This report is read as follows:
The company set to increase the landing, shareholders subscribe for a large amount of confidence and courage, the new energy cathode material leader is more and more successful. Maintain the "overweight" rating and maintain the target price of 12.60 yuan.
Main points of investment:
Fixed increase landing, shareholders large subscription to show confidence and courage, maintain the "overweight" rating, maintain the target price of 12.60 yuan. The company's non-public offering, the 25 investors who participated in the quotation applied for a total of 869 million yuan, which was higher than the proposed inquiry amount of 278 million yuan and the offering price of 6.90 yuan per share. Among them, Xiangtan Electric and Chemical Group (controlling shareholder), Xiangtan Zhenxiang State-owned assets Management and Investment Co., Ltd. (indirect shareholder) subscribed for 36.21 million shares for a period of 36 months, and the remaining 9 investors subscribed for 4029 million shares for a period of 6 months. The increase landed smoothly, and the large subscription by shareholders showed confidence and courage. The revenue from 2020 to 2021 is estimated to be 16.90 and 3.442 billion, respectively, and the net profit is 1.54,331 million, corresponding to 0.28,0.60 yuan for EPS. The new profit forecast for 2022 shows that the revenue and net profit for return to the mother are 45.90,431 million yuan, corresponding to 0.78 yuan for EPS.
Maintain the target price of 12.60 yuan, corresponding to 45 times PE in 2020, and maintain the "overweight" rating.
A new round of rapid growth is about to begin. Benefiting from the national policy support, the rapid development of new energy vehicles has brought a broad market space for the power lithium battery industry. The funds raised by this private offering are mainly used to expand the production of lithium manganate EMD and ternary precursor raw materials high-purity manganese sulfate, as well as the construction of new energy materials research institute, which conforms to the development trend of lithium battery cathode materials industry.
Electrolytic manganese dioxide bibcock, vigorously layout of new energy cathode materials, is expected to benefit from the "Lithium Iron Phosphate Racetrack counterattack". Hunan Yuneng, which participates in shares, is the core supplier of lithium iron phosphate in China. Its production capacity will double in 2019 and then increase in 2020. In 2020, it is expected to enter the top two from the fourth in the industry. The degree of benefit of the company is also worth looking forward to; invest in Lihe Houpu in 2018 to cultivate the field of ternary cathode materials.
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.