Event: the company released a non-public offering plan on September 7, 2022 It is proposed to raise 2.28 billion yuan for the 60, 000 t / a titanium dioxide project by molten salt chlorination (1.193 billion yuan), vanadium pentoxide upgrading and upgrading project (143 million yuan), industrial automation and application research and development of vanadium battery electrolyte (55 million yuan), joint-stock company digital transformation and upgrading (132 million yuan), Xichang Vanadium products Intelligent Factory (104 million yuan), Research and development project on preparation of titanium chloride from carbonized blast furnace slag (57 million yuan) and supplementary working capital of 560 million yuan.
Comments:
Angang Group, the controlling shareholder, intends to subscribe for 300 million yuan. The non-public offering is aimed at no more than 35 specific targets, among which Angang Group, the controlling shareholder, intends to subscribe for 300 million yuan of corresponding shares in cash, and the rest of the shares will be subscribed by other issuers in cash.
Reduce the intermediate links and tackle the new path of reducing the cost of vanadium electrolyte. By tackling the key problems of all-vanadium battery technology, the research and development project of industrial automation and application of vanadium battery electrolyte will integrate the low-cost preparation process and a series of key application technologies from vanadium slag-leaching solution-high purity vanadium-electrolyte-high energy density electrolyte. The existing vanadium electrolyte is mainly obtained by mixed electrolysis of vanadium pentoxide and dilute sulfuric acid. This project is expected to reduce the intermediate links in the production process, promote the energy storage technology innovation of all-vanadium flow battery, significantly improve energy efficiency and reduce the energy storage cost of vanadium battery.
Expand the application field of non-steel, build 1000 tons / year high purity vanadium pentoxide. The upgrading and upgrading project of vanadium pentoxide can form a production capacity of 1000 tons of high purity vanadium pentoxide per year (construction period 14 months) without increasing the total output of vanadium pentoxide in Panzhihua Vanadium Plant. At present, the application of vanadium products is accelerating from the iron and steel industry to energy storage, aerospace, chemical and other industries. The company's production scale and types of vanadium products in the non-steel field are constantly expanding, and high-purity vanadium pentoxide is an important industrial development direction of the company.
After the completion of the 60,000 t / a molten salt chlorination titanium dioxide project, the production capacity of titanium dioxide increased by 26%. The company has mastered the process of producing titanium tetrachloride by molten salt chlorination technology, and formed a number of original achievements with completely independent intellectual property rights, such as selective carbonization-chlorination-separation and extraction of titanium tetrachloride with high titanium blast furnace slag. By the end of 2021, the company has a production capacity of 220,000 tons per year for sulfuric acid process titanium dioxide and 15,000 tons per year for chlorination process titanium dioxide. The construction period of the project is 27 months. after the project is put into production, the production capacity of titanium dioxide by chlorination process will reach 75,000 tons / year, and the total capacity of titanium dioxide will reach 295,000 tons / year, an increase of 26% over the existing production capacity.
Profit forecast, valuation and rating: the company currently has the largest vanadium product production capacity in the world, with a capacity discount of 40,000 tons of vanadium pentoxide per year, with significant raw material advantages. We believe that the value of the company's vanadium products is expected to be revalued due to the development of vanadium batteries. To maintain the previous profit forecast for the company, the net profit from 2022 to 2024 is 2.95 billion yuan, an increase of 45%, 17% and 13% over the same period last year. The PE corresponding to the current stock price is 25-21-19, respectively, and the "overweight" rating is maintained.
Risk hint: the price of vanadium, titanium and other products has fallen sharply; the progress of the cooperative project is not as good as expected.
