Baili Technology (603959): Entering the field of new energy in the field of hydrogen fuel cells

Baili Technology (603959): Entering the field of new energy in the field of hydrogen fuel cells

Events: 1, the company’s 2018 operating income was 11.

8.3 billion, an annual increase of 98.

13%; net profit is 1.

$ 5.1 billion, an annual increase of 39.

31%; operating income of Baili Lithium is 3.

08 million yuan, an annual increase of 182.

46%; net profit is 0.

400,000 yuan, an annual increase of 77.

74%; the company’s comprehensive gross profit margin is 31.


2. The company (45% equity) plans to set up Baili Kunai Hydrogen Membrane Co., Ltd. with Kun Ai New Materials and Xiao Lixiang to focus on the research and development and production of high temperature proton exchange membrane materials.Membrane electrode testing laboratory (Asia).

Comment: The performance is in line with expectations, and the lithium battery business has driven the company’s healthy and rapid growth.

Company net profit

51 trillion yuan is near the median air force forecast, in line with market expectations.

The company’s comprehensive gross profit margin is 31.

65%, plasma 7.

18 digits. This is due to the structural change in business caused by the increase in the percentage of total contract revenue.

The company’s cash flow situation has improved significantly, and the first-level advance receipts reported are 1.

46 billion, an increase of 71 every year.

52%; net operating cash flow is 3.

35 billion yuan, which is more than twice the net profit.

Baili Lithium Battery achieved revenue 3.

08 billion, a growth rate of 182.

46%; net profit is 0.

40 billion, a growth rate of 77.


With the execution of orders, the company will enter a stage of rapid growth.

The trend of high nickelization is obvious, and professional EPC general contractors have great potential.

The trend of high nickel is obvious, and the 811 line is backward compatible, which will force the industry to supplement its production capacity in accordance with high nickel standards.

According to statistics, the domestic 811 production capacity plan has reached more than 40 tons, and the space can be calculated to reach 28 billion yuan at 700 million US dollars / budgeted investment.

At the same time, the technical barriers of 811 are extremely high, and it is particularly difficult for enterprises to build their own production lines. Third-party solution providers will have great potential.

The company has obvious advantages and full orders, and is expected to rise rapidly in the future under the trend of high nickel.

Nanda Zijin is deeply involved in the entire production line of lithium battery materials, and its customers are Dangsheng, Bamo, Shanshan, etc. If it successfully acquires Hantec, it will bring synergy between technology and customers (Umicore, Samsung, LG).

It is expected that the company’s current orders for lithium batteries are more than 3.5 billion US dollars, which will bring breakthrough performance elasticity in the future.

Entering the field of hydrogen fuel cells, the new energy landscape is next!

At present, the mainstream route of hydrogen fuel cells is proton exchange membrane fuel cells. Proton exchange membranes are the core material, which is extremely technically difficult.

Kun Ai New Materials has successfully developed a new generation of high temperature fuel cell proton exchange membrane (HTPEM) with ultra high molecular weight and high concentration of phosphoric acid substituted polybenzimidazole (PBI) as the core, which is expected to become a domestic technological gap.

The company’s in-depth cooperation with Kunai New Materials is expected to take the lead in occupying the commanding heights of the industrialization of hydrogen 杭州桑拿网 fuel cells. The prospect is worth looking forward to! Maintain “Highly Recommended-A” rating!

We expect the company’s 19-21 net profit to be 3.

10 billion, 4.

3.9 billion yuan and 5.

4.6 billion yuan, EPS is 0.

96 yuan, 1.

40 and 1.

74 yuan.

Current advantages 24.

20 yuan corresponds to the PE of 19-21 is 25.

3 times, 17.

3 times and 13.

9 times, maintain “strongly recommended-A” rating.

risk warning.

The advancement of high nickelization did not meet expectations, and industry competition intensified.