Increased import and replacement market space for lithium battery equipment industry

As we all know, in recent years, driven by the favorable national policies, China's new energy bus station has ushered in explosive growth, and the power lithium battery, which is known as the “heart” of new energy vehicles, has also encountered unprecedented development opportunities. . Historically, any large industry has emerged, and equipment manufacturers are direct beneficiaries. Directional leading enterprises are often born here. For example, the infrastructure investment cycle has given birth to equipment such as Sany and Zhonglian. Recent policy measures and market dynamics indicate that the prospects for the electric vehicle industry are good, as is the lithium battery industry. The demand forecast for the next few years is shown in Figure 1.

According to the process sequence, lithium battery equipment is divided into slurry stirring, pole piece coating, pole piece rolling, pole piece cutting, pole piece production, pole piece die cutting, winding, lamination, shell, baking, welding The equipments for injection, sealing, cleaning, separation, formation, testing, etc. are shown in Table 1. There are many types of equipment, and the process difficulty and value are different. According to statistics, if a 1GWh lithium battery construction project is to be built, if domestic equipment is used, it will cost about 500-600 million yuan, of which the equipment value will account for 50% to 60%, and the cost of domestic equipment will be about 2.5-3.6 billion yuan. The foreign price of equipment is about 4.8~540 million yuan. In terms of value ratio, the mixing, coating roll and slitting of the previous process accounted for the largest proportion of the whole line, about 40% of lithium iron phosphate and more than 50% of ternary materials.

In many sub-segments of lithium-ion equipment, leading enterprises generally have higher technical level and technological level. In this segment, the roots have long been rooted, and downstream manufacturers will not easily replace upstream suppliers. These targets have better internal conditions. The growth capacity; secondly, due to the relatively limited market space of various segments of lithium battery equipment, leading enterprises have more strength to expand the front, middle and back segments. In this paper, we selected a leading enterprise in coating, rolling, slitting, winding, drying, welding and testing, from the aspects of profitability and income quality, operational ability, growth ability, capital structure and solvency. Start with the indicator and do a comparative analysis. For the purpose of risk control, the company names are replaced by the English letters A, B, C, D, E, F, and G, respectively.

Revenue profit scale and year-on-year growth rate. Six of the seven companies have a revenue of over 100 million yuan and a net profit of over 20 million. The per capita output of the seven companies reached 627,100 yuan, which is a high level in the manufacturing industry. In addition, the revenue and net profit of the seven companies have increased to varying degrees. The average growth rate of revenue is 82.53%, which is close to the 16-year industry growth shown in Figure 1. The average increase in net profit is 83.34%. The prosperity is better. The growth rate of Company C is relatively small because the company shrinks its traditional business and increases the R&D and sales of new energy equipment.

The gross profit margin and net interest rate are shown in Figure 3. The median gross profit margin of the seven companies is 42.51%, and the median net profit margin is 19.11%, far exceeding the traditional enterprises such as equipment manufacturing and auto parts. However, we must also see that the gross profit margin has generally declined, which explains to a certain extent that the development of lithium battery equipment has entered a relatively mature and stable stage. In addition, among the seven companies in the statistics, the gross/net interest rate gap is still small, which also reflects the gap between the company's cost and cost control. F company, which is known for its laser welding, has experienced a significant increase in cost and various expenses with the expansion of its scale, with a growth rate of 60%.

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