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Enjie (002812): Overseas markets continue to grow in line with expectations

Enjie (002812): Overseas markets continue to grow in line with expectations

Investment Highlights: The company released the 2019 performance forecast: the initial plan is to realize the net profit attributable to the mother.


0.6 billion (YoY49.

8% -74.

7%), of which Q4 belongs to the parent net profit range 1.


7.4 billion (compared to -26.

5%-+ 39.

8%, QoQ-40.

7%-+ 12.

8%), the performance was in line with expectations.

  Wet anisotropic production and sales continued to grow, and overseas customers gradually increased their volume.

The growth of listed companies’ performance is mainly due to the continuous heavy volume of wet expansion business. We expect to increase the number by about 7.


700 million flat, a growth of nearly 65% in ten years.

The fourth quarter budget is expected to be 2.


300 million flat, slightly lower than expected, mainly due to the impact of subsidized decline in the new domestic downstream new energy vehicles, the final sales market performance was flat, battery companies started to decline.

In 2019, the number of orders for overseas battery customers such as Panasonic and Panasonic gradually increased. The company’s overseas business accounted for a further increase. The volume of overseas high value-added products hedged the downward 无锡夜网 risk of domestic product prices.

In November 2019, Shanghai Enjie and Teijin reached a consensus on expanding in-depth cooperation in the field of solvent-based separators for new energy vehicle power lithium battery applications. Teijin Japan held its PVDF-based solvent-based alternative material composition related patents and phase separation.The patents related to the French alternative production process were licensed to Shanghai Enjie, and other cooperation is expected to continue in the future.

The company has strong alliances with overseas superior companies to achieve win-win cooperation and further strengthen restructuring market competition, which will help expand market share in overseas high-end system markets in the future.

  The construction of production capacity continued to advance, and the planned acquisition of Suzhou Jili further consolidated the leading level.

The company currently has four branches in Shanghai, Zhuhai, Jiangxi and Wuxi.

In 2019, the company launched the second phase of Zhuhai Enjie, which invested 4 base film production lines, with an estimated total investment of 1.1 billion; Jiangxi Tongrui invested in the construction of 8 base film production lines with a capacity of 400 million square meters and put into operation; Wuxi Enjie Phase IBased on the commissioning of 4 lines, the company launched the second phase of the project in July 2019, with 8 production capacity being 5 units.

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

At the end of 2019, the company’s carbon content is about 2.3 billion square meters, and it will continue to maintain a breakthrough pace of production expansion.

In addition, the company announced that it intends to acquire Suzhou Jili, which has the second largest share in the wet process industry. If the company’s acquisition is successfully completed, it will further consolidate its leading advantages and enhance its bargaining power among large customers.

  At the same time, through the mutual benefits of technology and customers, Suzhou Jili’s profitability is expected to greatly improve.

  Investment suggestion: Maintain “overweight” rating and maintain profit forecast. Net profit is expected to return to mothers in 2019-21.

06, 12.

19, 15.

7.2 billion, EPS 1.


51, 1.

95 yuan, PE 50X, 37X, 29X.

  Risk reminder: release of production capacity exceeds expectations, intensified competition in the industry leads to sharp fluctuations in product prices