天赐材料(002709)首次覆盖报告:全球电解液龙头 一体化扩产保障成长

Tianci Materials (002709) First Coverage Report: Global Electrolyte Tap Integrated Production Expansion Ensures Growth

申港證券 ·  Nov 1, 2022 00:00  · Researches

Investment Summary:

The integration of deep ploughing leads the electrolyte track

Status: the leading enterprise of electrolyte in the world, which has formed the integrated layout of LiPF6, LiFSI, solvent, additive, electrolyte and other industry chain.

Production capacity: electrolyte shipments in 2021 were 144000 tons, accounting for 28.8% of domestic electrolyte shipments.

Customers: in-depth cooperation with Ningde Times, LG, Tesla and other manufacturers.

The lithium industry is developing strongly and the demand for electrolytes is high. The demand for electrolyte is driven by the high scene of new energy vehicles. It is estimated that the global demand for electrolyte will increase from 1.18 million tons to 4.1 million tons in 2021-2024, and the CAGR will be about 52%.

The leading edge is significant and the leading position is solid.

Divine material relies on the leading electrolyte core raw material LiPF6 production technology, and the self-sufficiency rate is high, so the cost advantage is obvious. In the period of tight supply of LiPF6, the gross profit margin was higher than that of other electrolyte companies.

The gross profit margin of 2022Q1~3 is 40.5% and the net profit rate is 27.1%.

Vertical integration layout, strengthen the cost advantage. The company actively distributes lithium carbonate, lithium fluoride, sulfuric acid, hydrofluoric acid, phosphorus pentafluoride, chlorosulfonic acid, difluorosulfonimide, etc., basically covering lithium salt raw materials, and various by-products such as sulfuric acid can be recycled to reduce the cost of terminal electrolyte products and increase gross profit margin.

Continue to expand the global quality customers, the leading position is stable. The company began to sign long-term supply agreements with customers such as Ningde Times and LG in 2021. In addition, the company has signed a strategic cooperation agreement with Tesla, which further expands the resources of foreign high-quality automobile customers.

Build a national and key international regional strategic supply system, which can achieve accurate coverage for the vast majority of customers within the domestic 100km supply radius and foreign 500km supply radius.

Launch three new products of blockbuster lithium materials, namely, non-fluorine lithium battery binder, NMP replacement solvent TinciE100 and power battery module packaging adhesive, to create a new growth pole.

Rapid expansion of production performance increment can be expected. The company's electrolyte shipment is 144000 tons in 2021, and a number of planning projects will be gradually launched in the future. it is estimated that the company's electrolyte shipments will be about 330000 tons in 2022, 1.02 million tons in 2024, and about 92% of electrolyte shipments in 2021-2024.

Investment suggestion: it is estimated that the company's return net profit from 2022 to 2024 will be RMB 118,000,000, corresponding to PE 13.5 / 6.8X, giving the company a "buy" rating for the first time.

Risk hints: production and sales of new energy vehicles are not as expected, electrolyte prices have fallen sharply, capacity construction is not as expected, and solid-state batteries have made breakthroughs.

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