Tapex

2023年4月28日

新产能扩张势头预计在2 h23分享Neul Ha×作者是NH投资证券的分析师。可以联系他在neul.ha@nhqv.com——艾德。Tapex,成熟的营收增长预期2 h23生产线扩张。我们预计该公司将受益于开花的4680圆柱形电池市场。Tapex看起来坚实的低估相对于可充电电池材料同行。1 q23处预览:固体EV-related销售报告,尽管off-seasonality虽然坚持买入评级,我们降低我们的TP Tapex W75,000。我们修改年度EBITDA预估,以反映在电动工具市场增长放缓。此外,考虑到可充电电池材料制造商继续显示分化估值的材料,我们计算TP通过应用一个同龄人的平均目标多个折让20%。我们估计公司的1 q23处销售W40.6bn等号左边(-12.6%)和OP W6.1bn等号左边(-14.8%)。尽管电动工具的淡季,我们相信收益被加强EV-related保护需求。从2 h23 Tapex应该享受成熟的盈利增长。 The company is expanding its production lines in the Saemangeum National Industrial Complex, and new capacity is expected to be felt from 2H23. Production line expansion in the region is to be carried out in phases until 2025, with the firm’s prospects for growth to strengthen step by step. To benefit from growth of new cylindrical form factor market Growth at Tapex is to be led by: 1) the securing of new customers in line with expansion of the 4680 battery market; and 2) production increases for its flagship cylindrical battery for existing clients. Cylindrical batteries are increasingly being adopted by automakers due to their offering of higher OPMs. We note that the 4680 cylindrical battery unveiled by Tesla is of a new form factor that increases energy density and significantly reduces production costs. A rise in related application is to be led mainly by Tesla and BMW. With global cell makers focusing on 4680 battery development, a rapid increase in capex is expected. Panasonic plans to mass-produce and supply to Tesla from Mar 2024, and LG Energy Solution plans to supply to Tesla and North American startups from 2025. For the development of 46Φ for BMW, CATL is preparing for mass production in 2025, and Samsung SDI plans to respond to BMW and GM by mass-producing from 2025 after establishing a pilot line in Feb 2023. Tapex is forecast to benefit from the blossoming of the 4680 battery market, as it has a monopoly position in the tape market for cylindrical batteries. POPULAR