\u3000\u3 China Vanke Co.Ltd(000002) 312 Sichuan Development Lomon Co.Ltd(002312) )
Main points:
Event description
The company announced on February 22 that it plans to invest 12 billion yuan in Deyang Sichuan Development Lomon Co.Ltd(002312) lithium battery new energy materials project in de’a industrial park with Deyang Sichuan Development Lomon Co.Ltd(002312) new materials Co., Ltd., a wholly-owned subsidiary, as the main body. After the project is put into operation, the company will add new products such as iron phosphate and lithium iron phosphate. At the same time, the company announced that it plans to issue shares to Sichuan advanced materials group and Sichuan salt industry, the counterparties, to purchase 100% equity of Tianrui mining, with a transaction consideration of 956 million yuan. The main business of the target company Tianrui mining is the mining, beneficiation and sales of phosphorus ore. It owns the phosphate ore resources of tongchanggeng (No. 8 ore block) of laoheba Phosphate Mine in Sichuan Province. It is the mining right resource with the largest reserves in Mabian area in Sichuan Province, and has obtained the mining license corresponding to the phosphate ore with a production scale of 2.5 million tons / year.
Layout the lithium battery material track, and the investment in lithium iron phosphate continues to increase.
The company plans to invest 12 billion yuan to build Deyang Sichuan Development Lomon Co.Ltd(002312) lithium battery new energy material project in de’a Industrial Park, including 200000 tons of iron phosphate, lithium iron phosphate and supporting projects. In November 2021, the company released the announcement of the framework agreement on relevant investment in de’a park. The investment of 12 billion yuan landed, marking that the company accelerated the layout of lithium battery material track and continued to increase its investment in lithium iron phosphate field. As a leading enterprise of industrial grade monoammonium phosphate in China, the company extends its industrial chain to the downstream, cuts into the field of lithium iron phosphate cathode materials, further gives play to the integrated advantages of “phosphate rock industrial grade monoammonium phosphate iron phosphate lithium iron phosphate” industrial chain, reduces costs and increases efficiency, improves product added value, and vigorously develops lithium iron phosphate new energy material projects, Grasp the industry development opportunities brought by the development of green and low-carbon advantageous industries.
The acquisition plan of phosphate rock has been finalized to accelerate the integration process of mineralization.
The company’s phosphate rock acquisition plan was implemented, and it was determined that the transaction consideration of 100% equity of Tianrui mining was 956 million yuan, and the share issuance price of issuing shares to purchase assets was 7.67 yuan / share. At present, the company has received the reply of Sichuan Development Co., Ltd. on the stock issuance plan. Tianrui mining owns the right of Mabian phosphate rock in Sichuan Province, with a phosphate rock resource reserve of 95.975 million tons, a mining scale of 2.5 million tons / year, and a beneficiation device of 2 million tons / year. After the acquisition, the company’s phosphate rock production capacity will rise from 1.15 million tons / year to 3.65 million tons / year. The company obtains high-quality phosphate rock resources in Sichuan Province and accelerates the layout of mineralization integrated industrial chain, which is conducive to improving the control and guarantee ability of upstream phosphate rock resources of the company’s main production base, reducing the dependence on purchased phosphate rock and reducing the adverse impact of phosphate rock price fluctuation on the company’s profitability, Enhance the cost competitiveness of the company’s iron phosphate and lithium iron phosphate and the overall value of the phosphorus chemical industry chain of listed companies, give full play to the Industrial Synergy and improve the overall profitability of the company.
Equity incentive revitalizes the development enthusiasm of enterprises, and lithium iron phosphate is expected to become the second growth curve.
The equity incentive plan of the company was implemented. The company issued the latest draft of equity incentive on February 26, 2022. The number of employees covered by equity incentive was adjusted to 320. The number of restricted shares to be granted to incentive objects in the incentive plan was 15241200, accounting for about 0.86% of the total share capital of the company on the announcement date of the draft incentive plan. This round of equity incentive plan is expected to mobilize the enthusiasm and creativity of the management and core backbone, effectively improve the cohesion of the core team and the core competitiveness of the enterprise, and then promote the rapid development of the company. Relying on the de’a Park project, the company is expected to quickly cut into the field of lithium iron phosphate, a new energy cathode material, and create a second growth curve. The company is located in the southwest region, which is rich in lithium resources and low power cost. The rich resources and complete industrial chain in the southwest region will help the company quickly enter the field of iron phosphate and lithium iron phosphate, further extend the industrial chain to the downstream on the basis of consolidating the main business, and move forward to the high prosperity track of iron phosphate and lithium iron phosphate.
Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1071 million, RMB 829 million and RMB 985 million respectively, with a year-on-year growth rate of 60.2%, – 22.6% and 18.9%. The corresponding PE is 21, 27 and 23 times respectively. Maintain the “buy” rating.
Risk tips
(1) various risks caused by price fluctuations of raw materials and main products;
(2) safety production risk;
(3) environmental protection risks;
(4) the project is not put into operation as expected
(5) risk of equity incentive effect.
