This report is read as follows:
New changes in battery technology and new requirements for application boundaries. The company as the leader of electrolytic manganese dioxide, strategic layout of new energy battery cathode materials, opened a new round of growth prelude. For the first time, the "overweight" rating was given, with a target price of 12.60 yuan.
Main points of investment:
The "overweight" rating is given for the first time, with a target price of 12.60 yuan. The market is worried that the company's main electrolytic manganese dioxide demand is stable and the future growth is insufficient, but we believe that on the one hand, the new downstream application of electrolytic manganese dioxide is increasing, and at the same time, the company's strategic layout of new energy cathode materials is about to start a new round of growth cycle. It is estimated that the revenue from 2019 to 2021 is 12.22,16.90 and 3.442 billion yuan respectively, and the net profit of returning mother is 0.71,1.54 and 331 million respectively, corresponding to 0.13,0.28,0.60 yuan of EPS. Combined with the average valuation of comparable listed companies in 2020, and considering that the company is the leader of manganese materials and the participating company is in the position of Mr. Lithium Phosphate, the target price is 12.60 yuan, corresponding to 45 times of PE in 2020, and the "overweight" rating is given for the first time.
Electrolytic manganese dioxide bibcock, active layout of new energy cathode materials. As a leading enterprise in the electrolytic manganese dioxide industry, the company has a revenue of 1.079 billion in 2018 and a net profit of 71 million. Its performance has continued to grow steadily. At present, the company actively distributes the field of new energy battery materials and participates in Hunan Yuneng, which is the domestic core supplier of lithium iron phosphate; it invests in Lihe Houpu to cultivate ternary materials in 2018; and plans to invest in the construction of 50,000 tons of high-purity manganese sulfate production line in 2020. At present, the company's total production capacity of battery materials is 110,000 tons / year, and the planned layout capacity is more than 160,000 tons / year.
New changes in battery technology and new requirements for application boundaries. With the decline of new energy subsidies and superimposed technological innovation, lithium iron phosphate is expected to usher in explosive growth. Blade batteries increase the volume energy density of lithium iron phosphate by about 50%. Cost advantages and safety properties also open the application boundary of lithium iron phosphate. In 2020.2, the proportion of matching in the catalogue recommended by the Ministry of Industry and Information Technology rose to 71%. In addition, the implementation of the new national standard accelerates the technical trend of "changing lead to lithium" and ternary manganese doping, which adds code to the application scene of lithium manganate.
Catalysts: "blade batteries", cobalt-free batteries on the market, subsidies for new energy vehicles.
Risk hint: car sales fall short of expectations and upstream raw material prices fluctuate.
