Looking back: 20 years of ups and downs, casting materials leader Bertre was founded in 2000, has been engaged in lithium materials research and development, manufacturing for 20 years. The "big customer strategy" implemented by the company is very effective. Panasonic and Samsung SDI account for more than 40% of the company's revenue, and the company is expected to account for 45% and 50% of Panasonic and Samsung SDI supply chain in 2019. It is not easy to enter the Japanese and South Korean supply chain. In addition to long-term cooperation, its excellent product quality and cost competitiveness are more important factors. Under the excellent customer structure, Betteri has always been at the top of the domestic negative shipment list in the past few years, and in terms of profitability, Betteri's gross profit margin has remained at 35% 40% in recent years, with a gross profit margin of 15000 yuan per ton, which is at a high level in the industrial chain. The company's income and deducted non-net profit grew by about 25% from 2013 to 2020, with strong performance growth.
Break the situation: negative electrode structure adjustment, high nickel cocoon breaking into butterfly
Bertre experienced the pain of transformation from 2019 to 2020. the negative pole was under pressure due to the technology switch from natural graphite to artificial graphite, as well as the weaker SDI growth of its main customers Panasonic and Samsung than the industry, while the positive business was under pressure under the influence of the industry cycle. However, in 2021, the company ushered in an upward inflection point in business, with the negative business actively adding artificial graphite solutions, and at the same time realizing incremental development in SKI, LG Chemistry, Ningde era and other customers, 2021H1 has seen the rise of the company's share; at the same time, accelerate production capacity expansion, especially graphitization, needle coke and other layout integration, tamping comprehensive competitiveness. The positive business sells lithium iron phosphate, further increases the ternary production capacity expansion, and is expected to become the most beneficial flexible supply chain for the outbreak of the US new energy vehicle market, and the ternary positive pole will complete the transformation from zero to one.
Advanced: Silicon carbon, continuous graphitization, expected to exceed expectations
In addition to the positive operating inflection point, the company's better-than-expected future may also come from silicon-carbon negative electrode and continuous graphitization technology. Silicon-carbon is the next generation anode material, but due to the defects in expansibility and first-time efficiency, the gradual maturity of pre-lithiation process is expected to solve the problem of low efficiency for the first time and promote the industrialization of silicon-carbon negative electrode. Bertre is a global leader in silicon-carbon-graphite technology. The company began to layout silicon-carbon anodes as early as 2010, has iterated to the third-generation products, and has begun to develop the fourth-generation solution, and has entered the supply chain system of some core customers. In terms of graphitization technology, Bertre is laying out continuous graphitization technology, which has more advantages in cost and efficiency, but the quality parameters such as graphitization degree are relatively weak. if Bertre can achieve innovation and breakthrough in continuous graphitization technology, it is expected to become another sharp weapon for the company's cost reduction.
Write at the end: looking forward to Baoan, casting a better Betteri
The ownership structure of Baoan in China is scattered, and there are no actual controllers at present. according to the company announcement, the equity ratio of some shareholders will be adjusted recently, including the increase of shareholders' Shaoguan Gaochuang and the reduction of shareholders' shares of Fu'an Company and Baotou Company. in addition, the general meeting of shareholders also passed the motion on amending the articles of association of the company, which is conducive to improving the governance level of listed companies and protecting the legitimate rights and interests of investors. In addition to our views on the operational level of Bertre, we also look forward to the positive improvement of China's Baoan in order to create a better Bertre.
Risk hint
1. Low expectation of industry demand growth
two。 The competition situation has deteriorated.