1, Yongxing material
The company plans to set up a joint venture with Contemporary Ampere Technology Co., Ltd. to invest in lithium carbonate projects.
abstract
Songta Finance was informed that Yongxing Materials (002756. SZ) 65438+1October 26th, the board of directors of the company deliberated and passed the proposal and agreed to sign the Joint Venture Agreement with Contemporary Ampere Technology Co., Ltd. The company and Contemporary Ampere Technology Co., Ltd. will set up a joint venture company according to the joint venture agreement, and invest in the construction of lithium carbonate project with the joint venture company as the main body. The total investment of the project is no more than 2.5 billion yuan, and it is planned to build a project with an annual output of 50,000 tons of lithium carbonate. The first phase will invest in the construction of a lithium carbonate production capacity project with an annual output of 30,000 tons, with a total investment of no more than 654.38+0.5 billion yuan; After the completion of the first phase of the project, the construction of surplus capacity will be started. In addition, the company and Contemporary Ampere Technology Co., Ltd. will also cooperate on the company's lithium carbonate products.
scientific popularization
Lithium carbonate is extracted from lithium ore and is the most upstream raw material of lithium battery industry chain.
Yongxing Materials is mainly engaged in ferrous metal smelting and rolling processing industry, lithium mine mining and lithium salt manufacturing. 202 1 semi-annual report shows that these two main businesses account for 87.38% and 12.62% of the total revenue respectively. Among them, the revenue from lithium mine mining and lithium salt manufacturing business increased by 360.55% year-on-year. The company's lithium battery new energy sector has built a new energy industry chain covering mining, mineral processing and lithium carbonate processing.
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Yongxing Materials and Contemporary Ampere Technology Co., Ltd. can effectively integrate their advantages, and the company's lithium salt business is expected to fully benefit in the future.
In the joint venture company of this agreement, Contemporary Ampere Technology Co., Ltd. holds 70% of the shares and Yongxing Materials holds 30% of the shares.
Yongxing material lithium carbonate has an existing production capacity of 6,543,800 tons and a production capacity of 20,000 tons under construction. The agreement designs and builds a capacity of 50,000 tons of lithium carbonate. After the project is put into production, it means that Yongxing Materials can greatly increase the production capacity of controlled lithium carbonate.
Previously, the capacity of 654.38+100000 tons of battery-grade lithium carbonate in the first phase of Yongxing Materials was fully put into production, which verified the leading position of technology and cost in the industry, and the company's performance increased significantly.
Lithium carbonate is a gold track in the upstream of new energy sources, and it will be prosperous for a long time to come. With the popularization of new energy vehicles and the continuous improvement of the popularization rate, the demand for lithium carbonate is increasing. Minsheng Securities believes that it is expected that the tight supply of lithium resources in the world will last for a long time in the future, and the high lithium price center will be the normal state of the future industry. At the current price of lithium, the valuation of the plate is cost-effective, and the two main lines of high resource self-sufficiency rate and high performance cash are grasped.
According to the data tracking of Baichuan Fu Ying, as of June 26th, 65438, the mainstream transaction price of domestic industrial-grade lithium carbonate (99%) was 345,000-350,000 yuan/ton, and the mainstream quotation range of domestic battery-grade lithium carbonate (99.5%) was 370,000 -38 100 yuan, and the average price rose to 375,400 yuan. At present, the market supply is tight, the spot circulation in the market is limited, and prices continue to rise.
In a recent research report, Academia Sinica pointed out that the average price of lithium carbonate and lithium hydroxide will still increase from 202 1 in the future, among which lithium carbonate will increase from 16.3% to 2 1000 USD/ton in 2022; In addition, it is pointed out that the global penetration rate of new energy vehicles is expected to reach 20% in 2025, corresponding to the sales of new energy passenger cars18.24 million, new energy commercial vehicles/kloc-0.00 million, and the total demand of lithium carbonate/kloc-0.02 million tons. It is estimated that the demand for lithium carbonate will surge by 3.6 times in 2025.
Recent performance of related enterprises
The operating income of Yongxing Materials in the third quarter of 2002/KLOC-0 was 4.922 billion yuan, a year-on-year increase of 35.34%; The net profit attributable to shareholders of the parent company was 550.4 million yuan, a year-on-year increase of 1 16 1%.
