While maintaining the stable growth of carbonate base sector, Shandong Shida Shenghua Chemical Group Company Limite(603026) ( Shandong Shida Shenghua Chemical Group Company Limite(603026) ) is expanding the layout of new energy materials.
On April 8, Shandong Shida Shenghua Chemical Group Company Limite(603026) released the annual report of 2021. During the reporting period, the operating revenue was 7.056 billion yuan, an increase of 57.67% year-on-year; The net profit attributable to the parent company was 1.178 billion yuan, a year-on-year increase of 353.6%; It is proposed to distribute a cash dividend of 3 yuan (including tax) to all shareholders for every 10 shares.
The explosion of new energy vehicle market has driven demand growth, and Shandong Shida Shenghua Chemical Group Company Limite(603026) main product carbonate series has contributed nearly 60% of the revenue in 2021; The output was 486000 tons, the sales volume was 299100 tons, and the average price was 1403275 yuan, a year-on-year increase of 68.1%; The gross profit margin of the product is 48.87%.
However, affected by factors such as capacity release, the market is worried about oversupply, and the price of dimethyl carbonate has continued to fall since the beginning of the year.
According to the data of Longzhong information, in January this year, the price of dimethyl carbonate in Shandong market fluctuated in the range of 9 Tcl Technology Group Corporation(000100) 00 yuan / ton. After the Spring Festival in February, the price continued to fall. In March, the mainstream price in Shandong market fell to 5784.8 yuan / ton, down 36%.
It is noteworthy that Shandong Shida Shenghua Chemical Group Company Limite(603026) still maintained strong profitability in the first quarter of this year. The company predicted that the net profit attributable to the parent company in the first quarter is expected to be 445472 million yuan, an increase of 91.86% – 103.50% year-on-year; Compared with 440 million yuan in the fourth quarter of 2021, it achieved a month on month growth of 2% – 8%.
In this regard, Shandong Shida Shenghua Chemical Group Company Limite(603026) management said at the performance briefing on April 10 that the listed companies still maintained full production and sales in the first quarter, mainly due to the accumulation of customers for a long time. In particular, overseas customers account for about 70%, which belongs to the high-end market with high prices, and signing long orders also makes the company less affected by price fluctuations. In addition, the company has certain cost advantages due to factors such as technological transformation, efficiency improvement, self supplied propylene oxide and scale effect.
Many listed companies in the industry have expanded their production of carbonate, including hundreds of thousands of tons of capacity planning Shandong Shida Shenghua Chemical Group Company Limite(603026) management said that the expansion of production in the industry has little impact on the company, because the company’s 300000 ton electrolyte project will be completed in 2023, when more dimethyl carbonate will be used for self supply. At present, Shandong Shida Shenghua Chemical Group Company Limite(603026) mainly involves in the electrolyte industry by means of outsourcing.
“Every industry will go through this process. In the period of rapid development, it will attract new entrants. Oversupply will lead to the clearing of backward production capacity. The advantageous production capacity will be concentrated in the leading enterprises, and the Matthew effect will be more obvious. At present, the overall operating rate in the industry is only 50%, and even some factories have been shut down in March.” Shandong Shida Shenghua Chemical Group Company Limite(603026) management believes that the recent price trend is caused by the change of supply-demand relationship, and it is expected to return to a reasonable level in the third and fourth quarters of this year.
It is worth mentioning that Shandong Shida Shenghua Chemical Group Company Limite(603026) business extends to the field of silicon-based negative electrode materials. The announcement shows that in 2021, the company’s 1000 t / a silicon-based negative electrode production line will be completed and put into trial production, and another 20000 t / a capacity plan will be implemented by the end of next year.
Shandong Shida Shenghua Chemical Group Company Limite(603026) management said that at present, the main product is high first effect silicon oxygen carbon negative electrode, and 4680 battery is the main target group. It is estimated that the demand for 4680 battery will be more than 200gwh in 2025, corresponding to the demand for silicon-based negative electrode of more than 160000 tons, which depends on the actual production data.
“In the first half of this year, the company has been sending samples to customers of consumer and electric tools. At the end of last month, the company also sent samples to customers of Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , GAC AIAN and other customers. The goal of this year is to open market sales to verify product indicators. The goal of next year is to reach cooperation with the top ten power battery manufacturers in China, and the development plan of international customers is put in 2024.” Shandong Shida Shenghua Chemical Group Company Limite(603026) management said.
Silicon based negative electrode is regarded as the next generation of negative electrode material, which has the characteristics of high capacity and can greatly improve the energy density of lithium-ion battery. At present, the specific capacity of mainstream graphite negative electrode materials can reach 355360mah / g, which is close to the theoretical specific capacity of 372mah / g, while the theoretical specific capacity of silicon materials is 4200mah / g, which is more than 10 times that of graphite. However, the defects of large expansibility of silicon-based negative electrode still need to be improved.
Shandong Shida Shenghua Chemical Group Company Limite(603026) in recent years, the traditional chemical business has been gradually stripped away and the layout has been carried out around new energy materials. At the end of 2021, Shandong Shida Shenghua Chemical Group Company Limite(603026) successively announced the layout of seven new projects, the construction of 300000 t / a electrolyte project, the supporting improvement of 100000 t / a liquid lithium salt project and 11000 T / a new additive project; Extend the development of lithium battery material projects, and arrange 20000 t / a silicon-based negative electrode, 20000 t / a lithium supplement, 10000 t / a new conductive agent and other projects. In addition, Shandong Shida Shenghua Chemical Group Company Limite(603026) also announced the 50000 T / a wet electronic chemical project, arranged semiconductor auxiliary materials and other products, and cultivated the second growth curve.
