SKI动力电池：产能高速扩张，韩中欧三地布局.pdf
敬请参阅最后一页特别声明 -1- 证券研究报告 2018 10 14 SKI SK Innovation SKI 2017 462,609 +17.06% 32,344 +0.19% / / / 2%/71%/20%/7% -5%/46%/43%/16% 2005 SKI 2018 2 11 2019 5 / SKI SNE Research SKI 2016 207.3Mwh 2017 295.8Mwh 2017 42.7% SK Innovation 7 SKI 2017 250 1.53 SK Innovation - 2017 SKI 1.5 SKI 2018 2.8Gwh 3.9Gwh Niro EV Soul EV 2020 20Gwh SKI SKI ( S0930518080001) 021-22169328 marsebscn S0930518070001 021-22169102 tangxwebscn Wind 8 10.1 +50% +20% ······································ 2018-09-12 2018 ······································ 2018-09-05 7 8.4 +47.7% ······································ 2018-08-12 SDI ······································ 2018-08-09 LG ······································ 2018-07-23 ······································ 2018-07-08 -40% -30% -20% -10% 0% 10% 20% 2018-01-02 2018-01-22 2018-02-11 2018-03-03 2018-03-23 2018-04-12 2018-05-02 2018-05-22 2018-06-11 2018-07-01 2018-07-21 2018-08-10 2018-08-30 沪深300 新能源汽车指数 2018-10-14 敬请参阅最后一页特别声明 -2- 证券研究报告 1 SKI . 3 1.1 SKI .3 1.2 SKI 2005 .5 1.3 + + .5 2 / . 6 2.1 .6 2.2 2017 300Mwh .7 2.3 .7 3 . 7 4 . 8 5 . 9 1 SK Innovation .3 2 SK Innovation 2017 .4 3 SK Innovation 2017 .4 4 SK Innovation .4 5 SK Innovation .5 6 SK Innovation .5 7 SK Innovation .6 8 2016/2017 SK Innovation .7 9 SKI .8 1 SK Innovation .3 2 2017 SK Innovation .6 3 SK Innovation .7 4 SK Innovation .8 5 .9 万得资讯2018-10-14 敬请参阅 最后一页特别声明 -3- 证券研究报告 1 SKI 1.1 SKI SK Innovation 2017 SK Innovation 462,609 17.06% 32,344 0.19% E&P and Other Business / Petroleum Business / Chemical Business / Lubricant Business 2%/71%/20%/7% -5%/46%/43%/16% 1 SK Innovation SK Innovation 1 SK Innovation (HEV) (PHEV) (EV) (UPS) (Calendar Life) ESS/IT SK Innovation 2018-10-14 敬请参阅 最后一页特别声明 -4- 证券研究报告 2 SK Innovation 2017 3 SK Innovation 2017 4 SK Innovation SK Innovation 2018-10-14 敬请参阅 最后一页特别声明 -5- 证券研究报告 1.2 SKI 2005 SK Innovation 1962 50 2005 SK Innovation 2006 2010 BlueOn Ray 2013 BESK 2017 5 SK Innovation SK Innovation 1.3 + + SK Innovation SK innovation 5 m 2018 2 11 2019 5 / 6 SK Innovation 2018-10-14 敬请参阅 最后一页特别声明 -6- 证券研究报告 7 SK Innovation SK Innovation 2 / 2.1 SK Innovation 4 SK Innovation 2017 250 1.53 2 2017 SK Innovation 2017 2017 SK Mobile Energy Co., Ltd. 24,984 1,077 SK Battery Systems Co., Ltd. - 88 SK Battery Hungary Kft. - - SK Battery China Holdings Co., Ltd. - - 24,984 1,165 2018-10-14 敬请参阅 最后一页特别声明 -7- 证券研究报告 2.2 2017 300Mwh SNE Research SK Innovation 2016 207.3Mwh 2017 295.8Mwh 2017 42.7% SK Innovation 7 8 2016/2017 SK Innovation SNE Research 2.3 SK Innovation - 3 SK Innovation 3 SKI 2018 2.8Gwh 3.9Gwh Niro EV Soul EV 2020 20Gwh 207.3 295.8 0 50 100 150 200 250 300 350 2016年 2017年 SK Innovation 动力 电池 出货 量（Mwh ） 2018-10-14 敬请参阅 最后一页特别声明 -8- 证券研究报告 9 SKI Bloomberg SKI 2005 SK Innovation 2012 2018 2.8Gwh 3.9Gwh Niro EV Soul EV 2013 SKI BESK 2017 SKI 2018 8 SKI , 7.5GWh 2018 10 SKI 25 3.4 1.3 2019 2020 SKI2017 2020 7.5Gwh 4 SK Innovation SK 3.9GWh SK 北京电控 爱思开科技有限公司 2017 2 7.5GWh SK Battery Hungary Kft. 7.5GWh 2020 4 1.1 3.9 20 0 5 10 15 20 25 2017 2018E 2020E 动力电池产能（Gwh ）
