Guizhou Chanhen Chemical Corporation(002895) (002895)
Event: on December 3, the company issued the announcement on signing relevant agreements with Weng'an county people's government and Sunwoda Electronic Co.Ltd(300207) and establishing new holding subsidiaries. The announcement states:
(1) The company will invest and cooperate with Sunwoda Electronic Co.Ltd(300207) in phosphorus resources, lithium resources and deep processing. Both parties agree to establish a new joint venture (tentatively named Guizhou Hengxin mining Holding Co., Ltd., hereinafter referred to as "Hengxin mining", Guizhou Chanhen Chemical Corporation(002895) holds 51% and Sunwoda Electronic Co.Ltd(300207) holds 49%) to invest and build the project. The total registered capital of the joint venture is 300 million yuan.
(2) Weng'an county people's Government of Guizhou Province signed the investment agreement on Weng'an county "mineralization integration" new energy material recycling industry project with the company and Sunwoda Electronic Co.Ltd(300207) . Hengxin mining and Weng'an Tianyi mining ( Guizhou Chanhen Chemical Corporation(002895) holding 49%) will establish a project subsidiary, with an estimated investment of 7 billion yuan for the construction of Weng'an county "mineralization integration" Weng'an county people's government will provide relevant support for the new energy material recycling industry project. The project will build 600000 T / a iron phosphate production line for battery, 400000 T / a food grade purified phosphoric acid production line, 60000 T / a anhydrous hydrogen fluoride production line and supporting devices. The project is located in the basic industrial park of Weng'an Economic Development Zone, Guizhou. After the project is completed and put into operation, it is expected that the annual output value will reach more than 7.5 billion yuan and the annual tax will be more than 270 million yuan. The construction of the project is divided into two phases. Phase I is expected to be completed and put into operation at the beginning of 2024 and phase II is expected to be completed and put into operation at the end of 2025.
comment:
Continue to expand the 600000 ton iron phosphate project and set a benchmark for the transformation of new energy in phosphorus chemical industry. The company has previously announced the cooperation project with GuoXuan holdings and Fuquan Municipal People's government. It plans to build a million ton iron phosphate production capacity project in luoweitang group of Shuanglong Industrial Park in Fuquan City, Guizhou Province and the company's Fuquan Longchang plant. It will invest in two phases to build a 200000 ton / year food grade purified phosphoric acid production line, a 1 million ton / year iron phosphate production line 100000 t / a battery grade lithium iron phosphate production line and 40000 t / a battery lithium hexafluorophosphate production line. Fuquan's production capacity projects mainly rely on Xiaoba, Xinqiao The three major phosphate mines in jigongling (with a total planned capacity of 5.5 million tons / year) are the "mineralization integration" of Weng'an county announced this time The new energy materials recycling industry project mainly relies on the tiger cave phosphate mine, which is 49% owned by the company. The reserves of LAOHUDONG phosphate rock are about 370 million tons, the average grade is 25.62%, and the total production capacity is planned to reach 5 million tons / year. The tiger cave phosphate mine with high production capacity, high grade and high reserves will fully meet the company's production project planning of 600000 T / a iron phosphate, 400000 T / a purified phosphoric acid and 60000 T / a anhydrous hydrogen fluoride in Weng'an area.
The partner Sunwoda Electronic Co.Ltd(300207) improved the integrated layout of lithium battery, and the two sides worked together upstream and downstream of the industrial chain. The partner Sunwoda Electronic Co.Ltd(300207) of this project starts with lithium battery module business and gradually improves the upstream and downstream industrial chain. It is a leading 3C battery manufacturer in the world. At the same time, Sunwoda Electronic Co.Ltd(300207) also began to layout power batteries in 2008. Through continuous R & D investment, a complete R & D platform has been formed in the fields of electric vehicle power cell, automotive power battery BMS and energy storage system. It is expected to become a leading lithium battery integration enterprise in the world in the future. In addition, Sunwoda Electronic Co.Ltd(300207) also has a layout in lithium resources. At present, Sunwoda Electronic Co.Ltd(300207) has the exploration right of jinar Salt Lake in Dongtai, Qinghai, and its joint-stock enterprises also have relevant technologies for extracting lithium from salt lake. CHUANHENG has complete upstream phosphate rock resources, phosphorus chemical industry chain and iron phosphate production technology, Sunwoda Electronic Co.Ltd(300207) has lithium ore resource reserves and 3C and power lithium battery related technologies. The cooperation between the two sides has a relatively complete upstream and downstream synergy of the industrial chain, which is conducive to the common development of the two sides under the tide of new energy.
The production capacity of 200000 tons of iron phosphate is expected to be put into operation in 22 years, and the planning of phosphorus and fluorine new energy materials is complete. According to the company's capacity construction progress, the company will put 200000 tons of iron phosphate capacity into operation in 2022, of which 100000 tons will be completed and put into operation in the first half of 2022, and the remaining capacity will be put into operation in the second half of 2021. Guizhou Chanhen Chemical Corporation(002895) with its advantages of integration of resources and industrial chain, it has lower production cost of iron phosphate and more obvious first mover advantages than other companies, which is conducive to the company to seize market share in advance and deeply bind with downstream customers in advance. In addition, in addition to the layout of iron phosphate, the company also plans to cooperate with Mianyang Fulin Precision Co.Ltd(300432) to build the capacity of lithium dihydrogen phosphate, so as to further expand the company's business layout in phosphorus based new energy materials. Meanwhile, based on the company's unique semi aqueous wet process phosphoric acid technology, the company can increase the recovery rate of fluorine in phosphate rock, further produce anhydrous hydrogen fluoride and extend to downstream fluorine based new energy materials.
Profit forecast, valuation and rating: the phase I production capacity of the project will be completed and put into operation at the beginning of 2024, which will not have an impact on the performance from 2021 to 2023. Therefore, we maintain the company's profit forecast from 2021 to 2023. It is estimated that the company's net profit attributable to the parent company from 2021 to 2023 will be RMB 323 / 558 / 941 million respectively, and the converted EPS will be RMB 0.66/1.14/1.93/share respectively. We continue to be optimistic that Guizhou Chanhen Chemical Corporation(002895) with the advantages of sufficient high-quality phosphate rock resources and complete phosphorus chemical industry chain, we continue to make breakthroughs in the field of downstream new energy materials, and we still maintain the "buy" rating of the company.
Risk tips: production capacity construction risk, lower than expected downstream demand, contract performance risk, product price fluctuation risk, environmental protection and safety production risk.
