The lifting of the ban on the largest market value this week is coming
On the 21st, Cngr Advanced Material Co.Ltd(300919) announced that on Friday (December 24), about 102.64 million restricted shares will be lifted and listed for circulation.
According to the closing price of 164 yuan / share on December 21, the close market value will exceed 16.4 billion yuan.
It is worth noting that nearly 23 million shares held by the two funds of Junlian capital under Lenovo Group are also among the shares lifted this time.
the only listed company in Guizhou Tongren
the share price rose by more than 560%
According to public data, Cngr Advanced Material Co.Ltd(300919) was established in 2014. It is the leading stock of lithium battery cathode materials in the A-share market and the only A-share listed enterprise in Tongren, Guizhou.
Since its listing on December 23, 2020, Cngr Advanced Material Co.Ltd(300919) has just caught up with the outlet of new energy vehicles. The share price has risen from the IPO price of 24.6 yuan to a high of 214.77 yuan (up to 773%), which has been corrected recently.
As of the 21st closing, the share price of Cngr Advanced Material Co.Ltd(300919) also rose by more than 560%.
two investments
Junlian capital became the largest external shareholder
According to the third quarterly report, Junlian Shengyuan under Junlian capital holds 24.979 million shares, which is the second largest shareholder of Cngr Advanced Material Co.Ltd(300919) and the largest external shareholder of Cngr Advanced Material Co.Ltd(300919) .
In this lifting of the ban, 21.599 million shares held by Beijing Junlian Shengyuan under Junlian capital and 1.38 million shares held by Suzhou junjunde are among the lifting of the ban. This means that the 23 million shares held by Junlian capital will face the lifting of the ban, with a market value of 3.77 billion yuan.
According to Tianyan survey, Zhongwei new material completed two rounds of financing in April and may 2019, including Junlian capital, industrial asset management, Jianxin investment, industrial fund, Fanjingshan investment, Haifu industry fund, etc.
The shares of the above-mentioned investment institutions are among the banned shares in this round. This means that within two years of investment, these investment institutions have reaped more than five times their profits.
400 million revenue supports 100 billion market value
With the recent correction, as of the closing on the 21st, Cngr Advanced Material Co.Ltd(300919) still has a total market value of 99.3 billion yuan. However, according to the financial report of Cngr Advanced Material Co.Ltd(300919) , its net profit is only 420 million yuan in 2020. Can this net profit support the market value of 100 billion yuan?
It is understood that Cngr Advanced Material Co.Ltd(300919) is mainly used as a ternary precursor, which will form a ternary battery positive pole through firing, and is widely used in the fields of new energy vehicle power battery, energy storage battery and consumer battery.
In 2020, the revenue was RMB 7.44 billion, with a year-on-year increase of 40%, of which the revenue of ternary precursor was RMB 5.673 billion, accounting for more than 70% of the company’s revenue, becoming the main source of revenue.
From 2017 to 2020, the compound growth rates of Cngr Advanced Material Co.Ltd(300919) revenue and net profit attributable to parent company reached 58.7% and 184.2% respectively, which soon replaced Gem Co.Ltd(002340) and became the first global ternary precursor shipment.
However, the current profit model of Cngr Advanced Material Co.Ltd(300919) doing this business is essentially earning processing fees, which is greatly affected by the fluctuation of raw material prices.
According to previously published data, the manufacturing cost of Cngr Advanced Material Co.Ltd(300919) accounts for only a small part, and the cost of raw materials exceeds 90%, of which the direct materials mainly include cobalt sulfate, nickel sulfate, manganese sulfate and nickel beans, and the manufacturing cost mainly includes equipment depreciation and hydropower energy costs. From the perspective of cost composition, ternary precursors have very strong resource attributes, and the prices of metals such as nickel and cobalt will be the main factor affecting the cost of ternary precursors.
Industry attributes determine that the profit margin will not be too high. From the perspective of profitability, although with the technological iteration, the profit margin has increased year by year, and the net interest rate of Cngr Advanced Material Co.Ltd(300919) in 2020 is 5.6%, an increase of 2.2 percentage points year-on-year, compared with other midstream material enterprises, it is not easy to achieve a gross profit rate of 13.14% in 2020.
In 2021, the net interest rate of Cngr Advanced Material Co.Ltd(300919) continues to increase steadily compared with that in 2020, which also reflects the increasing operational efficiency of the enterprise.
In terms of operational efficiency, Cngr Advanced Material Co.Ltd(300919) 2020’s total asset turnover rate reached 0.93, higher than that of other midstream material enterprises, and reached 0.65 in the annual report in 2021, which shows that its operation and management ability is very outstanding, and the high total asset turnover rate also makes the company’s roe at the leading level.
However, with the soaring price of raw materials in 2021, whether the net interest rate of Cngr Advanced Material Co.Ltd(300919) can remain above the 2020 level has become one of the important reference factors for the future stock price trend of Cngr Advanced Material Co.Ltd(300919) .
So whether Junlian capital will reduce its holdings remains to be seen
(China Fund News)
