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2019年中国隔膜行业格局
2019年中国隔膜行业格局
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所属报告:
新能源汽车产业链行业:电动化开启新篇章电池龙头强者恒强中游材料重视三元和电解液板块!(42页).pdf
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最后,在上述两条主线基础上,我们建议务必重视 2021 年二线材料厂商发力的机会,尤其是行业格局相对分散、二线材料厂商存在显著边际改善机会的子领域,如隔膜、负极材料、铜箔行业等。一方面,即使在今年疫情影响下,有的二线材料厂商出货份额逆势增长,增速超过龙头企业,而有的二线材料厂毛利率引领行业,同样超过龙头,虽然这些厂商或由于费用、坏账等因素无法在利润表上较好地体现出来,或在客户结构、收入利润规模上与龙头企业仍存在一定差距,但在今年依旧表现出较强的韧性,而在明年量升价涨、量升本降的背景下,二线材料厂在边际端的改善有望显著优于龙头厂商,并逐步在资产负债表、利润表甚至在现金流表端体现出来;另一方面,在今年新能源行业整体相对不景气抑或低预期情况下,行业内的竞争呈现出一定的“内卷”,龙头企业在成本、客户稳定性、风险抵抗力、资金实力等方面拥有优势,因此整体表现要优于二线材料厂,但我们也观察到今年部分二线材料厂依旧在优质客户开拓方面取得了一定的突破,如隔膜、负极材料等领域,因此展望 2021 年,在行业整体需求高增长、行业内部竞争减弱、价格下降压力减轻、储备优质客户基础上,二线材料厂有望获得更高的边际改善弹性,不排除其增长、份额甚至估值等出现一定程度的“逆袭”。因此,2021 年我们同样建议关注边际改善潜力较大的二线材料企业。
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新能源汽车产业链行业:电动化开启新篇章电池龙头强者恒强中游材料重视三元和电解液板块!(42页).pdf
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