Demand is growing rapidly.
According to the data of China Association of Automobile Manufacturers, in June, the production and sales of new energy vehicles in China were 86,000 and 84,000 respectively, up by 3 1.7% and 42.9% respectively. From June to June, the national production and sales of new energy vehicles were 410.3 million and 410.2 million respectively, up by 94.9% and1.5% respectively. Among them, the production and sales of pure electric vehicles were 3,654.38+0.4 million and 3,654.38+0.3 million respectively, up by 79.0% and 96.0% respectively. The production and sales of plug-in hybrid electric vehicles were 654.38+10,000 and 99,000 respectively, up by 170.2% and 1.8 1.6% respectively. Judging from the growth rate of production and sales of new energy vehicles in the first half of this year, the production and sales of new energy vehicles in China are likely to exceed 1 10,000 vehicles respectively this year.
The "Three-year Action Plan to Win the Blue Sky Defence War" proposes that by 2020, the production and sales of new energy vehicles in China will reach 2 million, which means that the average annual growth rate of production and sales of new energy vehicles in China will exceed 30% in the next two years. It is conservatively estimated that each car needs 50KWh battery, and each Wh battery needs 0.0 1-0.02 m2 battery separator. In 20 18 years, new energy vehicles in China alone will need 5000- 10 billion square meters of lithium battery separators, and by 2020, they will need10-200 billion square meters of lithium battery separators, which has growth potential.
However, due to the high technical barriers in the production process of separator, its cost accounts for about 10%-20% of the cost of lithium-ion battery, and its gross profit margin can reach 50%-60%, which is the highest among the four materials. Therefore, the lithium battery separator is also considered by the industry as one of the most valuable industries in the lithium-ion battery industry chain.
China diaphragm industry is not competitive.
According to GGII statistics, the output of lithium battery separator in China increased by 32.38% in 20 17, and the localization rate of separator was further improved, from 85% in 20 16 to 90% in 20 17, and the export volume continued to increase. However, this cannot hide the fact that the competitiveness of China's lithium battery separator industry is weak: at present, China's domestic separator enterprises mainly focus on low-end production capacity, with less high-end production capacity, while domestic high-end separators are mainly imported.
The weak competitiveness of diaphragm industry in China is mainly caused by the following reasons:
First, China's lithium battery diaphragm industry started late, and the related technical reserves of the diaphragm industry are insufficient. At present, there are three main preparation technologies for lithium ion battery separators: dry uniaxial stretching, dry biaxial stretching and wet method. Dry uniaxial tensile technology and related patents are mainly in the hands of Celgard company in the United States and Ube company in Japan; Wet process technology and related patents are mainly in the hands of Asahi Kasei and other enterprises in Japan; Although Xingyuan Materials independently developed the dry uniaxial tensile technology in 2008 and obtained the corresponding patented technology, the Institute of Chemistry of Chinese Academy of Sciences studied the self-developed biaxial tensile technology, but the maturity of this technology still lags behind the number of related patents abroad.
Second, technical barriers are high. In order to meet the requirements of high working voltage, small volume, high energy density and high discharge power of lithium-ion batteries, the separator material must have excellent compatibility with anode and cathode materials with high electrochemical activity, uniform micropore structure and pore size distribution, appropriate thickness, ion permeability, pore size and porosity, and sufficient chemical stability, thermal stability and mechanical stability. High standard requirements are put forward for raw material formula design, micropore preparation technology and complete equipment design of diaphragm products. At present, there is still an obvious gap between domestic diaphragm and foreign diaphragm in the above raw material formula, micropore preparation technology and complete equipment design. The lack of key technology and equipment level leads to relatively poor consistency and stability of domestic separators, which also affects the performance of lithium-ion batteries to some extent.
The third is the issue of talents. The research, development, production and manufacturing technology of high-quality lithium-ion battery separator involves many disciplines such as polymer materials, material processing, nanotechnology, electrochemistry, surface and interface science, mechanical design and automatic control technology, and complete equipment design. It also needs the cooperation of professionals in the above fields, but the training and reserve of relevant talents in China is still seriously insufficient.
Fourth, the industrial concentration is low. At present, although China has formed a lithium-ion battery separator production industry with a certain scale and technical level; However, China's lithium-ion battery separator manufacturers are small in scale, low in technical level and low in market share, which is obviously different from international giants such as Asahi Kasei of Japan, Selgard of the United States, Dongran Chemical, SKI of South Korea and Ube of Japan, which account for more than half of the international market share.
