全球产能布局顺利，巩固市场地位。公司电池化学品业务营收22.9 亿元，同比增长4.44%。报告期内，随着产业链完善和下游应用端的持续增长，锂离子电池电解液行业保持较快增长，但同时产品价格持续下降，公司收入仅小幅度增长。公司积极在全球范围内进行产能布局，已初步完成在溶剂、添加剂、新型锂盐和自主知识产权新型添加剂等方面的产业链布局；同时重点开拓海外市场，波兰新宙邦与欧洲客户签订电解液供应协议，约定2024-2035 年供应电解液产品，预计将累计增加公司2024-2035 年收入约6.76 亿美元。公司计划由全资子公司美国新宙邦或其他新设控股公司为实施主体，在路易斯安那州建设电池化学品项目，这将进一步巩固公司在全球锂电池电解液市场的地位。Matters:
Xinzhoubang released its 2024 semi-annual report: the company's 2024 H1 revenue was 3.582 billion yuan, up 4.35%; net profit to mother was 0.416 billion yuan, -19.54% year over year; net profit without return to mother was 0.431 billion yuan, -10.02% year over year.
Among them, 24Q2 achieved revenue of 2.067 billion yuan, +36.41% month-on-month; net profit of 0.251 billion yuan, +51.97% month-on-month; net profit after deducting non-attributable net profit of 0.247 billion yuan, +34.63% month-on-month; comments:
The global production capacity layout is smooth, strengthening the market position. The company's battery chemicals business revenue was 2.29 billion yuan, up 4.44% year on year. During the reporting period, with the improvement of the industrial chain and the continuous growth of downstream applications, the lithium-ion battery electrolyte industry maintained relatively rapid growth, but at the same time, product prices continued to decline, and the company's revenue increased only slightly. The company is actively deploying production capacity on a global scale, and has initially completed the industrial chain layout for solvents, additives, new lithium salts, and new additives with independent intellectual property rights. At the same time, focusing on developing overseas markets, Poland's Xinzhoubang signed electrolyte supply agreements with European customers to supply electrolyte products in 2024-2035, which is expected to increase the company's revenue by about 0.676 billion US dollars in 2024-2035. The company plans to have its wholly-owned subsidiary Xinzhoubang or another newly established holding company as the implementing entity to build a battery chemical project in Louisiana, which will further strengthen the company's position in the global lithium battery electrolyte market.
The structure of organic fluorine products was adjusted, and electronic fluorinated liquids continued to grow. During the reporting period, demand in the downstream medical and health sector involved increased sales of fluorine-containing pharmaceutical intermediates; the development of industries such as new energy and data centers led to an increase in demand for fluorine materials; the global electronic fluoride market was in a supply switching window, and the company's fluorinated liquid ushered in room for growth; the sales structure of the company's organic fluorochemicals business products was moderately adjusted, and the first phase of the Heidford project was gradually put into operation. The company's organic fluorochemicals business has expanded into many different downstream fields, and continued growth can be expected in the future.
Investment advice: The company actively lays out overseas electrolytes and opens up a new growth curve in the field of organic fluorine chemicals. We expect the company's net profit to be 1.064/1.465/1.873 billion yuan in 2024-2026, corresponding to EPS of 1.41/1.94/2.48 yuan, respectively, and 22/16/13 times the current PE, respectively. Referring to comparable company valuations, we gave the company a 2025 20x PE valuation, corresponding to a target price of 38.87 yuan, maintaining a “strong” rating.
Risk warning: Increased market competition, large fluctuations in raw material prices, iteration of new products and technologies, etc.
