Event: Wachovia New Materials contributed 14 million to obtain 7% equity from Shenzhen Huanai New Materials Co., Ltd. and other investors signed an investment agreement with Shenzhen Huasai New Materials Co., Ltd., agreeing to increase investment with a total investment of 45 million yuan. Among them, Wachovia New Materials will pay 14 million yuan in currency, and will hold 7% equity in Huasai New Materials after the capital increase is completed.
Technology and talents strengthen the competitiveness of products. Huazhou New material refers to the leading material supplier of Sodium Power, relying on the advantages of talents, technology and products, the industrialization is progressing smoothly, and is ready to conduct a pilot test of 1000 tons of products. It is expected to become the leading supplier of sodium battery materials in China.
a. Talent: senior executives have the background of studying in Europe and the United States, have worked in the core position of BYD power battery, have strong R & D capabilities and rich project management experience, and are at the helm of enterprise development to ensure stability.
b. Technology: it has a number of national patents, strong technical R & D team, and R & D strength at the material platform level. It has set up a joint development laboratory with Changchun Institute of Chemical Engineering of the Chinese Academy of Sciences and South China University of Technology.
c. Products: committed to the preparation of cost-effective positive and negative materials, iron base oxides, Prussian blue positive electrodes and special composite carbon materials have excellent performance, low cost, relatively mature and simple process.
The forward-looking layout Sodium Power, relying on the company's own business advantages to expand the battery materials business company deeply grasps the battery development trend and forward-looking layout Sodium Power. This capital increase may help the company to form a cooperative development and supply relationship with China Sodium New Materials. On the one hand, it will rely on the company's chemical business advantages to carry out cooperative development with China Sodium New Materials, on the other hand, it will also help to develop sodium electric materials business.
The diaphragm capacity expansion is gradually expanding, and the performance is expected to be released rapidly. in the future, it is expected that the company will put 300 million square meters of production capacity into production this year, 600 million square meters will be added next year, and the long-term plan may exceed 1.5 billion square meters. New entrants will further seize the share. The diaphragm supply and demand market continues, and the company speeds up production capacity construction to form an effective supply; in terms of cost and profit, with the upgrading of products, the follow-up application of new equipment and the gradual improvement of operating parameters after large-scale mass production, the profitability level is expected to increase step by step.
Investment suggestion
The company's 22-23-24 homing net profit is expected to be 3.3 million yuan, 5.2 million yuan, and 770 million yuan, respectively, corresponding to 41x/28x/20x E, maintaining a "buy" rating.
Risk hint
The development of new energy vehicles is not as expected; the development of capacity expansion products is not as expected; material price fluctuations and so on.