佛塑科技拟收购金力股份切入布局隔膜行业

Core Viewpoint - Foshan Plastics Technology (佛塑科技) plans to acquire 100% of Jinyi Co., Ltd. (金力股份) to enter the lithium battery separator market, with a total valuation of 5.08 billion yuan for the acquisition [1][3]. Company Overview - Foshan Plastics Technology, established in 1988, is a state-owned enterprise under Guangxin Group, focusing on high polymer functional films and composite materials [3]. - Jinyi Co., Ltd. specializes in the research, production, and sales of lithium battery wet separators, holding an 18% market share in China's wet separator market, ranking second [3][4]. Market Opportunity - The global electric vehicle industry is rapidly developing, creating unprecedented opportunities for separators, which are key materials in lithium batteries [3]. - In 2024, China's lithium battery separator shipment volume is projected to reach 22.75 billion square meters, a year-on-year increase of 28.6%, with wet separators accounting for approximately 76.9% of this volume [3][10]. Technical Advantages - Jinyi's wet separator technology offers performance advantages over dry separators, improving thermal stability and battery safety, while also enhancing battery cycle life and discharge capacity [4]. - The market share of wet separators has increased from about 50% in 2017 to over 75% in 2024, establishing them as the dominant product in the industry [4]. Strategic Benefits of the Acquisition - The merger is expected to enhance Foshan Plastics Technology's product offerings in high-end separators, leveraging both companies' technological achievements [7][8]. - With Jinyi's technical support, Foshan Plastics can officially enter the lithium battery separator sector, expanding its product portfolio in the new energy field [8]. - The acquisition will allow Foshan Plastics to utilize Jinyi's established customer resources to quickly penetrate the lithium battery separator market [8]. Financial Impact - Following the acquisition, Foshan Plastics' total assets are expected to increase from 4.796 billion yuan to 17.9 billion yuan, a growth rate of 273.23%, while revenue is projected to rise from 2.228 billion yuan to 4.867 billion yuan, a growth rate of 118.43% [9]. - This significant increase in asset scale and revenue is anticipated to enhance the company's risk resistance capabilities [9]. Industry Environment - The lithium battery separator market is expected to stabilize in pricing and see continued demand growth from the downstream lithium battery industry starting in the second half of 2024 [10]. - Government policies, such as the "Carbon Peak Action Plan before 2030," are creating a favorable environment for the lithium battery separator industry [10].