标准铜箔经过多年的竞争整合，落后产能逐步被淘汰。为了应对将来消费级电子产 品轻薄化、可穿戴化，以及锂电池体积小型化、能量密度快速提升的发展趋势，锂电铜 箔的广泛应用是电子铜箔发展的必然方向。2016 年以来，新能源汽车快速发展，有力拉 动了锂电池需求，而锂电铜箔作为锂电池中不可或缺的重要材料，其需求增长迅速。因 此从市场上看，投资锂电铜箔是很有前景的。 CH 公司是我国较早从事铜箔生产的企业之一，积累了一批与铜箔相关的技术及生 产工艺，为锂电铜箔项目的实施打下坚实的技术基础。此外，CH 公司长期从事铜箔产 品的生产，与大批客户形成了稳定的合作关系，与多个国内外知名企业展开了深度的战 略合作，建立起了覆盖全国各地和海外市场的销售网络。因此，CH 公司的深厚背景为 锂电铜箔项目的研究提供了技术和销售保障。然而在财务方面，该项目所需投资的金额 较大、原材料价格不稳定、产品的售价受市场影响比较大，这些因素都对项目的投资决 策有很大影响，因此对其进行财务可行性研究是非常必要的。 本文首先阐述研究的背景意义并对国内外相关文献进行综述；然后，对项目所在的 行业现状进行分析，并介绍项目的功能和性质；其次，通过实地调研法来确定锂电铜箔 项目的投资计划和生产安排；再次，通过市场竞争情况结合 CH 公司优劣势作出销售收 入预测，以及根据生产安排来进行成本费用的测算；接着，估算项目各年的增量现金流， 并计算财务效益指标（NPV，MIRR，动态回收期）；最后，运用单因素和多因素敏感性 分析法对项目的风险进行定量估测，再结合公司的战略、营销、生产、组织管理的定性 研究据以提出风险防范措施。 研究发现，该项目的 NPV 为 9919.64 万元，远远大于零；MIRR 为 14.43%，大于 项目的必要报酬率 10.24%；项目的动态回收期为 5.38 年，小于项目的寿命期。项目虽 然存在一定风险，但仍是可控的。所以锂电铜箔项目投资在财务上是可行的。 关键词，锂电铜箔；财务可行性；项目投资决策II ABSTRACT After years of competition and integration, the standard copper foil was gradually eliminated from its backward production capacity. In order to cope with the development trend of thin and wearable consumer electronic products in the future, as well as the miniaturization of lithium batteries and the rapid increase of energy density, the wide application of lithium copper foil is the inevitable direction of the development of electronic copper foil. Since 2016, the rapid development of new energy vehicles has strongly boosted the demand for lithium batteries. As an indispensable and important material in lithium batteries, the demand for lithium copper foil has grown rapidly. Therefore, from the market point of view, investment in lithium copper foil is very promising. CH Company is one of the enterprises engaged in copper foil production earlier in our country, and has accumulated a number of copper foil related technologies and production processes, laying a solid technical foundation for the implementation of the lithium battery copper foil project. In addition, CH Company has been engaged in the production of copper foil products for a long time and has formed a stable cooperative relationship with a large number of customers. It has carried out in-depth strategic cooperation with a number of well-known domestic and foreign enterprises and has established a sales network covering all parts of the country and overseas markets. Therefore, CH's deep background provides technical and sales support for the research of lithium copper foil project. However, in terms of finance, the large amount of investment required for the project, the unstable price of raw materials, and the high price of the products, these factors have a great impact on the investment decisions of the project. Therefore, it is necessary to conduct financial feasibility studies on it. This paper first expounds the background significance of the research and summarizes the relevant literature at home and abroad. Then，the current situation of the industry where the project is located is analyzed, and the function and nature of the project are introduced. Then, the investment plan and production arrangement of lithium copper foil project are determined by field investigation. Then, according to the market competition and the advantages and disadvantages of CH Company, the sales revenue is predicted and the cost is calculated according to the production arrangement. Secondly, estimate the incremental cash flow for each year of the project and calculate the financial benefit index ( NPV, MIRR, Dynamic payback period ); Finally, the single factor sensitivity analysis and multi-factor sensitivity analysis are used to quantitatively estimate the risk of the project, and combiningIII with the qualitative research of the company's strategy 、 marketing 、 production and organization management so as to put forward risk prevention measures. The results show that the NPV of the project is 99.196 million yuan, which is much more than zero; the MIRR is 14.43%, which is greater than the necessary rate of return of the project 10.24%; the dynamic payback period of the project is 5.38 years, which is less than the life of the project. Although the project has some risks, it is still controllable. Therefore, the investment of lithium copper foil project is financially feasible. Key words: Lithium Copper Foil，Financial Feasibility，Project Investment DecisionIV 目 录 摘要...........................................................................................................................................I ABSTRACT ............................................................................................................................. II 第一章 绪论..............................................................................................................................1 1.1 研究背景和意义.............................................................................................................. 1 1.2 文献综述.......................................................................................................................... 1 1.2.1 关于铜箔行业的发展趋势....................................................................................... 2 1.2.2 关于项目财务可行性分析....................................................................................... 3 1.3 研究方法和内容.............................................................................................................. 4 第二章 行业现状和项目介绍..................................................................................................6 2.1 锂电铜箔行业的发展现状.............................................................................................. 6 2.2 锂电铜箔项目的竞争战略.............................................................................................. 7 2.2.1 波特五力模型分析项目的竞争战略....................................................................... 7 2.2.2 SWOT 模型分析项目的竞争战略............................................................................ 8 2.3 锂电铜箔项目的实施背景............................................................................................ 10 2.4 本章小结 ........................................................................................................................ 11 第三章 项目的投资与生产计划............................................................................................12 3.1 建筑工程投资计划........................................................................................................ 12 3.2 设备购置计划................................................................................................................ 13 3.3 其他建筑工程投资计划................................................................................................ 16 3.4 生产计划........................................................................................................................ 17 3.5 本章小结........................................................................................................................ 18 第四章 产品收入与成本费用的测算....................................................................................19 4.1 产品的销售收入预测..................................................................