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胜利精密控股期间苏州捷力净利率
胜利精密控股期间苏州捷力净利率
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所属报告:
新能源汽车产业链行业电池材料系列报告:锂电隔膜量升利稳关注全球化出海机遇-221209(18页).pdf
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新进入者目标定位为龙头企业,但势必经历二三线企业面临的现状,长期结果取决于发展决心、经营动力和技术能力,存在较高的不确定性。在过去一轮盈利低潮中,行业通过一系列并购整合已经形成了较为清晰的竞争格局,胜者的规模优势业已形成,后进入企业的资本和产能扩张均受到一定限制。从目前各隔膜企业的盈利能力来看,单平净利恩捷股份大幅领先,净利率也只有恩捷与星源达到了较为合理的水平。新进入者切入隔膜赛道的盈利目标是龙头企业的水平,然而受制于资金、设备、技术、客户,要想争取到市场份额和规模盈利都面临较高难度,不仅考验新进入者的综合实力,也要求其具有极强的切入动力和扩张决心。从历史来看,在上一轮周期中胜利精密、双杰电气、长园集团、金冠股份等都曾通过参股收购尝试跨界进入隔膜行业,但均以连年亏损被迫放弃告终。在这一轮周期中,我们也看到有试图跨界布局的新入者,如美联新材、恒力石化等,但短期内新增产能较为有限。按照公司规划的扩张节奏,美联新材一期项目自2017年公告立项 5 年后,有望 2022 年内实现 50%达产;恒力石化有 4.4 亿平产能在建。实际产能建设与释放的不确定性更高,总体看低预期。
行业数据
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新能源汽车产业链行业电池材料系列报告:锂电隔膜量升利稳关注全球化出海机遇-221209(18页).pdf
国内主要隔膜企业海外供应情况
国内主要隔膜企业在建/规划项目
全球锂电池隔膜需求预测
美联新材产能扩张进度规划
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