On the evening of January 26, Anhui Tongfeng Electronics Company Limited(600237) (600237) released a performance forecast. The company expects to realize a net profit attributable to shareholders of listed companies of 43 million yuan to 53 million yuan in 2021, with a year-on-year increase of 443.67% to 570.11%; It is estimated that the net profit after non deduction in 2021 will be 36 million yuan to 46 million yuan, with a year-on-year increase of 318.69% to 379.43%.
The announcement shows that the advance increase in performance in this period is mainly due to the impact of main business. In 2021, Anhui Tongfeng Electronics Company Limited(600237) downstream market demand increased, leading product prices rose, and the company’s sales revenue increased. At the same time, the company actively adjusted the product structure and strengthened internal management. The gross profit margin increased compared with the same period of last year and the profitability of products increased.
Anhui Tongfeng Electronics Company Limited(600237) belongs to the electronic component manufacturing industry. Its main business is the R & D, production and sales of thin-film capacitors and thin-film materials. Its products are widely used in electric locomotives, household appliances, smart grid, Cecep Solar Energy Co.Ltd(000591) power generation, wind power generation and other fields.
It is understood that after the peak construction in 2012, the capacitor film industry is in excess supply, with about 10% of the actual production capacity. 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 supply-demand relationship of the capacitor film industry is changing from the original overcapacity to short supply.
Securities Times · e company learned that with the growth of the application of thin-film capacitors in the field of new energy vehicles and photovoltaic, the grand occasion that the orders of downstream industries are several times higher than the production capacity is emerging, and the upstream capacitor film enterprises that have been depressed for many years have also been successfully brought on fire, especially the ultra-thin capacitor film enterprises that can be mass produced and applied in the field of new energy vehicles.
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 film will continue to expand. At the same time, Southwest Securities Co.Ltd(600369) research report pointed 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 not be put into operation until 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.
According to Southwest Securities Co.Ltd(600369) prediction, new energy vehicles, photovoltaic, wind power and energy storage will become the fastest-growing segment of thin-film capacitors in the future. In 2020, the total market space of thin film capacitors in the above emerging markets will be 3.04 billion yuan, which is expected to reach 11.5 billion yuan in 2025, with CAGR of about 30.5%.
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. Recently, the above-mentioned companies have also received close attention and research from institutions.
In the record of investor relations activities, Zhejiang Great Southeast Co.Ltd(002263) 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 risen 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.
