\u3000\u3 China Vanke Co.Ltd(000002) 460 Ganfeng Lithium Co.Ltd(002460) )
Events
The company disclosed the annual performance express of 2021.
In 2021, the operating revenue reached 11.162 billion yuan, a year-on-year increase of 102.07%; The net profit attributable to the parent company was 5.175 billion yuan, a year-on-year increase of 405.03%; The net profit deducted from non parent company was 2.811 billion yuan, with a year-on-year increase of 598.91%; The basic earnings per share was 3.66 yuan, a year-on-year increase of 363.29%.
The company disclosed the forecast of main operating data from January to February 2022.
From January to February 2022, the company operated stably, the product price further increased, and the sales volume increased year-on-year. According to the preliminary accounting of the company, from January to February 2022, the operating revenue was about 3.6 billion yuan, with a year-on-year increase of about 260%; The net profit attributable to the parent company was about 1.4 billion yuan, a year-on-year increase of about 300%; The net profit deducted from non parent company was about 1.8 billion yuan, with a year-on-year increase of about 1000%.
Brief comment
The simultaneous rise in volume and price led to significant growth in performance.
(1) the price of lithium products increased significantly. Benefiting from the rapid development of the new energy industry chain, the strong demand for lithium salt products has driven the price of lithium products to rise significantly. From 2020 to 2022 (as of March 14, 2022, the same below), the average price of battery grade lithium carbonate is 4.5/12.2408000 yuan / ton, the average price of lithium hydroxide is 5.2/11.4344000 yuan / ton, and the average price of metal lithium is 51.7/72.42135000 yuan / ton respectively.
(2) the capacity utilization rate has been gradually improved, and the company’s sales volume has increased significantly. In 2021, thanks to the smooth operation of Mahong phase III 50000 ton lithium hydroxide project, the company’s effective production capacity increased significantly, driving the company’s production and sales volume to increase significantly.
(3) the earnings from changes in the fair value of Pilbara and other financial assets in which the company shares also thickened the company’s performance.
When new projects are put into operation, the battery field may start the second growth curve.
(1) with the implementation of its projects, the self-sufficiency rate of resources has gradually increased. On the premise that the cost of several projects of aokuang has not changed much, the sales price of lithium concentrate has been greatly increased, and the profits of the industrial chain gradually tend to the end of raw materials. With the first phase of cauchari olaroz Salt Lake project, 20000 ton lithium chloride project of Mariana Salt Lake and 20000 ton lithium hydroxide project of Sonora clay phase I put into operation, the self-sufficiency rate of resources will be further improved. Under the background of high price of lithium products, the performance flexibility of the company is very high.
(2) battery field or start the second growth curve. Ganfeng lithium, a subsidiary of the company, invested 8.4 billion to build a lithium battery project, and the long-term production capacity will reach 15gwh. At present, Ganfeng lithium has reached a strategic cooperation intention with Dongfeng Automobile Co.Ltd(600006) , batrui, Jingke energy, etc., covering the development of automotive power cells, solid-state batteries, photovoltaic energy storage applications and other fields.
Risk analysis: price rise of raw materials; The new project was put into operation less than expected.
