry and upstream. (3) Energy storage battery
Energy storage, as a key link of contemporary energy regulation, is becoming more and more important. According to the principle, it can be divided into electrochemical energy storage and mechanical energy storage. The former relies on energy storage batteries to realize the storage of electric energy and timely feedback to the power network. With the clear proposal of the strategic goal of "carbon peaking and carbon neutralization" of the national two sessions in 2021 and the implementation plan for the development of new energy storage in the 14th five year plan issued by the national development and Reform Commission and the National Energy Administration in March 2022, it can be predicted that the electrochemical energy storage market is gradually under the guidance of more standardized management, which will further realize the healthy and orderly development of the industry and usher in broader investment opportunities and growth space. Driven by various policies, driven by the continuous improvement of industrialization and informatization level and the decrease of energy storage system cost year by year, the energy storage market is entering the stage of large-scale development. According to the statistics of Gaogong lithium battery, the total shipment of lithium battery energy storage in China reached 37 GWH in 2021, with a year-on-year increase of 110%. The four sectors of "electric energy storage", "communication energy storage", "portable energy storage" and "household energy storage" all increased significantly. While large-scale wind and solar energy storage power stations and communication base stations continue to maintain the market heat, the field of portable energy storage ushers in development opportunities. According to the data of high tech lithium battery, the global shipment scale of portable energy storage products in 2021 is 2.9 million, and the demand for lithium batteries is expected to be 1.45 GWH; By 2025, the global shipment of portable energy storage products is expected to reach 19 million units, and the corresponding demand for lithium batteries is expected to exceed 15 GWH.
In conclusion, driven by the dual carbon economy and green development, the development trend and speed of new energy and new power oriented by energy conservation and consumption reduction, clean and environmental protection are becoming stronger and stronger. As a representative of new energy for sustainable development, new energy batteries will accelerate their penetration in the existing fields of consumption, power and energy storage, and are expected to broaden new application scenarios such as cordless electric tools and continue to move forward to the "TWH" era. As a supplier of key materials and automation equipment for new energy batteries, the company will actively respond to policies and markets, strive to seize industry opportunities, base itself on the middle and upper reaches of the new energy battery industry chain, continue to provide high-quality products and services for downstream customers, and is committed to the development of green new energy industry. 3、 Business of the company during the reporting period
The company has long focused on the field of key materials of new energy batteries and automation equipment. Based on the strategic goal of "double carbon", the company provides professional supporting services for battery customers related to new energy vehicles, consumer electronics and energy storage. Its main business covers negative electrode materials and graphitization processing, diaphragm and coating processing, automation equipment, PVDF and binder, aluminum plastic packaging film and optical film, nano alumina and boehmite, etc. The company has built the management structure of the three business divisions of negative electrode materials and graphitization, membrane materials and coating, and automation equipment, deepened the resource sharing among business divisions, and the synergy of the industrial chain, established large-scale, integrated, stable and controllable manufacturing capacity of the industrial chain, and provided solutions for customers through a variety of business service modes, becoming a company with leading technology, excellent products A world-class comprehensive service provider with standardized management of key materials and process equipment of lithium-ion batteries.
1. Main business
The company's main businesses include the R & D, production and sales of negative electrode materials and graphitization processing, diaphragm and coating processing, automation equipment, PVDF and binder, aluminum plastic packaging film and optical film, nano alumina and boehmite of new energy batteries.
Note: Dongguan Chaohong, Guangdonghectechnologyholdingco.Ltd(600673) fluororesin, Hainan Pujing and Lufeng investment are the holding subsidiaries of the company. Zhenxing carbon materials is the joint venture of the company, and Sichuan yindile is the joint venture of the company.
2. Business model
(1) Procurement mode
The raw materials required by the company's production are obtained through most outsourcing and a small part of outsourcing processing, which shall be implemented by the procurement department of each business division according to their own business needs.