Of course, after years of development, many excellent enterprises have emerged in the domestic lithium battery separator industry, such as Xingyuan Materials. They have independent technology, their market share is increasing year by year, and their competitiveness is also improving year by year.
Cangzhou Pearl accelerates capacity expansion.
Cangzhou Mingzhu is one of the largest lithium battery separator enterprises in China, and one of the few enterprises in China that can produce dry separator, wet separator and coating modified separator products at the same time. Its lithium battery separator products have entered the larger domestic lithium battery manufacturers, such as BYD, Contemporary Anpu Technology Co., Ltd., Shenshen, Lithium Battery and other enterprises.
In 20 17, the sales volume of separator products of Cangzhou Mingzhu wet lithium ion battery was 53 14.2 1 10,000 square meters, up by 242.83% year-on-year. In 20 17, the production and sales of lithium battery separators reached 1769.84 tons, up 15.5 1% and 17 1 ton respectively, up19 respectively. The increase in production and sales also led to the increase in operating income of lithium battery separators. In 20 17, the operating income of lithium battery separator reached 432 million yuan, up by 14.34% year-on-year, with an increase of 377 million yuan. Although the operating income increased, the gross profit margin of lithium battery separator decreased, reaching 47.75% in 20 17, down 15.86 percentage points year-on-year.
Higher gross profit margin and fast-growing market make the production capacity of Cangzhou Mingzhu grow at the speed of lithium battery separator. In 20 17, the wet lithium ion separator project with an annual output of 60 million square meters, a wholly-owned subsidiary of Dezhou East Iris, was successfully completed as planned, and the two production lines were completed and put into operation in April and July of that year respectively. One production line was completed and put into operation in July 20 17, and other production lines were also completed and put into operation in July this year.
20 17,10 June, its wholly-owned subsidiary, Zhangzhou diaphragm technology, invested and built the "diaphragm project of dry lithium-ion battery with an annual output of 50 million square meters", which is expected to be put into production at the end of this year or early next year. After the completion of these projects, the production capacity of Cangzhou Mingzhu will be greatly increased, the product structure of its diaphragm products will be more perfect, the market share will be improved, and the industry position will be further highlighted.
With the expansion of production capacity, the scientific research investment of Cangzhou Pearl is also increasing, but it is slightly insufficient. 20 17，R &； D 86 employees, up16.22% year-on-year; The ratio of personnel to employees in R & ampD District is 3.47%, which is 0.24 percentage points higher than 3.23% in the same period last year. In terms of R & ampd investment, although the absolute amount has increased, it has increased from 2 1657600 yuan in 20 16 to 201000 yuan.
However, R&; D The proportion of investment in operating income decreased, with 20 17 being 0.07 percentage points lower than 20 16. Obviously, Cangzhou Pearl R&; D there is a big gap between the growth of investment and the growth of operating income, which may be unfavorable to its subsequent competitiveness.
There is still huge capital space for capacity expansion.
The rapid expansion of Cangzhou Pearl is based on the good financial performance of the enterprise. Combing the asset-liability ratio of each quarter since 20 17, it is found that its asset-liability ratio has decreased quarter by quarter. In the first quarter of 20 18, its asset-liability ratio was only 14.95%, and there is still huge room for improvement. Look at its current ratio and quick ratio increasing quarter by quarter. By the first quarter of 20 18, the current ratio was as high as 4.3 1 and the quick ratio was as high as 3.32, both of which were much higher than 1. Therefore, its solvency is very strong, which also creates a huge space for its expansion.
Synchronous expansion of Xingyuan material production capacity and R&D.
Xingyuan Materials is one of the largest manufacturers of lithium battery separators in China, mainly engaged in the research, development, production and sales of lithium battery separators. It is one of the few enterprises in China that have mastered dry method, wet method and coating preparation technology, and realized going out to supply internationally renowned battery manufacturers. In 20 17 years, the output of separator of Xingyuan material lithium-ion battery reached 654.38+564.06 million square meters, up 9.78% year-on-year. Sales reached15526.17000m2, up by 1 1.96% year-on-year.
