Cangzhou Mingzhu(SZ:002108)2022-12-06 23:34Group 1: Sales and Production Estimates - The company expects to sell approximately 25 million square meters of wet-process separators this year [5] - The total estimated production and sales for 2016 is 90 million square meters, including 25 million square meters of wet-process separators and 65 million square meters of dry-process separators [5] - The company aims to achieve a total production and sales target of 9.5 million tons for pipeline products and 3.3 million tons for BOPA films in 2016 [13] Group 2: Market Competition and Trends - There are many domestic producers of wet-process lithium-ion battery separators, but few have entered the mainstream supply chain, with more competition expected in the mid-to-low-end products [5] - The gross margin for separators is expected to decline in the long term due to rapid development in the new energy industry and adjustments in national subsidy policies [5] - The import ratio of wet-process separators is over 50%, while the import ratio for dry-process separators is lower [8] Group 3: Product Technology and Quality - The company utilizes a wet-process synchronous stretching technology similar to that of Asahi Kasei, which reduces human error and improves product consistency compared to dry-process separators [6] - The yield rate for dry-process separators is approximately over 40%, with limited potential for improvement due to the non-continuous nature of the production process [7] - The company has mastered ceramic coating technology and is continuously improving its processes to enhance product quality [9] Group 4: Raw Materials and Pricing - The raw materials for BOPA films account for over 80% of the production cost, with the main raw material being PA6 nylon slices [11] - The price of BOPA films is influenced by raw material costs, with agreements in place to adjust selling prices based on significant price fluctuations [11] - The company maintains a one-month inventory of raw materials to meet normal production needs [12] Group 5: Client Relationships and Market Position - BYD is one of the company's major clients for wet-process separators, and many large domestic battery manufacturers are in the certification process [8] - The company is currently in a leading position in the domestic market for BOPA films, which are used in packaging for food, electronics, and cosmetics [10] - The company has not identified suitable acquisition targets in the separator market, as it is already competitive in technology and processes [8]