\u3000\u3000 Sunresin New Materials Co.Ltd Xi’An(300487) (300487)
Event: Sunresin New Materials Co.Ltd Xi’An(300487) announced on February 21 that the company recently received Tibet Summit Resources Co.Ltd(600338) contract signing notice to supply equipment for the adsorption section of Tibet Summit Resources Co.Ltd(600338) 25000 T / a lithium carbonate brine lithium extraction project. The total contract price is 650 million yuan. Delivery and acceptance cycle: 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.
Lithium raw materials remain in short supply, salt lake lithium extraction cycle breeds new opportunities, and the company’s orders are expected to continue to grow: the estimated contract amount of the project is 650 million yuan, accounting for about 70.45% of the total audited operating revenue in the latest period. Since 2022, the company has received
① contract signing notice of “10000 ton lithium carbonate EPC procurement project of Jinhai lithium industry (Qinghai)”, with a total contract price of 456 million;
② sign a strategic cooperation agreement with Eve Energy Co.Ltd(300014) to jointly participate in the development of Chaka Salt Lake in Jieze, Tibet. The project includes the construction of 10000t / a lithium hydroxide production line in phase I, 20000T / A in phase II and 20000T / A in phase III. The project adopts the method of entrusted processing, and the company collects the entrusted processing fee + the share of sales revenue.
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 continues to actively explore the overseas Salt Lake market and provide customized schemes for brine mines in different regions. This signing of the supply of equipment for the adsorption section of Tibet Summit Resources Co.Ltd(600338) South American Salt Lake development project shows that the “membrane + adsorption” process has been recognized by customers, consolidated its market position and accumulated experience in relevant overseas projects, which plays a positive role in its own resources and new energy business sector.
Investment suggestion: we expect the company’s operating revenue to be 1.253 billion yuan, 2.006 billion yuan and 2.64 billion yuan respectively from 2021 to 2023, and its net profit to be 325 million yuan, 495 million yuan and 584 million yuan respectively, with corresponding EPS of 1.52, 2.31 and 2.72 yuan / share respectively. At present, the corresponding PE share price is 69, 45.3 and 38.4 times. Maintain the “Buy-A” rating, and the six-month target price is 125 yuan / share.
Risk tip: lithium price has fallen sharply, and the project progress is not as expected
