Event: the composite copper-aluminum foil all-in-one machine equipment developed by subsidiary Hongtian Technology won an order of 184 million yuan from Nord on September 16. Hongtian Science and Technology Officer WeChat Its developed composite copper-aluminum foil integrated machine equipment "winding magnetron sputtering coating machine" (can double-sided metal plating material), "winding magnetron sputtering evaporating composite coating machine" (can double-sided copper plating aluminum plating), "winding evaporation coating machine" (double-sided aluminizing) won the lithium electric copper foil leader Nord shares 184 million yuan order.
Traditional lithium copper foil manufacturers have entered the market, composite copper foil industrialization or re-speed composite copper foil industrialization is almost a foregone conclusion, recently traditional lithium copper foil manufacturers enter the market or speed up again. 1) on September 4, Sanfu Xinke and Jiayuan Technology signed a contract for the sale and sale of "one-step all-wet composite copper foil plating equipment" with an amount of 243 million yuan. The two sides also signed the Strategic Cooperation Framework Agreement to jointly promote the mass production of composite copper foil by wet process. 2) in July, Nord announced that it planned to invest in the establishment of a composite fluid collector subsidiary, plus code collection fluid research and development, the company's composite copper foil can take a dry route to share the production line with composite aluminum foil; after the completion of the equipment purchase with Hongtian, the company's composite aluminum foil is expected to achieve small batch production capacity this year, and the release of composite copper foil production capacity is accelerated.
The trend of one-step process of composite copper foil is becoming more and more obvious, and the advantage of dry process is expected to strengthen the two-step process of magnetic control + water plating, and the rate of poor quality of one-step process is high. at the same time, the copper layer adhesion and environmental assessment advantage of the dry process are more prominent. The main results are as follows: 1) the new material of Hankou is firm in the dry process route and has purchased Hongtian dry process equipment.
2) in August, Ammet Technology clearly adopted the dry process of magnetic control and evaporation to produce composite current collector. 3) Nuode shares approved the dry process of composite copper foil, and the composite copper foil manufactured by this process has obvious advantages in crystallization uniformity, uniform particles, good leveling, no pinhole, no stress and good peeling strength.
Company dry one-step landmark order landing, high-end equipment localization trend continues to deduce 1) original vacuum coating one-step route, and then won the strong endorsement of the leading enterprises. Hongtian composite copper foil equipment first launched in April, the first batch of 70 million yuan orders officially landed in July, and was verified by the industry leader Nord shares again in September. 2) learn from the experience of overseas advanced equipment factories to speed up the domestic replacement of high-end equipment. The company's core technology comes from overseas leading enterprises, but foreign equipment manufacturers are expensive and waiting for a long time. The arrival of this equipment order announces that the company has further realized the localization of composite copper foil high-end equipment on the successful experience of the localization of traditional lithium electricity equipment. 3) traditional + composite copper foil equipment with two-wheel drive, sufficient production capacity, both offensive and defensive. Hongtian Technology has sufficient orders on hand, and the delivery of traditional copper foil equipment has been arranged until 23 years later; in addition, in March 2023, the company plans to invest 1 billion yuan in the comprehensive layout of composite copper foil integrated machine to expand the production capacity of composite copper foil and lithium copper foil equipment.
Investment suggestion: the landing of this landmark order once again confirms the feasibility of the one-step route, and the magnetron + evaporation all-in-one machine with both cost reduction and efficiency potential energy is expected to contribute to performance elasticity. It is predicted that the company's net profit for 23-24-25 will be RMB 496 million (81% of Hongtian), corresponding to 27x/17x/14x for Pamp E, maintaining the "buy" rating.
Risk tips: the development of new energy vehicles is not as expected; the development of capacity expansion products is not as expected; material price fluctuations and so on.