Then, under the 5 trillion output value market, which listed companies are staking the land? What are the new ways and textures of these companies?
What are the representative enterprises of waste recycling and what is their texture?
China is the largest producer and consumer of steel in the world. In 2020, the crude steel output in China exceeded 1 100 million tons for the first time. However, domestic iron ore resources are relatively scarce and heavily dependent on imports. According to statistics, in 2020, China imported iron ore165438+700 million tons, and the import amount was about118.94 billion US dollars. Scrap steel is an indispensable iron raw material in modern iron and steel industry, and it is also the only raw material that can replace iron ore in large quantities. It is a green resource that can save energy and carry energy. Compare with that steel-making process with iron ore and coke as main raw material, the steel-making process with scrap steel as raw material saves coking, sinter and ironmaking, which can effectively save the consumption of standard coal, water, concentrate powder and other resources, and at the same time effectively reduce the discharge of solid wastes such as waste gas, waste water and carbon dioxide, which has a supporting role in realizing the green development of iron and steel industry.
According to industry insiders, at present, China's power industry accounts for the largest proportion of carbon emissions, accounting for 45%, followed by steel, accounting for 18%. Steelmaking with scrap steel will greatly reduce carbon emissions compared with steelmaking with raw ore.
Hua Hong Science and Technology, whose share price rose by 4.96%, is one of the representative enterprises for recycling waste resources. The business of its renewable resources sector includes research and development, production and sales of renewable resources processing equipment, as well as renewable resources operation business. The company is a leading professional manufacturer and comprehensive service provider of renewable resources processing equipment in China. Deeply cultivated in the industry for more than 30 years, it has first-class technical strength, channel resources and market competitiveness in the recycling business of scrap steel and scrapped cars.
Hua Hong Science and Technology's renewable resources operation business mainly focuses on waste processing trade, comprehensive recycling of scrapped cars and comprehensive utilization of rare earth renewable materials. The two major scrap processing and distribution bases, Donghai Huahong and Qian 'an Juli, holding subsidiaries, can directly provide high-quality scrap burden for steel mills by sorting, crushing, removing impurities and packaging the recycled social scrap. The company carries out the recycling and dismantling business of scrapped motor vehicles through its wholly-owned subsidiary, Beijing Hua Hong, and Beijing Hua Hong has the qualification to scrap and retire military equipment. The company has formed a complete industrial chain from the production of scrapped motor vehicle disassembly equipment to the overall solution design of recycling enterprises, and then to the resource utilization of scrapped motor vehicles.
In terms of performance, its revenue increased from 65.438+06 billion in 2065.438+06 to 3.376 billion at present, and its net profit increased from 63.03 million to 225.2 million at present.
In terms of profitability, the gross profit margin of Hua Hong Science and Technology has dropped from 265,438+0.05% in 2065,438+09 to 65,438+04.23% in 2020, which is less than 20%, and the gross profit margin of scrap steel and scrapped cars is only 65,438+0.22%.
Hua Hong Science and Technology said in its 2020 annual report that although the company started early and has a prominent position in the renewable resource processing equipment industry, the market competition will be more intense under the background that many large and small manufacturers compete to enter the renewable resource processing equipment market. In the future, with the intensification of competition, the gross profit margin of the industrial chain will further decline. This is also a difficult problem faced by many resource recycling enterprises.
As a sub-industry of iron and steel industry, special stainless steel industry has the greatest advantage of 100% recycling, which is in line with the national strategy of environmental protection, energy saving and resource saving.
Yongxing Materials, whose share price has been up and down, is also one of the representative enterprises of stainless steel recycling. The annual report shows that the company uses stainless steel scrap as the main raw material to produce stainless steel bars and wires by short-process processes such as primary smelting in electric furnace, refining outside the furnace, continuous casting or die casting, continuous rolling or forging, and the products can be processed downstream into seamless steel pipes, pipe fittings, flanges, shaft parts, pumps, valves, bars, steel wires, screens, springs, standard parts, welding materials and other products. In addition, it also has the concept of lithium battery. The main product of new materials business for lithium batteries is battery-grade lithium carbonate, which is mainly used in consumer electronics industry, new energy vehicles, energy storage equipment and other fields. However, the company's net profit returned to the mother has declined for two consecutive years, and the gross profit margin is only around 12%.
