Event: the company signed a cooperation framework agreement with Ningde Times. Anhui Zhongji, a subsidiary of Wanshun, recently signed a cooperation agreement with Ningde: from January 1, 2023 to December 31, 2026, Anhui Zhongji promised to supply lithium aluminum foil to Ningde era, with a total minimum supply of 320000 tons. the final supply and price shall prevail in accordance with the subsequent specific orders of both parties.
The production capacity of battery foil is accelerated during the high boom cycle. The total sales of aluminum foil in Anhui Zhongji battery aluminum foil base in the first three quarters were 20800 tons, and the single-quarter sales of Q1-Q3 were 0.52, 0.73 and 0.83 million tons respectively, with a month-on-month ratio of + 40.4% and 13.7%, respectively. Continue to verify that the company's capacity climbing acceleration and downstream demand is strong. The second phase of the 32000 ton project is accelerating and is expected to be put into production in 23Q2; in addition, the third phase of the 100000 ton project has also started preparatory work, which is expected to be put into production in 24H2 at the earliest. The company's estimated production capacity of aluminum foil battery in 2022-2024 is respectively 4x72x17.2 million tons, with ladder growth in supply and superior growth in high quality.
Deep binding head customers, aluminum foil growth and certainty at the same time. The company's battery aluminum foil has the basis of fine production control and some imported equipment, and its product quality has been widely recognized by the market. Since the landing of 21Q4 production capacity, it has continued to promote the development of high-quality customers, including Ningde era, Polyfluorodo, Xin Wanda, etc., and passed the BYD supplier on-site audit in early June, and the product was approved by the head enterprise. This time, a supply agreement was signed with Ningde, with a minimum supply of 320000 tons in the next three years, with a minimum cumulative supply of 8 times the first phase production capacity. The order size exceeded expectations, and the supply certainty of the second and third phases was further enhanced.
Carbon foil, high resistance diaphragm, composite copper foil and other subdivided high-quality tracks continue to break through. High resistance diaphragm for the first time disclosed capacity release, applied in photovoltaic, packaging, quantum dot display and other fields, the current part has begun to supply downstream photovoltaic panel manufacturers; coated carbon foil began to contribute in small batches this year, the first phase of 2.5wt is expected to release next year; composite copper foil accelerate downstream customer sample delivery and process optimization, industrial mass production is expected to bring significant profit elasticity. It is estimated that the company's net profit for 22-24 years is 2.3pm 3.75 / 485 million yuan (the previous value is 2.692max 482m), corresponding to PE 35.9X/22.2X/17.2X, maintaining the "buy" rating.
Risks suggest risks such as a sharp rise in raw material prices, lower-than-expected production capacity, intensified market competition, exchange rate fluctuations, repeated epidemics and so on.
