On the evening of March 9, fluoride leader Do-Fluoride New Materials Co.Ltd(002407) released the performance express for 2021, realizing a net profit of 1.26 billion yuan, an increase of nearly 25 times year-on-year.
At the same time, the company said that at present, the supply of relevant products is in short supply, and the production line runs at full capacity. It is expected to maintain the trend of full production and full sales this year. According to the introduction of the company in the institutional research, the shipment volume this year is expected to be 35 Xj Electric Co.Ltd(000400) 00 tons, with an increase of more than 260% based on the lower limit of the shipment volume in 2021.
new capacity released more than expected
The announcement disclosed that in 2021, the company achieved a total operating revenue of 7.809 billion yuan, a year-on-year increase of 83.95%; The net profit attributable to the parent company was 1.26 billion yuan, a year-on-year increase of 2490.8%.
Why did it increase significantly Do-Fluoride New Materials Co.Ltd(002407) explained that in 2021, the new material business segment of the company was in a continuous growth trend. The market demand for new material products represented by lithium hexafluorophosphate was strong, and the sales price ushered in a new high. The company's new production capacity is released beyond expectation, and the product supply is in short supply.
China Securities Journal, China Securities Taurus reporter noted that Do-Fluoride New Materials Co.Ltd(002407) 124 introduced in the investigation of the organization that the company's lithium hexafluorophosphate shipment in 2021 was 1 Eve Energy Co.Ltd(300014) 000 tons.
In fact, the high prosperity of the new energy vehicle industry has driven the market demand for new material products such as lithium hexafluorophosphate. Coupled with the mismatch between supply and demand of lithium hexafluorophosphate, the price has risen rapidly since last year.
According to the data of Shanghai Nonferrous Metals network, the average price of lithium hexafluorophosphate increased from 245000 yuan / ton in May 2021 to 550000 yuan / ton at the end of 2021.
Although most of Do-Fluoride New Materials Co.Ltd(002407) related products are sold in the form of long-term orders, the terms of purchase agreements of different customers are different, and there are corresponding adjustment mechanisms for large changes in market prices, which means that the company's products can be sold at a "good price".
In addition, Do-Fluoride New Materials Co.Ltd(002407) said that the company has a certain reserve of raw materials, and some product purchase and sales agreements have corresponding linkage mechanisms for the purchase price of raw materials and the sales price of products, which can effectively avoid the adverse impact of the price rise of some raw materials.
it is expected that the shipment volume will increase greatly this year
Fluorine, phosphorus and lithium are the key to determine the material cost of lithium hexafluorophosphate products. The company disclosed that the hydrofluoric acid production project of fluorosilicic acid cooperated by the company and Yunnan Yuntianhua Co.Ltd(600096) can effectively ensure the cost and quality of fluorine resources. Through strategic cooperation and other means, the company has a layout in the preparation and procurement of phosphorus pentachloride. The company has a large lithium inventory, which can ensure continuous and stable supply through long-term agreement with upstream suppliers. In addition, the company has a production capacity of 3000 tons of high-purity lithium fluoride products and a new production capacity of 6000 tons. It is expected to reach production by the end of the year.
Do-Fluoride New Materials Co.Ltd(002407) a few days ago, when accepting the investigation of the organization, it was said that the company had a capacity of 20000 tons of lithium hexafluorophosphate in 2021. At present, most expansion projects are progressing smoothly, which is earlier than the expected construction period. According to the company's production expansion progress, it is expected to have a capacity of 55000 T / a by the end of this year, with a shipment of 35 Xj Electric Co.Ltd(000400) 00 T. it is planned to exceed the capacity of 100000 t / A from 2023 to 2024.
From the perspective of downstream demand, the data released by the passenger Federation showed that the wholesale sales of new energy passenger vehicles reached 317000 in February. In the new energy vehicle market, affected by the price rise, the order performance was weak in late January, but there was a significant recovery in February.
With the continuous delivery of goods downstream, the volume and price of lithium hexafluorophosphate increased at the same time. China Securities News · China Securities Taurus reporter noted that Do-Fluoride New Materials Co.Ltd(002407) recently said on the interactive platform that due to the continuous strong market demand, the company's relevant products are in short supply and the production line is running at full capacity. According to the order demand of downstream customers, it is expected to maintain the trend of full production and full sales this year.
Source: interactive platform
Guangzhou Tinci Materials Technology Co.Ltd(002709) recently also said that the planned capacity of lithium hexafluorophosphate has basically covered the demand in 2024.
On the other hand, according to the data of Shanghai Nonferrous Metals network, as of March 9, the average price of lithium hexafluorophosphate was 599000 yuan / ton.
Everbright Securities Company Limited(601788) pointed out that Do-Fluoride New Materials Co.Ltd(002407) had communicated with Byd Company Limited(002594) , Farasis Energy (Gan Zhou) Co.Ltd(688567) , enchemco, Ltd and other customers sign long-term sales contracts. At the same time, the company has laid out new lithium salts, and its technical level and production capacity are at the forefront of the industry.
