Polyester industrial silk leading enterprises, into the new energy vehicle power battery industry.
Youfu Co., Ltd., founded in 2003, is a national high-tech enterprise dedicated to the research, development, production and sales of industrial filaments and industrial textiles. The production capacity of existing polyester industrial filament ranks second in the global industry. The company runs through the complete chain of the upper, middle and downstream in the polyester industrial silk business, forming the industrial chain of polymerization-industrial silk-industrial textiles, with strong core competitiveness, anti-risk ability and profitability.
Marching into the new energy vehicle power battery, the two main industries go hand in hand.
After years of rapid production capacity expansion, the polyester industrial silk industry has entered a period of steady development. the company cut into the new energy field in 2016 and gradually acquired Zhihang New Energy, which is now wholly owned. Zhihang New Energy has a complete production line of ternary cathode materials, batteries and PACK systems. In the third quarter of 2017, the production capacity reached 1 million 2600mAh 18650 power battery cells per day, about 3.5GWh/ annual production capacity, ranking in the forefront of the domestic cylindrical power lithium battery production capacity in the same industry. At the same time, it has the ability to produce 10, 000 tons of cathode materials for lithium batteries and the complete production line of PACK system. Zhihang New Energy has excellent scientific research team and strong independent innovation ability, and its products are recognized by Zhongzhi Automobile, Shu Chi bus, Shaanxi Automobile Tongjia and Weichai Power.
Deeply ploughing the field of new energy and actively realizing the medium-and long-term strategic layout of enterprises.
Youfu acquired a 25 per cent stake in Wuhan Zhongyu for 112.5 million yuan in April 2017, and Wuhan Zhongyu already has an industry leading edge in the field of hydrogen fuel cells. The company further ploughs the new energy field, "testing the water" in the hydrogen fuel cell field, accumulating experience in expanding the hydrogen fuel cell industry, and forming strategic complementarity and extension with the company's existing power cells. It is believed that the company will make great progress in the new energy field in the future.
Performance forecast:
We estimate that the company's net profit from 2017 to 2019 will be 4.73,6.53 and 793 million yuan, with PE of 28, 20 and 16 respectively.
Risk Tips:
The new energy automobile industry is not as expected, and the development of the company's lithium battery business is not as expected.