Events:
According to the company's semi-annual report for 2022, 2022H1 achieved revenue of 2.71 billion yuan, an increase of 98.58% over the same period last year, and its net profit was 1.348 billion yuan, an increase of 643.50% over the same period last year. 22Q2 realized revenue of 1.355 billion yuan, an increase of 63.62% over the same period last year, an increase of 0.02% over the previous year, and a net profit of 682 million yuan, an increase of 530.95% and 2.48%, respectively.
Comments:
Benefiting from the high prosperity of lithium salt, the company's lithium carbonate business is growing rapidly. The revenue of 2022H1's lithium carbonate business reached 2.057 billion yuan, an increase of 367.76% over the same period last year. The rapid growth of the company's lithium carbonate business is mainly due to the sharp increase in the price of lithium carbonate. According to SMM statistics, the average price of 2022H1 battery-grade lithium carbonate is 4468,000 yuan / ton (including tax), up 60.7% from 278000 yuan / ton at the end of 2021 and 446.2% from the average price of 818,000 yuan / ton in the first half of 2021.
According to the average price of lithium carbonate of SMM, the output of lithium carbonate of 2022H1 is estimated to be about 5200 tons, and the production cost per ton is about 61000 yuan.
Spodumene production line mixed end, production capacity gradually increased. Starting from the fourth quarter of 2021, Jiangte Motor has carried out lithium mica compatible transformation of two lithium salt production lines with an annual output of 15000 tons of spodumene. As of July 15, the transformation of the above two production lines has been completed, and production capacity is being increased. At the same time, in August 2022, the company announced that it would continue to upgrade the first phase of mica lithium extraction production line of silver-lithium new energy. This upgrade does not affect the normal production of the original production line, and is expected to be completed by the end of 2022. At that time, the production capacity of lithium carbonate prepared from lithium mica of the same grade in the first phase of silver-lithium new energy will be more than doubled, and the production capacity will be greatly increased.
Yifeng has built a new 20, 000-ton lithium carbonate project, with a total production capacity of 65000 tons in 2024.
In April 2022, the company plans to invest and build a 20,000-ton lithium salt project in Yifeng County, with a construction period of 2 years, and is expected to be completed and put into production in 2024. At present, the company's two lithium mica production lines have a total annual production capacity of 15000 tons, a production line with an annual production capacity of 15000 tons of lithium carbonate using spodumene / lithium mica, and a production line of 10,000 tons of lithium hydroxide and 5000 tons of lithium carbonate using spodumene. It is estimated that the company's total lithium production capacity will reach 65000 tons in 2024.
In the future, the lithium mine will have a mining capacity of 4.8 million tons and can guarantee the production of 30,000 tons of lithium carbonate. The company has 2 mining rights and 5 exploration rights in Yichun area, and the total lithium ore resources held or controlled are more than 100 million tons, and the proven lithium porcelain ore reserves are equivalent to more than 2 million tons of lithium carbonate. At present, the company's mining capacity is about 1.8 million tons / year. In April 2022, the company continues to invest in a new lithium mining and separation project with an annual production capacity of 3 million tons, and it is expected that the company's lithium mining capacity will reach 4.8 million tons in 2024. Generally speaking, 140180 tons of raw ore can produce 1 ton of lithium carbonate, and the company's 4.8 million tons of raw minerals can meet the production of 30,000 tons of lithium carbonate.
Profit forecast
It is estimated that in 2024, the net profit of 2022Universe 2023Universe will be 363, 55.58 billion yuan, corresponding to EPS 2.13, 2.43, 3.27, and PE, 11.7, 10.2, 7.6 times, which is lower than that of the same industry. Cover for the first time and give a "recommended" rating.
Risk hint
Risks such as lower-than-expected demand and a sharp fall in lithium prices.