Strengthens Leading Position In Global Separator Industry

The latest update from Enjie indicates robust downstream demand has supported separator market ytd. Enjie is running at full utilisation with ample orders on hand. It is maintaining its market-leading position by enhancing its connections with domestic and overseas battery/EV markers. Enjie is also catching up with top Japanese players in terms of product consistency. Separator price hikes could serve as a catalyst in the future, as the market will remain tight in 2021. Maintain BUY. Target price: Rmb190.00.