Jiayuan Technology (688388): 6MM lithium battery copper foil faucet benefits high industry boom

Jiayuan Technology (688388): 6MM lithium battery copper foil faucet benefits high industry boom

The company is an important 深圳桑拿网 supplier of domestic lithium battery copper foil: Jiayuan Technology is mainly engaged in the production and sales of lithium battery copper foil.

53 billion (+103 compared to the same period last year).

68%), achieving net profit attributable to mother 1.

7.6 billion yuan (+107 compared to the same period last year).

1%).

The high growth of 2018 results mainly benefited from the volume of 6μm lithium battery copper foil.

The company is one of the few domestic enterprises that can achieve mass production of 6μm products. This product has greater and higher profitability (gross margin of 39% in 2018). Its main customer is CATL.

Thinner and lighter is the future trend. The penetration of 6μm copper foil in the power field is accelerating. The thinner and thinner copper foil follows the trend of high energy density 杭州桑拿 of batteries, while reducing consumption can achieve cost reduction.

CATL started the 6μm copper foil switching as early as 2018 and has achieved a penetration rate of more than 90%. BYD, Guoxuan Hi-Tech and other domestic battery manufacturers are actively dating 6μm copper foil, and the domestic 6μm copper foil penetration rate is expected to increase to more than 55%.

Overseas, such as LG, SK has started to use 6μm in small batches, and it is expected that it will be a large-scale switching window period in the next 2-3 years.

The supply and release of 6μm copper foil is blocked, and there may be a periodical shortage in 2020: the production expansion cycle is as long as 2-3 years, so the supply side discharge volume is slow.

We expect the supply and demand gaps to be -0 in 2020-2021.

7,, + 0.

Two.

The company’s long-term cooperation power leader and new technology continue to advance: the company’s top five customers include CATL, ATL, BYD, Funeng, Xingheng Power.

With the exception of Funeng, the cooperation time has exceeded 8 years.

Among them, the company ‘s 6μm copper foil purchase of similar products in CATL accounted for 60%, expanding the proportion; cooperation with BYD has begun since its establishment.

In addition, the company is currently actively in reserve4.

5μm, 5μm ultra-thin copper foil to continuously maintain product competitiveness.

Investment suggestions: We expect the company’s attributable net profit growth rate to be 87%, 32%, and 42% in 2019-2021; the corresponding EPS is 1.

43,1.

88, 2.

66 yuan.

Currently corresponding to 39 times price-earnings ratio in 2020, maintain Buy-A rating.

Risk warning: New energy vehicle sales are lower than expected, upstream raw material prices fluctuate, new technology development risks, and relatively concentrated customers.