2, Starr semi-conductor
Company's 202 1 net profit increased116%-121%.
abstract
Songta Finance learned that it was announced on the evening of June 26+65438, Star Peninsula (603290. SH) It is predicted that the net profit attributable to shareholders of listed companies in 20021year will be 390 million yuan to 400 million yuan, with a year-on-year increase of 1 15.85% to12/. In 20021year, the company seized the market opportunity and made continuous breakthroughs in downstream industries, especially in new energy vehicles, photovoltaic power generation, wind power generation, energy storage and other industries, and achieved rapid growth in operating income. At the same time, the income proportion of the new energy industry will further increase compared with 2020.
scientific popularization
Starr Semiconductor is a leading enterprise in IGBT power semiconductor industry in China. The company ranks eighth among the global IGBT component suppliers in market share and becomes the only China enterprise among the top ten in the world.
Power semiconductor is the key device of electronic power control and has a wide range of application scenarios. In recent years, the application fields of power semiconductors have been extended to many markets, such as new energy, rail transit, smart grid, frequency conversion household appliances and so on.
IGBT is a composite power semiconductor device, which is the mainstream of power semiconductor at present.
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The performance of Starr Semiconductor is slightly higher than the agency's expectation, and the value of its IGBT products in the automotive field continues to increase. Starr Peninsula is expected to benefit from the development of new energy automobile industry.
Recently, 17 institutions unanimously predicted that the net profit of Starr Peninsula in 2026 was 5438+0 (arithmetic average) of 353 million yuan. The estimated net profit of Starr Peninsula in 20021year is 390 million yuan to 400 million yuan, and the company's performance is slightly higher than the agency's expectation.
TF Securities said that with the continuous improvement of electrification, intelligence and networking of automobiles, the bicycle value of automotive-grade semiconductors continues to increase. It is estimated that by 2025, the global automotive semiconductor market will reach 80.4 billion US dollars, the automotive semiconductor market in China will reach 21600 million US dollars, and the compound growth rate of the industry will reach 12%.
Guohai Securities said that in terms of electrification, power equipment, especially IGBT, benefited most from vehicle electrification. According to Omdia data, the market size of automotive power equipment will be 4.5 billion dollars in 2020, and it is predicted that the market size of automotive power equipment will reach 9.2 billion dollars in 2025 (CAGR 15%).
At present, the gap between supply and demand of IGBT is still huge. According to public data, the domestic market demand for IGBT is 78.98 million pieces in 2020, but the domestic output is only11500 pieces, and the self-sufficiency rate of its own chips is less than 20%. The domestic high-speed rail IGBT chip market is monopolized by Mitsubishi of Japan, and the automobile IGBT chip is monopolized by Infineon of Germany.
New energy vehicles will be the largest downstream application field of IGBT and silicon carbide in the future.
The Starr Peninsula currently has orders of about 350 million yuan. Western Securities believes that the company's performance is expected to be gradually released in 2022-23. The company will continue to expand the IGBT of A-class cars to enhance its competitiveness. With the rapid growth of new energy vehicle sales, the revenue scale is expected to continue to expand.
In addition, Starr Semiconductor will have an IGBT production capacity of about 5.45 million in 2020, but it does not have its own manufacturing plant, and mainly looks for Hua Hong for OEM production. At present, the company is changing to IDM mode (including chip design and wafer production). In September, 20021,Starr Semiconductor announced that it raised 3.5 billion yuan for the research and development and production of IGBT and SiC chips, and planned to build an annual production capacity of 300,000 pieces of 6-inch high-voltage characteristic process power supply chips.
Recent performance of related companies
In the first three quarters of 2002 1 1.97 billion yuan, a year-on-year increase of 79.11%; The net profit attributable to shareholders of listed companies was about 267 million yuan, a year-on-year increase of 987.5438+0%.
In the third quarter of 2002/kloc-0, the company realized operating income of about 478 million yuan, up by 89.85% year-on-year; The net profit attributable to shareholders of listed companies was about 65,438+0.65,438+0.3 billion yuan, up 65,438+0.65,438+0.54% year-on-year.
