The project is completed in two stages. The first phase is a step-by-step utilization project of decommissioned power batteries, with a planned total production capacity of 10.5 GWh/ year. The second phase is the recycling project of waste power batteries. Precious elements such as cobalt, nickel, manganese and lithium are extracted to produce the precursor of ternary battery cathode material, and the planned waste battery treatment scale is 654.38+10,000 tons/year. The implementation of the project fully reflects the complementary advantages of Beijing-Tianjin-Hebei in human resources, technology research and development, and industrial layout. It is conducive to promoting upstream and downstream cooperation in the industrial chain, effectively exploring the market-oriented model of power battery recycling for new energy vehicles, and playing a leading and leading role in deepening the pilot work in Beijing, Tianjin and Hebei.
Desai: Thanks to the increasing demand for battery life, the growth rate of 3Q performance exceeded expectations.
Desai 000049
Research Institute: Shen Wan Hongyuan Analyst: Yang Haiyan Date of writing: 2018-10-17.
Event: Desai's operating income from June to September in 5438 was about11700 million yuan, increasing by 50.29% in the same period; The net profit of returning to the mother was 251-289 million yuan, 35%-55% year-on-year. The revenue of 3Q in a single quarter was 5.4 billion, up 73.24% year-on-year, and the net profit attributable to the mother was1.18-65438+55 million yuan, up 65%- 1 16% year-on-year.
Mobile phone hardware innovation is weak, and the endurance performance is improved to just need. The three major innovation trends of 20 18 mobile phones are full screen (or large screen), large memory and optical innovation, all of which need to improve battery life. The three new iphone models in 2065438+2008 seem to be weak in innovation, mainly focusing on performance improvement. The improvement of endurance is both a prerequisite and one of the main selling points.
The longest use time of IphoneXS is 30 minutes longer than that of iPhoneX, and the longest use time of iPhoneXSMax and iPhoneXR is longer than that of iPhone X 1.5 hours ... Domestic mobile phone brands are also limited by battery technology, and improving battery capacity is still the main way to improve endurance. If the design of special-shaped batteries or dual batteries is popular, Desai, which has the mature supply capacity of packaging and BMS, will open up long-term growth space.
Benefiting from the release of new products by foreign customers. The iPhoneXS uses a single L-shaped battery for the first time, while the iPhoneXR and XSMax use dual batteries of the iPhone. Desai has three advantages: 1) Compared with the traditional single battery, the value of the new product is greatly improved. 2) 2) The time to market of iphonex was postponed from June 20 17 to June 20 10, and this year's high-value products were mass-produced at normal time, so the incremental performance was reflected in advance. 3) 3) The supply share of BMS has greatly increased, which is close to the proportion of packaging supply.
Benefiting from the growth of domestic mobile phone customers. Desai is an important supplier of domestic mobile phone brands such as HOV. In the first half of the year, smartphone shipments declined. Huawei's shipments of 1Q-2Q were 39.33 million and 54.23 million, respectively, up by 14% and 4 1% year-on-year. OPPO and VIVO maintained positive growth. Thanks to this, the revenues of Desai 1Q and 2Q increased by 30% and 40% respectively.
The new energy battery business is mainly based on BMS, and it is oriented to reduce losses in the short term. In the field of large-scale power battery business, ISO26262 and other international vehicle laws and regulations were successfully introduced, and the operating income was 76 million yuan in 20 17, up by 183.43% year-on-year, but the operating effect was not satisfactory. 20 18 new energy business is in the period of capacity and personnel adjustment in the first half of the year, and BMS will be the main business in the future.
In September, 20 18, Desai Group, the controlling shareholder of the company, provided financial assistance of 30 million yuan to Huizhou Xinyuan, and will increase financial assistance of no more than 30 million yuan in the next 12 months, effectively alleviating the pressure on the company's operating funds under the background of deleveraging.
Raise the profit forecast to "buy" rating. The results of the third quarterly report slightly exceeded expectations. According to the three favorable factors of Desai's new product unit price increase, supply share increase and new product mass production in advance, the revenue forecast of 20 18/2022/2020 is changed from151163/18/kloc predicted at the beginning of the year. The current price-earnings ratio of 12X/ 10X is 20 18/ 19, which is much lower than the net profit of 20 17-20 years, and the PEG is only 0.6. Based on the reference valuation of PEG0.8, there is 33% upside, and it is upgraded to buy rating.
