Ningbo Shanshan Co.Ltd(600884) announced that it plans to increase the capital of Shanghai Shanshan lithium battery, a holding subsidiary, by 3.05 billion yuan, and introduce winning investment, Byd Company Limited(002594) , Ningde new energy and Kunlun capital four strategic investors. Among them, Byd Company Limited(002594) and Contemporary Amperex Technology Co.Limited(300750) increased capital by 150 million yuan and 100 million yuan respectively, and the winning investment of Contemporary Amperex Technology Co.Limited(300750) wholly controlled increased capital by 300 million yuan.
It is worth noting that the stock price of Ningbo Shanshan Co.Ltd(600884) has fallen by 47.65% since its record high in October last year.
Considering the introduction of war investment, Ningbo Shanshan Co.Ltd(600884) said that it was mainly based on the rapid growth of the market demand for lithium battery cathode materials and the company’s cathode material business development plan. War investment was the core strategic customer and supplier of the upstream and downstream of the cathode material business, helped Shanshan cathode material development .
At present, Ningbo Shanshan Co.Ltd(600884) focuses on the two core advantages of lithium battery cathode materials and polarizers. The revenue of polarizers and cathode materials products accounts for 68% .
According to public information, Shanghai Shanshan lithium battery, the subject of this capital increase, is mainly engaged in the R & D, production and sales of lithium ion battery cathode material and its carbon materials. After the capital increase, the proportion of Ningbo Shanshan Co.Ltd(600884) to its shares will be changed from 89.99% to 87.08%.
On the same day, Ningbo Shanshan Co.Ltd(600884) disclosed the annual report of 2021, realizing an operating revenue of 20.699 billion yuan, a year-on-year increase of 151.94%; The net profit attributable to the parent company was 3.34 billion yuan, with a year-on-year increase of 2320% in and . Among them, the operating revenue of Shanghai Shanshan lithium battery is 4.181 billion yuan, and the net profit attributable to the parent company is 601 million yuan (accounting for about 18% of the total net profit), with a year-on-year increase of and 1821.6% .
As of today, within six months, seven institutions have predicted the performance of Ningbo Shanshan Co.Ltd(600884) in 2022, of which the estimated average net profit attributable to the parent company is 3.317 billion yuan, a year-on-year decrease of 0.68% compared with last year .
At present, the penetration rate of new energy vehicles outside China is still increasing rapidly. Driven by the Internet of things and smart home, the demand for cathode materials is increasing Soochow Securities Co.Ltd(601555) Zeng duohong and others said in the Research Report on March 24 that the global demand for cathode materials is expected to be 621000 tons in 2022, with a year-on-year increase of 54%, of which China’s demand is 383000 tons (considering loss). In the long run, it is estimated that the global demand for negative electrodes will reach 1.613 million tons in 2025, with a compound growth rate of 37.5% in three years.
According to the data, in Ningbo Shanshan Co.Ltd(600884) 2021, the total negative electrode production capacity was 170000 tons, the effective production capacity was 140000 tons, and the market share of negative electrode production was 15%. was second only to beiteri , maintaining the top two position in industry .
Meanwhile, the company has started the construction of Baotou phase II (60000 tons) and Meishan (200000 tons) cathode projects in Sichuan. Zeng duohong and others estimated that the company’s negative electrode effective capacity would reach 200000 tons in 2022 and rise to 320000 tons in 2023 . Meanwhile, under the continuous tight supply and demand of graphitization, the net profit of per ton can rise to RMB 6-8000 and there is still room for rise.
However, it can be seen that Ningbo Shanshan Co.Ltd(600884) still has a certain gap in production capacity compared with beiteri, the first leader, and is still limited to the technical route of artificial graphite.
According to the current negative electrode material market, some insiders believe that although artificial graphite is the mainstream at present, silicon-based negative electrode, as a new generation of negative electrode material, will enable the battery to achieve higher energy density, which will be the development direction in the future Tianfeng Securities Co.Ltd(601162) sun Xiaoya said on March 30 that the global silicon-based negative electrode market space is expected to reach 30 billion + 23456 in 2025, , 23456 21-25 year compound growth rate of 135% .
At present, with Tesla‘s 4680 cylindrical battery taking the lead in adopting silicon-based negative electrode, China Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) and other countries are stepping up the research and development and trial production of silicon-carbon negative electrode system and actively promoting the layout of production line.
Zeng duohong and others believe that Ningbo Shanshan Co.Ltd(600884) has the capacity of supporting the production line of 1000 ton silicon carbon negative electrode per year. It is expected that the silicon carbon negative electrode will be gradually mass produced from 2022 to 2023. According to the profit forecast and valuation calculation, the annual net profit in 2022 is expected to be 3.3 billion yuan, and the year-on-year growth rate of is only 8% (a significant decrease compared with in 2021 ).
