Event: in order to meet the needs of the company's business development and improve the industrial layout of aluminum processing business, Anhui Zhongji Battery foil Technology Co., Ltd., the company's wholly-owned grandson company, plans to use its own funds to invest to set up a wholly-owned subsidiary Anhui Meixin Aluminum Co., Ltd. specializing in battery aluminum foil business.
The company quickly broke through the verification of the battery factory and signed a "guarantee and supply agreement" of 320000 tons of battery aluminum foil with Ningde era.
There are only five aluminum foil factories in the industry that can be supplied directly to Ningde. As the leader of high-end packaging aluminum foil, the company began to expand production of battery aluminum foil in 2018. It has the advantage that it is difficult to copy in high-end imported equipment and production experience. At present, 40,000 tons of battery foil in the first phase has climbed to full production, followed by a second phase of 32000 tons and an increase of 100000 tons. The market share is expected to increase rapidly this year and next.
Energy storage promotes the rapid growth of demand for carbon-coated aluminum foil, and the net profit per ton is expected to double. Carbon-coated aluminum foil is widely used in lithium iron phosphate and ternary batteries to improve the contact interface between positive active material and foil. It has the advantages of increasing battery energy density, restraining battery polarization, reducing battery internal resistance, increasing battery cycle life, improving battery material processing performance and so on. Relying on the advantage of battery foil, the company entered carbon-coated aluminum foil through the acquisition of Shenzhen Yuqiang, and put into construction a new energy carbon-coated foil project with an annual output of 50,000 tons. The construction of the first phase of the project is expected to be completed next year.
PET copper foil: research and development pioneer, the first echelon of mass production, enter the C sample link in the fourth quarter of 2021. Replacing the current battery copper foil with double-sided copper layer structure of membrane substrate can achieve the purpose of reducing weight, increasing unit capacity storage and improving battery safety. Relying on the high resistance diaphragm business, the company leads the industry in the technical level of evaporation and magnetron sputtering processes. The small coil samples of PET copper foil have passed customer certification in 2021Q4, and are now in the stage of meeting the downstream demand and breaking through mass production.
High resistance diaphragm: pathfinding photovoltaic backplane, which has formed revenue contribution. At present, the company has the only domestic imported evaporation equipment, and exclusively joins hands with downstream customers to make research and development breakthroughs in the field of high-end packaging, focusing on expanding the market segments such as high-resistance diaphragm and energy-saving film for photovoltaic backplane, car and clothing film. actively cultivate products and market segments with high development potential
Maintain the "highly recommended" investment rating. From 2022 to 2024, the company is expected to achieve a net profit of 2.21,3.56 and 424 million yuan, corresponding to a price-to-earnings ratio of 37.7,23.4,19.6 times, and maintain a "highly recommended" investment rating.
Risk hints: lower-than-expected demand for new energy vehicles, downward processing fees, macroeconomic risks, and so on.