On the evening of August 7, SZXY New Energy Materials Technology, a leading company in lithium battery separator materials in China, released its semi-annual report. In the first half of the year, the company achieved revenue of 353 million yuan. In the first half of the year, lithium battery separator sales reached 153 million square meters, an increase of nearly 36% year-on-year
With the gradual release of the company's holding subsidiary's HFXY wet separator capacity, the company has achieved rapid growth in the company's lithium-ion battery separator product sales by continuously increasing new customer development efforts and continuing to deepen its relationship with existing customers. The company's lithium-ion battery separator sales were 152,669,700 square meters, a year-on-year increase of 35.90%; the coating ratio further increased. At the same time, with the increase of production capacity, the improvement of process technology and the continuous advancement of company cost control, the cost of the company's unit finished products continued to decline; however, due to the impact of subsidies for new energy vehicle subsidies and the pressure of cost reduction in the lithium ion battery industry, The price of diaphragm products has declined, which has a certain impact on the company's overall performance growth in the first half of 2019.
On the whole, the company's operating performance has increased to a certain extent. The company's total operating income for the first half of 2019 was 355,287,300 yuan, an increase of 11.09% over the same period last year. Operating profit was 108,751,500 yuan, an increase of 2.61% over the same period last year. Total profit 206.207 million yuan, an increase of 14.00% over the same period of the previous year; net profit attributable to shareholders of listed companies was 171,702,300 yuan, an increase of 12.33% over the same period of the previous year; Compared with the same period last year, it increased by 7.27%.
With the gradual expansion of the procurement scale of HFXY's shareholder HFGX New Energy Technology Group and the good sales guarantee provided by the company's strong customer resource advantage, HFXY has entered the batch supply stage and gradually improved operating efficiency; in the first half of 2019, HFXY achieved The operating income was 71.075 million yuan, an increase of 26.01% over the same period of last year, 19.6464 million yuan, and the net profit was 21,100 yuan, which was an increase of 100.13% compared with the loss of 16.683 million yuan in the same period of the previous year. The operating and sales situation entered a stage of steady development.
In terms of orders, on January 28, 2019, the company signed a cooperation agreement with FN Technology, and the two parties agreed that the guaranteed supply and demand for lithium battery separator products in 2019 is not less than 40 million square meters; on April 8, 2019, the company and HFGX Signed the "Procurement Framework Contract". Hefei Guoxuan's forecast for the purchase of wet-coated diaphragms from the company in 2019 is about 100 million square meters. On April 18, 2019, the company and SZBK Power Battery Co., Ltd. signed the "Supply Contract ", The company expects to supply 120 million square meters of SZBK power in 2019; on April 25, 2019, the company signed a" Business Cooperation Agreement "with YW Lithium Energy, YW Lithium Energy and its holding subsidiaries and the company and its holding subsidiaries It is estimated that the transaction amount from January 1, 2019 to December 31, 2019 is 70 million yuan (excluding VAT); on July 19, 2019, the company and XWD Huizhou Power New Energy Co., Ltd. purchased lithium-ion batteries Separator products were signed a "supply guarantee framework agreement", the company promised to guarantee the supply of 1 billion square meters of lithium battery separators to XWD Huizhou Power during the 2019-2023 agreement period. Cooperation with the above customers will further provide a reliable guarantee for the company's capacity digestion.
In addition, due to the decline in subsidies for new energy vehicle subsidies and the pressure of cost reduction in the new energy vehicle industry, it has gradually been transmitted to the upstream links with new energy vehicle manufacturers, leading to a certain degree of decline in the prices of most products in the lithium ion battery material industry. At the same time, due to the recent investment boom in the lithium-ion battery separator industry, a fierce price war has emerged in the lithium-ion battery separator industry. Therefore, due to the market environment, the price of domestic lithium-ion battery separator products has fallen to a certain extent in the first half of 2019, which has affected the growth of the company's overall performance to a certain extent.
Localization of high-end diaphragms is accelerating
It is worth noting that from a global perspective, the current global market share of lithium battery separators is mainly occupied by Japan, the United States, South Korea, and China. However, in recent years, with domestic companies' breakthroughs in separator preparation processes and capital investment, domestic lithium Ion battery separator products have gradually entered the overseas market, and the market share of separator companies in Japan, the United States and South Korea has dropped significantly. In addition, in recent years, in addition to Japan's Asahi Kasei, overseas leading diaphragm suppliers such as Tonen Chemical, Sumitomo Chemical, Ube, and South Korea's SKI have been slow to expand production, while Chinese diaphragm companies have expanded production rapidly, and domestic manufacturers' market share is expected to increase further. As the technology of domestic lithium-ion battery separator manufacturers becomes more mature and has a cost advantage, the advantages of global lithium-ion separators will be further transferred to Chinese companies in the future.
