Event: July 25, the company issued an announcement, subsidiary Jin Hengwang and HANAQ ARGENTINAS.A., HANCHA S.A. With the signing of the exclusive complete Adjustment Agreement, Jin Wanda intends to acquire a 100% stake in HANCHA, including, but not limited to, the mining right "Mina:Payo Salvacion- Mining No. N° 22.230" registered with the Mining Court of Salta Province of the Argentine Republic.
Comments: the company has continuously distributed the overseas salt lake market, and the lithium resource reserve has been further enhanced. The company announced on July 18 that it would buy Goldinka's Laguna Caro mining rights project, which contains 500000 to 1 million tons of lithium, at a price of US $27 million. The company's overseas layout efficiency is extremely high, rapid and efficient layout of overseas projects will help the company to enhance the competitiveness of lithium raw material resources, with the continuous deepening of late exploration and exploitation, the company's lithium resources reserves will be more sufficient.
Divest the building materials business and continue to develop low-carbon environmental protection industry. The company's building materials industry started, and in 2015, the vertical extension of the building materials industry has been transformed into an environmental protection strategy. Affected by many factors, the company plans to choose the opportunity to spin off the building materials industry in 2022 in order to improve the efficiency and quality of assets. According to the company's announcement on June 21, 2022, the company transferred its subsidiary Jinyuan Mutual Assistance with an actual amount of 3.066 billion yuan. in the future, the company will increase available funds to continuously develop low-carbon environmental protection and focus on the new energy industry. In terms of environmental protection business, the company intends to achieve resource integration, solid and hazardous waste resource disposal and comprehensive recovery and utilization of rare and precious metals go hand in hand, and form a synergistic effect with waste lithium battery recycling business. to achieve the organic integration of lithium resources industry chain and low-carbon environmental protection industry.
Actively transform the field of new energy and go deep into the layout of the industrial chain. In 2021, he will be involved in the field of new energy materials and actively expand the acquisition of salt lake projects. On the domestic side, it acquired a 51% stake in BABA Qiancuo Salt Lake Lithium Mine through acquisition in November 2021. According to the company's official account, the first batch of refined lithium carbonate was produced in July this year. The production line equipment of the 2000-ton electrochemical de-intercalation device of the project is currently being installed and put into production one after another, and is expected to be fully put into production in August. The company has recently signed a product pre-sale agreement with customers. In addition, the 8000T lithium carbonate plant will be fully operational by the end of December. At the same time, the company has established a national recycling channel for waste lithium batteries and realized the operation mode of "upstream mining, downstream recycling and two-wheel drive strategy" in terms of new energy materials.
Coverage for the first time, giving a "overweight" rating. It is estimated that the company's net profit from 2022 to 2024 will reach 4.5,17.0 and 1.95 billion yuan respectively, an increase of 423%, 276% and 15% over the same period last year, with a corresponding valuation of 30, 8 and 7 times.
Risk hints: production capacity and downstream demand are lower than expected; performance forecasts and valuation judgments are not as expected.