Unable to stop the merger and acquisition of lithium battery diaphragm leader Enjie to buy assets

category:Finance
 Unable to stop the merger and acquisition of lithium battery diaphragm leader Enjie to buy assets


Neumi technology has 6 diaphragm production lines (the same equipment of Japan steel making Institute as Enjie), which mainly faces 3C and other consumer markets. In 2019, the companys top five customers are Zhuhai Guanyu (19.8%), lejin chemical (17.4%), Huizhou Liwei (14.5%), Ningbo Weike (8.9%), Ganfeng battery (4.22%), and the top five customers account for 64.8%.

The profitability of neumi technology has declined significantly in recent two years. According to the 2019 annual report released by neumi technology, the companys revenue was 137 million yuan last year, a year-on-year decrease of 13.37%, and the operating profit was also a continuous loss in the past two years.

According to the report data, the sharp decline in the profitability of neumi technology in the past two years is mainly due to the sharp decline in its gross profit margin, which dropped from about 35% in 2016-2017 to 2.9% in 2018. The substantial loss of the company in 2019 is mainly due to the depreciation increase caused by the transfer of production line to fixed assets.

The wet diaphragm market has been cleared quickly in the near future, and the institutions are optimistic about the integration effect brought by the acquisition. Haitong Securities and power new industry researcher believes that, benefited from the acquisition, Enjie is expected to obtain a net profit of more than 100 million yuan in the future.

Haitong power new commented on the acquisition this weekend, believing that Enjie has good experience in equipment debugging, process control, good product rate control, cost control and customer development. In 2019, the company acquired jetty, which greatly increased sales volume and profit margin. For neumi, the company will have 260 million wet process capacity after the completion of its construction in progress. Under the management of Engel, its capacity utilization rate, good product rate and cost control are expected to achieve higher growth, and Haitong power new is expected to obtain a net profit of more than 100 million yuan.

At present, investors pay most attention to the companys capacity utilization. On July 29, investors questioned the company on the interactive platform of Shenzhen Stock Exchange. In 2018, the production capacity of Enjie was 1.3 billion square meters, the actual shipment was 468 million yuan, and the production capacity in 2019 was 2.3 billion square meters. The actual shipment was not more than 900 million yuan, and the capacity utilization rate was too low, less than 40%.

The company replied that the capacity utilization rate of lithium battery separator of the company has been maintained at a high level in the industry from 2017 to 2019. The company points out that although the new production capacity is put into operation, due to the high difficulty of wet process, it needs a certain capacity climbing time to achieve stable production after the production line is completed and put into operation. Under normal circumstances, the companys new production line needs 1-2 years of climbing time from the completion of the production line to stable production, so it takes a certain time for the actual production capacity of the company to reach the theoretical capacity. In the investor exchange in July this year, Enjie said that the domestic market was in the stage of accelerating recovery. The shipment volume in July was about 90 million Ping, and that in August was about 110 million Ping. Among them, the overseas shipment in August exceeded 20 million Ping. The company strives to achieve 1 billion Ping of shipment this year, and the goal of overseas Jiajie is to achieve 1.2 billion Ping. Source: Science and technology innovation board daily editor: Wang Xiaowu_ NF

The company replied that the capacity utilization rate of lithium battery separator of the company has been maintained at a high level in the industry from 2017 to 2019. The company points out that although the new production capacity is put into operation, due to the high difficulty of wet process, it needs a certain capacity climbing time to achieve stable production after the production line is completed and put into operation. Under normal circumstances, the companys new production line needs 1-2 years of climbing time from the completion of the production line to stable production, so it takes a certain time for the actual production capacity of the company to reach the theoretical capacity.

In the investor exchange in July this year, Enjie said that the domestic market was in the stage of accelerating recovery. The shipment volume in July was about 90 million Ping, and that in August was about 110 million Ping. Among them, the overseas shipment in August exceeded 20 million Ping. The company strives to achieve 1 billion Ping of shipment this year, and the goal of overseas Jiajie is to achieve 1.2 billion Ping.