Beijing Easpring Material Technology Co.Ltd(300073) (300073)
event
The company announced that it had signed a strategic cooperation agreement with Weilan new energy to cooperate in the layout of solid-state lithium batteries.
Key investment points
Supply products and cooperate in development, look at the world and jointly layout production capacity
① Product supply: from 2022 to 2025, Wei Lan will purchase no less than 25000 tons of solid lithium battery materials from dangsheng and promise each other priority. ② Technical cooperation: Satellite blue gives priority to testing Dangl solid-state lithium battery materials, and carries out supporting development of new models and other projects. At the same time, we will strengthen exchanges and cooperation in cutting-edge technical fields such as lithium rich manganese based materials and lithium manganese iron phosphate. ③ Global layout: Joint layout of solid-state lithium battery, and feasibility study on joint investment in the construction of solid-state lithium battery and its key material production base will be carried out.
Solid state batteries will greatly improve energy density and safety
The cathode material in the solid-state battery system is not simply copied and pasted from the liquid battery system, but affects the important role of its key interface. It is necessary to improve the matching degree with the solid electrolyte. From the purpose oriented analysis (improving energy density), the cathode of solid-state battery prefers high nickel materials and has higher requirements for the cathode technology. After solving the process difficulties, it can improve the stability of the contact interface with solid electrolyte, reduce the resistance, give full play to the capacity and magnification, and the solid-solid reaction can also reduce gas emission and have both energy density and safety.
Technological innovation is the real moat of cathode materials
In the early stage of the market, it is considered that the cathode material has tended to be homogeneous, the technical barrier is not high, and it has entered the internal rolling cost stage. However, battery technology is still in the early stage of growth, and still has huge upgrading space and high uncertainty. Continuous technology iteration will update the competition pattern. The company has rich technical reserves and is forward-looking. It has laid out solid-state batteries as early as 2017. It announced in 2020 that the second generation of solid-state lithium batteries and their key materials have been developed. This strategic cooperation shows that the company's solid-state battery materials are expected to take the lead in mass production.
Join hands with upstream and downstream to realize the layout of globalization and integration
By means of equity participation and strategic cooperation, the company has opened up the supply chain with upstream Liqin, Zhongwei, Huayou, FMG, downstream SK, Weilan and other battery factories and automobile enterprises to achieve integrated layout and technical cooperation. Realize asset light operation through outsourcing processing, and try to avoid risks while maintaining market share in the process of rapid expansion of market space and rapid iteration of technology.
The profit forecast and valuation are expected to realize the net profit attributable to the parent company of RMB 980 / 12.4 / 1.67 billion from 2021 to 2023. Corresponding to the closing price on December 8, PE was 52 / 41 / 30 times, maintaining the "buy" rating.
Risk statement
The sales volume of new energy vehicles is lower than expected, the capacity construction is lower than expected, and the technical route is uncertain.
