今年3月，索通发展与吉利百矿集团有限公司（下称“吉利百矿”）签署了关于田东百矿的投资条款清单，双方约定以田东百矿为项目实施主体，在广西壮族自治区百色市田东县建设600kt/a预焙阳极碳素项目，以满足吉利百矿及西南地区部分优质客户的预焙阳极需求。① After the project is put into operation, under the same conditions, Jili Bai Kuang purchases not less than 0.25 million tons of pre-baked anodes from Tian Dong Bai Kuang every year; ② After completion and production, the project is expected to achieve an annual output value of 4.5 billion yuan, and the total amount of annual profits to be distributed is no less than 30% of the distributable profits realized that year; ③ Sunstone Development stated that there is still a supply gap for pre-baked anodes in the southwest region, and overseas pre-baked anode production capacity has entered a renewal cycle.
When facing thousands of listed company announcements every day, which ones should you read? What are the key points to take away from the dozens or hundreds of pages of material announcements? Are the many professional terms in the announcements bullish or bearish? Check out Caixin's "Quick Read Announcement" column, where our reporters across the country will provide you with accurate, fast and professional interpretations on the night of the announcement.
Caixin reported on August 20th that after five months, the "boot" for pre-baked anode leader Suotong Development (603612.SH) to increase its investment in Jili Group's subsidiary Tian Dong Bai Kuang's San Tian Carbon Co., Ltd. finally landed.
In March of this year, Sunstone Development and Jili Baikuang Group Co., Ltd. ("Jili Baikuang") signed an investment list agreement on Tian Dong Bai Kuang. Both parties agreed to use Tian Dong Bai Kuang as the project implementing entity and build a 600kt/a pre-baked anode carbon project in Tiandong County, Baise City, Guangxi Zhuang Autonomous Region to meet the pre-baked anode demand of Jili Baikuang and some high-quality customers in the southwestern region.
Tonight, Sunstone Development issued an announcement that the company will increase its capital in Tian Dong Bai Kuang with Jili Baikuang by monetary means, with a total of 290 million yuan. Among them, Jili Baikuang will contribute 65.6 million yuan, and the company will contribute 224.4 million yuan. After the capital increase, the registered capital of Tian Dong Bai Kuang will be 340 million yuan, and the company's shareholding ratio will be 66%, while Jili Baikuang's shareholding ratio will be 34%.
According to Jili Baikuang's official website, on July 5, 2022, Tiandong County Government and Jili Baikuang held a signing ceremony for a 600kt/a pre-baked anode carbon project. On March 21 of this year, the project officially started and was jointly invested and built by Sunstone Development and Jili Baikuang.
According to the announcement, the total investment amount of the above-mentioned 600kt/a pre-baked anode carbon project is 1.7 billion yuan, and the construction period does not exceed 20 months. The difference between the total investment amount of the project and the registered capital of Tian Dong Bai Kuang after the capital increase per the "Capital Increase Agreement" is about 1.36 billion yuan, which will be solved by Tian Dong Bai Kuang through bank loans.
It is expected that the project will achieve an annual output value of 4.5 billion yuan after reaching full production. In addition, the total amount of annual profits to be distributed by Tian Dong Bai Kuang is no less than 30% of the distributable profits realized that year.
Financial data shows that as of March 31, 2024, the total assets of Tian Dong Bai Kuang was 94.782 million yuan, and the net assets was 19.5329 million yuan. In the first quarter of this year, the company had a net loss of 0.6122 million yuan.
It is worth mentioning that according to the previous agreement between the two parties, after the project is put into operation, under the same conditions and at market prices, Tian Dong Bai Kuang will prioritize supplying Jili Baikuang with 0.3 million tons/year of pre-baked anode products. The latest announcement shows that under the same conditions, Jili Baikuang (including its subsidiaries) will purchase no less than 0.25 million tons of pre-baked anodes from Tian Dong Bai Kuang every year.
Sunstone Development stated that there is still a supply gap for pre-baked anodes in the southwest region, and overseas pre-baked anode production capacity has entered a renewal cycle, which creates great opportunities in the overseas pre-baked anode market. After the project is completed, it will greatly increase the company's pre-baked anode production capacity, enhance its market share, and strengthen its influence in the pre-baked anode market in southwestern China. The cooperation with Jili Baikuang is conducive to both parties playing to their respective advantages and further enhancing the stickiness of the industrial chain to promote coordinated development of the industrial chain.
Public information shows that Geely Holding’s Geely Technology Holdings Co., Ltd. holds 75% of Jili Baikuang’s shares, and Suotong Development is the world’s largest commercial pre-baked anode supplier. According to Suotong Development's 2024 interim report, the company's pre-baked anode running production capacity has reached 3.16 million tons, and it is expected to form a production capacity of 3.46 million tons by the end of 2024. In the first half of this year, the company's pre-baked anode export sales were 0.3937 million tons, a year-on-year increase of 33.55%, and the export share accounted for 38.77% of the national total.
Regarding performance, Suotong Development achieved revenue of 6.475 billion yuan in the first half of this year, a year-on-year decrease of 20.35%; net profit was 31.3507 million yuan, turning losses from the same period last year into profits.
