Event: the company recently announced that it plans to put into operation an annual output of 250000 tons of lithium iron phosphate cathode material project, with an estimated total investment of 4 billion yuan, which will be carried out in stages. The first phase of the 60,000-ton project has signed a "strategic cooperation agreement". It is proposed to build an international technical cooperation industrial park in the western part of Shehong, Sichuan Province, with an estimated investment of 1.06 billion yuan.
Core ideas:
1. The company's excellent product performance and high compaction density is the core competitiveness of the company using oxalic acid subrailway diameter, the product compaction density and energy density is higher than ordinary products, favored by downstream customers.
two。 The demand of the industry is good, the rapid expansion of the company's production capacity is conducive to the promotion of the share of new energy vehicles, the monthly sales of new energy vehicles continue to increase, driving the growth of the demand for power battery materials, the demand in the field of superimposed energy storage is increasing, and the demand for lithium iron phosphate cathode materials is constantly rising. the company's pre-annual production capacity of 50,000 tons and the 250000-ton production expansion project can meet the surging order demand of major customers and enhance market share at the same time.
3. The expansion of the company's business structure and the acceleration of electrified layout
In addition to acquiring Jiangxi sublimation and marching into lithium cathode materials, the company also actively distributes the electrified and intelligent field of new energy source vehicles, raising 860 million yuan for the construction of new energy vehicle intelligent electronic control industry projects. at present, it has entered Huawei and United electronics supply chain. benefiting from the continuous high demand for new energy vehicles downstream, the company will contribute to the new performance after the landing of the increased project.
Investment suggestion: the company's 21 -, 22-and 23-year net profit is expected to be 4.32,7.52,981 million yuan, corresponding to PE of 41.12,23.64,18.11x, maintaining the "recommended" rating.
Risk tips: intensified competition in the industry; new energy vehicle policy risks; downstream demand growth is not as expected.
