The New Deal will promote the marketization of new energy vehicles, promote technological progress and industrial reshuffle, and leading companies in all aspects are expected to benefit. The cost and safety advantages are obvious, and the dry-process diaphragm trend may restart. In the long run, global electrification is the general trend in the future, and there is no doubt that the new energy industry chain will continue to improve. According to statistical data, benefiting from the continued growth in market demand for new energy vehicles and power batteries, the shipments of the four key materials for lithium batteries in 2018 all increased to varying degrees. The year-on-year growth rates of positive electrodes, negative electrodes, electrolytes, and separators were respectively Reaching 28.6%, 31.5%, 27.4%, and 37.7%. Among them, lithium battery separators have the highest growth rate. As one of the four core materials of lithium batteries, the separator is an important part in determining the performance, safety and cost of lithium batteries. Its cost accounts for about 5% of the entire power battery cost. In the subdivision of new energy batteries, separators have a high technical content and are the last materials to break through technical barriers and achieve localization. From the perspective of the separator industry, the future power battery industry structure will also change in a more market-oriented direction. Downstream lithium battery manufacturers will choose separator products with more advantages in cost, safety, performance, and battery energy density. The production process of separators is mainly divided into dry stretching and wet stretching. In 2016 and before, my country's domestic demand for separators was dominated by dry methods. In recent years, due to factors such as battery cell energy density and national subsidies, the demand for wet separators has increased rapidly. Relevant data shows that in 2018, domestic wet process separator shipments were approximately 1.3 billion square meters, and dry process separator shipments were approximately 700 million square meters. The proportion of wet process separators has exceeded that of dry process. At present, most domestic ternary power batteries use "wet method + coating". Due to cost considerations, dry process separators with gradually improved performance can be widely used in lithium phosphate systems and have also begun to be used in ternary systems. Some ternary systems The leading companies in the Yuan system also use dry separators. In fact, compared with wet separators, dry separators have more advantages in terms of cost, performance and safety. With the continuous improvement of raw materials, production equipment, technical processes and continuous innovation in R&D, dry separators have also made new breakthroughs in thickness, slowly evolving from the initial 32μm to 25μm, 24μm, 22μm, 20μm, and even a few Some separator companies already have large-scale mass production capabilities for 16μm separator products. Some people in the industry believe that with the decline of subsidies, under the influence of multiple factors such as power battery performance, cost, and market segment demand, some power battery companies' demand for separators will shift from wet to dry methods. On this basis, the proportion of dry process separators may rebound, and the cost-driven separator market will present a long-term coexistence pattern of dry and wet processes. Lithium battery separators pay equal attention to dry and wet methods. Separator manufacturers have multiple layouts. It is worth mentioning that among many separator manufacturers, Xingyuan Materials is the first company in China to have dry, wet and coated separator preparation technologies and production lines at the same time. Public information shows that in terms of wet process separator layout, Xingyuan Materials has successively passed the construction of Hefei Xingyuan’s 80 million square meters wet process lithium battery separator project and Changzhou Xingyuan’s “annual production capacity of 360 million square meters of lithium-ion battery wet process separators”. Project" continuously improves the company's wet separator production capacity. At present, the production capacity of Hefei Xingyuan wet separator has been released; the first and second phases of Changzhou Xingyuan wet separator project have also been completed and put into operation according to the original plan. At the same time, Xingyuan Materials continues to leverage its absolute advantages in dry processes, actively invests in expanding its coated separator production capacity, and continues to expand its business scale and product structure. On March 7, 2019, its application for a non-public issuance of A shares was approved by the China Securities Regulatory Commission. According to the plan, the company will raise no more than 2 billion yuan to build the Jiangsu Xingyuan "Super Coating Factory" project. After the completion of "8 new-generation lithium-ion battery dry process production lines" and "50 high-performance coated separator production lines", an annual dry process production capacity of 400 million square meters and a coated separator production capacity of 1 billion square meters will be formed. At present, the main body of the factory has been completed and production will be accelerated this year. Promote the strategic layout of globalization and highlight the advantages of high-end customers. On the other hand, in the context of the decline of new energy subsidies, the price of the power battery industry chain will continue to be under pressure. However, overseas power battery companies face relatively few policy and other risks and are price sensitive. The ratio is relatively low and the gross profit margin level is relatively stable. Under this circumstance, exporting high-end products overseas will help support the company's profitability. Xingyuan Materials has been in overseas markets earlier and has a certain influence in the global lithium battery separator field. According to the company's 2018 annual report, the company's diaphragm product export ratio has increased year by year since 2015. In 2017, the company's diaphragm product export ratio reached 37.19%, and in 2018 it further reached 44.29%. In addition, Xingyuan Materials has also established research institutes in the United States and Japan, realizing a global R&D layout centered in Shenzhen, which mutually promotes the company's global business and further promotes the company's globalization level. At present, the products of Xingyuan Materials are supplied in batches to famous manufacturers such as South Korea's LG Chem, Japan's Murata, and France's SAFT. At the same time, it has become the only supplier of LG's dry separators. On the other hand, Xingyuan Materials’ main domestic customers include CATL, AVIC Lithium Battery, BYD, Guoxuan Hi-Tech, Tianjin Lishen, Wanxiang Group, Yiwei Lithium Energy, Gateway Power, Funeng Technology, BAK Battery, Leading companies in the battery field such as polyfluoroethylene. In the future, with the further reduction and eventual withdrawal of the state's subsidies for new energy, the entire new energy industry chain will accelerate its reshuffling in a more market-oriented and innovative direction, requiring not only technological breakthroughs, but also business model innovation. Most companies that "rely on subsidies" for survival will eventually be eliminated by the market, and being able to retain high-quality companies will definitely bring new expectations to the market.

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