Battery trays and anticorrosive materials have become new growth poles, helping the company to engage in the R & D and production of copper strip and foil materials. In recent years, the company has cut into the fields of battery trays, battery aluminum foil and anticorrosive thermal insulation materials. The company has an annual production capacity of 100000 tons of copper strip and foil, 100000 tons of copper alloy strip and 50, 000 tons of copper strip billet, and the first phase is expected to be completed and put into production by the end of 2023. The company has an annual production capacity of 100000 battery pallets, 400000 new energy vehicle battery pallets and energy storage battery pallets, which are expected to be completed and put into production by the end of 2022. The company has an annual production capacity of 50,000 tons of battery aluminum foil under construction, and the first phase is expected to be put into production by the end of 2023; the company is under construction with an annual production capacity of 50,000 tons of anticorrosive and thermal insulation materials, which is expected to be completed and put into production in the second half of 2022.
The demand for new energy vehicles and energy storage breaks out, and the battery tray market is in short supply. The battery tray is the main bearing and protection device of the power battery system. The introduction of CTP technology has led to a rapid increase in the unit value of battery tray products. We expect that with the increase in the permeability of new energy vehicles and the increase in the permeability of CTP battery trays, the size of China's power battery tray market is expected to increase from 11.2 billion yuan in 2022 to 29.1 billion yuan in 2025. In addition to new energy vehicle pallets, the demand for energy storage pallets is also growing rapidly, the capacity expansion speed of pallet enterprises is difficult to meet the high demand downstream, and the battery pallet market is seriously in short supply; only considering the power battery pallet market, we estimate that the gap between supply and demand in 2022-2024 will be 10,000 pieces in 213-70-23, and there is huge space for industry development.
The pallet business may further expand, anticorrosion and battery foil to create a profitable new growth pole. The company will quickly cut into the field of battery pallets in 2021. The existing battery pallets have an annual production capacity of 100000 pieces, and the main customers include car companies such as Nezha and Chery. The annual production capacity of new pallets is 400000 pieces. It is expected that with the high increase in customer orders and strong market demand, the company will further expand its production capacity in the future. In addition, the company's new copper strip and foil 100000 tons, battery aluminum foil 50,000 tons, anti-corrosion and thermal insulation materials business 50,000 tons of new capacity is expected to gradually land in 2022-2023, with the release of the above business capacity, the company is expected to form four major profit growth poles.
Investment suggestion
It is estimated that the return net profit of the company from 2022 to 2024 will be 180 million yuan, 370 million yuan and 710 million yuan respectively, and the corresponding share price will be 20.2,9.5 and 710 million times respectively.
