\u3000\u30 Jinzai Food Group Co.Ltd(003000) 14 Eve Energy Co.Ltd(300014) )
Events
Eve Energy Co.Ltd(300014) ( Eve Energy Co.Ltd(300014) ) announcement: 1) the proposed repurchase shall not be less than 150 million yuan, not more than 300 million yuan (both inclusive), and the price shall not exceed 129 yuan / share. 2) Received Bosch fixed-point notice. 3) It is planned to invest 12.6 billion yuan in Jingmen high tech Zone to build 20gwh square iron lithium and 48gwh power energy storage projects.
Key investment points
Continue to increase production capacity and expect high growth in the future
The company plans to invest 12.6 billion yuan in Jingmen high tech Zone to build 20gwh square power lithium iron project (fixed asset investment of 3.8 billion yuan, investment intensity of 190 million yuan / GWH) and 48gwh power energy storage project (fixed asset investment of 8.8 billion yuan, investment intensity of 180 million yuan / GWH). The project of the company is the implementation of Jingmen 153gwh power storage battery industrial park project. The company plans 50gwh in Chengdu, 10gwh in Huizhou Sanyuan soft package, 10gwh in joint venture with Jiangsu Linyang Energy Co.Ltd(601222) and other capacity. The current planned capacity of the company exceeds 250gwh. Up to now, the company’s lithium iron phosphate production capacity has reached 20gwh, ternary square 2.5gwh and ternary soft bag 10gwh. By the end of 2022, it is expected that the company’s 10gwh ternary square will be put into operation, and the company’s 20gwh large column project will be put into operation in 2023. It is estimated that the company’s 2022 power storage shipment is expected to reach 30gwh, more than doubling the growth compared with 2021.
The company has high-quality customers and has entered BMW, Hyundai Kia, Daimler, Xiaopeng, Jaguar Land Rover, Bosch and other high-quality customers. In terms of energy storage, the company has entered China Mobile, State Grid and other supply chain systems. On the whole, although the company’s power is subject to the rising pressure of raw materials in the short term, the long-term positive trend remains unchanged, and it can be expected to continue high growth in the future.
Clear industrial layout and strengthen cost competitiveness
The layout of the company’s industrial chain is improving day by day, and the company is partnering with excellent partners in the industrial chain. In terms of upstream resource products, the company cooperates with Huayou, Gem Co.Ltd(002340) , Dahua Chemical overweight nickel and lithium resources, and realizes in-depth layout with Shenzhen Capchem Technology.Ltd(300037) , Zhongke, Enjie, Germany and beiteri in terms of midstream materials. Overall, the company’s industrial layout is clear, which will further strengthen the company’s supply chain security and enhance cost competitiveness.
In terms of midstream materials, it is similar to Shenzhen Capchem Technology.Ltd(300037) (Yiwei holds 20%, Jingmen invests 20000 tons of electrolyte + 50000 tons of semiconductor chemicals), Hunan Zhongke Electric Co.Ltd(300035) (Yiwei holds 40%, Yunnan invests 100000 tons of integrated negative electrode, which is expected to be put into operation by the end of 2022 / 2023 respectively), Yunnan Energy New Material Co.Ltd(002812) (Yiwei holds 45%, Jingmen invests 1.6 billion flat wet base film and its matching coating capacity) Shenzhen Dynanonic Co.Ltd(300769) (Yiwei holds 40%, Yunnan invests 100000 tons of iron lithium cathode, which is expected to be put into operation in 2022h2), beiteri and others (Yiwei holds 24%, invests 50000 tons of high nickel project) carry out all-round layout.
Overweight the layout of upstream resource products. In terms of nickel resources, cooperate with Gem Co.Ltd(002340) overweight recycling, and Gem Co.Ltd(002340) promises to supply no less than 10000 tons of recycled nickel products to Yiwei every year from 2024; Huayu nickel cobalt hydrometallurgy project with annual output of 120000 tons of nickel + 15000 tons of cobalt invested in Indonesia with Huayou and others (Yiwei holding 17%) is expected to be put into operation in 2023. In terms of lithium resources, the company acquired 5% equity of Dahua Chemical, which has the purchasing right of Dachaidan salt lake. In addition, the company acquired 49% equity of Xinghua lithium salt (lithium salt processing) and 28% equity of jinkunlun (metal lithium production), and invested 1.8 billion yuan in a joint venture with jinkunlun (Yiwei holds 80%) to build 30000 tons of lithium carbonate and lithium hydroxide projects, including 10000 tons in phase I. Through cooperation with Dahua Chemical, the company has realized the layout of lithium resources and lithium processing industrial chain to ensure the acquisition of lithium resources.
Further push the employee stock ownership plan and repurchase to show confidence in long-term development
The company plans to further promote the employee stock ownership plan and issue the draft of the ninth phase of the employee stock ownership plan. The number of participants in the plan is no more than 3300 and the maximum amount of capital is 180 million yuan. The company granted 163.6 million shares to employees on 2021 / 2024 / 2024, and the corresponding stock price was not lower than 163.6 million shares in 2021 / 2024 / 2024, respectively. On March 11, 2022, the company plans to repurchase no less than 150 million yuan and no more than 300 million yuan, and the repurchase price is no more than 129 yuan / share. On March 14, 2022, the company has repurchased 710000 shares, with a repurchase amount of 50.92 million yuan. The company’s repurchase speed is fast, demonstrating its confidence in long-term development.
On the whole, the company attaches importance to talents, gives great incentives to employees, retains excellent employees, and demonstrates the company’s confidence in long-term development. We believe that the company’s industrial layout is perfect, and multi-dimensional production capacity, customers, technology and employee incentives ensure the long-term development of the company.
Profit forecast
It is estimated that the net profit attributable to the parent company in 2021, 2022 and 2023 will be 2.9/36/6.5 billion yuan, EPS will be 1.53/1.90/3.40 yuan, and the corresponding PE will be 55 / 45 / 25 times respectively. Based on the company’s high-quality track, the industrial layout conforms to the future development trend, the short-term pressure does not change, and the long-term trend is good. We are optimistic about the medium and long-term upward development opportunities of the company and give a “recommended” rating.
Risk tips
Policy fluctuation risk; Downstream demand is lower than expected; The product price is lower than expected; Risk of deterioration of competition pattern; Capacity expansion and digestion are not as expected; The progress of additional issuance was less than expected.