At present, there are many diaphragm companies in China, the product quality is uneven, and the low-end excess capacity has become an established fact. The mid- to high-end power lithium-ion batteries have extremely high requirements on the product quality of the separator. In addition to the basic requirements such as thickness, stability and consistency, mechanical properties, etc., it directly affects the porosity, permeability, melting temperature, and closed pores of the separator. Technical parameters such as temperature require higher pore size and distribution uniformity. However, due to various factors such as high production technology barriers, long production line construction cycles, and uncertainties in the time to reach production and actual production capacity, the overall high-end production capacity of the overall diaphragm market is still insufficient. After domestic companies compete to deploy the diaphragm industry, new capacity has begun to gradually release. In addition, with the decrease in new energy vehicle subsidies, the pressure on battery cost reduction has increased, and the upstream diaphragm market price and gross profit have fallen significantly. Therefore, most manufacturers without technology research and development and talent reserves will gradually be eliminated in the future. In the mid-to-high-end market, new product research and development will accelerate, and quality control management will become increasingly stringent. High-end diaphragm manufacturers with advanced technologies will occupy an increasing share of the supply side, and the process of replacing imported diaphragms will be further accelerated.
In terms of technology research and development, up to now, SZXY and its holding subsidiaries have applied for a total of 266 patents, including 28 foreign patents; 101 authorized patents have been obtained, including 42 authorized invention patents and 59 utility model patents. At the same time, the company independently researched and developed diaphragm raw material analysis and characterization technology, formula pretreatment technology, hard elastic base film structure forming control technology, hard elastic base film detection and characterization technology, efficient heat treatment and reforming technology of base film, and stepwise multi-layer composite technology. A series of key technologies for lithium-ion battery separators, such as PP / PE composite diaphragm manufacturing technology, PP / PE extrusion composite technology, dry process production line design integration technology, separator electrochemical application analysis technology, etc., with co-extrusion composite stretching technology, nano-dispersion Technology, precision coating control technology, nano-spinning technology, low crystal point extrusion control technology, film blowing technology, ultra-thin coating technology and many other technical reserves.
In terms of domestic customer development, in the first half of 2019, SZXY further increased its business cooperation with domestic and foreign well-known lithium-ion battery manufacturers such as LG Chem, FN Technology, HFGX Hi-Tech, and other companies in Korea. At the same time, the company has established business cooperation relationships with large foreign well-known lithium-ion battery manufacturers and started product certification. The improvement of the company's comprehensive competitiveness will create favorable conditions for the company to further expand its international market share.
In terms of capacity expansion, in recent years, the company has continued to carry out targeted production areas and capacity layout according to market development needs, including the company's "third-generation high-performance power lithium-ion battery separator production line expansion project" and the holding subsidiary HFXY's French diaphragm production line construction project, a wholly-owned subsidiary CZXY "an annual output of 36 million square meters of lithium-ion battery wet-process diaphragm project" and a wholly-owned subsidiary JSXY "Super Coating Factory" project.
Among them, "36 million square meters of lithium-ion battery wet-process separator project" is implemented by the company's wholly-owned subsidiary CZXY in Changzhou Economic Development Zone of Jiangsu Province. In the second phase, 180 million square meters of lithium-ion battery wet-process separators and coated separators will be constructed each year. CZXY was established on April 5, 2017. As of the end of the reporting period, the "36 million square meters of lithium-ion battery wet-process separator project" has been constructed for 27 months. At present, the production plant is ready for delivery, and some production equipment has been installed and is in the commissioning and trial operation stages. It is expected that the construction can be completed and put into operation according to the original plan. At present, the construction of the project is in an orderly manner, and the project is expected to be completed in December 2019.
The "Super Coating Factory Project" is implemented by the company's wholly-owned subsidiary JSXY in the Economic Development Zone of Changzhou, Jiangsu. It is planned to be constructed in two phases. The total construction period is 36 months, of which the dry process project construction period is 18 months. The French project intends to build 8 new dry diaphragm production lines, all of which can reach a production capacity of 40 million square meters of dry diaphragm in the annual production. The construction period of the coating project is 36 months, and the implementation is completed in two phases. The first phase of the coating project is to build 2 new oil-based coating diaphragm production lines and 28 water-based coating diaphragm production lines. The processing capacity is 600,000 square meters; in the second phase of the coating project, 8 new oil-based coating diaphragm production lines and 12 water-based coating diaphragm production lines are planned to be formed, and the annual processing capacity of high-performance lithium-ion battery-coated separators will reach 40 million square meters.
JSXY was established on March 12, 2018. As of the end of the reporting period, the "Super Coating Factory Project" has been constructed for 15 months. At present, some production plants are ready for delivery, and some dry-process and coating production equipment have been installed and are in the commissioning and trial operation stages. It is expected that construction and operation will be completed according to the original plan. At present, the construction of the project is in an orderly manner.