Zangge Holdings: Battery-grade lithium carbonate was successfully put into production, and lithium extraction in Salt Lake pushed it to a new level.
Cangge holding 000408
Research Institute: Shen Wanhongyuan Analyst: Song Tao Date of writing: 2022-0 1- 18.
Company announcement: The first phase of the project of Golmud Zangge Lithium Industry Co., Ltd., a subsidiary of the company, with an annual output of 20,000 tons of lithium carbonate (with an annual output of 65,438+0,000 tons of lithium carbonate) has been successfully completed and put into production recently, and the first batch of products have all reached the battery-grade standard after testing by authoritative departments.
The battery-grade lithium carbonate project is progressing smoothly, and the dual resources of lithium and potassium push the performance to a new level. The operating load of the first phase project of the company has reached 20%, and all indicators of lithium carbonate have met the design requirements. It is expected to enter full production in the first half of the year. The device adopts the technological process of lithium extraction by adsorption → reverse osmosis concentration and nanofiltration for impurity removal →MVR concentration → sodium carbonate precipitation, in which the adsorption technology is combined with the blue technology, and a new domestic adsorbent and a simulated continuous adsorption process are adopted; The contents of sodium, magnesium and boron can be effectively controlled by membrane separation, nanofiltration membrane and reverse osmosis membrane technology. At present, the price center of lithium carbonate is 75,000 yuan/ton, and the cost of extracting lithium from salt lake is about 30,000-35,000 yuan/ton. The cost advantage is obvious. The company plans to have a total production capacity of 20,000 tons, and its performance is expected to reach a new level.
The long-term prosperity of potash fertilizer has recovered, and the flexibility of private leading enterprises is remarkable. In 20 16, the gross profit margin of potash fertilizer, the industry leader, fell to a low point of 10, and domestic distributors were strongly willing to raise prices. Since the beginning of 20 18, the domestic potash market price has generally increased by more than 500 yuan/ton. At the same time, the contract price of potash fertilizer in the fourth quarter of 18 was USD 290/ton, which was USD 60/ton higher than that in 20 17, and the domestic market price exceeded 2,400. Although the first half of 18 was the off-season of potash fertilizer sales, the average selling price of potassium chloride in the company still rose by 55 yuan/ton year-on-year, and the price in the peak season in the second half of the year was still high. The company's production capacity is 2 million tons. In the first three quarters of 20 18, the production and sales of potash fertilizer was nearly 900,000 tons, and the net profit per ton was around 800 yuan. Due to some long orders in the first half of the year, the price increase of potash fertilizer has not been fully reflected. At the same time, with the continuous contraction of the supply of ICL, SQM and Urals potash fertilizer in 18, although K+S and Eurochem expanded their production, the global supply of potash fertilizer still decreased by 500,000 tons in 18. It is estimated that the global supply of potash fertilizer will still decrease by about 500,000 tons in 19, and there is still room for price increase. With the shift of potash price center, the company's profit is expected to increase substantially. When the spread increases by 100 yuan/ton and the earnings per share increases by 0.085 yuan, the price elasticity is obvious.
The reserves of potash mine in Dalangtan, Hebei Province open up the company's long-term growth space. At the end of 20 17, the company successfully won the "exploration right for detailed investigation of Heibei potash mine in Dalangtan, Mangya Committee, Qinghai Province", covering an area of 493 square kilometers, and has obtained the exploration right and mining right at present. With the integration of the government's exploration rights, the exploitation rights of Dalangtan may continue to expand and become the key development area of the company. After expert review, it is predicted that the newly added potassium chloride resource of brine is (332+333) 30 million tons (half of the existing Chaerhan resource of the company), and the concentration of LiCl is close to 200-300ppm. At present, the company has the mining right of 724 square kilometers in Chaerhan Salt Lake (the annual production capacity of potash fertilizer is 2 million tons). After obtaining the mining right of Heibei potash mine in Dalangtan in the later period, the mining area of the company will reach 12 17 square kilometers, and the company's resource reserves will be further expanded, opening up long-term growth space.
