The capacity of lithium iron phosphate put in after raising investment is six times that of the existing capacity, and the large-scale fixed increase of Shandong Fengyuan Chemical Co.Ltd(002805) has attracted market attention.
Today, Shandong Fengyuan Chemical Co.Ltd(002805) disclosed the fixed increase plan and proposed to raise no more than 940 million yuan for lithium iron phosphate. In fact, Shandong Fengyuan Chemical Co.Ltd(002805) the existing scale of lithium iron phosphate is 10000 tons. This means that the lithium iron phosphate capacity of Shandong Fengyuan Chemical Co.Ltd(002805) after expansion is six times that of the existing capacity.
The foundation of Shandong Fengyuan Chemical Co.Ltd(002805) expansion is not only the upsurge of the industry, but also the gradual introduction of Byd Company Limited(002594) and other customers. However, lithium iron phosphate still depends on scale, and the gross profit margin of the product is not too high.
the controlling shareholder has an 18 month lifting period
Today, Shandong Fengyuan Chemical Co.Ltd(002805) disclosed a fixed increase plan, which plans to raise no more than 940 million yuan, which will be used for the "production base project of lithium iron phosphate cathode material for lithium batteries with an annual output of 50000 tons" and "supplementary working capital project". The subscription object of Shandong Fengyuan Chemical Co.Ltd(002805) This fixed increase includes Zhao Guanghui, the actual controller. The shares subscribed by Zhao Guanghui shall not be transferred within 18 months from the date of issuance, and the lifting period is up to one and a half years.
714 million of the raised funds will be used for lithium iron phosphate, and the total investment amount is as high as 920 million. In fact, Shandong Fengyuan Chemical Co.Ltd(002805) the existing scale of lithium iron phosphate is 10000 tons. This means that the lithium iron phosphate capacity of Shandong Fengyuan Chemical Co.Ltd(002805) after expansion is six times that of the existing capacity.
The reporter of the daily economic news noted that Shandong Fengyuan Chemical Co.Ltd(002805) has not always been engaged in new energy business. Before cutting in, the company did business.
Since 2016, the company has actively extended the industrial chain, cut into the new energy industry, and laid out the lithium-ion battery cathode material industry. At present, the business pattern of oxalic acid and lithium battery cathode material has initially formed. From January to September 2021, the company's lithium battery cathode materials business segment achieved sales revenue, accounting for 65% of the company's total revenue.
In terms of performance and market value, Shandong Fengyuan Chemical Co.Ltd(002805) ushered in a double harvest last year. In the first three quarters of last year, the company's revenue reached 547 million, a year-on-year increase of 105%, and its net profit was 38.6937 million, a year-on-year increase of 882.78%. However, the company's revenue and profit base is not high, and the corresponding market value is not large. At present, Shandong Fengyuan Chemical Co.Ltd(002805) has a market value of 5.194 billion, an increase of 131% last year.
However, in terms of gross profit margin, Shandong Fengyuan Chemical Co.Ltd(002805) new energy products have low gross profit margin. According to the data of last year's semi annual report, the gross profit margin of the company's battery and electronic equipment manufacturing does not exceed 20%. The gross profit margin of Shenzhen Dynanonic Co.Ltd(300769) , which also makes lithium iron phosphate, was only over 20% in the first half of last year.
downstream demand stimulates expansion
The revenue and profit base is not high, Shandong Fengyuan Chemical Co.Ltd(002805) what is the foundation of this expansion? This is mainly downstream demand.
According to the company's plan, from the perspective of industry demand, lithium iron phosphate batteries have shown an obvious warming trend since the second half of 2020, and the installed proportion has exceeded ternary materials again. In the first half of 2021, 7 of the top 10 models in China's passenger car sales were equipped with lithium iron phosphate.
In the first half of 2021, the shipment volume of lithium iron phosphate cathode increased more significantly. The shipment volume from January to June has exceeded the annual shipment volume in 2020, which is 178000 tons (including the self-produced data of battery factory). The industry capacity is in short supply.
From the situation of Shandong Fengyuan Chemical Co.Ltd(002805) , the number of downstream new energy customers introduced by the company began to increase. For example, from July 2021, Shandong Fengyuan Chemical Co.Ltd(002805) will supply Byd Company Limited(002594) in batches.
In November 2021, Shandong Fengyuan Chemical Co.Ltd(002805) subsidiary Shandong Fengyuan lithium energy technology Co., Ltd. (hereinafter referred to as Fengyuan lithium energy) signed a cooperation agreement with Guangzhou Great Power Energy&Technology Co.Ltd(300438) , which agreed that Guangzhou Great Power Energy&Technology Co.Ltd(300438) would purchase lithium iron phosphate and lithium nickel cobalt manganate products from Fengyuan lithium energy from December 2021 to December 2022, with a total contract amount of about 800 million yuan.
The reporter noted that lithium electric heating stimulated increased investment in the industrial chain, and the good performance of relevant companies also confirmed this positive feedback.
Just today, another lithium enterprise disclosed its performance forecast. Sichuan Yahua Industrial Group Co.Ltd(002497) last year, the net profit attributable to shareholders of listed companies was 920 million yuan - 1.05 billion yuan, an increase of 184.09% - 224.23% over the same period of last year.
Sichuan Yahua Industrial Group Co.Ltd(002497) said that during the reporting period, the sales volume of lithium salt products increased significantly, the profit of lithium business increased significantly, and the overall profitability of the company improved significantly.
