Event: cooperate with Hunan Cube New Energy and Qicai Chemical Strategy to promote Prussian system Sodium Battery industrialization Company and its holding subsidiary Meicai New material and Hunan Cube New Energy Technology Co., Ltd., Qicai Chemical signed a "Strategic Cooperation Agreement" on January 6, 2023. Jointly carry out cooperative research and development and experiments on the related properties, specifications and production processes of Prussian blue and white, a positive and negative material for sodium battery, with the first cooperation period of 10 years. After industrialization, Meicai new materials and cubic new energy give priority to supply and purchase each other's products according to 95% of the market price.
Materials and battery cooperation, technology and market cooperation, upstream and downstream jointly promote the application of sodium battery Prussian system this strategic cooperation gives full play to the technology, production capacity and cost advantages of Meilai new materials in the positive and negative material of sodium battery-Prussian blue (white). At the same time, relying on Hunan Cube New Energy in sodium battery design, development, production and other technical advantages, jointly promote the application of sodium battery Prussian system. To prove the feasibility and economy of the route.
The company's plus-weight Prussian system sodium electric materials have obvious competitive advantages, and it is expected to build the leader of sodium power Prussian system:
1) Technical process to ensure product performance: last time, the company established a joint venture with Qicai Chemical to build 180000 tons of battery-grade Prussian blue (white) project. Colorful Chemistry has the advantages of Prussian blue (white) industrialization technology, cost and environmental protection treatment, 50 tons pilot production line has been put into production, and related products have been tested by some battery manufacturers.
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. On the other hand, the company signed an investment attraction agreement with Sichuan Dazhou last time, making full use of the local abundant natural gas and mineral resources, and planned to build plastic color masterbatch and ferrous sulfate project. the by-product ferrous sulfate is an intermediate raw material for the production of ferric phosphate and Prussian blue, which effectively ensures the supply of raw materials and cost advantages.
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 more than 30 years of production experience, and the world's leading production capacity, with obvious first-mover advantages.
4) Strategic cooperation to develop downstream applications to verify the feasibility and economy of the Prussian route of sodium battery: although the Prussian route of sodium battery has the advantages of high energy density, stable structure and low cost, however, the market is still worried about its crystalline water and toxicity under extreme conditions. material manufacturers cooperate with downstream battery factories to develop downstream applications, which can strongly prove the feasibility and economy of Prussian sodium battery application. Thus promote the development of industrialization.
Investment advice: the company's net profit from homing in 22-23-24 is expected to reach RMB 372, 552, 000, 200, 000.
Risk tips: 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.