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Code:002389   Name:NanYang Tech

Merchants Securities: optimistic about the lithium battery separator industry

Source:招商证券 Date:Sep 19,2014

 

  

Recently, China Merchants Securities released industry strategy report pointed out that the diaphragm technology threshold is high, the industry characteristics of the decision to supply a high degree of concentration. Electric cars will drive the diaphragm, especially dry diaphragm demand explosive growth, domestic high-end diaphragm with cost advantages, the global share will continue to improve. Optimistic about the future development of the diaphragm industry prospects.

The report said that the market generally worried about the price cut. The market that the diaphragm industry there is a greater risk of technology diffusion, that the future price will be significantly reduced, worried about the quality of domestic diaphragm products, can not be used in the field of power batteries. China Merchants Securities that the characteristics of the diaphragm industry will determine the supply will be highly concentrated, low-end product prices, high-end products are still in short supply, alternative import space is huge, profitability will remain at a high level.

From the industry characteristics, China Merchants Securities believes that capital and technology-intensive, high barriers to entry. Functional thin film technical difficulties are often reflected in the raw materials, processing equipment or production process, the diaphragm in these three areas there are high technical difficulty. Lithium battery capacity and processing technology continues to progress, the need for continuous development of membrane enterprises to improve quality. Diaphragm input-output ratio close to the packaging film and other functional films generally 2-4 times the input-output ratio than the existence of a large gap between the capital and technology-intensive industries, access to a higher threshold.

The global pattern is stable and the supply is highly concentrated. Foreign diaphragm production is mainly concentrated in the United States celgard company and Japan's Asahi Kasei, East fuel and Ube, the top five diaphragm plant in 2012 accounted for the proportion of the global output of up to 86%. Domestic diaphragm production (more than 20 million square meters) of the company only Jinhui Transtech Services, Xinxiang Grenada and Shenzhen Star source materials 3 companies, the three companies in 2012 accounted for more than 2/3, the same high concentration of domestic supply.

Report that the domestic diaphragm will rise, the prospects for a wide range of import substitution. China more than 30 diaphragm enterprises, design capacity of more than 800 million square meters, 2013 production is only 180 million square meters. Low-end surplus, the high-end market is still heavily dependent on imports, imports accounted for about 50% of the diaphragm. Diaphragm scale effect is significant, strict downstream certification, the industry will also focus on the future, high-end diaphragm market prospects are still broad.

TypeInfo: Industry

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