研发团队实力强劲，公司斥资逾30 亿进军复合集流体复合集流体可有效提升电池能量密度和安全性，且量产条件下降本空间有望凸显。公司将在高邮投建30.89 亿元复合铜、铝箔项目，建设100 条新能源汽车动力锂电池复合铜箔生产线和 10 条铝箔生产线，达产后可实现复合铜箔5 亿㎡、复合铝箔1 亿㎡。公司已组建覆盖真空物理、光学膜、柔性材料等专业的技术团队，团队有两位核心技术负责人：一位是武俊伟博士，深耕磁控溅射领域多年；另一位林金益先生，在柔性板电镀领域有30 多年经验。The company releases its third-quarter report
In the first three quarters, the company achieved revenue of 1.32 billion yuan, down 8.3%, and net profit of 3.89 million yuan, compared with a loss of 7.944 million yuan in the same period last year, turning losses into profits. 23Q3 realized revenue of 428 million yuan, down 13.2%, and net profit of 675000 yuan, an increase of 107.6%. After deducting non-profit, the loss narrowed to 3.584 million yuan in the same period.
Metal easy to open cover development and stability, complete production line + sea + one-stop procurement revenue company rooted in the metal easy to open cover industry for many years, its dry powder easy to open cover products domestic market share first. The company's metal packaging products have extended a number of fast consumer goods areas, and continue to enter overseas, covering nearly 30 countries and regions around the world. With good cooperation with many well-known brands, metal packaging business is improving steadily.
The R & D team is strong, the company spent more than 3 billion to enter the composite collector can effectively improve the battery energy density and safety, and the decline in production conditions is expected to highlight this space. The company will invest 3.089 billion yuan in Gaoyou composite copper and aluminum foil project, build 100 new energy vehicle power lithium battery composite copper foil production lines and 10 aluminum foil production lines, reaching production capacity of 500 million tons of composite copper foil and 100 million tons of composite aluminum foil. The company has set up a technical team covering vacuum physics, optical film, flexible materials and other specialties, with two core technical leaders: one is Dr. Wu Junwei, who has been ploughing in the field of magnetron sputtering for many years, and the other is Mr. Lin Jinyi. He has more than 30 years experience in the field of flexible plate plating.
On the eve of the industrialization of the composite collector, the company is relatively ahead of the progress of the composite copper and aluminum foil. The composite collector is gradually recognized by the downstream and gradually loaded and applied. Following the use of composite collector in polar krypton 009 in April 23, the interface M9 may be another application case, and the industrialization of composite collector will be accelerated again. The company plans to build 10 composite copper foil production lines and one composite aluminum foil production line for lithium battery of new energy vehicles in 2023. At present, three composite copper foil production lines have been built, and the 4th-6th composite copper foil production lines have been installed and debugged during sample testing of related products. In terms of composite aluminum foil, the company has purchased 10 production lines from Aifa, the world's leading manufacturer of composite aluminum foil equipment, and is expected to work together to provide high-quality current collector products.
Investment suggestion: we expect that more than half of the company's collective fluid production line will be established in 24 years, and the composite fluid collector business will begin to expand. Therefore, the net profit of the company in 23-24-25 is adjusted to 361 million yuan (the previous value is 431 million yuan), corresponding to 279x/19x/12x E, and the "buy" rating is maintained.
Risk hints: political policy risks; new energy vehicles, energy storage development is not as expected; competition intensifies.
