On February 16, beiteri (835185, BJ) announced that it planned to sign the investment cooperation agreement on beiteri high-end lithium ion battery cathode material industrialization project with the people’s Government of Guangming District, Shenzhen, and planned to invest in the construction of a 40000 ton silicon-based cathode material project in Guangming District, Shenzhen, with a total investment of 5 billion yuan.
Since last year’s economic planning, the reporter of daily news has frequently noticed that Beirui. According to the statistics of Anxin securities, it includes 50000 tons of high-end artificial graphite cathode material project, 120000 tons of negative needle coke production line, 80000 tons of high-end artificial graphite cathode integrated production line, 50000 tons of high nickel ternary cathode material project of lithium battery and other projects.
“If the project is successfully completed and reaches full capacity, it will form a new capacity of 40000 tons of silicon-based negative electrode materials per year, which will help to enhance the market competitiveness of the company’s negative electrode materials business and is expected to have a positive impact on the company’s future financial situation and operating results.” Betty said.
it is proposed to build a 40000 ton silicon-based negative electrode material project in Shenzhen
In fact, beiteri was born in Shenzhen in 2000. The company used to be called “Shenzhen beiteri new energy materials Co., Ltd.”. After several equity changes, the largest shareholder is China Baoan Group Co.Ltd(000009) Group Holding Co., Ltd., which is a wholly-owned subsidiary of China Baoan Group Co.Ltd(000009) (000009, SZ).
Beiteri plans to build the project with an annual output of 40000 tons of silicon-based negative electrode materials by stages, and complete and put into operation before the end of December 2023, with an annual output of 15000 tons of silicon-based negative electrode materials; Achieve an annual output of 40000 tons of silicon-based negative electrode materials before 2028.
As for the construction land of the project, according to the agreement, Shenzhen Guangming District People’s government intends to provide industrial land, and the intended land supply of the project is divided into two phases. Beiteri agrees that the land for phase I of the project is mainly composed of 40000 ton silicon-based negative electrode materials; The land for phase II will reasonably arrange the company’s new high-quality production capacity in the future in combination with the market demand, industry development trend, the company’s production capacity planning and layout and Shenzhen environmental protection policies.
According to beiteri’s announcement, the total investment of the project is expected to be 5 billion yuan, of which the investment in fixed assets (including but not limited to land, plant and equipment) is about 3.5 billion yuan and the working capital is about 1.5 billion yuan.
“In the context of the rapid development of the new energy vehicle industry, consumers have put forward higher standards for the mileage of new energy vehicles, and the corresponding silicon-based negative electrode materials have also ushered in a development period. Therefore, the company plans to invest in the construction of a project with an annual output of 40000 tons of silicon-based negative electrode materials to meet the future market demand.” Betty said.
In view of the development prospect of silicon negative electrode materials, Gaogong lithium battery believes that the industrialization process of silicon negative electrode is accelerated. According to the data of Gaogong lithium battery, in 2020, the shipment of silicon carbon cathode in China was 9000 tons, accounting for about 2% of the total shipment of cathode materials.
“The industry predicts that the sales of silicon anode materials will really start in 2023; by 2025, the global demand for silicon anode materials is expected to grow at a compound annual growth rate of 70%.” High tech lithium battery scale.
the pace of capacity expansion accelerated
In 2019, beiteri’s negative material capacity is about 71000 tons and the positive material capacity is about 36000 tons. By 2020, beiteri’s negative material capacity has increased to about 104000 tons and the positive material capacity has increased to about 42000 tons
Image Source: beiteri public offering manual
In 2021, beiteri announced many times that it planned to invest in the construction of new production capacity. According to the statistics of Anxin securities, beiteri’s investment and expansion projects in 2021 include 50000 tons of high-end artificial graphite cathode material project, 120000 tons of negative electrode needle coke production line, 80000 tons of high-end artificial graphite cathode integrated production line, 50000 tons of high nickel ternary cathode material project of lithium battery, 40000 tons of lithium battery cathode material construction project The production line project of precursor and finished products of lithium battery cathode materials with an annual output of 100000 tons, the integrated production line project of artificial graphite cathode materials with an annual output of 70000 tons, and the integrated production line of artificial graphite cathode materials with an annual output of 100000 tons
Image source: screenshot of Anxin Securities Research Report
With the launch of production capacity, beiteri’s sales volume is also rising. In 2020, beiteri sold about 75000 tons of negative materials and 21000 tons of positive materials; In the first half of 2021, beiteri’s sales of negative materials have reached about 62000 tons, and the sales of positive materials have reached about 20000 tons.
The reporter of the daily economic news noted that since this year, beiteri has announced its investment plan twice. The previous time was on January 24 this year. Beiteri announced that it plans to sign the cooperation agreement on the integrated base project of lithium battery cathode materials with an annual output of 200000 tons with the people’s Government of Dali Bai Autonomous Prefecture and Xiangyun County.
The lithium battery cathode material project to be constructed by beiteri in Dali is divided into three phases. The capacity planning of phase I, phase II and phase III are 50000 tons, 50000 tons and 100000 tons respectively. Among them, the planned construction period of phase I project is 12 months, with an estimated investment of 2.392 billion yuan, including 1.634 billion yuan of fixed asset investment and 758 million yuan of working capital demand. The specific progress of phase II and phase III projects depends on the market situation after the phase I project is put into operation.
