Reporter 丨 Editor Qin Yi Chen Xiaoping 丨 Chen Xiaoping Tan Lu
On November 6, the chairman of Enjie Co., Ltd.Li Xiaoming, brought his brother Li Xiaohua and others to visit Malaysian Prime Minister Anwal, who came to China.
Enjie is the leading lithium battery diaphragm supplier. In September, Gang Gangxuan will invest in the project in Malaysia.Essence
"Will invest more efforts, uphold higher standards, and complete the construction work at a faster speed." Li Xiaoming stated to VIPs.
Malaysian Prime Minister Anwar (first from left), Li Xiaoming, chairman of Enjie (first from right)
The Li brothers from Yuxi, Yunnan started from the printing of cigarette packaging, and accidentally put on the lithium battery air outlet.According to the latest Hurun Rich List, total value of 17 billion .
Now, the two are doing their best to promote overseas expansion. In addition to Malaysia, it has announced more than 30 billion in June to launch the Hungarian second phase of the project.
"Our strategic vision is to become a world -class material R & D and production enterprise."
Ensijie official reply "21CBR" reporter saidEssence
Accelerate going to the sea
In the past 5 months, Brother Li Xiaoming bet over overseas twice.
On September 23, Enjie announced that it will build a lithium battery diaphragm project in a new subsidiary of Malaysia, with a production capacity of about 1 billion square meters per year.
In mid -June, the brothers have decided to invest in the construction of the second phase of the wet lithium battery production line and supporting factory in the city of Debelson, Hungary. The total production capacity is about 8100 million square meters/year.
It is expected to cost 447 million euros, which is about 3.4 billion yuan.
"The company increases overseas production capacity layout to match the future demand for septum products in overseas markets."explain.
The production capacity of Li Xiaoming and Li Xiaohua expands, and the results are first seen in Europe and the United States.
According to disclosure, Hungarys first phase of project factories have been completed, and overseas customers are verifying and mass production will be mass -produced as soon as possible.Its investment is about 340 million euros, which is 2.6 billion yuan.
The construction of the American coating factories has progressed smoothly, and the installation of equipment is promoted as planned. The total investment of the project is US $ 276 million, and the RMB is around 2 billion.
Relying on the latest Malaysian project, Enjie will establish a fulcrum in Southeast Asia .
From January to June, the Li brothers came from overseas revenue, about 960 million yuan, accounting for about 20 %.
Layout overseas, it can be served nearby, and it is conducive to ensuring customer supply chain security.
Enjie already owns global lithium battery customers such as LGES, French ACC, Ultim Cell, etc., and has stable cooperation with large overseas car companies, and began to respond to Chinese lithium battery manufacturers overseas.need.
The two brothers are still trying to expand customers.
According to disclosure, in the third quarter, the two received a fixed letter from Indian battery manufacturer EESL to provide them with lithium battery isolation film products. It is expected that the transaction amount in 2025 will be 200 millionWithin Yuan.
The first phase of Enjie
The expansion plan of overseas business is also quite amazing.
According to the public information, its projects in Hungary (two phases), the United States and Malaysia have invested about about 10 billion yuan .
"This years capital expenditure, about 5 billion yuan; capital expenditure next year will decline."
Enjie also continued to build some new bases in China, such as the construction of the Jiangsu Jintan Base in China and the construction of the Jingmen Base and Jinqiao Headquarters in Hubei.
Turn straight down
Brothers of the Li family, starting in the category of battery diaphragms.
In 2023, Enjies overall revenue was about 12 billion yuan, and the lithium battery isolation film just entered 100 billion yuan, and revenue was 83.72%.
The separatist products of the brothers are mainly used in the three major areas of power lithium batteries, 3C consumer batteries, and energy storage batteries, and the proportion of power is the largest.
Some institutions disassemble the cost of electric vehicles. Power batteries account for about 40%-60%of the cost of vehicle. In the battery raw material, the diaphragm is a branch of gross profit.
The gross profit margin of En Jie was once maintained at more than 40%. When the scenery, its market value once exceeded 280 billion, and Li Xiaoming personally reached the top of Yunnan.
Since the beginning of this year, the cost reduction pressure superimposed in brutal competition, and the situation has risen.
It is reported that the price of wet diaphragm is about 1.35 yuan/square meter at the beginning of the year, and by April, it suddenly drops to 0.9 yuan .
The price collapsed, and the Lis brothers were pressured.
From January to September, Enjies revenue was 7.465 billion yuan, a decrease of about 18%, net profit of 443 million yuan, a year-on-year decreaseStep.
Management has to promote cost reduction .
For example, improve product thickness, transform equipment and technology, promote the launch of a new generation of wide and high -speed machine, etc., improve product yields; promote raw materials and some non -core equipmentThe localization rate.
The Li brothers did not dare to relax, and it was developing new products.From January to September, it spent 355 million yuan in R & D, exceeding the net profit of the same period.
"On the one hand, cooperate with customers to upgrade the product to strengthen its competitiveness, and on the other hand, it can improve the companys product structure and profitability."
Yu Xue, for example, is actively promoting products such as fast charging diaphragm, ultra -thin high -strength diaphragm , and import and verification of downstream battery manufacturers.
"Still aiming to increase market share and high opening rate."
Yu Xue disclosed the focus of management at the moment, indicating demand for demandThe market of the end has become better, and the recent product prices are basically stable.
The decline of the diaphragm has undoubtedly increased the uncertainty of heavy asset investment.
Hedie risk
The biggest risk of Li Xiaoming and other high -tech tracks, from technical iteration.
Now, semi -solid batteries and solid batteries have become popular research and development directions.
According to the principle of process manufacturing, if solid -state batteries become mainstream, the demand for septum products is expected to decrease, and the huge capacity of Enjie expansion will be greatly discounted.
Brothers, layout in advance to hedge risk.
In 2021, they joined for the development of Jiangsu Mitsu Battery Materials with Beijing Weishin New Energy and Puyang Tianmu.At present, it has completed the installation and commissioning of two production lines.
In terms of full solid battery, they also set up a new material for Hunan Ensin, a subsidiary, and developed sulfide full solid electrolytes.
According to Yu Xue, in September, solid -state high -purity lithium sulfide products, "the construction and operation of the small test -tonal -level annual production capacity has been completed, and set up a 100 -ton -tonal lithium sulfideTrial production line.
"Full solid battery from research and development to commercialization of commercialization, there is still a long time."
The cost -effectiveness of lithium battery is highlighted, and it will be able to coexist with full solid battery.
At present, the actual pressure of the Li brothers still fulfills the ambition of Hai.
Announcement shows that, for example, the funds of the Malaysian project will be derived from their own and self -funded funds.
As of September, Enjies cash was only 2.674 billion. Long -term and short -term borrowings and bonds, interest liabilities exceeded 13 billion .
The balance sheet book has been under pressure, and the profitability is weaker, and the huge capital expenditure project is promoted.of.
In the face of investors, the expectations provided by Yu Xue are still very optimistic.
"In the start of carbon emission assessment in Europe next year, this will drive European electrification to improve, and overseas markets are expected to usher in growth."
She said she saidThe current product prices are basically stable. Next year, the first phase of the European and Hungarian projects will be shipped in batches. Overseas customers will increase. Combined with the introduction of new products and internal cost reduction and efficiency, profit will be significantly improved.
For the Li brothers, now it is a critical period for facing the difficulties.
The picture in the text is from the official website of Enjie Shares
