Recently, beiteri (835185), a leading enterprise of the Beijing stock exchange, disclosed in its 2021 annual report that the company’s performance reached a new high. In 2021, the scale of revenue exceeded 10 billion yuan and the scale of net profit exceeded 1 billion yuan for the first time.
On April 15, beiteri held the performance presentation meeting of the 2021 annual report. He Xueqin, chairman of the board of directors, Ren Jianguo, general manager, Liu Zhiwen, chief financial officer, Zhang Xiaofeng, Secretary of the board of directors and other company executives attended the meeting to respond to the concerns of investors.
2021 record high performance, revenue breaking 10 billion for the first time
According to public information, beiteri is the R & D and manufacturer of new energy materials. Its main business includes three business segments: lithium-ion battery cathode materials, cathode materials and graphene materials. It is a national high-tech enterprise integrating basic research, product development, production and sales.
Its main products are the core materials for manufacturing new energy vehicle power batteries, consumer electronics batteries and energy storage batteries.
With the continuous improvement of the new energy vehicle and power battery market, beiteri’s performance in 2021 ushered in explosive growth.
According to the annual report, beiteri achieved a revenue of 10.491 billion yuan in 2021, a year-on-year increase of 135.67%; The net profit attributable to the parent company in the same period was 1.441 billion yuan, a year-on-year increase of 191.39%.
In terms of business contribution, the sales volume of negative electrode materials of the company in 2021 was 166200 tons, with a year-on-year increase of 120.82%; The annual revenue was 6.459 billion yuan, a year-on-year increase of 104.96%.
According to the data of Tonglian, the sales volume of beiteri cathode materials exceeded 160000 tons in 2021, with a year-on-year increase of 112.48%. However, in terms of production capacity, the production capacity expansion of cathode enterprises in 2022 is relatively limited because graphitization restricts the manufacturing of cathode materials to a certain extent. Beiteri ranks first with an expanded output of 200000 tons, Shanghai Putailai New Energy Technology Co.Ltd(603659) , Ningbo Shanshan Co.Ltd(600884) , Hunan Zhongke Electric Co.Ltd(300035) with an expanded output of 80000, 60000 and 50000 tons respectively.
Since 2013, beiteri’s cathode material shipment has ranked first in the world for 9 consecutive years.
On the other hand, the company’s cathode material business has developed steadily. In 2021, beiteri’s cathode material sales exceeded 30000 tons, realizing an operating revenue of 3.651 billion yuan, a year-on-year increase of 250.36%; Accounting for 34.80% of the total revenue, an increase of 11.39% over 2020.
Beiteri also disclosed the annual equity distribution plan for 2021: distribute 5 bonus shares for every 10 shares to all shareholders with undistributed profits, and distribute a cash dividend of 3.5 yuan (including tax) for every 10 shares. At present, the total share capital of the company is 485 million shares. This equity distribution is expected to distribute 243 million bonus shares and 170 million yuan of cash dividend (including tax). After the implementation, the total share capital of the company will increase to 728 million shares.
Figure / wind
As of the latest data, there are 14000 shareholders of beiteri, among which GE Weidong, a well-known investor, is among the top ten shareholders of beiteri. After reducing 1.12 million shares last year, Ge Weidong is expected to receive a cash dividend of 2.51 million yuan if calculated according to the shareholding ratio of 1.48% at the end of 2021.
Is there a risk of overcapacity?
beiteri responded: optimistic about capacity matching
The continued popularity of the new energy vehicle industry has greatly increased the performance of relevant enterprises in the industrial chain. In the face of short supply in the market, beiteri is accelerating the expansion of production.
In terms of negative electrode material production capacity, in 2021, beiteri announced the construction of 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, 40000 tons of lithium battery negative electrode material project, 100000 tons of lithium battery negative electrode material precursor and finished product production line, 70000 tons of artificial graphite negative electrode material integrated production line Ningxia 100000 ton artificial graphite anode material integration base and other foreign investment projects.
With the rapid expansion of negative electrode material capacity, beiteri is building a total capacity of 260000 tons, which is 1.8 times of the current capacity.
In the field of cathode materials, the company announced that it plans to jointly invest with ski and Eve Energy Co.Ltd(300014) to build a high nickel ternary cathode material project for lithium batteries with an annual output of 50000 tons, so as to further enhance the competitive advantage of the high nickel ternary cathode material industry.
On April 8, beiteri officially launched the construction project of silicon-based negative electrode materials with an annual output of 40000 tons. The project plans to build a production line with an annual output of 40000 tons of silicon-based negative electrode materials, with a total investment of 5 billion yuan, an area of 64000 square meters and a total construction area of about 224000 square meters.
