Beijing Easpring Material Technology Co.Ltd(300073) (300073)
Join hands with China's solid-state battery leader to seize the commanding height of the next generation technology
On December 7, 2021, Beijing Easpring Material Technology Co.Ltd(300073) signed a strategic cooperation agreement with Weilan new energy. The contents of this agreement include: (1) product supply. Weilan new energy will purchase no less than 25000 tons of solid-state lithium battery materials from Beijing Easpring Material Technology Co.Ltd(300073) between 2022 and 2025; (2) product development. Weilan new energy will give priority to Beijing Easpring Material Technology Co.Ltd(300073) products for supporting the development of new solid-state power batteries or other new batteries; (3) The production capacity layout is coordinated, and solid-state lithium battery materials will be invested or constructed jointly in the future. Solid state batteries with better safety, higher energy density, longer service life and smaller volume are regarded as the main direction of the development of next-generation power battery technology. China's well-known automobile enterprises are accelerating the layout of solid-state battery business, Beijing Easpring Material Technology Co.Ltd(300073) The establishment of strategic cooperation relationship with Weilan new energy this time will help to seize the commanding heights of the next generation power battery technology and create new growth points for its future business development. We maintain our previous forecast that the company's net profit attributable to the parent company from 2021 to 2023 is expected to be RMB 926 / 1189 / 1394 million respectively, EPS is RMB 2.04/2.62/3.07 respectively, and the corresponding PE of the current stock price is 49.1/38.2/32.6 times, maintaining the "buy" rating.
With the joint investment of Huawei and Xiaomi, Weilan new energy is relatively leading in the field of semi-solid batteries
Weilan new energy has a series of core patents and technologies in the R & D and production of mixed solid-liquid electrolyte lithium-ion batteries and all solid-state lithium batteries. It is the only industrialization platform for solid-state battery technology in the Clean Energy Laboratory of the Institute of physics, Chinese Academy of Sciences. The products focus on high-energy density and high-power mixed solid-liquid electrolyte batteries and all solid-state batteries, and have established long-term cooperative relations with many mainstream automobile enterprises. It is a potential supplier of Weilai automobile et7 semi-solid batteries.
Cooperation locks in the supply of upstream precursors, and the ternary leader further extends to the iron lithium industry chain
Beijing Easpring Material Technology Co.Ltd(300073) signed cooperation agreements with two leading precursors to ensure the supply of medium and long-term precursors. Beijing Easpring Material Technology Co.Ltd(300073) and Cngr Advanced Material Co.Ltd(300919) jointly develop laterite nickel mine in Indonesia. They plan to cooperate in the construction of 60000 gold tons of nickel products, and plan to build an integrated lithium iron phosphate project of no less than 300000 tons / year, Beijing Easpring Material Technology Co.Ltd(300073) leads the investment in lithium iron phosphate industry, and both sides agree to layout overseas production capacity; Zhejiang Huayou Cobalt Co.Ltd(603799) under the condition of providing competitive pricing methods for metal raw materials and precursor processing fees, Beijing Easpring Material Technology Co.Ltd(300073) plans to purchase 300000-350000 tons of ternary precursors from it from 2022 to 2025.
Risk tip: the demand is less than expected, the competition for expansion and landing is intensified, and the price of upstream raw materials continues to rise
