The in-depth research report of securities firms covers a new upstart in the lithium battery industry-China Mining Resources. The company started from the geological prospecting business, and cut into the field of light and rare metal resources development and processing with cesium, rubidium and lithium as the main materials through extension mergers and acquisitions.
The new material of Dong Peng, a wholly-owned subsidiary, is the biggest highlight. The market share of battery-grade lithium fluoride products is as high as 38%, and it has entered the Tesla industrial chain; It is the largest producer and supplier of cesium salt in China and the third largest producer and supplier in the world, with a domestic market share of 75%.
1) upstart in lithium battery industry
20 18 wholly acquired Dong Peng's new materials and cut into the field of new energy. At present, it has a capacity of 3,000 tons of battery-grade lithium fluoride and 6,000 tons of battery-grade lithium carbonate, and a 25,000-ton micro-powder lithium hydroxide project is under construction, which is expected to be put into production in the second quarter of 2002/KLOC-0.
The performance commitment of Dong Peng New Materials is: the cumulative net profit from 2018 to 2020 shall not be less than160 million, 340 million and 540 million respectively. As of 20 19 and 12, Dong Peng's new materials are 20 18-2065438.
Dong Peng New Materials holds the invention patent of battery-grade lithium fluoride, and is the top three domestic suppliers with a market share of 38%, followed by Ganfeng Lithium Industry with a market share of 19%. Established a long-term cooperative relationship with Morita Chemical and other customers. Morita Chemical is the main supplier of electrolyte for Tesla Power Battery (Panasonic). By continuously supplying high-quality lithium fluoride to Morita Chemical, the company successfully entered the Tesla supply chain.
In addition, the price of lithium hexafluorophosphate has started to rise recently, and the A-share related companies Skyline and Polyfluoride have increased greatly. The company's lithium fluoride is the main raw material of lithium hexafluorophosphate, accounting for 28% of the cost. Provide lithium fluoride products for domestic leading enterprises of lithium hexafluorophosphate and electrolyte.
2) Cesium metal in the space age
The company is also the world's largest producer of cesium and rubidium products. With the advantages of the world's major high-quality cesium resources (Tanco mine in Canada), two major production bases in the world (Winnipeg, Canada, Xinyu City, Jiangxi Province, China) and cesium formate recovery (Aberdeen, UK and Bergen, Norway), the business covers the whole industrial chain of cesium mine mining, processing, cesium fine chemicals and end-use market. By controlling resources, the market share of cesium rubidium salt products will be gradually increased to over 80%, and it has pricing power.
Cesium is widely used and is called the metal of the space age. Downstream applications include national defense and military industry, such as night vision imaging, special glass, radioactive alarm, photoelectric tube, radio tube and military infrared signal lamp; Aerospace, such as atomic clock (20 million years), rocket propellant (1 kg cesium), thrust generated in outer space is greater than any other fuel 1 100 times, ion propulsion engine (lighter than conventional engine10%-15
Recently, the price has increased again, with cesium carbonate and cesium sulfate increasing by 24% and 6% respectively.
3) Valuation:
Through business split, brokers believe that the company's traditional geological prospecting business has maintained steady growth, lithium salt business has benefited from the release of production capacity and the continuous growth of downstream new energy vehicles, and the market share of cesium and rubidium business has continued to increase, with broad application space, and various businesses are obviously underestimated compared with their peers.
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