多氟多-无机氟化物、锂离子电池材料-深耕氟化工领域挖掘新能源市场机遇

aimer13Feb2023ycultivatethefluorochemicalindustryexplorethemarketopportunitiesofnewenergyiuhtiseccomiseccom热点速评FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary)公司主要从事高性能无机氟化物、锂离子电池材料及电子化学品、锂电池制造领域的研发、生产和销售。铝用氟化盐业务主要产品包括无水氟化铝、高分子比冰晶石等；新材料业务主要产品包括以六氟磷酸锂为代表的电解质和以电子级氢氟酸为代表的电子化学品等；锂电池业务公司结合国际主流的三元、锰酸锂和磷酸铁锂为正极材料技术路线，自己开发出容量大、功率高、安全性突出、高低温性能优越的软包叠片锂离子电池。六氟磷酸锂是现阶段商业化应用最广泛电解质，公司产销量位居全球前列。晶体六氟磷酸锂产品纯度高、品质好、指标稳定、运输安全，是目前应用最广、综合性能最优的电解质。公司自主开发了利用工业级碳酸锂、无水氟化氢、三氯化磷法制备高纯晶体六氟磷酸锂，“锂离子电池核心材料高纯晶体六氟磷酸锂关键技术开发及产业化”项目获得国家科学技术进步二等奖。根据2022年半年报，公司具备30000吨高纯晶体六氟磷酸锂的生产能力；根据公司扩产规划，预计2022年底总产能达55000吨。客户涵盖整车、电解液大多数主流厂商，并出口韩国、日本等国家，产销量位居全球前列。六氟磷酸钠产品已商业化量产并批量销售，适时根据市场需求情况进行产能调整。钠元素具有资源丰富、分布广泛、成本低廉、安全性好等优势，在锂资源短缺、价格高企以及储能需求旺盛的行业背景下，推动新型高效的钠离子电池快速发展并与锂离子电池形成互补，正逐渐成为业界的共识。目前公司具备六氟磷酸钠年产千吨的生产能力，并且拥有从六氟磷酸锂产线快速切换六氟磷酸钠产线的工程技术，可适时根据市场的需求情况进行产能调整。公司加速产能投放，整体盈利能力实现大幅度提升。受益于新材料销售提升，产品市场占有率提高，2022年前三季度，公司实现营收92.96亿元，同比增长74.83％；归母净利润、扣非归母净利润分别为17.29亿元、16.04亿元，同比增长134.53％、123.48％。随着两轮车新国标的逐渐实施，轻型车电池迎来行业发展爆发的机遇期，新能源汽车需求提振，市场前景显著。公司定增扩产获批，将进一步完善公司新能源布局，扩充产能，提质降争优势。由于新建项目存在不确定性及产品价格走势波动较大，本报告对公司暂不评级。风险提示：市场新增产能的风险；下游市场需求不及预期的风险；在建产能投产进度不及预期的风险；原材料成本大幅增加的风险。213Feb202320价格:六氟磷酸锂(万元/吨)313Feb20233APPENDIX1SummaryThecompanyismainlyengagedintheR&D,productionandsalesofhigh-performanceinorganicfluoride,lithium-ionbatterymaterialsandelectronicchemicals,andlithiumbatterymanufacturing.Themainproductsofaluminumfluoridebusinessincludeanhydrousaluminumfluoride,highmolecularweightcryolite,etc;Themainproductsofthenewmaterialsbusinessincludeelectrolytesrepresentedbylithiumhexafluorophosphateandelectronicchemicalsrepresentedbyelectronicgradehydrofluoricacid;Thelithiumbatterybusinesscompanyhasdevelopedaflexiblelaminatedlithium-ionbatterywithlargecapacity,highpower,outstandingsafetyandexcellenthighandlowtemperatureperformancebycombiningtheinternationalmainstreamternary,lithiummanganateandlithiumironphosphateasthecathodematerialtechnologyroute.Lithiumhexafluorophosphateisthemostwidelyusedelectrolytecommerciallyatthisstage,andthecompany'sproductionandsalesareamongthetopintheworld.Crystallithiumhexafluorophosphateisthemostwidelyusedelectrolytewiththebestcomprehensiveperformanceduetoitshighpurity,goodquality,stableindexandsafetransportation.Thecompanyhasindependentlydevelopedthepreparationofhigh-puritycrystallinelithiumhexafluorophosphatebyusingindustrialgradelithiumcarbonate,anhydroushydrogenfluorideandphosphorustrichloride.Theprojectof"developmentandindustrializationofkeytechnologiesofhigh-puritycrystallinelithiumhexafluorophosphate,thecorematerialoflithiumionbatteries"wonthesecondprizeoftheNationalScienceandTechnologyProgressAward.Accordingtothesemi-annualreportof2022,thecompanyhasaproductioncapacityof30000tonsofhigh-puritycrystallinelithiumhexafluorophosphate.Accordingtotheexpansionplan,thetotalcapacityisexpectedtoreach55000tonsbytheendof2022.Customerscovermostmainstreammanufacturersofcompletevehiclesandelectrolyte,andareexportedtoSouthKorea,Japanandothercountries,withtheproductionandsalesvolumerankingthetopintheworld.Thesodiumhexafluorophosphateproducthasbeencommerciallyproducedandsoldinbatches,andtheproductioncapacitywillbeadjustedaccordingtothemarketdemand.Sodiumelementhastheadvantagesofrichresources,widedistribution,lowcostandgoodsafety.Underthebackgroundoflithiumresourceshortage,highpriceandstrongdemandforenergystorage,itisgraduallybecomingtheconsensusoftheindustrytopromotetherapiddevelopmentofnewandefficientsodiumionbatteriesandcomplementlithiumionbatteries.Atpresent,thecompanyhasanannualproductioncapacityof1000tonsofsodiumhexafluorophosphate,andhastheengineeringtechnologytoquicklyswitchfromthelithiumhexafluorophosphateproductionlinetothesodiumhexafluorophosphateproductionline,whichcanadjusttheproductioncapacityaccordingtothemarketdemandinduetime.Thecompanyacceleratedtheproductioncapacityinvestment,andtheoverallprofitabilitywassignificantlyimproved.Benefitingfromtheincreaseinsalesofnewmaterialsandtheincreaseinmarketshareofproducts,thecompanyachievedrevenueof9.296billionyuaninthefirstthreequartersof2022,withayear-on-yearincreaseof74.83%;Netprofitattributabletotheparentcompanyandnetprofitattributabletothenon-parentcompanywere1.729billionyuanand1.604billionyuanrespectively,withayear-on-yearincreaseof134.53%and123.48%.Withthegradualimplementationofthenewnationalstandardfortwo-wheeledvehicles,thelightvehiclebatteryusheredinanopportunityperiodofexplosiveindustrialdevelopment,andthedemandfornewenergyvehiclesrose,withasignificantmarketprospect.Theapprovalofthecompany'sfixedincreaseandexpansionofproductionwillfurtherimprovethecompany'snewenergylayout,expandproductioncapacity,improvequality,reducecostandincreaseefficiency,andconsolidatemarketcompetitiveadvantage.Duetotheuncertaintyofthenewprojectandthelargefluctuationofproductprice,thecompanyisnotratedinthisreport.Risks:Theriskofnewcapacityinthemarket;Theriskthatthedownstreammarketdemandislessthanexpected;Theriskthattheproductionprogressofthecapacityunderconstructionislessthanexpected;Riskofsubstantialincreaseinrawmaterialcosts.4下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