On March 21, Anhui Annada Titanium Industry Co.Ltd(002136) ( Anhui Annada Titanium Industry Co.Ltd(002136) ) 2021 annual report appeared, and the annual revenue was 2.047 billion yuan, an increase of 82.49% year-on-year; The net profit was 185 million yuan, with a year-on-year growth rate of 184.57%.
The price of titanium dioxide remained high, and the attention of Anhui Annada Titanium Industry Co.Ltd(002136) was significantly increased in the new energy field with high cross-border prospect. Compared with the “no one cares” in 2020, the company received five investor surveys in 2021, breaking the record of annual reception since listing. In terms of the secondary market, although it has experienced a shock decline since the fourth quarter of last year, it has still increased by more than 70% in the past year, and the latest report was 17.65 yuan / share.
titanium dioxide in business cycle
As one of the “old brand” titanium dioxide manufacturers, Anhui Annada Titanium Industry Co.Ltd(002136) achieved both volume and price increases in the upward cycle of the industry. In 2021, the company achieved titanium dioxide output and sales of 102800 tons and 101900 tons respectively, with a year-on-year growth rate of about 20% and 18% respectively. The titanium dioxide business recorded a revenue of 1.6 billion yuan, a year-on-year increase of 64.37%, accounting for 78.88% of the main business; The net profit was 140 million yuan, with a year-on-year increase of 155.61%; The gross profit margin was 14.54%, a year-on-year increase of 3.43 percentage points.
Affected by the rising cost of raw and auxiliary materials and the booming market demand outside China, the market price of titanium dioxide remains high. According to the statistics of the titanium dioxide sub center of the productivity promotion center of the chemical industry (hereinafter referred to as the “titanium dioxide sub center”), the price of rutile titanium dioxide increased by 22% at the end of 2021 compared with the beginning of the year; The price of anatase titanium dioxide increased by 39%.
Since 2021, Anhui Annada Titanium Industry Co.Ltd(002136) has issued announcements of price increase for many times. According to the annual report, the average sales price of titanium dioxide in the second half of 2021 was 1654149 yuan / ton, an increase of 9.15% over the first half of the year. According to the data of business agency, the average price of titanium dioxide in China has reached 21100 yuan / ton. The annual report of titanium dioxide sub center points out that in the long run, the market demand for titanium dioxide continues to be strong, and there are many new production capacity in the market. It is expected that the new production capacity will be 5 Shenzhen Quanxinhao Co.Ltd(000007) 00000 tons in 2022, and the titanium ore is in a tightening trend. It is expected that the price of titanium dioxide will remain high and volatile.
At present, Anhui Annada Titanium Industry Co.Ltd(002136) has a titanium dioxide production capacity of 80000 tons / year, the capacity utilization rate has remained above 100% for many years, and the target production and sales volume in 2022 is 100000 tons.
new energy business is booming
Compared with the “basic sector” of titanium dioxide, Anhui Annada Titanium Industry Co.Ltd(002136) taking the production of iron phosphate as the starting point, the “second growth pole” of new energy is growing more rapidly, which is also the most asked field in institutional research.
Since last year, under the background of the overall rising price of the power battery industry chain, lithium iron phosphate has sprung up with its cost-effective advantage. According to the data of the power battery industry innovation alliance, the annual installed capacity of power lithium iron phosphate battery in 2021 was 80gwh, accounting for 52%, with a year-on-year increase of 227%, surpassing the previous ternary battery. From the perspective of price trend, the average price of lithium iron phosphate cathode material increased by more than 100% in 2021. Due to the long production expansion cycle, the precursor iron phosphate showed a trend of short supply, and the price also increased.
At present, the company mainly engages in iron phosphate business with Tongling Nayuan, a holding subsidiary, as the carrier. In 2021, Tongling Nayuan achieved a revenue of 414 million, a year-on-year increase of 220%; The net profit was nearly 60 million yuan, with a year-on-year growth rate of 242%; The gross profit margin of the product was 22.26%, an increase of 3.15 percentage points over the previous year.
In August 2021, the second phase of the Anhui Annada Titanium Industry Co.Ltd(002136) 5 million ton battery grade iron phosphate expansion project was completed and put into operation, and reached production in October. On this basis, Tongling Nayuan has established a joint venture with Hunan Yuneng, a leading manufacturer of lithium iron phosphate cathode materials, Tongling anweining New Energy Technology Co., Ltd. to increase the capacity of iron phosphate, and plans to invest 250 million yuan to build a 50000 T / a high-pressure solid iron phosphate industrialization upgrading project. According to the plan, the above-mentioned project is expected to be completed and put into operation in the fourth quarter of 2022. After the expansion, the capacity of iron phosphate will increase to 100000 tons / year.
In order to stimulate the initiative of the new energy team, Anhui Annada Titanium Industry Co.Ltd(002136) implemented the core team shareholding plan in Tongling Nayuan. A total of 22 core managers and technicians subscribed for the capital increase share of Tongling Nayuan through the shareholding platform and indirectly held 4.8% of the shares of the latter. At the same time, a performance incentive plan was formulated. The relevant core personnel of Tongling Nayuan can be rewarded in proportion when the performance assessment meets the standard.
