Beiteri (835185)
Company event: the company released the performance forecast for the first quarter of 2022: in the first quarter of 2022, the company is expected to realize a net profit attributable to the parent company of 430470 million yuan, an increase of 64.09% – 79.35% compared with the same period of the previous year.
The downstream battery market continued to boom and the market demand for battery materials increased. The company’s net profit in 2022q1 maintained a year-on-year and month on month growth momentum, and the net profit in a single quarter exceeded 400 million yuan for the first time: as the R & D and manufacturer of new energy materials, beiteri has formed a perfect product and industrial chain layout around the field of new energy materials with lithium-ion battery anode and cathode materials as the core, and its main businesses include lithium-ion battery cathode materials Cathode materials and graphene materials. According to the first quarter forecast, the downstream battery market continued to develop well in the first quarter of 2022, the market demand for battery materials continued to increase, and the company’s positive and negative material business maintained rapid growth. The company expects to realize a net profit attributable to the parent company of 430470 million yuan in 2022q1, and a net profit attributable to the parent company of 262 million yuan in the same period of last year, which is expected to increase by 64% – 79% over the same period of last year and 29% – 34% over Q4 in 2021.
In the field of negative electrode materials, the company’s main products include natural graphite negative electrode materials, artificial graphite negative electrode materials and new negative electrode materials. Natural graphite negative electrode materials and artificial graphite negative electrode materials belong to graphite negative electrode materials. The new negative electrode materials are mainly silicon-based negative electrode materials represented by silicon oxygen negative electrode materials and silicon carbon negative electrode materials. In addition, they also include a small amount of soft carbon, hard carbon and other new negative electrode materials. 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; In terms of artificial graphite anode materials, the company pays attention to green production and circular economy. At the same time, in order to speed up the traditional technical route and process innovation of graphite negative electrode, the company cooperates with Shenzhen Research Institute of Peking University to carry out the basic and application research project of lithium-ion battery negative electrode materials, so as to consolidate the overall competitive advantage of negative electrode materials. In 2021, the company set up joint ventures in Ya’an City, Sichuan Province, Shizuishan City, Ningxia, Changzhi City, Shanxi Province and other places to invest in the construction of integrated production line project of negative electrode materials, and made corresponding layout in the frontier field of new energy development. At present, the overall supply of the negative electrode market is tight. At present, the company has full production and sales capacity, and the negative electrode products are ready to expand the production capacity by 260000 tons, so as to continue to consolidate the company’s global leading position in the negative electrode field.
In the field of cathode materials, the quality of high nickel ternary cathode materials and customer advantages are obvious. We have established stable cooperative relations with Samsung SDI and skon: in the field of cathode materials for lithium-ion power batteries, the company officially stripped off the lithium iron phosphate cathode business in June 2021 and focused on the field of high nickel ternary cathode. By virtue of the high nickel content and technical cooperation experience of Chinese and foreign companies, the company has successfully kept up with the needs of Chinese customers. At the same time, the company is also constantly improving the efficiency and reliability of the supply chain, combined with the innovation of production equipment and process technology to ensure that products have cost advantages in the same type. After years of market development, the company has established a customer system with Panasonic, Samsung SDI, LGI, skon, Murata, Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Lishen, Eve Energy Co.Ltd(300014) and other major lithium-ion battery manufacturers at home and abroad as the main customer groups. The customer structure is good and the customer relationship is healthy and stable. At present, the production capacity of high nickel cathode is 33000 tons, which is in full production. In June 2021, the company’s subsidiaries Jiangsu beiteri and skinnovation Co, Ltd and Yiwei Asia Co., Ltd. signed the joint venture contract and the capital increase agreement, and continued to expand the cathode capacity through their investment and construction of the “high nickel ternary cathode material project for lithium batteries with an annual output of 50000 tons”.
Investment suggestion: the company focuses on battery anode and cathode materials and has been deeply cultivated in the field of new energy materials for many years. The production capacity of positive and negative electrodes has been steadily promoted, and the shipment volume of positive and negative electrodes will continue to grow in the future. At present, the latest market value of the company is 42 billion yuan, and pettm29 2X, attention is recommended.
Risk tips: the risk of loss of core technicians and the risk of changes in preferential tax policies
