On May 8, a ceremony was held to mark the activation of the phase 2 of SEMCORP’s latest separator project. For this project, SEMCORP invested a total of RMB 1 billion to build two projection lines for high-end separators used in Li-ion batteries. The production capacity of the project is set at 200 million square meters per year. The project under the ownership of SEMCORP’s subsidiary Green Power New Energy (a.k.a. JGP Energy).
Established in 2006, SEMCORP was formerly named Chuangxin Group, and its core business was originally packaging decoration and printing. In 2018, SEMCORP acquired Shanghai Energy New Materials Technology by purchasing 90.08% of the target’s issued shares. With this deal, SEMCORP entered the field of separators used in Li-ion batteries.
Then, in 2020, SEMCORP acquired Green Power New Energy in its entirety and a 76.36% stake in Newmi Tech. These deals enables SEMCORP to extend its offerings from separators for NEV power batteries to separators for consumer electronics. Around the same time, SEMCORP also initiated plans to develop dry separators, semi-solid-state batteries, and all-solid-state batteries. Eventually, SEMCORP has emerged to become the world’s largest supplier for separators.
In its annual report for 2022, SEMCORP said the company has remained the leader in the global market for separators used in Li-ion batteries. Its products cover the three major application segments: NEV power batteries, consumer batteries, and energy storage batteries. Also, the company grew rapidly during 2022 and was first place with respect to production capacity and product shipments.
Currently, SEMCROP has established strong partnerships with the major domestic and international battery manufacturers. Its partners outside China include Panasonic, Samsung, LG Energy Solution, and ACC. Its domestic partners include CATL, CALB, BYD, Gotion Hi-Tech, EVE, and SVOLT.
In terms of production capacity, SEMCORP has established separator production sites in Shanghai, Wuxi, Jiangxi, Zhuhai, Suzhou, Chongqing, Changzhou, Yuxi, Jingmen, and Xiamen. Its total production capacity now comes to around 7 billion square meters per year.
Additionally, SEMCORP and Celgard have formed a joint venture for manufacturing dry separators. Their first production line is currently undergoing equipment calibration. SEMCROP estimates that this year, it will be able to deliver 6.5 to 7 billion square meters of products.
Regarding financial performance, SEMCORP’s annual revenue reached RMB 12.591 billion for 2022, showing a YoY increase of 57.73%. Its profit attributable to the parent company rose by 47.2% YoY to RMB 4 billion for the same year. Turning to 1Q23, SEMCORP’s realized revenue for the period fell by 0.92% YoY to RMB 2.568 billion. Its profit attributable to the parent company also dropped by 29.1% YoY to RMB 649 million.
This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.