Event: joint venture with colorful Chemistry to build a 180000-ton battery-grade Prussian Blue (White) project
The company signed a "strategic cooperation agreement" with Anshan Qicai Chemical Co., Ltd., and the two sides agreed to jointly invest 2.5 billion yuan to build a "battery-grade Prussian blue (white) project with an annual output of 180000 tons".
Strong executive force strategic cooperation sodium battery Prussian blue-white positive electrode, vertical extension of the industrial chain to enhance performance and cost advantage sodium battery with good cost economy, gradually optimized energy density, safety and cycle life may match low-lasting passenger vehicles and energy storage fields. Compared with the other two kinds of sodium cathode materials, Prussian blue (white) is favored by the industry for its high energy density and structural stability, and its commercial application is expected to be accelerated. The company is well aware of the industry trend to cut into the field of sodium electricity, plus Prussian materials have obvious competitive advantages:
1) Technology and process to ensure product performance: the company last invested 14 million to obtain 7% equity of Shenzhen Huazhou New Materials, which has significant advantages in talent, technology and products, so that the industrialization is progressing smoothly, and it is ready to conduct a pilot test of 1000-ton products. Its Prussian blue positive electrode process is relatively mature, on the one hand, it forms a stable and reliable supply relationship with the company, on the other hand, it helps to enhance the company's technical accumulation in this route. The partner colorful Chemical has the advantages of Prussian blue (white) industrialization technology, cost and environmental protection treatment, which is expected to further enhance the performance and competitiveness of the company's products.
2) Integrated protection of supply and reduction of cost: sodium cyanide is the core raw material of Prussian cathode, and the subsidiary's production capacity of 300000 tons provides strong support for the expansion of cathode materials, and the integrated layout is conducive to reducing costs and expanding the market.
3) High barriers to entry: cyanide is a dangerous chemical, its production and preparation requires extremely stringent special qualifications, high barriers to entry and expansion, and few industry participants. The company has a scarce production license and nearly 20 years of production experience, and the world's leading production capacity, has a clear first-mover advantage.
Diaphragm production capacity to accelerate the release of performance, speed up the improvement of the layout of the industrial chain to create a platform competitive advantage at present, the total production capacity of 150 million square meters of production lines has basically been produced at full capacity and supplied in batches, and a total of 150 million square meters of production lines has begun trial production. The company firmly promotes production capacity construction and has signed an equipment procurement contract with Zipu Machinery. 600 million square meters of production capacity may be added in 2023, and the long-term plan may exceed 1.5 billion square meters, and new entrants will further seize the share. Capacity construction forms an effective supply, and the performance is expected to be released quickly.
Investment advice: the company's net profit from homing in 22-23-24 is expected to reach RMB 372, 552, 000, 200, 000.
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.