Beijing Easpring Material Technology Co.Ltd(300073) (300073)
Event: the company announced that it has signed a strategic cooperation agreement with Huayou. From 2022 to 2025, the company plans to purchase 300000-350000 tons of ternary precursor from Zhejiang Huayou Cobalt Co.Ltd(603799) . In addition, the company signed a strategic cooperation agreement with Zhongwei, including nickel resources, lithium iron phosphate, overseas production capacity cooperation, and the procurement volume of precursors between dangsheng and Zhongwei reached 200000-300000 tons from 2022 to 2024.
It is estimated that from 2022 to 2025, the average annual compound growth of the company's shipment volume will exceed 50%. The positive electrode shipment of dangsheng this year is expected to be ~ 50000 tons. Assuming that the company's shipment will increase by 50% annually from 2022 to 2025, the shipment will be 75000 tons, 113000 tons, 169000 tons and 253000 tons respectively from 2022 to 2025. The total shipment in four years will be ~ 610000 tons, and the precursor will be ~ 600000 tons. Without considering the supply of Zhongwei in 2025, the total amount of precursors purchased by dangsheng through Huayou and Zhongwei in 2022-2025 has exceeded 500000 tons. In addition to Huayou and Zhongwei, there are also Fangyuan and so on. We expect that by 2025, when the shipment volume of l-positive electrode has a high probability of more than 300000 tons, it will grow at a high speed with high certainty!
Join hands with Zhongwei to jointly explore the market. Through this announcement, we can see that dangsheng and Zhongwei will start comprehensive and in-depth cooperation, including nickel resources, phosphorus resources, new product development, etc. By means of professional division of labor, Zhongwei focuses on the development of upstream resources and precursors, while dangsheng focuses on the development of high nickel ternary cathode materials and iron lithium cathode materials, which can learn from each other and give full play to their respective advantages. In addition, in terms of overseas production expansion, dangsheng is expected to make joint layout with Zhongwei overseas, accelerate the landing of overseas factories and seize the overseas market.
The layout of lithium iron phosphate is oriented to power and energy storage. At present, dangsheng has become a leading enterprise in the industry in the direction of Sanyuan high nickel. The company's products are mainly exported overseas, and its customers include SK, Yiwei, etc. Through the layout of lithium iron phosphate, dangsheng is expected to make further efforts in the power and energy storage market and add new impetus to the company's growth.
Investment advice Beijing Easpring Material Technology Co.Ltd(300073) is an excellent ternary cathode material enterprise in China, with obvious leading edge in the direction of high nickel ternary. By binding excellent suppliers and overseas high-quality customers, the company has laid a solid foundation for the company's rapid growth in the future. We expect the net profit attributable to the parent company in 2021, 2022 and 2023 to be RMB 900 million, RMB 1.28 billion and RMB 1.93 billion respectively. Based on the performance in 2023, we give a valuation of 40 times, the target price is RMB 152, and maintain the "buy" rating.
Risk statement Sales of new energy vehicles were lower than expected.
