Cangzhou Mingzhu(SZ:002108)2022-12-08 03:08Group 1: Company Overview - Cangzhou Mingzhu Plastic Co., Ltd. is focused on the production of lithium-ion battery separators, with a significant emphasis on both dry and wet processes [2][3]. Group 2: Product Insights - The raw material cost has a minimal impact on the overall cost of separators, as it constitutes a small percentage of the total cost [3]. - The yield rate for dry-process separators is approximately 50% [3]. - The company plans to launch a new wet-process line with a capacity of 60 million square meters by 2017 [4]. Group 3: Market Position and Production - Currently, about 60% of dry-process separators are supplied to mainstream battery manufacturers, with an increase in average selling prices compared to the previous year due to higher demand [4]. - The domestic production ratio for dry-process separators is roughly equal between domestic and imported products, while the wet-process ratio remains low [4]. - The company’s separators are currently at full production capacity [5]. Group 4: Future Developments - The company does not have immediate plans to expand the dry-process separator production line [4]. - The gross margin for separators is expected to decline in the future as domestic production increases and competition intensifies [5]. - The company aims to establish itself as a leader in the industry, having started R&D in 2009 and officially launching products in 2013 [8]. Group 5: Operational Details - The company maintains a reasonable inventory level, typically ensuring a one-month supply of raw materials [7]. - The workforce, including those at remote locations, is approximately 1,600 employees [8]. - The company’s pipeline products are primarily used in urban infrastructure, with stable demand and annual growth [6].