On March 30, beiteri released its annual report for 2021. The company achieved an operating revenue of 10.491 billion yuan in 2021, with a year-on-year increase of 135.67%; The net profit attributable to the parent company was 1.441 billion yuan, a year-on-year increase of 191.39%. Thanks to the company’s forward-looking planning, beiteri has seized the opportunity of rapid development of new energy to achieve prosperous production and marketing, the leading position of negative electrode materials continues to be stable, the profitability of positive electrode materials continues to grow, and the perfect industrial chain layout enables the company to grow in the future.
negative electrode material industry status continues to consolidate
After more than 20 years of accumulation and development, the company’s negative electrode material business has formed a negative electrode material product system dominated by natural graphite negative electrode materials, artificial graphite negative electrode materials and new negative electrode materials. In 2021, the production capacity of beiteri cathode materials will be accelerated and the leading position in the industry will be stable.
According to the research data of Gaogong lithium battery, in 2021, China’s lithium battery cathode material enterprises shipped 720000 tons, a significant increase of 97.26% over 2020. According to the annual report, in 2021, the company sold 166200 tons of cathode materials, with an operating revenue of 6.459 billion yuan, a year-on-year increase of 104.96%. During the reporting period, the company’s negative material production capacity was 14.47 tons, and the production capacity under construction was 260000 tons. In the future, the production capacity is expected to double.
Beiteri started from the production of natural graphite negative electrode materials with rich technical accumulation. In terms of natural graphite anode materials, the company has formed a whole industrial chain layout integrating mining, natural flake graphite processing and spheroidization, purification and finished product production.
The annual report shows that in 2021, the company was committed to developing “natural graphite products with low expansion rate and long cycle life”, which has entered the mass production stage. After the project is completed, the competitiveness of the company’s natural graphite can be enhanced and the product categories can be further improved, which is conducive to the improvement of the company’s profits.
Artificial graphite anode material is the main cathode material at present. According to the 2021 Research Report on China’s lithium battery cathode industry released by Gaogong lithium battery, the shipment of artificial graphite in China is expected to increase to 1.24 million tons in 2025, accounting for 85.52% at that time. In addition, self built graphitization capacity has become a new trend, which helps manufacturers of artificial graphite cathode materials to establish controllable graphitization processing supporting capacity. Beiteri has arranged key production processes or raw material links such as graphitization of artificial negative electrode materials and production of ternary positive electrode material precursors through equity participation or holding.
In 2021, through foreign investment, the company continued to increase the scale of artificial graphite negative electrode and carried out many foreign investment projects, including 50000 tons of high-end artificial graphite negative electrode material project, 120000 tons of negative electrode needle coke production line, 80000 tons of high-end artificial graphite negative electrode integrated production line project, 100000 tons of artificial graphite negative electrode material integrated production project, etc, It will provide strong support for the company’s production capacity of artificial graphite cathode materials.
Beiteri said that the company will reduce the cost of the whole process through technology, promote the large-scale application of continuous graphitization technology, optimize the production process, improve automation and integration, and reuse of finished tailings.
silicon based negative pole breakthrough
As one of the first batch of silicon-based negative electrode material manufacturers in China, its action in the direction of silicon-based negative electrode has attracted much attention. Silicon based materials are expected to become the mainstream direction of the next generation of negative electrode materials due to their high energy density (theoretical specific capacity is 4200mah / g, 10 times that of graphite negative electrode materials), low lithium removal potential and relatively excellent safety performance. According to the prediction of Gaogong lithium battery, the shipment of silicon-based negative electrode materials in China will reach 22000 tons in 2025.
The annual report shows that the company has completed the development of a new generation of high-capacity silicon carbon and high first effect silicon oxygen products, and obtained customer certification. The products have been introduced into mass production, which will help to maintain the leading position in the R & D and industrialization of silicon-based negative electrode technology.
According to the announcement, the company also plans to invest in the construction of a 40000 ton silicon-based negative electrode material project in Guangming District, Shenzhen, with an estimated total investment of 5 billion yuan. The project is planned to be completed and put into operation before the end of December 2023, with an annual capacity of 15000 tons of silicon-based negative electrode materials; Achieve an annual output of 40000 tons of silicon-based negative electrode materials before 2028.
cathode material profitability increased rapidly
The annual report shows that in 2021, the sales volume of beiteri cathode materials was 31600 tons, with a year-on-year increase of 47.55%; The operating revenue was 3.651 billion yuan, a year-on-year increase of 250.36%; The average sales price increased by 137.45% year-on-year, becoming an important driver of the company’s growth.
In June 2021, beiteri completed the transfer of lithium iron phosphate assets and business. Through integration and optimization of asset structure, beiteri concentrated resources and focused on the core business of cathode materials to enhance the core competitiveness of the company. At present, the company focuses on high nickel ternary cathode materials represented by NCA and ncm811, which are characterized by low cobalt content, high energy density and high cost performance. At present, the company’s high nickel cathode material production line has passed the audit and verification of ski, Panasonic and other international customers. In terms of delivery volume, high nickel Sanyuan has achieved a breakthrough for major customers both at home and abroad.
The annual report shows that in 2021, the company’s cathode material production capacity was 33800 tons and the capacity under construction was 50000 tons. According to Orient Securities Company Limited(600958) statistics, in addition to the 3000 ton ternary cathode material production capacity of the company’s early headquarters in Shenzhen, Jiangsu beiteri 15000 ton high nickel ternary cathode material project has been put into operation in 2019, and another 15000 tons of production capacity has been added, which is expected to be put into operation in 2022. In addition, Changzhou beiteri, ski and Eve Energy Co.Ltd(300014) jointly invested in the construction of a high nickel ternary cathode material project for lithium batteries with an annual output of 50000 tons. It is expected that the production capacity will be fully released in 2023. In 2025, the company’s total capacity of ternary cathode is expected to reach 83000 tons and equity capacity 58500 tons.
The annual report shows that the company is developing ultra-high nickel cathode materials with independent intellectual property rights to meet the needs of high energy density of power and consumer electronics. The project has completed the development of small-scale test stage and entered the pilot stage.