In 20 17 years, Xingyuan Materials achieved a total operating income of 52 10/00000 yuan, an increase of 3.09% over 506 million yuan, and an operating profit of 65438+130000 yuan, a decrease of 34.30% over the same period of last year. The net profit attributable to shareholders of listed companies was 65.438+0.07 billion yuan, a year-on-year decrease of 365.438+0.29%; The gross profit margin was 565,438+0.85%, down 9.85 percentage points year-on-year.
In order to meet the market demand and enhance competitiveness, Xingyuan Materials has also actively expanded its production capacity. On 20 17, Changzhou Xingyuan, a wholly-owned subsidiary, was established in Changzhou, Jiangsu Province. The original investment project "The third generation high-performance power lithium-ion battery separator production line expansion project" was changed to "The lithium-ion battery wet separator and coated separator project with an annual output of 360 million square meters implemented by Changzhou Xingyuan in Changzhou Economic Development Zone, Jiangsu Province". The total investment of the project is 654.38+06 billion yuan, and it is planned to build 8 sets of wet diaphragm production lines and 24 multi-functional coated diaphragm production lines; The construction period of the project is the second phase, with an annual output of 65.438+0.8 billion square meters of wet separator and coated separator for lithium ion batteries.
On June 15, Xingyuan Materials announced that it planned to raise no more than 2 billion yuan for the super paint factory project. After the project is put into production, the annual production capacity of dry separator of lithium ion battery will reach 400 million square meters, and the annual processing capacity of coated separator of high performance lithium ion battery will reach 654.38+0 billion square meters. After the above-mentioned projects are completed, the production capacity of Xingyuan materials will at least quadruple, and its market competitiveness and industry position will be greatly improved.
While the production capacity is greatly expanded, the star source materials are in R&; D's investment is also increasing. 20 17，R &； D employees reached 185, up 37.04% year-on-year; The proportion of employees in enterprises reached 22.29%, an increase of1.1.09% year-on-year; R & ampd invested 40,977,200 yuan, up 96.62% from 20,840,900 yuan in the same period last year; It accounted for 7.86% of operating income, an increase of 3.74 percentage points compared with 4. 12% in the same period last year.
High r &；; D investment brings high output. By the end of 20 17, Xingyuan Materials had obtained 58 authorized patents, including 32 invention patents (including foreign authorized invention patents 1), 26 utility model patents, and 3 new ones.
Capital space for capacity expansion
Compared with Cangzhou Pearl, Xingyuan Materials' assets and liabilities are relatively weak. By combing the asset-liability ratio of Xingyuan materials in the past five quarters, it is found that the asset-liability ratio of Xingyuan materials has increased quarter by quarter. In the first quarter of 20 18, the asset-liability ratio reached 52.09%, which was in a reasonable range and there was little room for growth. Its current ratio and quick ratio are in good condition. In the first quarter of 20 18, its current ratio was 2.68, and its quick ratio was 2.56, both of which were greater than 1, with good solvency and large expansion space.
Shengli precision diaphragm business has developed rapidly
Shengli Precision's main business is precision manufacturing, intelligent manufacturing and new energy. At present, Shengli Precision's new energy business includes lithium battery wet diaphragm and smart car manufacturing business, that is, lithium battery wet diaphragm production, R&; D and smart car core structure module production, mainly providing wet film basement membrane, coating and central control display module structure and other products.
Shengli Precision's diaphragm business is mainly carried out through its subsidiary Suzhou Lijie. 20 17, Shengli precision added 2 basement membrane production lines and 5 coating production lines. At present, there are 8 wet film production lines, and the design capacity of basement membrane is nearly 400 million square meters/year; At present, there are 13 coating and laminating production lines, with a designed production capacity of10.2 billion square meters/year.
In 20 17, the separator business of Shengli precision lithium battery achieved rapid growth. The output of diaphragm reached1610.59 million square meters, an increase of100.05438+0% compared with 80.79 million square meters in 20 16; Sales reached1.1570,000 square meters, an increase of 535,438+0% compared with 75.52 million square meters in 20 16; The operating income of its diaphragm business has also increased significantly. In 20 17, the operating income of diaphragm business reached 474 million yuan, up 76.27% from 269 million yuan in the same period last year; Gross profit margin reached 29.62%, down 19.40 percentage points year-on-year.
