\u3000\u3000 Yunnan Yuntianhua Co.Ltd(600096) (600096)
Event:
On February 17, 2022, the company, Yuxi Municipal People's Government of Yunnan Province, Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) and Huayou holdings signed the cooperation agreement on the whole industry chain project of new energy batteries in Kunming, Yunnan Province, which agreed that all parties would jointly establish two joint ventures in Yuxi City, and jointly mine mineral resources and carry out deep processing of minerals after obtaining exploration and mining rights through the joint venture in accordance with laws and regulations, Jointly research, develop, produce and sell new energy batteries and upstream and downstream materials of new energy batteries, promote the construction of new energy battery industry chain, and jointly promote the formation of the whole industry chain cluster of new energy batteries in Yuxi City.
Key investment points:
Join hands with industry leaders to build a whole industrial chain cluster of new energy batteries
The company signed the cooperation agreement on the whole industry chain project of new energy batteries with the people's Government of Yuxi City, Yunnan Province, Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) and Huayou holdings in Kunming City, Yunnan Province, and agreed that all parties should jointly establish two joint ventures in Yuxi City, one mainly engaged in mineral resources development and the other mainly engaged in mineral deep processing, The basic equity structure of the two joint ventures is: Yuxi Municipal People's Government of Yunnan province or its designated investor holds 23% and is the largest shareholder; Yunnan Energy New Material Co.Ltd(002812) holding 22%; Yunnan Yuntianhua Co.Ltd(600096) holding 17%; Eve Energy Co.Ltd(300014) holds 20% equity, and Huayou Holdings (or its designated related party) holds 18% equity. Yunnan Yuntianhua Co.Ltd(600096) , Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) , Huayou holdings plans to directly set up a project company to build battery supporting projects such as new energy battery, lithium battery isolation film, iron phosphate, lithium iron phosphate and copper foil projects in Yuxi City around the target mineral resources of Yuxi City in the future. The project is invested in three phases: the first phase of the project promises to invest about 18.05 billion yuan, which will be completed before December 31, 2023; The committed investment of phase II of the project is about 33.65 billion yuan, which will be completed before December 31, 2025; The third phase of the project is planned to be completed by 2030.
All participants in the whole industry chain project of Yuxi new energy battery are industry leaders. Yunnan Yuntianhua Co.Ltd(600096) is a leader in the phosphorus chemical industry and has rich reserves of phosphate rock resources. At present, it has a raw ore production capacity of 14.5 million tons / year, a scrubbing and beneficiation production capacity of 6.18 million tons / year and a flotation production capacity of 7.5 million tons / year. It is one of the largest phosphate rock mining and beneficiation enterprises in China; Yunnan Energy New Material Co.Ltd(002812) is the leader of lithium battery diaphragm. It is the world's largest supplier of lithium battery diaphragm with the largest market share in the world; Eve Energy Co.Ltd(300014) is a leading lithium battery enterprise. The production and marketing scale of lithium primary batteries has ranked first in China for many years, and the installed capacity of power batteries also ranks in the forefront; Huayou holding subsidiary Zhejiang Huayou Cobalt Co.Ltd(603799) is the largest supplier of cobalt products in China, and its production and sales scale ranks first in the world. This cooperation will help all parties give full play to their respective resources and advantages, make use of the development window of Yuxi's mineral resources and new energy industry, and deeply implement the national strategic deployment of "carbon peaking and carbon neutralization".
The high prosperity of the industry continues, and the company's performance is expected to continue to grow
Benefiting from the rise in product prices, the company achieved rapid growth in performance in 2021. In 2022, the price of the company's main products continued to fluctuate at a high level. According to wind, on February 17, the price of monoammonium phosphate was 3000 yuan / ton, an increase of 3.73% compared with the average price of monoammonium phosphate in 2021 of 2892 yuan / ton; On February 17, the price of diammonium phosphate was 3750 yuan / ton, up 12.41% from the average price of 3336 yuan / ton in 2021. The company's performance is expected to maintain a certain growth in 2022.
Relying on the advantages of resources and production capacity, the company makes great efforts to layout the new energy industry
Relying on abundant phosphorus and fluorine resources, the company actively plans the transformation of new energy. In November 2020, the company announced the establishment of a joint venture with Do-Fluoride New Materials Co.Ltd(002407) to implement the comprehensive utilization project of fluorosilicone resources, including 2 × 15000 T / a anhydrous hydrofluoric acid (intermediate product) co production of 15000 T / a high-quality silica, 5000 t / a lithium hexafluorophosphate, 20000 t / a electronic hydrofluoric acid production plant and supporting facilities. In October 2021, the company plans to build 500000 T / a battery new material precursors and supporting projects, including a new 100000 t / a iron phosphate project and supporting facilities, which is expected to be completed in June 2022; New 2 × The 200000 ton iron phosphate project and supporting facilities are expected to be completed in December 2023. The company's cooperation with Yuxi Municipal People's government, Yunnan Energy New Material Co.Ltd(002812) , Eve Energy Co.Ltd(300014) and Huayou holdings will further enrich the company's product layout in the field of battery materials, give full play to the advantages of the company's phosphorus chemical industry chain, enhance the diversified and in-depth development of the company's phosphorus ore resources, and accelerate the extension, transformation and upgrading of the industry chain, Enhance the company's sustainable development ability and comprehensive competitiveness.
Profit forecast and investment rating: affected by the rising prices of sulfur, coal and other bulk raw materials, the company's profit in the fourth quarter of 2021 decreased month on month. Therefore, we lowered our profit forecast for the company. It is estimated that the net profit attributable to the parent company in 2021 / 2022 / 2023 will be 3.621 billion yuan, 4.016 billion yuan and 4.201 billion yuan respectively, corresponding to 10.81, 9.75 and 9.32 times of PE respectively. Considering that the company's main products are still in a high business cycle and the valuation is still at a low level, the "buy" rating is maintained.
Risk tips: macroeconomic risks; Raw material price and supply risk; The downstream demand is lower than the expected risk; Project construction risk; Safety production risk; exchange-rate risks; Product development and application risks.
