Lithium battery diaphragm material leading enterprise Enjie shares (248.990, 6.84, 2.82%) (SZ002812, stock price 242.15 yuan, market value 216.1 billion yuan) disclosed and power battery leading enterprise Ningde times (507.850, 1.33, 0.26%) (SZ300750, With a share price of 506.52 yuan and a market capitalization of 1.18 trillion yuan).

On the evening of June 20, Enjet announced that the joint venture platform company will set up a project company to invest in the construction of 16 lithium ion battery diaphragm base film and coating slitting production lines, mainly applied but not limited to new energy vehicle power battery system, energy storage battery system and other markets, with a total investment of 5.2 billion yuan.

The reporter of National Business Daily noted that the diaphragm industry in which Enjie Shares is located has the highest average gross profit rate among the four major lithium battery materials. It is a key measure for Ningde Times to strengthen relevant cooperative investment or ensure the safety of its supply chain.

5.2 billion yuan expansion projects are planned

The announcement of Enjie Shares shows that recently, xiamen Torch High-tech Industrial Development Zone management Committee, Xiamen Tong 'an District people's Government and the company designated holding subsidiary Shanghai Enjie New Material Technology Co., LTD. (hereinafter referred to as Shanghai Enjie) signed the "investment Agreement".

The platform company, a joint venture of Enjie And Ningde Times, will establish a project company in the area jointly managed by xiamen Torch High-tech Industry Development Zone Management Committee and Xiamen Tong 'an District People's Government. The project company is tentatively named xiamen Enjie New Material Technology Co., LTD., with a planned registered capital of 1.6 billion yuan.

The purpose of establishing this project company is to invest in the construction of 16 lithium ion battery diaphragm base film and coating sundering production lines, with a total investment of 5.2 billion yuan. The project is planned to be completed and partially put into production in 2023, with a planned land area of 400 mu.

In fact, this project investment is the latest development in the cooperation between the two sides. Enjet signed a partnership agreement with Ningde Times last November.

According to the cooperation agreement, the two parties will jointly invest in the construction of a platform company, mainly engaged in the investment of dry and wet separation membrane projects, Enjie Holding 51% of the shares of the platform company, Ningde Times holding 49% of the shares, the total investment of the platform company is 8 billion yuan.

After the establishment of the platform company, the wet separation membrane project Company will be jointly established by the platform company with a planned production capacity of 1.6 billion pyeong per year. Platform company and Jiangxi Enbo New Material Co., Ltd. jointly set up dry separation membrane project company, with planned production capacity of 2 billion pyeong/year.

Deep cooperation may ensure supply chain security

Ningde Times is a leading enterprise in the power battery industry, but in the context of the heat of the new energy industry continues to rise, even the leading enterprises have to constantly take measures to maintain the safety of the supply chain, and the upstream investment is one of the important measures.

In the era of ningde and er jie shares mentioned in the cooperation agreement signed last November, ningde era and Czech shares agreement regarding the purchase order on a regular basis, and er jie shares to ensure that the platform company and investment projects in accordance with the agreement on the purchase order (including dry separation membrane products production and wet process isolation membrane products production) priority to guarantee the supply of ningde age.

In addition, based on this cooperation, under the same business conditions, within 5 years after the signing of the cooperation agreement, enjie's wholly-owned subsidiaries (excluding the project companies invested by the platform Company) supplying wet separation membrane products to Ningde Times shall have priority. At the same time, Ningde times priority to the company shipment procurement.

In order to further lock shares of the product and ningde era in December last year also signed the advance payment agreement with grace express co, agreed to ningde era Shanghai pay a total of 850 million yuan of the advance payment, and to safeguard the 2022 Shanghai er jie to ningde era and its subsidiaries supply power battery wet diaphragm (base film and coating film), The total amount is about 5.178 billion yuan excluding tax.

Why ningde times to continue to strengthen cooperation with Enjie shares, the formation of deep binding? It is understood that diaphragm is one of the four major lithium electric materials, and the market pattern is more concentrated, as a leading enterprise enjie shares naturally favored by downstream customers. In addition to Ningde Times, Yiwei Lithium Energy (100.300, -0.95, -0.94%) (SZ300014, stock price 101.25 yuan, market value 192.3 billion yuan) also signed a joint venture agreement with Enjie.

锂电池隔膜材料龙头企业恩捷股份(248.990, 6.84, 2.82%)（SZ002812，股价242.15元，市值2161亿元）披露了与动力电池龙头企业宁德时代(507.850, 1.33, 0.26%)（SZ300750，股价506.52元，市值1.18万亿元）的合作进展。

拟投建52亿扩产项目

恩捷股份公告显示，近日，厦门火炬高技术产业开发区管理委员会、厦门市同安区人民政府与公司指定控股子公司上海恩捷新材料科技有限公司（以下简称上海恩捷）签订《投资协议书》。

由恩捷股份和宁德时代合资的平台公司将在厦门火炬高技术产业开发区管理委员会、厦门市同安区人民政府双方共管区域内建设项目公司，项目公司暂定名为“厦门恩捷新材料科技有限公司”，拟注册资本为16亿元。

成立这一项目公司的目的，是为了投资建设16条锂离子电池隔膜基膜和涂布分切生产线，总投资为人民币52亿元。项目计划2023年建成并部分投产，项目规划用地面积为400亩。

实际上，这一项目投资是双方合作的最新进展。去年11月，恩捷股份就与宁德时代签订了合作协议。

合作协议显示，双方将共同投资建设一家平台公司，主要从事投资干法隔离膜及湿法隔离膜项目，恩捷股份持有平台公司51%的股份，宁德时代持有49%的股份，平台公司总投资金额为80亿元。

平台公司设立后，由平台公司合资设立湿法隔离膜项目公司，规划产能为16亿平/年。再由平台公司与江西恩博新材料有限公司合资设立干法隔离膜项目公司，规划产能为20亿平/年。

深度合作 万亿龙头或为保证供应链安全

宁德时代是动力电池行业的龙头企业，但在新能源行业热度持续升温的背景下，即使是龙头企业也要不断采取措施维持供应链的安全，而向上游投资便是其中一项重要举措。

在宁德时代与恩捷股份去年11月签订的合作协议中提到，宁德时代与恩捷股份定期就采购订单进行约定，恩捷股份确保平台公司及其投资的项目公司按照采购订单约定（包括干法隔离膜产品的产量和湿法隔离膜产品的产量）优先保障向宁德时代供应。

此外，基于该次合作，同等商务条件的情况下，在合作协议签署后的5年时间内，恩捷股份在全球供货的全资子公司（不计平台公司投资的项目公司）的湿法隔离膜产品向宁德时代优先供应。同时，宁德时代优先对该等公司出货进行采购。

为了进一步锁定恩捷股份的产品，宁德时代去年12月还与恩捷股份签订了《预付款协议》，约定宁德时代向上海恩捷支付共计8.5亿元的预付款，用于保障2022年度上海恩捷向宁德时代及其下属公司供应动力电池湿法隔膜（基膜和涂布膜），不含税总金额约为51.78亿元。

为什么宁德时代要不断加强与恩捷股份的合作，形成深度绑定？据了解，隔膜是四大锂电材料之一，且市场格局较为集中，作为龙头企业的恩捷股份自然备受下游客户青睐。除了宁德时代，亿纬锂能(100.300, -0.95, -0.94%)（SZ300014，股价101.25元，市值1923亿元）也曾与恩捷股份签订合资经营协议。