On May 4, Yunnan Energy New Material Co.Ltd(002812) ( Yunnan Energy New Material Co.Ltd(002812) ) announced that its subsidiary semcorp Hungary korl á tolt felelss é g t á RSAs á g and French power battery cell and module manufacturer Automotive cells company se (hereinafter referred to as “ACC”) reached a cooperation intention and agreed to supply diaphragm products of about 655 million euros to ACC from 2024 to 2030, which is expected to have a positive impact on the operating performance. According to the latest exchange rate, the above-mentioned contract amount is about 4.558 billion yuan.
ACC, the counterparty of this transaction with Yunnan Energy New Material Co.Ltd(002812) is not small. According to the announcement, ACC is mainly engaged in the production of power battery cells and modules. It has three major shareholder backgrounds: automobile manufacturer stellantis group, Mercedes Benz (Mercedes Benz) and diversified energy company total energy (total energy). Each holds one-third of its equity, with a total investment of 7 billion euros.
Since 2021, Yunnan Energy New Material Co.Ltd(002812) has frequently won large orders driven by the continuous rise of the scene in the new energy vehicle market and the continuous release of the company’s production capacity. In June 2021, the company reached an agreement with the joint venture of LG Chemical and general motors, ultium cells, LLC, to supply lithium battery diaphragms of more than US $258 million, and the contract will be performed until the end of 2024; In December, an advance payment of Anshan Hifichem Co.Ltd(300758) 50 million yuan was obtained to lock in the production capacity of wet diaphragm products in 2022, and the estimated contract amount is about 5.178 billion yuan; In January 2022, it signed a contract with a large overseas automobile enterprise to ensure that the lithium diaphragm will not exceed 1.65 billion square meters to the other party in 20222024, and the supply quantity will not exceed 900 million square meters / year in 2025.
At present, Yunnan Energy New Material Co.Ltd(002812) has entered the supply chain of mainstream lithium battery enterprises such as Panasonic, lges, Samsung, Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , GuoXuan, Funeng and Lishen. By the end of 2021, the company had set up diaphragm production bases in Shanghai, Wuxi, Jiangxi, Zhuhai, Suzhou, Changzhou, Chongqing and other places, with a production capacity of 5 billion square meters. In 2021, the diaphragm shipment exceeded 3 billion square meters, and the diaphragm production capacity and shipment ranked first in the world.
With the booming production and marketing, the performance of Yunnan Energy New Material Co.Ltd(002812) doubled. In 2021, the company achieved a revenue of 7.982 billion yuan, a year-on-year increase of 86.37%; The net profit was 2.718 billion yuan, a substantial increase of 143.6% year-on-year; In the first quarter of this year, it continued to maintain a high growth trend, with revenue and net profit of 2.592 billion yuan and 916 million yuan respectively, with a year-on-year increase of 79.62% and 111.92%.
According to the announcement and public information of downstream customers, by 2025, the production capacity of Yunnan Energy New Material Co.Ltd(002812) existing main customers will reach 1396gwh, and the corresponding demand for new diaphragm will exceed 15 billion square meters every year. Therefore, it is urgent to expand production. In 2021, the company launched the fixed increase plan, and plans to raise no more than 12.8 billion yuan for projects such as Chongqing Enjie high-performance lithium-ion battery microporous diaphragm, Jiangsu Enjie power vehicle lithium battery diaphragm industrialization, Suzhou Jieli lithium-ion battery coating diaphragm project with an annual output of 200 million square meters, etc. At present, three production lines have been put into operation in phase I of Chongqing Enjie diaphragm project; Suzhou Jieli coating diaphragm project is expected to be put into operation before December 2022; At the same time, the wet lithium battery isolation membrane project in Hungary is also advancing in an orderly manner. After the project is put into operation, it will form a localized supply capacity of 400 million square meters of wet lithium battery diaphragm.
In addition to jointly investing in large-scale projects, enterprises should also work together in the industry chain. In August last year, the company planned to cooperate with Eve Energy Co.Ltd(300014) to build a 1.6 billion square meter wet lithium battery isolation membrane project in Jingmen, Hubei Province, with a total planned investment of 5.2 billion yuan; In November, it was announced to establish a platform company with a joint venture of RMB 8 billion with Contemporary Amperex Technology Co.Limited(300750) to engage in dry and wet isolation membrane projects; In February this year, it reached a cooperation agreement on the whole industry chain of new energy batteries with Yuxi Municipal People’s government and industry leaders such as Eve Energy Co.Ltd(300014) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Yunnan Yuntianhua Co.Ltd(600096) and has set up a subsidiary in Yuxi to invest in the production project of 1.6 billion square meters of lithium battery isolation film, with a total investment of about 4.5 billion yuan.
At the annual performance presentation meeting held a few days ago, Yunnan Energy New Material Co.Ltd(002812) it is estimated that the global demand for diaphragm will be 33-36 billion square meters in 2025, the company’s shipment target will be 18 billion square meters, the market share will reach 50%, and the overseas market share target will be 35% – 40%. Among them, the shipment target of wet diaphragm is about 12-13 billion square meters, and 40% is expected to be for overseas customers.
