Guizhou Chanhen Chemical Corporation(002895) (002895)
event:
On the evening of December 3, the company announced that in order to further support the new layout of the development of the company and Sunwoda Electronic Co.Ltd(300207) industry and improve the comprehensive competitiveness of the company, the company and Sunwoda Electronic Co.Ltd(300207) signed the investment cooperation agreement. The two sides took the joint venture as the platform to carry out investment cooperation in phosphorus resources, lithium resources and deep processing, Jointly plan to build a phase I iron phosphate production line for batteries with a production capacity of no less than 300000 tons / year and basic chemical supporting devices, and further expand the production scale and enrich the product types according to the market situation and Sunwoda Electronic Co.Ltd(300207) demand.
Key investment points:
Each shows his own strengths and promotes the layout of the whole industrial chain of the company’s “phosphorus, fluorine and lithium new energy materials”
Sunwoda Electronic Co.Ltd(300207) is a leading 3C battery manufacturer in the world. It has formed a perfect R & D platform in the fields of electric vehicle power cell, automotive power battery BMS and energy storage system, and is moving towards a leading lithium battery integration enterprise in the world. The company has good resource advantages in the front end, with 530 million tons of phosphate rock resources directly and indirectly controlled, and advanced phosphorus fluorine chemical system technology and green circular industry model. The company will jointly invest with Sunwoda Electronic Co.Ltd(300207) in the construction of Weng’an county “mineralization integration” new energy material recycling industry project. The total investment of the project is 7 billion yuan, and the investment in phase I project is about 3.5 billion yuan. It will build 300000 t / a battery iron phosphate production line, 200000 t / a food grade purified phosphoric acid production line, 30000 T / a anhydrous hydrogen fluoride production line and supporting device projects; The investment of phase II project is about 3.5 billion yuan to build 300000 t / a iron phosphate production line for battery, 200000 t / a food grade purified phosphoric acid production line, 30000 T / a anhydrous hydrogen fluoride production line and supporting device projects. This cooperation is conducive to give full play to the company’s professional advantages in resources and technology, carry out R & D, production, sales and technical services of iron phosphate for battery and related new battery materials, and help the layout of the whole industrial chain of the company’s “phosphorus fluorine lithium new energy materials”.
In depth transformation, the second “mineralization integration” project was quickly implemented
Since September, the company has successively signed the framework agreement and cooperation agreement with GuoXuan holdings. The two sides will cooperate in the field of phosphorus battery materials and fluorine battery materials, jointly establish a joint venture, and plan to build a production capacity of no less than 500000 T / a iron phosphate; Signed the investment project cooperation agreement with the people’s Government of Fuquan City, Guizhou Province, and invested in the construction of “mineralization in one” new energy material recycling industry project in Fuquan City in two phases; Together with Lanjian investment and Chen Yong, we will increase the capital of Wanpeng company and plan to invest in the construction of lithium iron phosphate cathode material project with an annual output of 100000 tons. The cooperation with Sunwoda Electronic Co.Ltd(300207) is the second “mineralization in one” new energy material project built by the company in Qiannan Prefecture, Guizhou Province. The construction of two “mineralization integration” closely relies on the two phosphate mines of Fuquan and Weng’an, which are only more than 20 kilometers away, and has good complementarity. The company has strong attraction and advantages on the resource side and technology side. With rich resource reserves, strong technology R & D capability and experienced partners, the company is expected to succeed in the field of new energy materials.
The profit forecast and investment rating predict that the net profit attributable to the parent company in 2021 / 22 / 23 will be 328 million yuan, 614 million yuan and 1029 million yuan respectively, corresponding to 48.96, 26.12 and 15.59 times of PE respectively, maintaining the “buy” rating.
Risk tips macroeconomic risks; Uncertainty of cooperation agreement promotion and capacity release; Raw material price and supply risk; Lower downstream demand than expected risk; Project construction risk; Safety production risk; exchange-rate risks; Product development and application risks.
