As an important manufacturer of ternary cathode materials, Ningbo Ronbay New Energy Technology Co.Ltd(688005) (688005) has benefited from the further improvement of the terminal penetration of high nickel technology in new energy vehicles. It is expected that the company’s net profit will increase by more than 3 times year-on-year in 2021. Further, the company’s net profit after deduction will exceed the scale and growth rate of net profit, reaching a record high.
Insiders previously pointed out to the reporter of the securities times · e company that the price of lithium carbonate, the raw material of lithium iron phosphate battery, has begun to exceed the price of lithium hydroxide, the raw material of high nickel ternary battery. The cost advantage of the latter will be highlighted. This year, the overseas nickel and cobalt production capacity will be gradually restored and improved, and the price competitive advantage of high nickel ternary material will be gradually reflected.
performance will hit a record high
It is predicted that Ningbo Ronbay New Energy Technology Co.Ltd(688005) will realize a net profit of 890 million yuan to 920 million yuan attributable to the owners of the parent company in 2021, an increase of 317.71% to 331.79% compared with the same period of last year. Meanwhile, the company expects to realize a net profit of RMB 800 million to RMB 830 million after deduction in 2021, with a year-on-year increase of 399.58% to 418.31%. Compared with past performance, the Ningbo Ronbay New Energy Technology Co.Ltd(688005) net profit in 2021 will reach a record high.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) pointed out that the penetration rate of high nickel technology route in the terminal of new energy vehicles was further improved during the reporting period. Driven by the high demand of downstream customers, the company accelerated the release of new production capacity, doubled its annual sales year-on-year, and continued to maintain a leading position in China’s ternary cathode material market. At the same time, the profitability of the company’s products continued to improve and the product structure was gradually optimized. The shipment volume of high nickel polycrystalline products maintained a leading position in the market, and the proportion of single crystal high energy density products and ultra-high nickel products above 9 series increased.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) in the precursor sector, significant progress has been made in customer development, product research and development, engineering construction, etc. The proportion of self supply of precursors increased year-on-year, reaching about 30%, and the profitability increased significantly year-on-year; The company’s comprehensive cost competitiveness was further improved. The double rise of production and sales volume drives the scale effect and promotes the cost reduction and efficiency increase of manufacturing links; At the same time, the company strengthened the strategic procurement layout of raw materials to reduce the cost of the supply chain.
In terms of industrial chain, Ningbo Ronbay New Energy Technology Co.Ltd(688005) focus on the layout of “new integration”. In December 2021, the company disclosed that it planned to invest 41.7 million yuan to acquire 70% equity of Fenggu energy saving, which opened the first step of M & A integration in the field of lithium battery cathode materials and equipment, and improved the technical barriers of process and equipment.
In addition, Ningbo Ronbay New Energy Technology Co.Ltd(688005) and Zhejiang Huayou Cobalt Co.Ltd(603799) signed a strategic cooperation agreement. Among them, it is agreed that the precursor procurement volume of Ningbo Ronbay New Energy Technology Co.Ltd(688005) in Zhejiang Huayou Cobalt Co.Ltd(603799) will not be less than 180000 tons from January 1, 2022 to December 31, 2025. Under the condition that Zhejiang Huayou Cobalt Co.Ltd(603799) provides Ningbo Ronbay New Energy Technology Co.Ltd(688005) with a competitive pricing method of metal raw materials and precursor processing fee, both parties expect the procurement volume of precursors to reach 415000 tons.
accelerated penetration of high nickel materials
Ternary cathode materials are mainly used in the manufacture of lithium batteries, and are mainly used in the fields of new energy vehicle power batteries, energy storage equipment and electronic products. The ternary precursor is the intermediate of nickel cobalt manganese hydroxide of ternary cathode material. Its processing quality has an important impact on the performance and quality of ternary cathode material.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) as a leading supplier of lithium battery cathode materials in China, it is mainly engaged in the R & D, production and sales of lithium battery cathode materials and their precursors. Its core products are ncm811 series, NCA series, ni90 and above ultra-high nickel series ternary cathode and precursor materials. The company works with Contemporary Amperex Technology Co.Limited(300750) , SK, Farasis Energy (Gan Zhou) Co.Ltd(688567) , Eve Energy Co.Ltd(300014) , honeycomb energy and other mainstream lithium battery manufacturers at home and abroad, And maintain cooperation with Ganfeng lithium, Yabao, Zhongwei, Gem Co.Ltd(002340) , Tianqi Lithium Corporation(002466) and other suppliers.
According to Xinlun information and GGII data, Ningbo Ronbay New Energy Technology Co.Ltd(688005) is the only enterprise in China with an output of more than 25000 tons of ternary cathode materials in 2020, and the shipment of high nickel ternary materials in China ranks first for many consecutive years. In the first three quarters of this year, the company’s net profit reached 549 million yuan, a year-on-year increase of more than three times.
In terms of industry, the proportion of high nickel products in cathode materials has increased rapidly. GGII data show that from 2015 to 2020, the proportion of ternary materials in cathode materials increased from 32% to 46%, and the share remained the first. Among them, high nickel materials have the fastest development speed among ternary cathode materials, and the proportion of high nickel in ternary material shipments in China has increased from 9% to 24.1%.
From the long-term technical path planning of power batteries in various countries, the energy density of power battery cells will generally reach more than 300wh / kg. High nickel ternary batteries are an inevitable choice in the existing technical system, and the market share of high nickel ternary materials will have room for further improvement.
Ningbo Ronbay New Energy Technology Co.Ltd(688005) according to the investor research record, the industry data show that the installed capacity of high nickel ternary increased by 260% in the first three quarters of this year, while the installed capacity of lithium iron phosphate increased by 160% – 170%, and the growth rate of high nickel has exceeded that of “competitor” lithium iron phosphate; It is expected that with the further improvement of ternary energy density, the unit cost will be indirectly reduced.
Insiders previously pointed out to the reporter of the securities times · e company that the price of lithium carbonate, the raw material of lithium iron phosphate battery, has begun to exceed the price of lithium hydroxide, the raw material of high nickel ternary battery; In addition, in 2022, Indonesia’s nickel ore will be gradually produced, and Africa’s cobalt ore will be restored one after another. The prices of nickel and cobalt will gradually return, and the price competitive advantage of high nickel ternary materials will be gradually reflected.
(Securities Times · e company)
