When standing on the air outlet, the pigs will fly. —— Lei Jun
Baizheng New Materials (NQ: 831519) is engaged in the production and sales of polypropylene capacitor films, mainly providing complete specifications of capacitors capacitors thin film products for consumer electronics, household appliances, power transmission and transformation, electronics, energy-saving lamps, automotive electronics, aerospace and military industries. The user of the company's products is a capacitor manufacturing company.
Originally, this was an ordinary company, but under the strong winds of carbon neutrality and new energy, the company flew up.
Before 2020, the company still suffered losses every year, and the company's net profit reached more than 14 million in the first half of 2021. According to this trend, it may reach nearly 30 million in the whole year. Because from the perspective of past performance, the company's performance in the second half of the year is usually higher than that in the first half of the year. Why did
take off suddenly?
's product is a capacitance film, which is the main raw material of thin film capacitor . It is specifically divided into base film and metallized film. There are 3um-18um base films for metallization evaporation and 6um-18um single and double-sided roughened films. The main application areas of film capacitors mainly involve consumer electronics, household appliances, power transmission and transformation, electronic complete machines, energy-saving lamps,
automotive electronics, aerospace and military industries and other industries.
Company products are classified according to basic uses as follows:
(I) Conventional evaporated capacitance film
Conventional evaporated capacitance film is generally called optical film in the market. It has the characteristics of uniform thickness and good windability. After the surface is corona treatment, one or more composite metal layers can be evaporated as needed for dielectric materials for various metallized self-healing film capacitors. Capacitors made of this material have good self-healing performance and can be widely used in supporting facilities in household appliances, power tools, low-voltage power systems, communication equipment and other fields.
(II) High-temperature resistant evapoable capacitor film
High-temperature resistant evapoable capacitor film not only has the performance characteristics of conventional films, but also has more prominent dielectric materials for good mechanical strength, high dielectric strength, low thermal shrinkage, and excellent temperature resistance. It is used in metallized self-healing film capacitors. Based on its superior temperature resistance, the operating temperature of capacitors made of this film is higher than 30℃ than conventional film capacitors. It is suitable for occasions where capacitors have higher working temperatures and harsh working environments. It currently has good market applications and huge market potential in energy-saving lamps, hybrid automobiles, wind power generation , solar power generation and other fields. Due to the better performance of high-temperature resistant film capacitors, their application areas are constantly expanding and gradually penetrating into the field of conventional films.
(III) Single-sided treatment oil-immersible capacitor film
Oil-immersible capacitor film is generally called single-sided roughened film in the market. In order to make the capacitor film have good oil immersion properties in oil-immersed power capacitors, the surface structure of the film must be roughened by a single-sided process, so that the capacitor film has good compatibility with the insulating oil of various capacitors and has a small melting span. The application fields of this product are microwave oven capacitor , electric heating capacitors for smelting induction furnace , etc.
(IV) Double-sided treatment oil-immersible capacitor film
After both sides of the oil-immersible capacitor film are roughened, the film has better impregnation and electrical properties. This product is used in dielectric materials for oil-immersed power capacitors with full film dielectrics. The application fields are high-voltage power transmission and transformation, electric locomotives, railway electrification and other fields.
- Metalized Capacitor Film
Work. No.: Anfushuang Follow to view the past essence articles
Metalized film is a deep processing product of evaporated capacitor film. The metal layer evaporated to the surface of the evaporated capacitor film becomes the metalized electrode.The electrode material of the aluminum metallized capacitor film is aluminum, and its electrode layer is very thin (the thickness is nanometers), the conduction
has good electrical performance and strong oxidation resistance. This product is used in electrodes and dielectric materials for various metallized self-healing film capacitors, and is widely used in low-voltage power, household appliances and other fields, as well as some DC capacitors. Zinc-aluminum composite metallized capacitor film refers to an extremely thin zinc-aluminum composite metal material evaporated on the surface of the evapoable capacitor film as an electrode. Its oxidation resistance is inferior to that of the aluminum metallized capacitor film, but its capacity attenuation is smaller and its self-healing performance is better. This product is widely used in supporting facilities in many fields such as medium and low voltage power, household appliances, energy-saving lamps, automotive electronics, and communication equipment.
film capacitors can be divided into polyester film capacitors, polypropylene film capacitors, metal foil type polystyrene
film capacitors, etc.
polyester film capacitor is mainly used in DC and pulsating circuits with lower frequency, and polypropylene film capacitor is mostly used in high voltage DC and AC circuit or power grid. Metalization refers to the method of using vacuum coating , and evaporate a layer of aluminum or zinc or other metals from 0.01m to 0.02m on the organic film as electrodes and the organic film as a dielectric to form a capacitor; its advantage is that it has self-healing performance, greatly enhancing the life and reliability of normal operation. According to the product structure and manufacturing method, film capacitors can be divided into lead-out wires and lead-out wires, winding type and stacked type, or inductive type and inductive type, or divided into DC/AC capacitors according to their purpose. A DC film capacitor refers to a film capacitor that works in a circuit powered by a DC power supply; an AC film capacitor refers to a film capacitor that works in a power system.
