Enjie (002812) 2019 Interim Report Comments: Wet Segmentation, Reorganization, High Growth, New Capacity, and Delivery Smoothly

Enjie (002812) 2019 Interim Report Comments: Wet Segmentation, 四川耍耍网 Reorganization, High Growth, New Capacity, and Delivery Smoothly

Company dynamicsThe company released its 2019 Interim Report.

In the first half of 2019, the company achieved operating income13.

7.8 billion, an annual increase of 41.

44%; net profit attributable to mothers3.

89 billion, an annual increase of 140.


Matter comments Q2 performance decreased month-on-month, and cash flow improved significantly. The company achieved operating income in Q2 20197.

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

06%; net profit attributable to mother 1.

7.7 billion, 16% interest rate.


Specifically, Q2’s overall gross profit margin was 42.

38% compared to formaldehyde 3.

Five single, mainly due to the increase in budget prices.

The company’s overall expense ratio for the first half of the year was 13.

2%, where Q1 is 11.

1%, Q2 is 15.

1%, an increase of 4 mergers from the previous quarter, mainly due to the substantial increase in financial expenses.

Operating cash flow for the first half of 20191.

1.7 billion yuan, of which Q1 / Q2 are -0 respectively.

7.6 billion / 1.

9.3 billion, a significant improvement from the previous quarter.

Company book cash4.

9.7 billion yuan, an increase of 84 from the beginning of the period.


  Wet catabolism increased rapidly, and the company’s profitability was supported by volume supplements. In the first half of 2019, the company’s wet catalysis was replaced.

500 million square meters, the market share continues to lead the industry.

Shanghai Enjie realized operating income8.

33 ppm, an 80-year increase.

02%, net profit 4.

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

25%, of which net profit attributable to listed companies3.

6.8 billion yuan.

The company’s lithium battery coaxial sales unit price is about 2.

38 yuan / square meter, the previous annual average of 16 in 2018.

20%; after excluding government subsidies, the single square meter supplement contributes about 0 net profit.

93 yuan, an increase of about 20 from the 2018 average.

26%.Although there has been a slight improvement, the company ‘s lithium battery supplementary business gross margin has remained at a relatively high level overall, driving the company’s overall gross margin to increase sequentially.

14 units.

  The production capacity is expanding at a high speed, and the overall leader is stable. By the end of 2018, the company’s wet expansion capacity was 1.3 billion square meters, and the capacity scale ranked first in the world.

The company plans to complete the construction and commissioning of 20 production lines by the end of 2019. At present, the company has started the 4 base film production line projects of Zhuhai Enjie Phase II; 4 production lines in Jiangxi Tongrui have been put into operation in the first half of the year, which has now increased to 6 The construction of the first phase of Wuxi project is completed, 2 production lines are put into operation, and 2 production lines are expected to be put into operation in September; the second phase of Wuxi project has been started in July, and 8 production capacity has been put into operation.

The project of 200 million square meters of base film production has been completed.

The company is expected to achieve a production capacity of 2.8 billion square meters in 2020, which will further consolidate the company’s leader in lithium-ion waveguides.

  Deeply tied to giant LG Chem, it ranks among the major domestic customers of global high-end supply chain companies for wet alternative products CATL, BYD, Guoxuan, Funeng and Lishen and other 20 domestic lithium battery companies.Maintain strong demand.

The company’s overseas market has now entered Panasonic, Samsung and LG Chem. Three lithium battery giants, the above three customers already account for more than 80% of the overseas lithium battery market.

Among them, LG Chem mainly provides power batteries for Volkswagen, Hyundai, General Motors, Volvo, Renault and other international vehicle brands.

In the first half of the year, LG Chem Millennium 5 years 6.

With a large order of 1.7 billion US dollars, we estimate that the total supply will be about 800 million flats, mainly based on sheet completion.

As the external sales price is usually much higher than domestic, the company’s entry into overseas high-end supply chains will further increase the company’s profitability.

Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 35.

77, 45.

22 and 54.

9.3 billion yuan, with growth rates of 45.

54%, 26.

43% and 21.

47%; 深圳桑拿网 net profit attributable to shareholders of the parent company is 8.

68, 10.

82 and 13.

1.8 billion yuan, the growth rate was 67.

34%, 24.

67% and 21.

89%; Fully diluted earnings per share were 1.

08, 1.

34 and 1.

64 yuan, the corresponding PE is 30.

27, 24.

28 and 19.

92 times.

The company’s rapid expansion of production capacity has consolidated LG Electronics’ global high-end supply chain, which is expected to support the company’s profitability in the context of domestic complementary declines. We maintain the company’s “overweight” rating.

Risks suggest that the demand for new energy vehicles is less than expected, the company’s capacity is not up to expectations, and the price of alternative products has fallen more than expected.