Enpack(SZ:002846)2025-11-19 01:47Summary of the Conference Call for Yinglian Co., Ltd. Industry and Company Overview - Company: Yinglian Co., Ltd. operates in two main sectors: fast-moving consumer goods (FMCG) metal packaging and composite current collectors for solid-state batteries. The company has been in the FMCG metal packaging sector since its establishment in 2006 and is the only A-share listed easy-open lid supplier in China. In 2022, it entered the composite current collector industry, planning a project in Gaoyou, Jiangsu Province with an investment of 3.089 billion RMB, targeting a production capacity of 100 million square meters of composite aluminum foil and 500 million square meters of composite copper foil [doc id='5'][doc id='20']. Key Points and Arguments - Strategic Procurement Agreement: Yinglian has signed a strategic procurement agreement with a domestic new energy technology company for 50 million square meters of composite aluminum foil, with deliveries scheduled for 2026 (20 million square meters) and 2027 (30 million square meters). The total order value is estimated between 3.3 billion to 3.4 billion RMB, with the first batch expected to be delivered in December this year, generating revenue in Q1 of next year [doc id='2'][doc id='4'][doc id='7']. - Financial Impact: The large-scale order is expected to significantly enhance Yinglian's future financial performance, with an estimated gross margin of about 40% for the composite aluminum foil segment. The contract's annual execution will contribute to stable revenue growth over the next two years [doc id='8']. - Research and Development: Yinglian is developing lithium metal anode materials and specialized composite copper foil for sulfide solid-state batteries. The company is conducting tests on various thickness structures to enhance technical capabilities and broaden market applications [doc id='9'][doc id='10']. - Client Base: The client for the recent order is a leading company in the quasi-solid and semi-solid battery field, indicating a strong purchasing capability that will positively impact Yinglian's future business growth [doc id='11']. - Production Capacity: Yinglian has established production capacity for composite aluminum foil and has modified equipment to meet usage requirements, with approximately 3 to 5 GWh of equipment available for production. The company has also ordered additional production lines, aiming for a total capacity of 100 million square meters [doc id='12'][doc id='20']. Additional Important Information - Testing and Validation: Yinglian is currently validating composite copper foil with domestic and international clients, with some clients entering application testing phases, indicating potential positive developments soon [doc id='3'][doc id='22']. - Market Outlook: The company is optimistic about the market for solid-state and quasi-solid batteries, driven by national policies and government funding support, which is expected to accelerate industry development [doc id='17][doc id='18']. - Cost Structure and Future Projections: The current cost of Yinglian's pumps is 3.8 RMB, with potential for cost reduction as production volume increases and through optimization of second-generation equipment and processes [doc id='19']. - Application of Composite Foils: Composite aluminum foil is primarily used in high-value-added scenarios, with ongoing development in energy storage applications. The company is focusing on mature battery enterprises rather than startups [doc id='14']. - Technical Advantages: Yinglian's composite current collectors are designed to withstand the expansion of high-capacity anode materials, enhancing cycle life and performance in solid-state battery applications [doc id='22']. - Future Production Plans: The lithium metal anode production line is expected to begin installation in December, with batch deliveries anticipated in Q1 2026, gradually scaling up to industrial levels by mid-2027 [doc id='28']. This summary encapsulates the key insights from the conference call, highlighting Yinglian's strategic initiatives, financial outlook, and advancements in technology and production capabilities.