硅宝科技20241125

Key Points Industry and Company * Company: SiBao Technology * Industry: Lithium-ion battery materials, construction adhesives, and industrial adhesives Core Views and Arguments * Silicon-carbon Anode Material Progress: * SiBao Technology has independently developed silicon-carbon anode materials since 2015, with multiple products and 6 patents. * A 50-ton pilot production line was built in 2019, reaching an international advanced level. * A 5,000-ton annual production project in Pengshan, Sichuan, was completed in 2023, with production line installation in 2024. * A 1,000-ton trial line was built in 2023, mainly supplying 3C battery factories, with good test results from power battery factories but no large-scale supply yet. * A 3,000-ton production line is currently undergoing equipment debugging, with an expected output of less than 10 million yuan in 2024 and 20-30 million yuan in 2025. * SiBao Technology plans to implement the 5,000-ton project in stages, with the first phase including 3,000 tons of silicon-carbon anode and other supporting products, scheduled for gradual production in 2025. * The company will focus on the production of silicon-oxygen and new silicon-carbon materials in the future, actively breaking through technical bottlenecks, reducing costs, and improving market competitiveness. * [2], [3], [4], [5], [8], [15], [16] * Battery Adhesives: * SiBao Technology's main business (construction adhesives and industrial adhesives) maintains stable growth, with a forecasted increase of more than 20% next year. * The company benefits from the real estate recovery and the development of emerging industries, with the potential for increased profit elasticity. * [2], [31], [32], [34] * Capacity and Production: * The company's main business has developed well and is matched with its capacity. Last year, the total capacity was 200,000 tons, increasing to 210,000 tons this year. * The actual output was basically in line with the total capacity, especially in construction adhesives, which achieved a high utilization rate. * [35] Other Important Content * Sales Model for Supporting Products: * Supporting products are sold separately. For example, polyurethane and epoxy products can be used in both power batteries and automotive manufacturing or the electronics industry. PNA may be sold together with the anode because they are mainly used in the cell, with different purchasing departments responsible for different categories. * [12] * Market Demand and Volume: * The market demand for new lithium-ion battery products (such as new silicon-oxygen and silicon-carbon) is increasing rapidly. SiBao Technology expects sales revenue to reach more than 20 million yuan next year. * The market release rhythm mainly depends on the demand of downstream power battery factories. SiBao Technology will continue to expand its market share with existing customers and add new customers to increase sales volume. * [27] * Certification Process: * Customers mainly focus on the company's research and development capabilities and subsequent investment capabilities during the certification process. Since it is difficult to change the battery material once it is determined, suppliers must have the ability to rapidly expand production to meet large-scale demand. * [30] * Capital Expenditure Plan: * The company's capital expenditure next year is expected to be relatively small, mainly concentrated on equipment installation, as the factory has been built. * [36]