Sanxiang Advanced Materials Co.Ltd(603663) (603663)
Join hands with Contemporary Amperex Technology Co.Limited(300750) motor technology to develop lightweight electric ships. Ningde Wenda magnesium aluminum, a joint-stock subsidiary of the company, reached a cooperation agreement with Contemporary Amperex Technology Co.Limited(300750) motor technology company on January 1. The two sides will jointly build a "lightweight electric ship", and the products are expected to cover "water transport boats, speedboats, cruise ships, etc.". Wenda magnesium aluminum is expected to provide hull material support for lightweight ships.
There is a broad market for electric ships, and bilateral cooperation is expected to achieve win-win results. In the work plan for promoting the high-quality development of ships and marine engineering equipment in Fujian Province jointly issued by Fujian Provincial Commission of industry and information technology and other departments in 2021, it is proposed to "build China's leading R & D and manufacturing base of electric ships and build more than 10 electric ship demonstration projects". At the same time, the pure electric business ship "Haixun 12090" developed by Contemporary Amperex Technology Co.Limited(300750) , the oil-electric hybrid emergency command ship "deep sea 01" and the large oil-electric hybrid tourism ship "Dawan District No. 1" have been launched. There is a huge space for the development of electric ships in the future. Contemporary Amperex Technology Co.Limited(300750) motor is in a leading position in ship motor technology. At the same time, electric ships have more urgent demand for lightweight. Wenda magnesium aluminum is expected to provide strong support at the lightweight material end. The cooperation between the two will achieve long-term win-win results.
Wenda magnesium aluminum will soon be put into operation to help the development of the company's "zirconium + magnesium" dual main industry. The company and Contemporary Amperex Technology Co.Limited(300750) jointly established Wenda magnesium aluminum Technology Co., Ltd., with the company holding 35% and Contemporary Amperex Technology Co.Limited(300750) holding 25%. Wenda magnesium aluminum plans to build a 50000 T / a magnesium aluminum die casting production line, and some orders for lithium battery magnesium alloy structural parts have obtained Contemporary Amperex Technology Co.Limited(300750) specific orders. At present, the plant construction and die-casting equipment have been in place. It is expected to be officially put into operation in the first quarter of this year. The company is expected to start the development of "zirconium + magnesium" in the future.
Zirconium series product lines are gradually enriched, and the leading position is significant. At present, the company is a leader in the fused zirconium and sponge zirconium industry. Relying on its own yangmeizhou hydropower station, the fused zirconium has significant cost advantages and the purity of products is the world's leading. The output of sponge zirconium accounts for more than 50% in China, and the production capacity is expected to continue to expand in the future. At the same time, the company's high-purity zirconia powder project was officially put into operation in 2021 and entered the production capacity release period this year. "Boiling chlorination" zirconium oxychloride project and special ceramic business are expected to be gradually put into operation this year and next, greatly enriching the company's product line, and the leading position of zirconium processing industry is stable.
Investment suggestion: with the expansion of the company's production capacity of zirconium series products and the development of magnesium aluminum alloy business, the company's performance is expected to be released gradually. The company's operating revenue is expected to reach 1.228 billion yuan, 1.637 billion yuan and 2.082 billion yuan from 2021 to 2023, the net profit attributable to the parent company is 98 million yuan, 169 million yuan and 234 million yuan respectively, and the EPS is 51 million yuan, 0.88 million yuan and 1.22 million yuan respectively. For the first time, give a "buy" rating.
Risk tip: the price of zirconium products fell, and the progress of new production capacity was less than expected
