\u3000\u3000 Sunresin New Materials Co.Ltd Xi'An(300487) (300487)
Event:
On February 22, 2022, the company announced the receipt of the contract signing notice. The company recently received the Tibet Summit Resources Co.Ltd(600338) contract signing notice. The company will negotiate matters related to the signing of the contract within 5 days after receiving the notice. Project name Tibet Summit Resources Co.Ltd(600338) 25000 T / a lithium carbonate scale brine lithium extraction project, supply of equipment in the adsorption section, and the estimated contract amount of the project is 650 million yuan.
Key investment points:
New lithium extraction projects from overseas salt lakes were added, and the business scope of the company was further expanded
The company recently received the Tibet Summit Resources Co.Ltd(600338) signing notice and will sign a contract with Tibet Summit Resources Co.Ltd(600338) to supply equipment for the adsorption section of Tibet Summit Resources Co.Ltd(600338) 25000 T / a lithium carbonate brine lithium extraction project. The project will complete the delivery of 10000 tons of lithium carbonate brine lithium extraction and adsorption equipment before May 31, 2022; Complete the delivery of 15000 tons of lithium carbonate brine lithium extraction adsorption equipment and 10000 tons of lithium carbonate brine lithium extraction adsorbent before July 31; Complete the delivery of 15000 tons of lithium carbonate brine lithium extraction adsorbent before September 30; The filling completion time is December 20, 2022; The performance assessment will be completed on February 20, 2023.
The estimated contract amount of the project is 650 million yuan, accounting for more than 70% of the operating revenue in 2020, which will significantly improve the performance of the company. The implementation of the project will become the company's first overseas salt lake lithium extraction project case in the field of salt lake lithium extraction, and will enrich the coverage of the company's adsorption lithium extraction technology in the field of salt lake lithium extraction in the South American brine after Qinghai and Tibet. The company's years of experience in overseas whole line projects and remote commissioning center will play a good technical guarantee for the implementation of the project. The implementation of the project will once again increase the large-scale industrialization cases of the company's adsorption salt lake lithium extraction technology, further improve the market position, continue to accumulate the company's project experience in the metal field, and have a positive impact on the development of the company's own resources and new energy business sector.
The company has obvious advantages in the field of lithium extraction from salt lakes
Represented by lithium extraction from Salt Lake, Sunresin New Materials Co.Ltd Xi'An(300487) has formed a unique "technology pole" in the lithium related industrial chain: it has more than 10 patents, and engineering cases include 10000 ton adsorption unit of zangge project, 3000 ton whole line operation of Jintai project, 1000 ton technical transformation of Minmetals project, etc. With the continuous upgrading of mature lithium adsorbents and the continuous development of new adsorbents, different schemes can be provided for medium, high and low-grade brine. The technology radiation refining, recovery, boron removal, ore lithium impurity removal and other dimensions form a technology, scheme and industrialized product portfolio from material + process + system unit to the construction and operation of the whole line.
Profit forecast and investment rating: it is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be RMB 326 million, RMB 530 million and RMB 755 million respectively, corresponding to 64, 39 and 28 times of PE. Considering the company's operation and future development plan, the "buy" rating is given for the first time.
Risk tips: the risk of uncertainty in contract signing and execution, the risk of changes in Global trade policies, the risk of abnormal production caused by the epidemic, the risk of failure to meet the expectations of project production, the risk of failure to meet the expectations of sales growth, the risk of large fluctuations in raw material prices, the risk of large fluctuations in exchange rates, the risk of safety and environmental protection production, the risk of product quality accidents, etc.
