Enjie announced on the evening of May 23 that its subsidiary company, Zhuhai Enjie New Material Technology Co., Ltd. (Hereinafter referred to as "Zhuhai Enjie"), had recently received a supplier nomination letter from PrimePlanetEnergy Solutions, Inc. (Hereinafter referred to as "PPES"). Zhuhai Enjie has been confirmed as the lithium battery separator supplier of PPES. According to the plan, it is predicted that Zhuhai Enjie will supply PPES with lithium battery isolation film products with a total amount of about 2.59 billion yuan excluding tax from 2024 to 2028. Enjie shares said that the matter will have a positive impact on the company's future business performance. According to the strong announcement
of new
customers, PPES is a newly established joint venture between Toyota Motor Corporation (hereinafter referred to as "Toyota") and Matsushita Electric Industrial Co., Ltd. (Hereinafter referred to as "Panasonic"). Among them, Toyota holds 51% shares and Panasonic holds 49% shares. PPES is mainly engaged in all businesses from research and development of square lithium-ion batteries and new generation technologies to procurement, production and pre-sale.
For the nomination letter received from PPES, Enjie shares said that this is the recognition of the company's production level and product quality by market customers, which is conducive to enhancing the company's sustained profitability and global market competitiveness, and further promoting the company's long-term development. The follow-up company will complete the supply quantity agreed in the nomination letter within the agreed time according to the needs of PPES. The Company expects that this matter will not have a significant impact on the results of this year, and will be performed from 2024 to 2028 and recognized as revenue in the relevant years. This matter will have a positive impact on the Company's future operating results. The introduction of material suppliers by
mainstream lithium battery manufacturers requires a long process of product, process and production process system verification. Enjie disclosed earlier that the company has successfully entered the vast majority of domestic mainstream lithium battery manufacturers and the most demanding overseas power battery supply chain system, and the product quality has been unanimously recognized by many lithium battery manufacturers. The main customers of the company's wet lithium-ion diaphragm products include Panasonic, LGES, Samsung, Ningde Times, Zhongchuang Xinhang, Guoxuan Gaoke, Yiwei Lithium Energy, BYD, Funeng, Lishen and other mainstream lithium battery enterprises at home and abroad. The production scale of wet lithium battery diaphragm
of Enjie Co., Ltd. is currently in the leading position in the world, with the largest supply capacity of lithium battery diaphragm in the world. The company has laid out diaphragm production bases in Shanghai, Zhuhai, Wuxi, Jiangxi, Suzhou, Chongqing and other places, with a capacity of 7 billion square meters by the end of 2022.
In addition, Enjie emphasizes its continuous investment in new product development, product research and forward-looking technology reserve while meeting customer customization needs. The company has become the most abundant supplier of lithium battery diaphragm products in the market, which can meet the needs of different customers.
Shipments are expected to improve
the performance of Enjie shares, which have won large new orders, is not satisfactory at the beginning of this year. According to the financial report, the company achieved revenue of 2.568 billion yuan in the first quarter of this year, down 0.9% year-on-year, and net profit of 649 million yuan, down 29.1% year-on-year. In terms of
shipment, China Merchants Securities expects Enjie to ship 1 billion square meters of diaphragm products, with a year-on-year decline, mainly due to the reduction of inventory production by downstream customers at the end of last year and in the first quarter of this year. Revenue recognition of some products may be delayed, but the overall shipment is in line with expectations. It is estimated that the net profit per square meter of the company's products in the first quarter of this year will be about 0.63 yuan, and the profit per square meter will be flat and decline year-on-year, mainly due to the decline in diaphragm prices during the period, which is estimated to decline by 5%.
As for the current market situation, the management of Enjie shares introduced earlier at the performance presentation meeting that the first quarter was indeed the off-season, considering the withdrawal of the subsidy policy and the impact of the Spring Festival holiday in January on the market. In order to ensure smooth production and supply after market recovery, the Company conducted overhaul and maintenance of production line equipment in February; the market began to recover gradually in March. From the perspective of the whole year or even longer term, the company is optimistic about its expectations for this year, taking into account the industry's prosperity, orders in hand and industry supply.
Institutions are also optimistic about the future performance of Enjie shares. Guoxin Securities expects that with the improvement of battery production and the gradual recovery of demand from the second quarter of this year, Enjie's diaphragm product shipments are expected to increase annually.
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