The production capacity of the company's water treatment business is tight, so it is proposed to increase investment to expand the production capacity of water treatment chemicals and equipment. From 2018 to 2022, the company's operating income increased from 414 million yuan to 605 million yuan, with an average annual growth rate of 9.9%. The main increment came from chemical sales and services and drug feeding equipment and installation services. At present, the production capacity of water treatment chemicals is 6000 tons / year, and the production capacity of water treatment equipment is 1700 units / year. Due to the shortage of existing production capacity and the optimistic outlook for the overall demand of the industry, the company plans to increase funds to expand the production capacity of water treatment chemicals and water treatment equipment. After the fund-raising project reaches production, the company will have a production capacity of 20,000 tons of water treatment chemicals and 5500 sets of water treatment equipment per year. It is estimated that the output of the project will reach 60% and 80% of the designed production capacity respectively in the first and second year after the project enters the operation period, and the output will be fully reached in the third year. After reaching production and sales according to the designed capacity, the project is expected to contribute 95.182 million yuan in net profit per year.
The company's oxide line solid electrolyte material performance indicators leading the industry, and plans to use its own funds to build a production line with a production capacity of 50 tons / year. The company and the research team of Zhang Tao of Shanghai silicate Research Institute jointly established the "Joint Innovation Laboratory of Advanced Materials for solid State batteries" and jointly invested in the establishment of Shanghai Keyuan solid Energy New Energy Technology Co., Ltd. it is planned to promote the transformation and industrial application of new energy and other related scientific and technological achievements. Relying on the research and development of Zhang Tao researcher team, the company's oxide route solid electrolyte material has the advantages of higher ionic conductivity at room temperature and smaller product particle size than similar domestic products, in which the ionic conductivity reaches 1.52 × 10-3S/cm, the powder particle size is 197nm, and the slurry particle size is 143nm. The company has a solid electrolyte production capacity of 1 ton / year, and has achieved the production of 5um, 3um, 500nm and 200nm particle size products, and is promoting the development process of 100nm products and the research of water-based oily products. At the same time, the single batch of impurity-free products has been upgraded from 3kg level to 5kg level, and the trial production of 10kg level is being promoted. The follow-up company plans to use its own funds to build a 50-ton solid-state electrolysis quality production line. According to conservative planning, the construction period of solid-state electrolysis quality production line is expected to be 2 years. After entering the operation period, the solid-state electrolyte production capacity will reach 10%, 20%, 30% and 60% of the designed production capacity respectively in the first to fourth years, and will fully reach production in the fifth year. After reaching production, the solid-state electrolyte production capacity will be increased by 50 tons per year, which is expected to contribute about 150 million yuan in revenue per year.
Relying on the head of academic experts, in-depth layout of silicon-carbon anode and mesoporous hard carbon / soft carbon composite anode materials R & D and industrialization. The technology source of the company's anode materials is mainly from academician Zhao Dongyuan of Fudan University, while Shandong Fuyuan New Materials Technology Co., Ltd. is a platform for Shanghai Ziba and Academician Zhao's team to promote the industrialization of anode materials. among them, the proportion of listed companies is 52.5%, and that of Academician Zhao is 47.5%. At present, the company's core research and development directions in the field of anode materials include silicon-carbon negative electrode and mesoporous hard carbon negative electrode. In the field of silicon-carbon negative electrode, the company's goal is to realize the batch preparation of silicon-carbon negative electrode material with sandwich structure, so as to solve the bottleneck of poor conductivity and large volume expansion of silicon negative electrode, and realize industrialization in consumer electronics and power batteries. In terms of hard carbon anode, the company aims to achieve large-scale preparation of mesoporous hard carbon-based anode materials with low cost, high specific capacity (specific capacity exceeding 300mAh/g), high first effect (first effect more than 90%) and long cycle life (cycle life more than 3000 cycles).
[investment advice]
Combined with the company's 2023 half-year results and the company's follow-up production expansion plan, we estimate that the company's revenue from 2023 to 2025 will be 590, 664 and 754 million, respectively, and the net profit attributable to the company will be 0.43, 0.50, 0.73 million, respectively, and EPS will be 0.28, 0.42, respectively, corresponding to 2023, 2024 and 2025, respectively, which will be times as much as in 68-60-40, and will be covered for the first time.
[risk Tip]
Capacity releases lower-than-expected risks
The risk that the industrialization of new energy materials is not as good as expected
The downside risk of prosperity in water treatment industry