The company is a leading company in the negative coating material industry.

The company has been ploughing the negative coating material industry since 2010. at present, it has the approved production capacity of 20, 000 tons / year for negative coating materials and 5000 tons / year for carbon fiber spinnable asphalt. The company has been approved to be listed on gem. In the context of new energy transformation, the company's profitability will continue to improve with the production of an additional 30,000 tons per year. In the first quarter of 2022, the company expects to achieve 1.48-158 million yuan in revenue and 2800-31 million yuan in net profit. We expect the company to achieve revenue of 6.82,8.40 and 983 million yuan and net profit of 1.58,2.05 and 271 million yuan from 2022 to 2024.

Negative coating material industry: high growth track

The negative electrode coating material is a kind of spinnable asphalt, which can be coated on the surface of negative graphite particles to improve the first charging efficiency and improve the cycle performance and rate performance of the negative electrode material. The addition amount of the negative coating material is about 5% 15%, and the cost accounts for less than 5% of the anode material. According to our estimates, the market space of the negative coating materials industry is about 5.23 billion yuan in 2025, which is a small and beautiful track: 1) there is a high technical barrier for the batch and stable production of high-quality products; 2) driven by new energy vehicles, the industry is growing well. It is estimated that the four-year compound growth rate of the industry will reach 35% from 2021 to 2025. 3) strong profitability. According to the prospectus of Xinde New Materials, the historical gross profit margin of the company's negative coating materials is more than 45%.

The market share of fund-raising and production expansion is accelerated, and the upper reaches of the extension can further reduce costs and increase efficiency. Due to the equal conversion capacity of carbon fiber spinnable asphalt and negative coating materials, the company currently has a negative coating material production capacity of 25000 tons per year, with a market share of 27% to 39% in 2020. The second echelon of Dalian Mingqiang, Liaoning Runxing and Liaoning Aoyida have a production capacity of only 5000 tons per year, and the scale effect of the company is significant. With the launch of 30,000 tons of new capacity per year, the company's market share will accelerate. The first four manufacturers of downstream anode materials are the company's main customers, with the positive expansion of negative material manufacturers, the company will continue to produce and sell vigorously.

The company's new production capacity extends upward with ethylene tar, which can not only enhance the company's control over raw materials, but also improve the uniformity of negative coating materials and product yield, and further reduce cost and increase efficiency. The company is also looking forward to the layout of silicon-carbon negative electrode coating, research and development of AS-G surface binding materials, which is now in the pilot stage.

Expand downstream pitch-based carbon fiber to create an industry-leading supplier of new carbon-based materials with excellent performance and a wide range of uses. In 2021, both imported and domestic carbon fibers are in short supply. The market share of asphalt-based carbon fiber is about 8%. Among them, the production barriers of general-purpose asphalt-based carbon fiber are relatively low, but large-scale industrialization has not yet been achieved. With the construction of Dalian Xinde new materials, the company will devote itself to the research, development, production and sale of pitch-based carbon fibers using carbon fiber spinnable asphalt as raw materials, so as to realize the domestic substitution of asphalt-based carbon fibers. At the same time, the company has also independently developed and cooperated with the outside world to carry out applied research and development of XD-800 spinnable mesophase pitch and supercapacitor electrode materials, and is committed to building the company into a leading and rich supplier of new carbon-based materials in the industry.

Risk hint

Economic downside risk

Change of technical route

The project was put into production less than expected.

Environmental protection and production safety risks

Competition in the same industry aggravates risks

Customer concentration and continuous operating risk