3. Denghai Seed Industry
Company 202 1 year-on-year increase in net profit 100%- 150%.
abstract
65438+1October 26th, Denghai Seed Industry (00204 1. SZ) released a performance forecast, and it is estimated that the net profit returned to the mother in 20021year will be 204 million-255 million yuan, a year-on-year increase of 100%- 150%. During the reporting period, the price of commercial grain corn rose, farmers' enthusiasm for growing grain increased, the company's seed business improved, and the sales of corn seeds, wheat seeds and rice seeds increased compared with the same period of last year. The profitability of subsidiaries has been greatly improved.
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The performance forecast of Denghai Seed Industry is in line with the organization's expectations. The company expects the net profit of returning to the mother in 20021year to be 204 million yuan to 255 million yuan. Recently 1 1 institutions unanimously predicted that the annual net profit of Denghai Seed Industry in 20021was 277 million yuan, which was similar to the company's performance forecast. At present, the overall development of seed enterprises is improving, and expanding superior varieties is expected to become the main theme, and the company may benefit for a long time.
202 1 12 On February 24th, the 32nd meeting of the Standing Committee of the 13th NPC unanimously adopted the Decision on Amending the Seed Law of People's Republic of China (PRC) (Draft), which will take effect on March 1 2022.
Huaxi Securities believes that seed industry, as a chip of agriculture, is an important foundation for ensuring domestic food security. Under the background of COVID-19 epidemic, the state pays more attention to seed industry, and the operating environment of seed industry is expected to be further optimized. In addition, before the Spring Festival, there is an intensive release period of seed industry policies, including the release of the No.1 document of the Central Committee and the action plan for seed industry revitalization, and the sector is expected to usher in policy catalysis.
Recent performance of related enterprises
In the third quarter of 2002/kloc-0, the main income of Denghai seed industry in a single quarter was 97.9036 million yuan, up 9.18% year-on-year; The net profit attributable to the mother in a single quarter was 1 163 18000 yuan, up 983. 1 1% year-on-year.
4. Changjiang Electric Power
Changjiang Electric Power Performance Express: 202 1 Net profit was 26.4 billion yuan, up 0.57% year-on-year.
abstract
Songta Finance was informed that on June 26th, 65438, Changjiang Electric Power (600900. SH) Disclosure of 20021Annual Performance Express, achieving a total operating income of 55.69 billion yuan, down 3.62% year-on-year; The net profit of returning to the mother was 26.447 billion yuan, a year-on-year increase of 0.57%. The performance growth of the company's investment business, international business and power station made up for the performance impact of the reduction of power sales business due to the growth of agency business.
scientific popularization
Changjiang Electric Power is the largest hydropower listed company in the world, with a total installed capacity of 45.495 million kilowatts, accounting for 65.438+02.77% of the national hydropower installed capacity. In terms of income composition, the domestic hydropower industry is the main source of income, accounting for 965,438+0.52%, with a gross profit margin of 66.39%.
interpret
The performance of Company 202 1 is basically in line with expectations, and hydropower is an industry with stable cash flow. Hydropower installed capacity is limited by resource endowment, and the growth rate is expected to be slow in the future. In the long run, large hydropower stations are scarce resources.
20021The net profit attributable to the parent company of Changjiang Electric Power in the first three quarters was1957 million. The performance report shows that the net profit of returning to the mother in the fourth quarter was about 6.877 billion yuan. Compared with the rule that the third quarter of 20 18-2020 is the highest single quarter, the company is in 2026544.
The National Bureau of Statistics released the news in June 65438+1October 65438+July, and in February 65438+1October 65438 in 2026, the national power production changed from increase to decrease. From June to February in 5438, the absolute power generation in China was 723.4 billion kWh, down 2. 1% year-on-year. In terms of varieties, in June 5438+February, the decline of thermal power and hydropower was larger than that of last month, the growth rate of wind power and nuclear power was accelerated, and the growth rate of solar power generation was slowed down. However, in terms of hydropower, it decreased by 6.8% or 4.9 percentage points, with an average increase of 1.9% for two years. This is due to the high temperature and little rain in 202 1 year, resulting in the decline of hydropower generation.
Green power has always been the general direction of energy development in China. At present, hydropower is the pillar of low-carbon power generation, providing nearly half of the world's electricity. In 2020, the cumulative installed capacity of global hydropower will reach 1.330 GW, an increase of 22GW.
Forward-looking Industry Research Institute said that hydropower installed capacity is limited by resource endowment, and it is expected that the future growth rate will be slow, and it has potential only in emerging and developing economies. According to the forecast of IEA, from 202 1 to 2030, the global total hydropower generation is expected to increase by nearly 850TWh, of which China alone accounts for more than 42% of this increase.