Continuous M&A of Representative Rare Earth Recycling Enterprises
China's rare earth mineral resources and rare earth industries have obvious advantages and belong to important national strategic resources. However, due to the over-exploitation of rare earth resources, it not only causes great waste of resources, but also causes serious pollution to the environment. In recent years, the state has carried out total control over the exploitation of rare earth resources, carried out protective development, and put forward policy requirements for gradually improving the utilization rate of rare earth resources. Under the market situation that the total amount of resources exploitation is under protective control and the market demand is stable, developing circular economy and improving the comprehensive utilization rate of resources become the only feasible model.
The picture shows the motor parts containing rare earth recovered from the hard disk by Hitachi.
Hua Hong Science and Technology is a upstart in the field of rare earth recycling. Through the acquisition of Xintai Technology, Hua Hong Science and Technology expanded its renewable resources business to the comprehensive utilization of rare earth renewable materials, which provided a strong support for further enhancing industrial competitiveness.
Its subsidiary Xintai Technology and its subsidiary Jishui Jincheng are mainly engaged in the comprehensive utilization of rare earth recycled materials, that is, using NdFeB recycled materials and phosphorus waste to produce high-purity rare earth oxides; At the same time, Xintai Technology develops the production business of rare earth permanent magnet materials through its wholly-owned subsidiary, AVIC New Materials, and realizes the extension of the industrial chain. The main products of comprehensive utilization of rare earth recycling materials are high-purity rare earth oxides such as praseodymium oxide, neodymium oxide, praseodymium neodymium oxide, dysprosium oxide, terbium oxide, europium oxide, gadolinium oxide and holmium oxide, which can be widely used in high-tech fields such as magnetic materials, computers, communication equipment and tricolor phosphors.
Hua Hong Science and Technology is also staking out the field of rare earth recycling. On May 5, 20021,it was announced that it planned to acquire Jiangxi Wanhong. Wanhong, Jiangxi Province is mainly engaged in the comprehensive recovery of waste magnetic materials, through which rare earth oxides are produced. At present, the annual treatment of waste magnetic materials is 6000 tons. According to its announcement, this equity acquisition is in line with the company's development strategy and business development needs, which is conducive to the company's investment and financing advantages, promoting the company to become bigger and stronger in the comprehensive utilization of rare earth resources, and enhancing the comprehensive competitiveness of the market. After the completion of this acquisition, Jiangxi Wanhong will be included in the scope of the company's consolidated statements. This equity acquisition will increase the company's asset scale and operating income, and the comprehensive utilization rate of rare earth resources will be further improved.
Open source securities commented in the research report that this will further enhance the rare earth recycling capacity, and it is expected that the previous production capacity will be supplemented through the joint venture Ganzhou Huazhuo in the future. Through the acquisition of Jiangxi wanhong, the company's permanent magnet waste recycling capacity reached 6.5438+0.6 million tons, and the rare earth oxide production capacity reached 5,048 tons. By exerting synergy and expanding production, there is still room for improvement in long-term planning ability.
The gross profit margin of Hua Hong Science and Technology's comprehensive utilization of rare earth recycling materials was only 14. 10% last year, but it has far exceeded the gross profit margin of renewable resources operation-scrap steel and scrapped cars, which is also the reason for its continuous mergers and acquisitions in the field of rare earth recycling.
In addition, the listed company Shengxin Lithium Energy also stated in the annual report that the company's rare earth business is implemented by its subsidiary wanhong Gaoxin, and rare earth oxides are produced through comprehensive recycling of waste magnetic materials. The annual design capacity of treating waste magnetic materials is 6,000 tons. The products are mainly praseodymium-neodymium oxides, including gadolinium oxide, holmium oxide, dysprosium oxide, terbium oxide and other oxides containing rare earth elements, which are mainly used for permanent magnets.
Power battery recycling: who is in the layout of the 100 billion market? What are the business models?
With the rapid development of new energy automobile industry, a large number of scrapped batteries will be produced, which will bring serious environmental pollution if used improperly. According to the data of China Automotive Technology and Research Center, in 2020, the number of new energy vehicles in China has reached 4.92 million, and 200,000 tons (about 25GWh) of power batteries have been retired. In 2025, the capacity of waste batteries to be recycled in China will reach 137.4GWh, which is five times higher than that in 2020. Considering the exponential growth of retired batteries in the future, it is estimated that the power battery recycling market will exceed 1000 billion yuan by 2030. 202 1 government report clearly points out "accelerating the construction of power battery recycling system". With the national level attaching great importance to the power battery recycling industry, the construction of power battery recycling system will press the "acceleration button" and the market will show broad prospects.
