On July 28th, Black Cat shares threw out two heavy expansion plans. The company plans to invest 65.438+0.9 billion yuan to set up a wholly-owned subsidiary, Black Cat Nano Materials, and invest in the construction of 50,000 tons/year superconducting carbon black project, which will be built in three phases with a total investment of 42.65438+0.0 billion yuan.

On the same day, Black Cat announced that it would invest 500 million yuan to set up a wholly-owned subsidiary, Black Cat Carbon Materials, to build an integrated project with an annual output of 80,000 tons of carbon-based materials. It is estimated that the investment will be 654.38+284 million yuan, which will be built in two phases. Upon completion, the production scale of 80,000 tons of coal-based needle coke, 3,200 tons of refined anthracene and 654.38+0.300 tons of carbazole will be realized. Two investments * * * total 654.38+70.5 million yuan.

Black cat co., ltd was founded on 200 1. The company has 165438+ 10,000 tons of carbon black production capacity and 950,000 tons of coal tar deep processing supporting capacity. Nominal capacity accounts for about 13% of the total domestic capacity. Carbon black is an indispensable raw material for rubber industry, and the amount of tires in rubber is the largest, accounting for about 70% of carbon black for rubber.

As early as 20 19, under the background of weak downstream demand and the release of new carbon black capacity, the market price of carbon black continued to fall, and the capacity utilization rate of related enterprises declined. In 2020, the industry operating rate will drop to 50%. Although 202 1 tire production increased by 13% year-on-year, the demand for carbon black picked up, but the overall growth rate was relatively limited. The industry believes that the growth rate of industry demand is expected to gradually fall back.

In this context, Black Cat turned its attention to the conducting material mdash conductive carbon black of lithium battery, which is closest to its business.

It is understood that the conductive agent is the key auxiliary material of lithium battery, which is coated on the anode material and the cathode material. The existing conductive agents are mainly divided into three categories: conductive carbon black, carbon nanotubes and graphene, and the first two are mainstream conductive agent products.

Everbright Securities pointed out in the research report that with the increasing penetration rate of new energy vehicles and the increasing demand for energy storage, the installed capacity of lithium batteries in the world will increase rapidly in the future, and the demand for conductive agents will continue to increase. Affected by local international conflicts, the supply side of conductive carbon black is iterative, the domestic substitution era is coming, and the industry prosperity is rising.

June 5438+this year 10, Black Cat entered the field of lithium battery materials with PVDF as the breakthrough point, and established a joint venture with Lianchuang Co., Ltd. to build 50,000 tons/year PVDF and supporting industrial chain projects. In the field of lithium batteries, PVDF is mainly used as cathode adhesive and separator coating material, and the market price and demand are increasing rapidly.

On April 2 1, Black Cat announced again that it plans to set up a subsidiary to build an integrated project with an annual output of 5,000 tons of carbon nanotube powder and supporting industries, with an estimated total investment of about 680 million yuan. The company said that this investment will help to develop new energy conductive agent products in cooperation with lithium-grade conductive carbon black in the future.

Recently, Black Cat announced the progress of new materials business. On July 5, it was revealed that the lithium-grade conductive carbon black products independently developed by the company have been sent to downstream battery enterprises, and are still in the testing stage and have not received feedback.

For two investments totaling over 654.38+07 billion yuan, Black Cat said that it will effectively enrich the company's product sequence composition, realize the diversified layout of new materials and carbon-based materials such as PVDF, conductive carbon black and carbon nanotubes, and enrich the company's profit growth point.

In terms of performance, Black Cat expects to achieve a net profit of 60 million yuan to 75 million yuan in the first half of the year, down 86.96% ndash； year-on-year; 83.70%。

It is worth mentioning that on July 27th, Black Cat's share price hit a record high of 19.9 yuan/share, with a cumulative increase of 82.38% this year.

On July 15, Guo Xin Chemical Company upgraded Black Cat to buy, on the grounds that new energy materials such as carbon nanotubes and PVDF were laid out and cut into the new energy track, and its comprehensive strength continued to improve. As the verification progress of the company's conductive carbon black is gradually clear, the amount of conductive carbon black in the second half of the year and next year can be expected, and the overall valuation level of the company is expected to improve after cutting into the new energy track.