Risk warning: the performance of the West Materials Institute is less than expected, and the orders for tantalum and niobium have fallen sharply.
Lower the profit forecast and maintain the "overweight" rating. The sales volume of potash fertilizer and the output of lithium carbonate in the company 18 are slightly behind the expected time. We lowered the company's 20 18-2020 EPS to 0.67, 0.9 and 1.05 (before the downward adjustment, it was 0.86, 1.04 and 1.26) yuan per share.
Xu Dong Optoelectronics: Deducted non-net profit increased by 43.83%, and mass production of new products continued to advance.
Xu Dong photoelectric 0004 13
Research Institute: Shaanxi Securities Analyst: Zhang Hongbing Date of writing: 20 18-09-05.
On the evening of August 30th, 20 18, the company released the semi-annual report for 20 18. In the first half of 20 18, the company realized operating income of1kloc-0/65438+30 million yuan, a year-on-year increase of128.24%; The net profit after deducting non-homecoming was 865,438+065,438+0 billion yuan, a year-on-year increase of 43.83%.
Event review
Operating income increased by 128.24%, and net profit after deducting non-homecoming increased by 43.83%. 1)20 18 In the first half of the year, the company realized a total operating income of1165438+30 million yuan, a year-on-year increase of128.24%; Realized a net profit of 858 million yuan, a year-on-year increase of 34.64%; The net profit after deducting non-homecoming was 865,438+065,438+0 billion yuan, a year-on-year increase of 43.83%. 2) In the second quarter, the company achieved operating income of 6.464 billion yuan, up 65,438+046.89% year-on-year and 38.53% quarter-on-quarter; Deducting the non-homecoming net profit was 420 million yuan, up 56. 17% year-on-year and 7.42% quarter-on-quarter. 3) The company's operating income is mainly contributed by six businesses: photoelectric display materials, complete sets of equipment and technology, new energy vehicles, graphene industrial applications, construction and installation, and electronic communication products. The gross profit margin of each business is 265,438+0.69%, 265,438+0.25%, 65,438+09.82% and 59./kloc-0 respectively. The company's comprehensive gross profit margin was 65,438+08.94%, which was 9.65,438+02 percentage points lower than the same period of last year. The main reason for the decline in comprehensive gross profit margin is the change in business structure, and the proportion of low-margin products has increased.
The business of photoelectric display materials has been steadily advanced, and new products have been supplied in batches. 1)20 18 In the first half of the year, the company's photoelectric display materials business realized an operating income of 265,438+62 million yuan, an increase of 83.7 1% compared with the same period of last year, and the operating income accounted for 19.42%, a decrease of 2.34 percentage points compared with the same period of last year. 2) The company has five LCD glass substrate production bases in Zhengzhou, Shijiazhuang, Wuhu, Fuzhou and Yingkou, covering G5, G6 and G8.5 generation (8.6 generation compatible) TFT-LCD glass substrate products. Up to now, the company has more than 20 LCD glass substrate production lines, and its mass production capacity ranks first in China and fourth in the world. During the reporting period, the company's two 8.5-generation glass substrate production lines in Fuzhou operated well, with booming production and sales, and the market share of the company's high-generation glass substrate products increased. 3) During the reporting period, the company's "Cover Glass Production Project for Curved Display", with Xu Hong Optoelectronics as the main body, progressed smoothly, with an annual production capacity of 5 million pieces and mass supply. 4) On February, 2065438+2007, 17, the company built the first color filter production line of the fifth-generation TFT-LCD. During the reporting period, the company continued to promote the commissioning and product certification of color film production lines. At present, we have obtained orders from customers such as Longteng Optoelectronics to realize mass supply.
Cai Xi Research Institute is the only beryllium research and processing base in China, which has broad military application prospects. On the appraisal base date of 2065438+February 28th, 2008, the total appraisal value of all the rights and interests of Caixiyuan was19.06 million yuan. At present, Cai Xi Research Institute is the only beryllium research and processing base in China, with leading R&D technology and production capacity in China. The main products are used in aerospace, nuclear industry and other fields, and the customers are mainly large national military enterprises and scientific research institutes, with high customer concentration. Beryllium is widely used, but due to the shortage of resources, it can only be used in national defense and military industry first. At present, beryllium is widely used in nuclear industry and aerospace industry: as a neutron retarder and reflector, beryllium is widely used in nuclear reactors, especially experimental reactors and nuclear industry; Beryllium is widely used as a structural material of various spacecraft because of its low density, high modulus, good thermal properties and high melting point. According to the promised performance of the company, the performance of Cai Xi Institute has been greatly improved in the past two years, which has promoted the company's performance.
