深度报告-20221209-东方证券-电池材料系列报告_锂电隔膜量升利稳_关注全球化出海机遇_18页_661kb.pdf
|2015 2025 1915GWh 300 2023(300568)(002080)(002108)(002812)/2022 12 09 021-63325888*6118 S0860515100003 S0860517100003 S0860521080002 2023 2022-11-24 2022-11-02+2022 2022-06-17 2.4.7.11.16.16 3 1 2021.4 2 2021.4 3 ROE.5 4 2020.5 5 2021.5 6.6 7.6 8/.7 9 2019/.7 10.7 11.8 12.8 13/.8 14.9 15.9 16.9 17.10 18.10 19 GWh.11 20.12 21.12 22.12 23 SKI.13 24 SKI.13 25 W-scope.13 26 2021.15 27 2025.15 1.4 2 2019-2022/.6 3.10 4.11 5/.14 6.15 4 3 资 产 周 转率 最低，呈现出极强的重资产属性。1/20 750000 3.75 2 2 70000 3.50 10 10 333028 3.33 1 2021 2 2021 Wind Wind 2015 2020 2020 CR3 80%2021 83%0.0%10.0%20.0%30.0%40.0%50.0%/0.000.200.400.600.801.001.20 5 3 ROE Wind 4 2020 5 2021 2022-4.00%-2.00%0.00%2.00%4.00%6.00%8.00%10.00%12.00%47%21%12%9%4%2%5%57%15%11%9%3%2%3%6 6 7 Wind Wind 2 2019-2022/2019 4 60,000 2019 100,000 2020 150,000 2020 200,000 2020 150,000 2021 70,000 2021 240,000 2021 480,000 2021 130,000 2021 2 60,000 2021 300,000 1,9 4 0,0 0 0 2019 200,000 2020 30,000 2020 20,000 40,000 2020 30,000 3 0 0,0 0 0 2022 4.08 36,400 2022 1.2 17,575 5 3,9 7 5 IPO 2022 41,200 2022 4,053 2022 5,000 5 0,2 5 3-0.50.00.51.01.52.02.5-50005001000150020002019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q3/-3.00.03.06.09.012.0-2000200400600800/7 2015 2020 2020 2021 8/9 2019/10-40%-30%-20%-10%0%10%20%0.00.51.01.52.02.53.03.54.02016 2017 2018 2019 2020 2021/YoY 0.00.51.01.52.02.53.03.52019-04-112019-07-112019-10-112020-01-112020-04-112020-07-112020-10-112021-01-112021-04-112021-07-112021-10-112022-01-112022-04-112022-07-112022-10-11(16m)(9um):(7um)7m+2m 9m+3m 0.002.004.006.008.0010.0012.001 2 3 4 5 6 7 8 9 10 11 12 2018 2019 2020 2021 2022 8 11 12 13/Wind 1 2 2 3-250%-200%-150%-100%-50%0%50%100%2016 2017 2018 2019 2020 2021 2022H1-300%-250%-200%-150%-100%-50%0%50%2016 2017 2018 2019 2020 2021 2022H1-5-4-3-2-101232016 2017 2018 2019 2020 2021 9 14 2017 5 2022 50%4.4 15 16-50%-40%-30%-20%-10%0%10%20%30%2015 2016 2017 2018-10000%-8000%-6000%-4000%-2000%0%2016 2017 2018 2019 2020 2021 10 17 18 3 2021.3 4 2.04 2021Q3-4 2022Q2 50%2022 2 2.1 2022Q2-2023Q3 2023Q4 50%2024 5 2024 2022.11 15 2027-140%-120%-100%-80%-60%-40%-20%0%20%40%2017 2018 2019H1-140%-120%-100%-80%-60%-40%-20%0%20%40%2018 2019 2020 11 2025 300 2025 1915GWh GWh 0.18 GWh 0.2 GWh 2025/GWh 0.15/0.18 2025 300 2021 3 21-25 37%19 GWh GGII 4 2020 2021 2022E 2023E 2024E 2025E 15.6 25.3 37.1 46.9 58.6 78.2 31.6%30.0%28.5%25.9%24.9%26.0%33.8 58.9 93.2 134.2 177.0 222.2 68.4%70.0%71.5%74.1%75.1%74.0%/GWh 0.19 0.19 0.19 0.18 0.16 0.16 49.4 84.2 130.3 181.1 235.6 300.3 YoY 70%55%39%30%27%SKI W-scope 2021/45/10 0.0500.01000.01500.02000.02500.02020 2021 2022E 2023E 2024E 2025E 12 12%2023/19/30 2018-2023 19%SKI2021 13.6 2024 27.3 26%SKI 2021Q4 W-scope 20 21 22 Toray Asahi-KASEI 01020304050607080901002020 2021 2022E 2023E 2024E 2025E SKI W-scope 13 23 SKI SKI-Technology 24 SKI 25 W-scope SKI W-scope 2021 70 62%2025 237 21-25 35%0510152025303540452021 2022E 2023E 2024E2025/-30-20-100102030405060-120-100-80-60-40-20020402017 2018 2019 2020 2021 14 5/4 8 3 10 2.5 2.5 2.5 2.5 5 5 2022 2 16 20 2 2021 10 3.6 4 10 20 4.08 2 4 10.4 10.4 2022 9 3.2 7.2 2022 8 5.6 6.57 2022 7 10 10 8 10 10 8 2022 9 4 2022 2 4.14 5 15 15 8 8 4 2022 4 4.8 4.8 4 2022 1 15 2022 5 30 20 6 1.5/15 26 2021 27 2025/6 2022H1 LG SDI 10.0%LG SDI SAFT 21.4%LG SKI 16.6%SDI 10.1%70.6,62%42.8,38%237.5,74%81.7,26%16 2023 1(002812)2021 38 2020 4 30 4 2022 10-12 2(300568)LG SDI SAFT 2020 Northvolt 2021 LG 3(002080)2020 LG SKI 4(002108)2021 2.9 亿平方米锂离子电池隔膜（其中干法隔膜 1 亿平方米、湿法隔膜 1.9 亿平方米）产能，另投资 有 4 亿平 湿法隔膜产能在建。2020 17 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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