Although Shengli Precision encourages innovation and attaches importance to research and development, it has applied for nearly 400 patents since 20 15 years, including nearly 200 invention patents, 22 PCT patents and registered software copyright 1 1. However, the investment in R &:D is relatively low. Shengli precision research and development; D Although the number of personnel keeps increasing, it reached 65,438+0,696 in 2065,438+07, an increase of 65,438+03.438+04% compared with 65,438+0,499 in the same period of last year; However, the proportion of R &:D personnel in the number of employees in the enterprise is declining, reaching 23.65% in 20 17, which is 1.89 percentage points lower than the same period of last year; The proportion of R & ampd investment in the enterprise's operating income is also kept at around 1.60%, which is relatively low.
The capital space for capacity expansion is limited.
Combing the asset-liability ratio of Shengli Precision in recent five quarters, it is found that its asset-liability ratio is basically maintained at around 50%. In the first quarter of 20 18, its asset-liability ratio was 53.67%, which was in a reasonable range; But now the ratio is 1.2 1, and the quick-acting ratio has dropped to 0.98, less than 1. Although its solvency is not a problem, it has been greatly weakened, which deserves vigilance and has limited room for expansion.
The diaphragm business of Buddha-Plastic Technology has grown steadily.
Foshan Plastics Technology is mainly engaged in the production and sales of various advanced polymer functional films. At present, it focuses on the research and development of new materials such as polymer functional films in strategic emerging industries such as new energy, new energy vehicles, high-end electronic information, energy conservation and environmental protection, and has gradually formed an industrial layout with dialysis materials, photoelectric materials and barrier materials as the framework. Its lithium battery separator industry is mainly realized through equity participation in Jinhui Hi-Tech.
In 20 17, the output of its photoelectric materials business and lithium battery separator business was 8288.86 tons, an increase of14.78% compared with 722 1.70 tons in the same period of last year; Sales reached 7784.64 tons, up 8.45% from 7 178.45438+0 tons in the same period last year; Operating income reached 388 million yuan, an increase of 8.71%compared with 357 million yuan in the same period last year; Gross profit margin reached 365,438+0.265,438+0%, down 65,438+0.65,438+09 percentage points year-on-year.
Obviously, Buddhist plastic surgery technology also pays more attention to research and development. 20 17，R &； D employees increased by 2,765,438+0.3%, reaching 4,065,438+0, accounting for 65,438+00.48% of the company's total employees, an increase of 7.7 percentage points over 2.78% in 2065,438+06; R & ampd invested 865,438+0,670 in 500 yuan, accounting for 3.25% of the operating income, which was basically the same as that in 2065,438+06. Foshan Plastics Technology and its holding subsidiary added 17 new patent applications, including 1 1 invention patent applications; Eight new invention patents were granted, eight new utility model patents were granted, and 10 new products passed the Guangdong high-tech product certification.
There is no room for funds to expand production capacity.
Compared with Cangzhou Mingzhu, Xingyuan Materials and Shengli Precision, Foshan Plastics Technology has poor solvency. Since 20 17, the quick ratio of multi-speed technology has been below 1. 20 18 in the first quarter, quick ratio was only 0.57, and the flow ratio was only 0.99, which was less than1; Although its asset-liability ratio is still within a reasonable range, its asset-liability ratio in the first quarter was only 55.64%. However, its poor solvency limits its room for further leverage and its expansion ability is also severely limited. If the business environment changes, it may fall into a debt crisis.
Competition will intensify in the future.
Diaphragm leading enterprises are busy expanding, and tricky capital and enterprises have also begun to enter on a large scale. On July 3rd, Innovation Co., Ltd. announced that it planned to implement Wuxi En Jie New Material Industry Base Project in Wuxi, Jiangsu. Project planning and construction 16 automatic import film production line, 40 coating production lines and 5 aluminum-plastic film import production lines; On July 4th, Putailai announced that it planned to acquire 66.67% equity of Liyang Yue Quan held by Ningbo Peng Feng for 262 million yuan to enter the wet diaphragm business of lithium batteries.
According to GGII statistics, the output of lithium battery separator in China reached14.35 million square meters in 20 17 years; With the gradual production of new production capacity, there may be a serious oversupply of lithium battery separators in China; By then, the market competition of lithium battery separators will be further intensified, and a fierce price war may be inevitable. At that time, only those with core technology and strong research and development strength; D enterprises with excellent ability and financial performance can win and grow in the fierce competition, while other enterprises can only be eliminated and withdrawn.