Tengyuan cobalt industry (301219)
A total of one company made an inquiry in this period. On March 3 (Thursday), the GEM listed company “Tengyuan cobalt industry” will make an inquiry.
Tengyuan cobalt industry (301219): the company is mainly engaged in the R & D, production and sales of cobalt and copper products. It is one of the leading cobalt salt manufacturers in China; The core products of the company are cobalt chloride, cobalt sulfate and other cobalt salts and electrodeposited copper. Cobalt products are mainly used in lithium battery cathode materials, alloys, magnetic materials and other fields, while copper is used in electronic and electrical, machinery manufacturing, national defense, building materials and other fields. It is one of the most widely used metals. From 2019 to 2021, the company achieved an operating revenue of 1.74 billion yuan / 1.79 billion yuan / 4.16 billion yuan respectively. From 2019 to 2021, yoy was 4.07% / 2.75% / 132.66% respectively, and the compound annual growth rate of three-year operating revenue was 35.5%; The net profit attributable to the parent company is 110 million yuan / 510 million yuan / 1.14 billion yuan. From 2019 to 2020, yoy is – 40.54% / 365.92% / 122.91%, and the compound annual growth rate of the net profit attributable to the parent company in three years is 83.5%.
Investment highlights: 1. The company is one of the leaders of cobalt salt in China and will fully benefit from the substantial growth of cobalt demand brought by the rapid development of downstream new energy vehicle industry. In 2019, the total output of cobalt sulfate and cobalt chloride in China was 43900 metal tons and 35200 metal tons, totaling 79100 metal tons; In comparison, the company’s cobalt salt output in the same period was 647058 metal tons, accounting for 8.18%, which is one of the leaders of cobalt salt in China. Among them, cobalt sulfate is mainly used as the precursor of ternary materials for power batteries. According to the statistical data of Shanghai Nonferrous Metals network, the company’s output of cobalt sulfate accounted for 7% in 2019, ranking third in China; In 2020, the company’s output of cobalt sulfate accounted for 6.37%. The main reason for the decline of the company’s market share in 2020 is the short-term capacity impact caused by the relocation of new plants. 2. The supply of cobalt resources is limited. By setting up a plant in the Democratic Republic of the Congo and developing diversified cobalt resource recovery technology, the company is expected to take the lead in obtaining cobalt resources. 1) The global proven reserves of cobalt resources are relatively limited, and 50.70% of the proved reserves are concentrated in the Democratic Republic of the Congo (DRC). In 2016, the company established a subsidiary in DRC; In June 2018, Congo Tengyuan (phase I) was put into operation and gradually became the main production base of cobalt intermediate products and electrodeposited copper of the company; At present, the company’s subsidiaries have obtained two exploration rights and one mining right in the Democratic Republic of the Congo, and carried out joint development and exploration cooperation. 2) The company has independently developed diversified cobalt resource recycling technology, which can not only recycle the low-grade cobalt associated with copper mine at low cost, but also recycle the low-grade cobalt resources such as low-grade cobalt ore and secondary intermediate products at low cost, so as to produce high-quality cobalt intermediate products.
Comparison of Listed Companies in the same industry: Listed Companies in the same industry of Tengyuan cobalt industry mainly include Zhejiang Huayou Cobalt Co.Ltd(603799) , Nanjing Hanrui Cobalt Co.Ltd(300618) and Gem Co.Ltd(002340) among which products are more similar are Zhejiang Huayou Cobalt Co.Ltd(603799) and Nanjing Hanrui Cobalt Co.Ltd(300618) . From the perspective of Listed Companies in the same industry, the average income scale is 12.96 billion yuan, the average market value scale is 73.635 billion yuan, and the average pe-ttm (excluding negative value) is 49.13x. Comparatively speaking, the company’s revenue scale is lower than the industry average, and the change trend of performance growth is similar to that of the industry; However, the company’s gross profit margin is significantly higher than the industry average, mainly due to differences in subdivided products and differences in raw material inventory costs.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
