Enjie (002812): Lithium battery crosses global restructuring volume and profits increase

Enjie (002812): Lithium battery crosses global restructuring volume and profits increase

In the first half of 19, net profit attributable to mothers increased rapidly.

On August 24, Enjie released its 19-year interim report with operating income of 13.

78 ppm, an increase of 41 in ten years.

44%, net profit attributable to mother 3.

89 ppm, an increase of 140 in ten years.

98%; deduct non-net profit 3.

23 ppm, an increase of 852 in ten years.


Of which the second quarter of 19 operating income7.

2.2 billion, an increase of 10 from the previous month.

06%; net profit attributable to mother 1.

77 trillion, molecular weight of 16.


Breakthrough production capacity ranks first in the world.

The company’s wet lithium battery expansion production scale is currently in a global leading position, and has the world’s largest lithium battery subdivision supply capacity.

The company’s lithium battery volume expansion in the first 都市夜网 half of 19 was three.

5 billion square meters, the world’s largest lithium battery replacement supplier, the market share is also the world’s largest.

The company has entered the supply chain system of mainstream mainstream lithium battery manufacturers in the world, including Ningde Times and BYD.

Breakthrough profitability and rapid profit growth.

In the first half of the year, the company and LG Chem exceeded the total contract amount by no more than 6.

The 1.7 billion-dollar “purchase and sale contract” with a five-year cooperation period further increased global market share.

In the first half of 19, Shanghai Enjie’s operating income8.

33 ppm, an 80-year increase.

02%, net profit 4.

08 million yuan, an increase of 84 in ten years.

25%, corresponding to 3.

The average price of 5 billion wet decompositions is 2.

38 yuan / square, net profit per square meter is 1.

17 yuan.

Wet contraction capacity continues to expand.

The company has set up four large-scale production bases in Shanghai, Zhuhai, Jiangxi and Wuxi in the country. In the first half of 19th, the company launched the second phase of Zhuhai Enjie, invested 4 base film production lines, the project filing has been completed; Jiangxi Tongrui Investment Construction 8 Base film production line project with a capacity of 400 million square meters, 4 production lines have been put into operation in the first half of the year; civil construction of the first phase project of Wuxi Enjie has been completed, 2 production lines have been officially put into operation, and 2 production lines are being installed, It is expected to be put into production in September of 19th. In addition, the company started the second phase of Wuxi Enjie New Material Industrial Base project in July of 19th, and put into operation 8 units with a capacity of 5.

The 200 million square meters of base film production line is expected to have a total investment of 2.8 billion.

Revenue from flat film rose, while smoke film declined.

In terms of other businesses, the flat film market was fiercely competitive in the first half of the year. The company continued to expand market development efforts and continued to optimize production process management to reduce production costs. The company’s flat film operating income was 1 in the first half of the year.

91 ppm, an increase of 22 per year.

22%; tobacco film operating income is 0.

9.3 billion, an annual decrease of 18.

59%, mainly due to the reduction in prices of cigarette film packaging materials by cigarette manufacturers, but the company reduced costs through effective measures such as reasonable production scheduling, which reduced costs by 20%.09%, the gross profit margin of tobacco film increased by 1.


Investment strategies and levels.

Enjie is a global leader in wet battery replacement for power batteries. Benefiting from the rapid development of new energy vehicles, the company’s revenue and profits have achieved steady growth.

We expect the company’s EPS to be 1 in 19-21.

00 yuan, 1.

36 yuan, 1.

61 yuan, according to a comparable company’s assessment, according to 19 times 30-35 times PE, corresponding to a reasonable value range of 30.


00 yuan, given the “preliminary market” rating.

Risk reminder: New energy vehicle policy changes, market promotion is less than expected.