\u3000\u3 Shengda Resources Co.Ltd(000603) 659 Shanghai Putailai New Energy Technology Co.Ltd(603659) )
The leading position of high-end artificial graphite cathode is stable, and the unit price and gross profit per ton rank first in the industry Shanghai Putailai New Energy Technology Co.Ltd(603659) from 18 to 21, the market share was 14.4%, 16.3%, 17.7% and 15% respectively. The share of negative electrode pattern was stable, and it has firmly occupied the leading position in the high-end market of artificial graphite. At present, the top five customers of the company are LG, catl, ATL, Samsung and AVIC, mainly providing high-end products. In 20-21 years, the unit price of Shanghai Putailai New Energy Technology Co.Ltd(603659) cathode products was 58000 yuan / ton and 53000 yuan / ton respectively, and the gross profit per ton was 18000 yuan / ton and 16000 yuan / ton respectively. The high-end positioning of Shanghai Putailai New Energy Technology Co.Ltd(603659) made its profit index significantly ahead of its competitors.
The third route has achieved negative cost reduction and efficiency increase, and the profitability has been significantly improved. Under the background of the current upward market price of graphitization and needle coke, the company has launched three cost reduction routes: 1) integrated layout: the company has formed an integrated negative material industry chain layout from the supply of raw needle coke, granulation, graphitization processing, carbonization coating to finished products. In the 21st year, the net profit per ton of negative electrode was 12200 yuan / ton, of which the net profit per ton of graphitization was 3000 yuan / ton, and the self supply rate was 66%. With the increase of self supply rate of graphitization, the net profit per ton of negative electrode is expected to be 13100 yuan / ton in 22 years, of which graphitization contributes 2300 yuan / ton (net profit per ton is 3200 yuan / ton, self supply rate is 71%). 2) Graphitization technical transformation: it is estimated that after the crucible is transformed into a van type, the power consumption per ton will be reduced from 13000 kwh / ton to 9000 kwh / ton, and the cost of graphitization per ton can be reduced to 6300 yuan / ton, a decrease of 16%. 3) Upward layout of needle coke: at present, the production capacity of carbon coal needle coke is revitalized by 40000 tons, and oil needle coke shares Beijing Jinyang Putai, providing guarantee for the price and quality of needle coke as cathode raw material.
China’s largest independent coating diaphragm processor, new materials began to contribute profits. In the past 21 years, the market share of the company has reached 35.19%, and the single flat gross profit has stabilized at more than 4000 yuan / m2. The company is also actively promoting the integration construction, and the synergy of diaphragm base membrane, coating processing, coating materials, adhesives and coating equipment business is further highlighted. In terms of new materials, some PVDF products of the company have been replaced by domestic products in the field of diaphragm coating, and batch supply has been realized; In the field of negative electrode binder, the performance advantages of some PAA products have gradually appeared; By the end of the 21st century, the company has formed an annual production capacity of 100 million square meters of base membrane, 8000 tons of nano alumina and boehmite, 5000 tons of PVDF and 4 billion square meters of coated diaphragm.
Lithium battery equipment orders reached a new high and grew into a comprehensive lithium battery business platform. By the end of the 21st century, the orders of the company’s front coater (excluding internal orders) had exceeded 4 billion yuan, a year-on-year increase of 170.33%. The company’s core equipment business in the middle and later stages has gradually formed its core competitiveness. New products such as liquid injection machine, lamination machine, winding machine, helium detector and other equipment have achieved breakthroughs and obtained batch orders from downstream customers. By the end of 21, the orders for new products in the company’s automation equipment business had exceeded 1.1 billion yuan.
Investment strategy and rating. We expect the company to realize net profit of RMB 3.045 billion and RMB 5.087 billion deducted from non parent company from 2022 to 2023, with a year-on-year increase of 83% and 67%. According to the valuation of comparable companies, considering the strong demand in the downstream end market, as the leader of negative electrode, the company’s capacity expansion and release rate are higher than expected, and the high self supply rate of graphitization significantly improves the profit space, we give 50 times PE (formerly 31x) in 2022, corresponding to the target price of 226.00 yuan (up 235%), maintaining the rating of “better than the big market”.
Risk warning. Negative electrode material price fluctuation risk, and the release of the company’s production capacity is less than expected