Capital Securities said that it will continue to be optimistic about the three main investment lines of large-scale hydropower, scenic spot operators and clean energy transformation, and it is recommended to pay attention to power operators with better cash flow.
Recent performance of related companies
In the first three quarters of 20021,the company achieved a total operating income of 40.45 billion, down 5.6% year-on-year; Realized a net profit of 654.38+09.57 billion, down 3.4% year-on-year; Earnings per share is 0.86 yuan.
5. Hengli Petrochemical
The company plans to invest19.988 billion yuan to build10.6 million tons/year high-performance resin and new materials project.
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Songta Finance was informed that Hengli Petrochemical1October 26th announced that in order to make full use of the rich raw material products output in the upstream integration of "oil and coal", based on the continuous empowerment of its own large chemical platform and the accumulation of new materials development for many years, it is planned to invest 65.438+09988 billion yuan to build 654.38+08 billion yuan in view of the demand gap of new energy, new consumption and scarce new materials brought about by the rapid development of domestic hard technology. On the same day, it was announced that in order to make full use of the advantages of raw material integration and engineering support of the company's "Big Chemical Industry" platform, extend and expand the vertical industrial layout of differentiated fibers, functional films, high-performance industrial yarns and new polyester materials, and optimize and improve the productivity structure quality of the company's polyester fiber business segment, it is planned to invest 4 billion yuan to build a high-performance polyester project with an annual output of 2.6 million tons.
scientific popularization
Hengli Petrochemical is mainly engaged in the production, research and development and sales of polyester chips, civil polyester filaments, industrial polyester filaments, polyester films and engineering plastics, and at the same time provides electricity, steam and other products to the outside world. In the future, the company will take crude oil refining as the starting point to form a complete industrial chain of "aromatic hydrocarbon -PTA- polyester-civil yarn and industrial yarn", and form strategic coordination and resource sharing of the company's upstream and downstream businesses.
interpret
This indicates that two new chemical materials projects in Hengli (Changxing Island, Dalian) Industrial Park are about to enter the substantive construction stage. According to estimates, after the two major projects reach production and efficiency, it is estimated that the annual sales revenue will be 42 billion yuan and the average annual net profit will be 7.7 billion yuan. The net profit of Hengli Petrochemical in 2020 is 65.438+03.462 billion, which means that the company's performance will increase substantially after the project is completed.
The construction period of the two major projects is 18 months, that is, they may be completed in 2024, and the impact on the company's performance will be reflected after 2024.
According to the company, the project with an annual output of 2.6 million tons of high-performance polyester aims to make full use of PTA and ethylene glycol, two major polyester raw materials produced in Changxing Island Base in Dalian, and integrate them into chips, diaphragms, masterbatch, photovoltaic polyester materials and industrial chips and masterbatch to meet the consumption needs of downstream differentiated materials.
After the project is completed, it will effectively expand the production capacity and scale of the company's new polyester material business segment. The production capacity layout of high-end polyester such as industrial silk grade and photovoltaic material grade will provide strong support for the rapid development of high-end films such as downstream MLCC release basement membrane, optical film and photovoltaic film.
The project of high-performance polyester with an annual output of 2.6 million tons aims to deeply process the existing oil refining, coalification and chemical raw materials and products in Dalian Changxing Island Industrial Park. Relying on the comprehensive development advantages of large-scale and low-cost manufacturing of "Big Chemical" platform, the raw materials and products will be transported to the new material industry chain in the downstream line, which will promote the whole industry chain construction of the company's high-end chemical new material business system and improve the scarce production capacity, and help China break through the "bottleneck" in the fields of new energy, new manufacturing and new consumer materials.
CICC pointed out in the research report that according to the Tenth Five-Year Plan for the Development of Petrochemical Industry in Dalian, the completed Hengli Refining and Chemical Integration Project and the proposed ethylene and PDH projects will be fully utilized, and the advantages of raw materials, scale, supporting infrastructure and capital will be utilized to develop and utilize high value-added products around the industrial chains such as ethylene, propylene and aromatic hydrocarbons.
