\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 111 China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) )
Hot spot quick review
Highlight 1: China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) in 2021, the revenue will reach 30.408 billion yuan, an increase of 38.83% at the same time; The net profit attributable to the parent company was 5.130 billion yuan, an increase of 462.32%.
Highlight 2: the company has a smelting and separation capacity of 120000 tons / year and a rare earth metal capacity of 16000 tons / year in 21 years. Rare earth functional material products include rare earth magnetic materials, polishing materials, hydrogen storage materials and catalytic materials. The total control index of rare earth mineral products in 21 years was 168000 tons, an increase of 20% at the same time, and the amount obtained by the company accounted for 60% of the total index.
Highlight 3: industry concentration is expected to continue to improve. China's rare earth quota has increased year by year, and the proportion of China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) has always been higher than 50% Inner Mongolia Baotou Steel Union Co.Ltd(600010) provides concentrate exclusively, with obvious price advantage.
Highlight 4: around the goal of "double carbon", the demand for catalytic praseodymium and neodymium oxide increases. Taking 21-25 years as an example, according to the calculation of Baichuan Yingfu, the permanent magnet motor of a new energy vehicle needs 1kg praseodymium neodymium oxide, and the demand CAGR is 40%. In addition, the demand for praseodymium and neodymium oxide driven by direct drive / semi direct drive permanent magnet motors in the field of wind power is 22%. The penetration rate of high-end frequency conversion air conditioner has increased, driving the demand for praseodymium and neodymium oxide, with a CAGR of 37%.
Risk tips
The company's capacity release was lower than expected, and the sales volume of new energy vehicles was lower than expected.