Earnings forecast and investment suggestion: It is estimated that the company's net profit for 2022-202 1 year will be 0.5, 0.8 and 94 million yuan respectively; The EPS was 0. 1 1, 0. 18, 0.2 1 yuan, respectively. On May 29, 2022, the corresponding P/E ratios of the stock price were 65.33X, 40.62X, and 34.78X, and they were rated as overweight.
The industrialization and mass production of graphene business continued to advance. 1)20 18 in the first half of the year, the company realized the operating income of graphene industrial application products of 2,265,438+09,000 yuan, an increase of 3,965,438+065,438+0.09% year-on-year. 2) The company's graphene industrialization and mass production continued to advance. During the reporting period, the company's subsidiaries Xutan New Materials, Mingshuo Technology and Carbon Source Huigu signed the Strategic Partnership Agreement for Graphene Application Products with 65,438+05 downstream users, expanding the sales of the company's graphene electric heating products, graphene street lamp products, graphene anticorrosive coatings and other products, with a total contract value of 66,543+0,000,000 yuan.
Capital proposal
We estimate that the EPS of the company in 20 18-2020 will be 0.37 \ 0.4 1.43 respectively, corresponding to the closing price of the company on August 30th of 5.32 yuan/share, and the PE in 20 18-2020 will be14 \/kloc respectively.
There are risks.
The production schedule of the new production line of photoelectric display materials is less than the expected risk; The progress of graphene project is less than expected risk; The sales volume of new energy buses is less than expected risk; Systematic risk.
Wanxiang Qian Chao: The performance is in line with expectations, and the gross profit margin is under pressure in the short term.
Wanxiang Qian Chao 000559
Research Institute: Southwest Securities Analyst: Liu Yang Date of writing: 20 18- 10-23.
Summary of performance: the revenue in 20 18Q 1~3 was 8.6 billion yuan, up 6.6% year-on-year, the net profit attributable to the mother was 580 million yuan, down 6.8% year-on-year, and the non-net profit was deducted from 5 14 million yuan, down/kloc-0.5% year-on-year. Among them, the revenue, net profit attributable to the mother and non-net profit deducted in the third quarter were 2.7 billion yuan, 65.438+0.30 billion yuan and 65.438+0.65438+0.50 billion yuan respectively, with year-on-year changes of +7.3%, -27.2% and -365.438+0.3% respectively.
The steady growth of revenue and the decline of gross profit margin put pressure on profits. From October to September, China achieved a cumulative output of 20.49 million vehicles, up by 0.9% year-on-year. Overall, the company's revenue growth rate is slightly better than the industry average. The main raw materials of the company's wheel hub units, universal joints, transmission shafts and other products are steel, and the price increase has a negative impact on the gross profit margin. In the past three years, the gross profit margin has been under pressure, with 20 16 and 20 17 being 22.0% and 20.7% respectively, and 18.7% in the first three quarters of 20 18.
Subdivide leading enterprises, develop steadily and pay dividends actively. The company's main products such as hub unit, universal joint and transmission shaft are at the leading level in China. In 20 17, the company's sales of universal joints, hub bearing units and constant velocity transmission shafts were 43 million sets,/kloc-0.8 million sets and 6.2 million sets respectively, of which the domestic market share of universal joints exceeded 60%, and it has become a domestic standard maker. With the leading position of leading products and continuous research and development of new products, the company has opened up overseas markets and achieved steady development. From 2008 to 20 17, the compound growth rate of the company's revenue and net profit attributable to the mother reached 9.7% and 16.6% respectively. At the same time, the company actively pays dividends and gives back to shareholders. Since the listing of 1994, the accumulated net profit is 7.7 billion yuan, and the accumulated dividend is 4.5 billion yuan, exceeding the scale of accumulated equity financing (including initial public offering) of 2.7 billion yuan, and the total share payment rate is as high as 58%.