Currently, polypropylene material is the most widely used. Polypropylene has the characteristics of high safety and high humidity resistance. With the development of the miniaturization technology of polypropylene film capacitors, polypropylene has been widely used. The company's products are all polypropylene films.
According to data from the China Electronic Components Industry Association, the market size of my country's film capacitors in 2019 was 9.04 billion yuan, accounting for more than 60% of the total global market output value, ranking first in the world. In 2020, the domestic film capacitor market size was about 10 billion yuan.
gong. No.: Anfushuang Follow to view past highlights article summary
In recent years, the market for traditional film capacitors has grown slowly, but in some emerging fields, it is in a stage of rapid growth, such as new energy fields such as new energy vehicles, photovoltaics and wind power.
⚫New energy vehicle
film capacitors are widely used in new energy vehicles in battery management systems (BMS), electronic control systems, DC-DC switching power supply , car charger (OBC), 48V inverter, 48V DC-DC switching power supply and wireless charging system. The functions of film capacitors on new energy vehicles include DC support (DC-Link), EMI filtering, power factor correction (PassivePFC), and buffer/ resonant (Snubber/Resonant). Film capacitors are also used for EMI filtering, buffering/resonance circuits, output filtering (DC Filter), etc., but the value is relatively low. According to calculations, the value of bicycle film capacitors is 427.5 yuan.
Film capacitors for new energy vehicles will have a CAGR of about 42.5% in the next five years, and the global market space will reach 7.67 billion yuan in 2025.
⚫Photovoltaic and energy storage
film capacitors are used in photovoltaic inverter DC-Link, input/output filtering and inverter system buffer circuit. As the DC-Link capacitor in the photovoltaic inverter, its main function is to absorb the high pulse current from the DC-Link terminal of the inverter, so that the voltage fluctuates at the inverter, and prevent the inverter from being affected by instantaneous overvoltage. In addition, thin film capacitors are required in the EMI and LCL filter circuits of DC input and AC output, and the buffer circuits in the inverter system.The cost of
capacitors accounts for about 6.6% to 9.7% of the inverter cost and 4.3% to 6.4% of the inverter price. From 2016 to 2018, the procurement amount of Jinlang Technology's capacitors accounted for 7.1%, 9.1% and 10.4% of the total procurement amount respectively. From 2017 to 2019, the procurement amount of Goodway capacitors accounted for 9.4%, 9.4% and 7.8% of the total procurement amount respectively.
Photovoltaic inverter and energy storage PCS capacitors will be about 18.0% in the next five years, and the market space will reach 2.91 billion yuan in 2025. According to the forecast of China Photovoltaic Industry Association , under optimistic circumstances, the global photovoltaic installed capacity in 2025 can reach 330GW. IEA
It is estimated that by 2025, the cumulative installed capacity of electrochemical energy storage will reach 148GW. Assume that the cost of capacitors accounts for about 5.4% of the value of photovoltaic inverters and energy storage PCS. Based on this calculation, the market size of photovoltaic inverters and energy storage PCS thin-film capacitors in 2020 will be approximately 1.27 billion yuan, and is expected to reach 2.91 billion yuan in 2025, with a CAGR of approximately 18.0% in the next five years.
⚫Wind power
film capacitor is used for DC-Link, input/output filtering and EMI filtering, accounting for 3.9%~5.3% of the value of wind power converters. Similar to photovoltaic inverters, the film capacitors in wind power converters are mainly used for DC-Link, input/output filtering and EMI filtering. Taking Rifeng Electric, a company that plans to IPO for wind power converters, as an example, from 2018 to 2020, the company's gross profit margin was 46.6%, 42.4%, and 34.5% respectively; the procurement amount of electromagnetic capacitor resistor devices accounted for 8.7%, 6.7% and 8.1% respectively. The average sales price of wind power converters is around 0.11 yuan/W, and the direct material cost accounts for about 94.0% of the company's main business cost. Based on this, the cost of electromagnetic capacitor resistor devices accounts for 3.9% to 5.3% of the value of wind converter .
New energy industry membranes are mainly concentrated between 2.0-4.0um, among which wind power membranes are mainly concentrated between 3.0-4.0um, and automotive membranes are mainly concentrated between 2.0-2.9um.
Film capacitors for wind power converters will have a CAGR of about 14.8% in the next five years, and the market space in 2025 will be approximately 920 million yuan. According to data from the Global Wind Energy Council (GWEC), global wind power installed capacity will be 93.0GW in 2020, of which offshore wind power is 6.1GW.
In order to meet the net zero emission requirements in 2050, GWEC expects the global installed wind power capacity to be 90GW,
⚫Flexible DC transmission
Flexible DC transmission refers to high-voltage DC transmission technology (VSC-HVDC) based on voltage source converters. Its main feature is that it uses a voltage source converter (VSC) composed of fully controlled power electronic devices, replacing the current source converter (CSC) based on half-control devices in previous DC transmissions. This is a new transmission technology that uses voltage source inverters to convert and transmit electricity, which can improve the level of renewable energy transmission and enhance grid flexibility and stability. The main components of the flexible DC transmission system include voltage source converter, converter transformer , phase converter reactor , DC capacitors and AC filters, film capacitors, etc.
