\u3000\u3000 Guizhou Chanhen Chemical Corporation(002895) (002895)
Event: on January 21, the company issued an announcement that Guizhou Hengda mining Holding Co., Ltd. (hereinafter referred to as "Hengda mining") signed a strategic cooperation agreement with Jinyuan Ep Co.Ltd(000546) . The two sides will jointly promote the deep processing of new energy lithium battery materials, jointly find and develop salt lake lithium extraction projects, and realize the complementarity of upstream and downstream advantages of the new energy industry.
Jointly Jinyuan Ep Co.Ltd(000546) develop the lithium extraction project of Salt Lake, and comprehensively build industrial advantages of "phosphorus", "fluorine" and "lithium". Since September 2021, the company's partner Jinyuan Ep Co.Ltd(000546) has successively acquired 51% equity of Tibet Chenyu mining industry, 51% equity of Tibet lithium source mining industry and 51% equity of Tibet and lithium industry, and has the mining right of jibchaka Salt Lake in Gaize County, Tibet and baqiancuo Salt Lake in Geji County, Tibet. The corresponding total reserves of lithium chloride reach 210000 tons. At the same time, Jinyuan Ep Co.Ltd(000546) also has the capacity of high-purity lithium salts such as battery grade lithium carbonate. The cooperation between the company and Jinyuan Ep Co.Ltd(000546) includes the cooperation in extracting lithium from salt lakes, the recycling of waste lithium batteries and the comprehensive utilization of hazardous solid wastes. The cooperation with Jinyuan Ep Co.Ltd(000546) will enable the company to make synchronous layout from the resource end and product end of lithium element, complete the industrial territory of the company in the field of new energy lithium battery, and realize the full coverage of three new energy element resources and products of "phosphorus", "fluorine" and "lithium".
The production capacity layout of 1.6 million tons of iron phosphate has the advantages of first mover, cost and resources. At present, the company plans to have an annual output of 1.6 million tons of iron phosphate and related supporting capacity, and has signed cooperation agreements with downstream manufacturers such as GuoXuan holdings and Sunwoda Electronic Co.Ltd(300207) for in-depth binding. In 2022, the company will take the lead in putting in 200000 tons of iron phosphate capacity, of which 100000 tons will be put into operation in the first half of 2022, and the remaining capacity will be put into operation at the end of 2022. In addition, based on the company's sufficient and high-quality phosphate rock resource reserve and the integration advantage of phosphorus chemical industry chain, the company's iron phosphate products are also very cost-effective. We believe that the supply and demand of iron phosphate and lithium iron phosphate industry will remain tight in the medium and short term. The company's relevant capacity will take the lead in large-scale production, which has the advantage of resource cost, and the industry position is expected to improve rapidly.
Multi directional layout of new energy materials to realize the overall transformation of traditional industries. In addition to the layout of iron phosphate products, based on the company's semi aqueous wet process phosphoric acid production technology, the company can simultaneously produce fluorine series products such as anhydrous hydrogen fluoride, which lays a raw material foundation for the expansion of fluorine series new energy products. In addition, the company also has the capacity of fluorine-containing new energy materials such as lithium hexafluorophosphate. At the same time, the company also cooperated with Mianyang Fulin Precision Co.Ltd(300432) to build lithium dihydrogen phosphate production capacity and further expand the company's business layout in phosphorus based new energy materials. In addition, the company has also made relevant investments in downstream lithium iron phosphate industry companies. Sichuan Wanpeng invested by the company plans to have a capacity of 100000 t / a lithium iron phosphate.
Profit forecast, valuation and rating: this cooperation agreement has no impact on the company's performance temporarily. We maintain the company's profit forecast from 2021 to 2023. It is estimated that the company's net profit attributable to the parent company from 2021 to 2023 will be RMB 323 / 558 / 941 million respectively. We continue to be optimistic about the continuous breakthrough of Guizhou Chanhen Chemical Corporation(002895) in the field of downstream new energy materials, and we still maintain the "buy" rating of the company.
Risk tip: production capacity construction risk, lower downstream demand than expected, cooperation landing risk, product price fluctuation.
