Items:
The company issued an announcement: 1) 50,000 tons / year dimethyl carbonate project, 4000 tons / year silicon carbon anode material project, 5000 tons / year power battery material project, 5000 tons / year power battery additive project (Phase II). 2) layout and planning of 100,000 tons / year methyl ethyl carbonate plant project, 20,000 tons / year silicon-based negative electrode project, 11,000 tons / year additive project.
Guoxin Chemical's point of view:
1) expand methyl ethyl carbonate and lithium electricity additives to create a "one-stop" electrolyte material supplier: the company's wholly-owned subsidiary, Shenghua New Energy Technology (Dongying) Co., Ltd., plans to invest 487 million yuan to build a 100,000 ton / year methyl ethyl carbonate plant project. It is expected to be completed and put into production in December 2023, with revenue of 1.435 billion yuan and net profit of 134 million yuan. It is planned to invest 280 million yuan to build an annual additive project of 11,000 tons / year, which is expected to be completed and put into production in December 2023. The additive products include 1000 tons / year of 1-propane sulfonolactone, 1000 tons / year of lithium difluorooxalate, 2000 tons / year of vinyl sulfate, 6000 tons / year of lithium fluoride and 1000 tons / year of lithium tetrafluoroborate. The revenue is expected to reach 1.158 billion yuan and the net profit is expected to reach 110 million yuan.
2) expand the silicon-based negative electrode project, enter the electrolyte industry, and strive to transform into an integrated platform service provider for battery materials: the company's wholly-owned subsidiary, Shenghua New Energy Technology (Dongying) Co., Ltd. plans to invest 733 million yuan to build a 20,000 ton / year silicon-based negative electrode project. It is expected to be completed and put into production in December 2023, with revenue of 1.46 billion yuan and net profit of 179 million yuan. At present, the company's 1000 tons / year negative electrode project is in the stage of trial production and has sent samples to customers for evaluation. In November 2021, the company announced that it planned to invest 1.6 billion yuan to build a 300,000 ton / year electrolyte project, which is expected to be completed and put into production in February 2023. After reaching production, the company will achieve an average annual operating income of 9.558 billion yuan and a net profit of 42800 yuan after tax. Under the influence of the rapid development of downstream new energy vehicle industry, the demand for lithium battery materials continues to increase, and the demand for electrolyte is broad. The company is committed to transforming into a comprehensive platform service provider for battery materials.
3) to create the multi-base layout of Shandong, Fujian and Hubei, so as to be close to customers to ensure supply: the company takes carbonate solvent products as the core and lithium battery materials as the main industry. There are corresponding industrial layouts in Dongying, Jining, Shandong and Quanzhou, Fujian, and lithium materials integration projects are planned and built in Wuhan, Hubei to meet the needs of the central and western regions of China. The company is committed to transforming into an integrated platform supplier of electrolyte + materials, changing customers from electrolyte manufacturers to electrolyte manufacturers + battery manufacturers, giving full play to the comprehensive advantages of solvents + lithium salts + additives + silicon-carbon negative electrodes, combined with the higher value demand of battery factories to improve the cost competitiveness of lithium batteries and the safety and reliability of the supply chain.
4) risk hint: product prices fluctuate greatly, and the progress of new production capacity is not as expected.
5) Investment advice: maintain the profit forecast and maintain the "overweight" rating.
Continue to maintain the previous profit forecast, the 2021-2023 net profit of 9.79Universe 1.65 billion yuan, corresponding to the EPS of 4.83Compact 5.10, 5.75 yuan, corresponding to the previous share price PE of 39.1, 37.0cr, 32.9X, maintaining the "overweight" rating.