CICC believes that in the past year, the strategic layout and careful calculation of Hengli Petrochemical's management have created more possibilities for the company's long-term development, especially through the energy saving and consumption reduction of Changxing Island Refining and Chemical Base and the use of energy consumption indicators for incremental project approval, and achieved considerable results. According to the strategic plan disclosed in the 20021semi-annual report, the company's plan extends around six new material industry chains, which is basically consistent with Dalian's plan. It is estimated that the total investment in the next two years will not be less than 70 billion yuan.
Recent performance of related enterprises
Hengli Petrochemical's operating income in the third quarter of 2002151500 million yuan, up 46.6% year-on-year; The net profit attributable to shareholders of the parent company was 65,438+0,276,5438+0 billion yuan, a year-on-year increase of 28.46%.
6. Shanshan shares
The company's performance in 20021year increased greatly, and the monthly net profit of polarizer business was hundreds of millions.
abstract
Songta Finance learned that according to media reports, Shanshan shares (600884. SH)202 1 has increased significantly, especially the new polarizer business of the company is gratifying, and the daily operation of liquid crystal polarizers is relatively stable, with a monthly net profit of about 1 100 million.
scientific popularization
In 2020, Shanshan initiated the acquisition of LG Chem's liquid crystal polarizer business and related assets, and completed the delivery and merger of Chinese mainland's liquid crystal polarizer business in February 20021. Since February, 20265438 1, the core business of the company has been lithium battery material business and pole piece business.
LCD polarizer is an important part of liquid crystal display panel, and its main function is to make light pass through the display screen or block unnecessary light from passing through, so as to display images on the screen. The company's polarizer business customers include BOE, LG Display, Huaxing Optoelectronics, Sharp and other mainstream LCD panel companies.
interpret
The substantial growth of Shanshan's performance is mainly due to the improvement of the profitability of lithium battery materials business and the great performance contribution brought by the merger of new pole pieces business.
202 1 semi-annual report shows that the company * * realized a net profit attributable to shareholders of listed companies of 759,726,400 yuan, a year-on-year increase of 659.15%; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was RMB 723,505,600, an increase of RMB 750,765,438+RMB 65,438+RMB 2,000. Among them, the lithium battery material business realized a net profit attributable to shareholders of listed companies of RMB459,754,200, a year-on-year increase of RMB65,438+0,327,95438+0%; The polarizer business realized a net profit of 565,438+0,462 attributable to shareholders of listed companies, 860 yuan.
As the main raw material of downstream LCD panel, the demand of polarizer is closely related to the LCD panel market. In the field of TFT-LCD products, TV is still the most important product consumed in LCD production areas. Driven by large-size TV products and 5G and ultra-high-definition display technologies, it is expected that the shipments of LCD TV panels will continue to grow. According to AVC data, from June to June in 20021year, the global shipment area of LCD TV panels was 85 million square meters, up 9.3% year-on-year, and the shipment area of large-size LCD TV panels over 65 inches (inclusive) was 28 million square meters, up 27.9% year-on-year, accounting for 32.7% of the total TV panels.
In the field of IT panels, with the growth of demand for home office, online education and entertainment, the sales of IT products increase accordingly, which drives the growth of demand for IT panels. According to AVC data, the global IT panel shipment area was 24.7 million square meters from 20021to1-June, up by 19.5% year-on-year. In addition, major panel manufacturers such as BOE and Huaxing Optoelectronics also plan to shift the existing 8.5G production line from TV to IT production.
The market share of LG's chemical polarizing plate business is leading the world. According to market research organization Omida, in 2020, LG's chemical polarizing plate business will occupy about 25% of the market share, ranking first in the world. From the perspective of different display applications, in 2020, LG Chem will have a market share of 24. 1% in large-size polarizers, 25% in LCD TV polarizers and 24% in display polarizers, ranking first in the world.
Although LCD currently occupies the mainstream position in the flat panel display industry, with the continuous development of new display technologies such as organic light-emitting diodes and Micro LED technology, it may pose a challenge to the display position of LCD, thus affecting the demand and profit space of the company's LCD polarizer business.
Recent performance of related enterprises
Shanshan shares 202 1 operating income in the third quarter 157. 1 100 million yuan, up182.43% year-on-year; The net profit attributable to shareholders of the parent company was 2.774 billion yuan, a year-on-year increase of 899.29%.
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Information and data are for reference only, and cannot be used as reference factors for investment decisions, and do not constitute any investment advice.