At present, the production of film capacitors is mainly concentrated in countries and regions such as Japan, the United States, Europe, mainland China, and Taiwan.
More famous manufacturers include: Japanese Panasonic , British BC Components, Italian Aker Company, German EPCOS (acquired by Japanese TDK in 2008), German AVX/TPC, German Siemens , German WIMA, American Vishay/Roederstein, Farah Electronic , etc.
Capacitance film is a key material that affects the performance of thin film capacitors, accounting for about 70% of the raw material cost. The main raw materials of film capacitors are BOPP (bidirectional tensile polypropylene film) capacitor film, metal material, resin material, lead wire and lead material, and shell material.BOPP capacitor film accounts for about 70% of the total cost of all raw materials. The quality of the capacitor film directly affects the performance indicators of the capacitor's stable capacity, excellent withstand voltage, performance of insulation resistance, security of use and life cycle. The yield rate of finished products for capacitive film production is low, the quality control requirements are high, and the process technology is very difficult, so it is a high value-added product.
Domestic capacitance film production started in 1985 when Guangdong Jiangmen introduced the first annual production line with 1,000 tons. In 2009, under the stimulation of policies such as " home appliances go to the countryside " and "old for new", the communications and home appliances industries gradually recovered, driving the demand for BOPP capacitor membranes and triggering an industry investment boom. In 2012, the capacity construction of the capacitor film industry reached its peak. From 2012 to 2015, the domestic BOPP capacitor film added more than 50,000 tons, and the industry fell into a dilemma of oversupply. Since then, the price and profitability of BOPP capacitor films have been falling all the way, and there is almost no new production capacity in the industry.
International market capacitor-specific film manufacturers are concentrated in Germany, France, Japan, the United States, etc. Companies represented by Treofan Germany GmbH & Co.KG, French Bolloré Group and Japan Toray Industries, Inc. account for the vast majority of the international market.
. No.: Anfushuang Follow to view the past essence articles
Domestic polypropylene capacitor film manufacturers mainly include Hebei Haiwei, Jiadeli, Nanyang Technology (Aerospace Rainbow (SZ:002389)), Longchen Technology, Tongfeng Electronics (SH:600237), Dongcai Technology (SH:601208), Foshan Foshu Technology, Deguan Film, Da Southeast , Baizheng New Materials and more than 10 companies.
Capacitor film key equipment relies on imports and has a very long production expansion cycle. At present, there are limited domestic manufacturers that can make ultra-thin films of 3um or below. The BOPP capacitor membrane production line all relies on imports. The main domestic BOPP electrical membrane equipment suppliers include Brueckner, Dornier (Dornier) in Germany, and DMT in France. The number of production lines that equipment manufacturers can produce film pulling equipment is relatively fixed, and the current orders are queued, resulting in a production expansion cycle of up to 2 to 3 years. Baizheng New Materials’ equipment is imported from Bruckner, Germany.
Take Tongfeng Electronics' plan to invest in two ultra-thin BOPP film production lines as an example, with a construction period of up to 5.5 years.
Baizheng New Materials currently has 4 production lines with a production capacity of 10,000 tons.
On October 26, 2020, the company signed a "Relocation Agreement" with the Chengbei Street Office of the Rugao Municipal People's Government. The company promised to invest in new projects in Rugao with a total investment of about 1 billion yuan, and to build a polypropylene capacitor film production base in Rugao Economic and Technological Development Zone. The project is planned to start construction in October 2020, purchase 200 acres of land, build a 90,000 square meters of factory building, purchase 4 BOPP capacitor film production lines, 7 PVC plastic wrap production lines, and 2 BOPP functional film production lines. It is expected to be completed and put into production in December 2021, with annual sales revenue reaching 1.5 billion yuan and annual tax payments of about 50 million yuan.
On December 15, 2021, the company issued an announcement that it plans to purchase two BOPP production line equipment from Dalian Sanrong, with a contract amount of 128.5 million yuan.
Against the backdrop of high downstream demand and long capacity expansion cycle, the company purchased ready-made production equipment from its competitor Dalian Sanrong to rapidly expand production capacity, and is expected to usher in sustained high growth.
[Special Note] The data and information in the article come from company financial reports, securities research reports, industry reports, corporate official websites, public accounts, Baidu Encyclopedia and other public information. I strive to report the content and views of the article objectively and fairly, but do not guarantee its accuracy, completeness, timeliness, etc. The information or opinions in the article do not constitute any investment advice. Investors must be responsible for any investment behavior determined independently. I shall not bear any responsibility for direct or indirect losses caused by the use of the content of this article.More in-depth analysis of , Beijing Stock Exchange and the New Third Board, welcome to follow @Anfu Shuang , which focuses on the Beijing Stock Exchange
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-