\u3000\u3 Guocheng Mining Co.Ltd(000688) 388 Guangdong Jiayuan Technology Co.Ltd(688388) )
Ultra thin copper foil faucet to accelerate the mass production of ultra thin copper foil. The company has established long-term cooperative relations with major large lithium-ion battery manufacturers in China and has become its core supplier of lithium battery copper foil. The company's main lithium copper foil of 6 microns and below has achieved mass production. At the same time, it is actively developing copper foil process technology to produce more high-quality extremely thin copper foil and achieve mass production. With the continuous development of light and thin lithium copper foil industry, the company is expected to take the lead in lithium copper foil industry.
The supply of extremely thin copper foil is in short supply, and the prosperity of lithium battery copper foil industry is not decreasing. Lithium battery copper foil technology is updated and iterated rapidly, and more and more enterprises begin to enter the extremely thin copper foil business. However, affected by high capital and technical barriers, the penetration rate of extremely thin copper foil is still low. Only a few leading copper foil enterprises in China master 4.5 micron copper foil technology. As the thinner copper foil consumes less raw materials and the higher the energy density of lithium battery, the major lithium battery manufacturers led by Contemporary Amperex Technology Co.Limited(300750) are actively switching to 4.5 micron lithium battery copper foil. In the future, the supply of extremely thin copper foil will be in short supply.
Many projects under construction are accelerated, and the release of production capacity is worth looking forward to. In recent years, the company's business scale and production capacity have increased rapidly, taking advantage of the trend to expand and strengthen the copper foil industry. The projects under construction include 15000 tons in Baidu town of Meizhou, 16000 tons in Guangdong Jiayuan Technology Co.Ltd(688388) Park of Meizhou, 15000 tons in Ningde Jiayuan, 20000 tons in Jiangxi Jiayuan electrolytic copper foil, 30000 tons in Shandong Jiayuan high-precision ultra-thin electronic copper foil and other projects. The release of the company's extremely thin copper foil production capacity in the future is worth looking forward to.
Strengthen cooperation with Contemporary Amperex Technology Co.Limited(300750) government Contemporary Amperex Technology Co.Limited(300750) is the company's largest customer. With the continuous updating and iteration of power batteries, copper foil lightweight has become an inevitable trend. When Contemporary Amperex Technology Co.Limited(300750) switches to ultra-thin and extremely thin copper foil, Guangdong Jiayuan Technology Co.Ltd(688388) timely innovates technology to meet Contemporary Amperex Technology Co.Limited(300750) needs. In addition, the company signed a memorandum of cooperation with Contemporary Amperex Technology Co.Limited(300750) to build a subsidiary with Contemporary Amperex Technology Co.Limited(300750) to expand its business.
Investment suggestion: maintain the "recommended" investment rating. In recent years, the company has strengthened technological innovation, and its products continue to meet the technical objectives of improving the energy density and lightweight of power batteries, so as to seize market opportunities and enhance customer stickiness. By establishing a joint venture with Contemporary Amperex Technology Co.Limited(300750) to build high-performance electrolytic copper foil, Contemporary Amperex Technology Co.Limited(300750) recognizes the company's products and technology, and helps the company improve its position in the lithium battery copper foil industry. It is estimated that the basic earnings per share of the company from 2022 to 2023 will be 4.83 yuan and 8.31 yuan, and the current share price corresponding to PE is 13.33 times and 7.74 times, maintaining the "recommended" rating.
Risk warning: the risk that the R & D of new products and technologies is not as expected or not in time; Risk of weakening demand for copper foil in downstream new energy vehicles and other fields; Risk of core technology gap of lithium copper foil; Risk of intensified competition in lithium battery copper foil industry; The tension between Russia and Ukraine makes the copper price at the supply side rise, increasing the risk of the company's raw material cost; The risk that the project construction is not as expected; Risk of loss of core technical personnel; Natural and man-made disasters and other force majeure events.