Everbright Securities also pointed out in the research report that by 2030, the recycling of ternary and lithium iron phosphate batteries will become a market of 100 billion; For ternary batteries, the way of material recovery can be economical, and the market will take the lead in quantity. 2022-2023 will be an important turning point in the industry. It is estimated that 0.10.3 million tons of ternary anode can be recovered in 20 19 years, and then it will increase to 292,500 tons in 2030 year by year. According to the current price, the cumulative recycling space of ternary batteries will reach 654.38+0305 billion yuan in 2020-2030.
Everbright Securities said in the research report that according to the different nature of leading enterprises in domestic existing business models, China's power battery recycling market has spawned the recycling business model of power battery enterprises and the recycling business model of lithium battery materials enterprises. (1) The recycling mode of power battery enterprises can improve the upstream bargaining power of raw materials and reduce the battery cost. Domestic representative enterprises include Contemporary Ampere Technology Co., Ltd., BYD and Guo Xuan Hi-Tech. (2) The recycling mode of lithium battery material enterprises, recycling key metal resources, forming an industrial closed loop and cost reduction space. Many ternary precursor enterprises have made arrangements in the field of power battery recycling, such as GEM, Bangpu Cycle (a subsidiary of Contemporary Anpu Technology Co., Ltd.), Huayou Cobalt, Ganzhou Peng Hao controlled by Xiamen Tungsten, Zhongwei, Ganfeng Lithium and so on.
Today, Meg, whose share price is trading daily, is one of the representative enterprises of power battery recycling. The annual report shows that the company has completed the brand building of recycling products of "waste recycling-resource recycling-product recycling-replacing raw ore resource products-world brand products" through key technological innovation and quality priority strategy, and its core products have fully entered the ranks of world quality brands. Recycling high-quality products with high technology to maximize the added value of recycled products.
Compared with other new energy materials manufacturing enterprises and resource recycling enterprises, the company has a unique profit model. The company's ternary precursor products occupy the two core processes of chemical raw material system and material synthesis, with an average gross profit margin of 24%, which is higher than the industry average, which is Grammy's advantage.
Compared with peers in the industry, Grammy's "recovery system+wet chemical system+environmental treatment system" has advantages. In the field of ternary precursors and cobaltosic oxide products, the company has 20 years of wet chemical technology, established a complete "chemical raw material system+precursor manufacturing system", completed the whole industrial chain from waste recycling to material remanufacturing, and opened up two veins of waste recycling.
In terms of performance, due to the epidemic, GEM's revenue and net profit returned to its mother decreased year-on-year. The company's comprehensive gross profit margin was 65,438+06.66% in 2020 and 265,438+0.02% in the first quarter of this year. In the first quarter of this year, the balance of its accounts receivable exceeded 3 billion, which was 3410.3 billion, an increase of 34.05% over the beginning of the year.
Tianqi, whose share price rose by 7.23%, dabbled in battery recycling.
Tianqi's aftermarket business covers the recycling and dismantling of scrapped cars, the remanufacturing of automobile core components, and the recycling of power batteries. Tianqi Co., Ltd. said in its annual report that in the field of battery recycling, the company acquired 99% equity of Jintaige during the reporting period. Jintaige is a high-tech enterprise focusing on the recycling, treatment and resource utilization of waste lithium-ion batteries. Its main products are cobalt oxide, cobalt hydroxide, cobalt sulfate and nickel sulfate. Tianqi lithium, a wholly-owned subsidiary of the company, is engaged in the production, processing and sales of lithium carbonate. During the reporting period, the market price of lithium metal continued to rise, and the market demand for lithium carbonate continued to rise. Tianqi lithium industry was positively affected by market factors, and its profit was further improved.
As far as the business model is concerned, according to Tianqi's annual report, Tianqi Lithium Industry and Jintai Pavilion continued to play a synergistic effect last year, comprehensively improving the process level, improving profitability, and further consolidating the company's industrial layout in the field of battery recycling. The gross profit margin of the company's automotive aftermarket business is 22.44%.
From the gross profit margin of many companies, it can be seen that more than 20% of the gross profit margin is at the leading level, which means that money in the field of resource recovery is really not easy to earn, so many companies are looking for new profit areas and new profit models, and the gross profit margin can also be regarded as a major indicator of the competitiveness of their business layout and business model.
Comprehensive editor Yue Caizhou proofreads Junyan Zhang.