It is worth mentioning that, as the first enterprise in the new energy industry to realize the industrialization of silicon carbon products, beiteri began the technical research and development of silicon-based negative electrode materials in 2006, realized the mass production of silicon carbon products in 2013 and began to supply foreign products.
Map / panorama network
He Xueqin, chairman of beiteri, said at the performance briefing that at present, the company’s competitive advantages of silicon-based cathode materials mainly include:
1. Strong R & D technology and industrialization strength: beiteri started the technical R & D of silicon-based negative electrode materials earlier, and is also the first enterprise in the industry to realize the industrialization of silicon carbon products;
2. Silicon based products have excellent performance and high-quality customer base: the company currently has two series of products, silicon carbon and silicon oxygen, with a wide range of products, high product capacity, low expansion and excellent cycle life. They have been applied to terminal products in batches and have been widely recognized by customers outside China;
3. Rapid technological innovation breakthrough and thick reserves: compared with the current, the new generation of high-capacity silicon carbon products and high first effect silicon oxygen products have been developed and mature, and the company continues to promote product technology upgrading and iteration. The company’s new silicon-based products will have a positive impact on the company’s performance.
Map / panorama network
However, for the expansion of the company, the market is worried about whether beiteri will have overcapacity. In this regard, he Xueqin stressed:
“The company’s newly expanded production capacity does basically have a sales direction. As for the matching of market production capacity and demand in 2023 and in the future, as previously replied, based on beiteri’s own production expansion logic, the characteristics of customer structure and the enterprise’s own competitive advantages, we are still optimistic about the matching of the company’s production capacity.”
“the current share price does not reasonably reflect the company’s value”
2022 first quarter performance increased by 64% – 79%
It is worth noting that, affected by various factors, beiteri’s share price has significantly corrected this year.
For the continuous decline of share price, Zhang Xiaofeng, board secretary of beiteri, responded:
\u3000\u3000 “We fully understand investors’ dissatisfaction with the continuous decline of the stock price, but the short-term fluctuation of the company’s stock price is affected by multiple factors such as the international political situation, macro environment, industry dynamics and market sentiment, and there may even be an irrational decline away from the company’s fundamentals. Just as the company’s stock price fell to 5 yuan / share in 2018, the company also believes that the current stock price does not reasonably reflect the company’s value; the company always adheres to the concept of compliance management, Strive for the best business performance and sustainable development to maintain investors’ confidence in the company and let investors share the development achievements of the company; In view of the fact that the company is still in the period of expansion and development and has a large capital demand, there is no share repurchase plan for the time being.
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For the planning of capital market, Zhang Xiaofeng clearly pointed out that “the company has no board transfer plan at present.”
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Or to boost investor confidence, on April 15, beiteri disclosed the performance forecast for the first quarter of 2022. It is estimated that the net profit attributable to the parent company in the first quarter is 430470 million yuan, a year-on-year increase of 64.09% – 79.53% compared with 262 million yuan in the same period of last year.
Figure / company announcement
For the reasons for the performance growth, beiteri said that during the reporting period, the downstream battery market continued to boom, the market demand for battery materials increased, and the company’s positive and negative material business maintained rapid growth.
According to the data on the website of the Ministry of industry and information technology, the national output of lithium-ion batteries in 2021 was 324gwh, with a year-on-year increase of 106%, of which the output of consumption, power and energy storage lithium batteries were 72gwh, 220gwh and 32gwh, with a year-on-year increase of 18%, 165% and 146% respectively. The total output value of lithium battery industry exceeded 600 billion yuan.
According to the Research Report of Anxin securities, beiteri has expanded the production capacity of artificial graphite negative electrode materials in the past two years, and actively built new production lines of silicon-based negative electrode materials and high nickel ternary positive electrode materials, so as to make a forward-looking layout for the development trend of positive and negative materials in the industry in the future. The negative electrode materials of the company continue to grow rapidly, and the high nickel ternary positive electrode meets new opportunities in large quantities. And gave beiteri a Buy-A rating.
Map / panorama network
For the industry demand, he Xueqin pointed out that “up to now, the negative electrode material market is still in a tight supply state, and the future depends on the changes of downstream market demand.”
Map / panorama network
Looking into the future, he Xueqin stressed that “according to the forecasts of all parties on the future scale of lithium battery market, most of them believe that the installed capacity of lithium battery will enter the T era (i.e. more than 1000gwh) by 2025, and the future market space is huge.”
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