Enjie (002812) Announcement Comments: The proportion of overseas contracts with LG’s five-year and five-year supply continued to increase

Enjie (002812) Announcement Comments: The proportion of overseas contracts with LG’s five-year and five-year supply continued to increase

The report reads the company announcement and the LG Wet Decomposition “Purchase and Sale Contract”, size 6.

$ 1.7 billion with a contract term of 5 years (2019.

4.

4-2024.

4.

3).

Key points of investment for LG landed, and a large number of overseas supplies broke through. The company recently subdivided the “purchase and sales contract” with LG in a large wet process, with a scale of 6.

$ 1.7 billion, according to 6.

The exchange rate of 7 (the exchange rate on April 4) is 41.

3.4 billion yuan, corresponding to the power wet subdivision supply of more than 1 billion square meters, and the contract performance period of 5 武汉夜生活 years will have a positive impact on the company’s 2019-2024 performance.

In 2018, the company’s operating income for similar products of LG Chem and its subsidiaries totaled 1.

53 ppm, accounting for 11 of the company’s similar businesses.

50%, and most of the products provided are consumer segments.

The contract of this contract is a major breakthrough for the company’s overseas power battery replacement supply, which indicates that the company’s product quality has reached the international advanced level, and together with Toray has become the main supplier of LG power wet replacement.

In the future, the company will start cooperation with LG on implant membranes to further increase the value of unit products.

The customer structure is high-quality, and the proportion of overseas companies continues to increase to hedge against domestic price pressures. Company 杭州桑拿网 customers are replacing large battery plants.

Several major domestic customers include: Ningde Times, BYD, Guoxuan, Funeng, Lishen. Five companies account for more than 80% of the domestic lithium battery market.

Major overseas customers are: Panasonic, Samsung, LG Chem, which replace 80% of the overseas lithium battery market.

The company’s overseas supply decreased last year, and the proportion of overseas supply will increase greatly this year. The proportion of reorganization is expected to reach 20-25%. It will cut into the global supply system to hedge the pressure of domestic customers to replace the slump, and will get moreHigh sales prices and better sales rebates.

The leader is solid overall, and a large amount of production is waiting to release the company’s expansion in 20184.

6.8 billion square meters, with a domestic market share of 45% and a global share of 14%.

The quantified amount from January to April 2018 was 2.

7.7 billion square meters, an increase of 198 in ten years.

3%.

The company still has a large amount of production capacity waiting to be released: by the end of 2018, the company had a total production capacity of 1.3 billion flats (Shanghai 300 million + Zhuhai 1 billion).

The production capacity under construction in 2019 is 1.5 billion square meters (4 production lines in Zhuhai Phase II + 8 production lines invested by Jiangxi Tongrui, of which 2 production lines have been put into operation + 8 production lines in Wuxi Enjie trial production in August).

In 2020, the company’s production capacity will reach 2.8 billion square meters.

In addition, the company also plans to build factories overseas, with the leading additions solid.

Earnings forecasts and estimates We expect the company’s revenue to be 31 in 2019-2021.

04/39.

12/48.

950,000 yuan, an increase of 26 in ten years.

30% / 26.

02% / 25.

14%; net profit attributable to mother is 8.

18/10.

49/12.

26 ppm, an increase of 57 in ten years.78% / 28.

20% / 16.

89%; EPS is 1.

73/2.

21/2.

59 yuan / share, the corresponding PE is 31.

90/24.

88/21.

29 times, give “overweight” rating.

Risks suggest that budget prices have fallen more than expected, and demand for new energy vehicles has fallen short of expectations