Supply and demand mismatch lithium hexafluorophosphate "all the way" polyfluoride multi-performance soared more than 24 times 2021 net profit hit a new high on the market

Financial Associated Press (Zhengzhou, reporter Zhang Chenjing) news, benefiting from the soaring price of lithium hexafluorophosphate, polyfluoride (002407, SZ) performance has also hitched a ride. On the night of the 19th, polyfluoride forecast 2021 net profit soared by more than 24 times year-on-year, creating the best performance since listing. Longzhong Information electrolyte analyst Shao Jian told the Financial Associated Press that in the short term, lithium hexafluorophosphate in the first half of 2022 is still relatively tight, and the price will fall after the middle of the year.

The announcement of polyfluoride said that it is expected that the company's profit in 2021 will be 1.23 billion yuan - 1.33 billion yuan, an increase of 2429.7% - 2635.37% year-on-year, and the net profit after deducting non-deduction is expected to be 1.2 billion yuan - 1.3 billion yuan, an increase of 842.76% - 904.3% year-on-year. The company believes that the main reason for the increase in its net profit over the same period last year is that the market demand for new material products based on lithium hexafluorophosphate is strong, the new production capacity of related products is gradually released, the capacity utilization rate reaches a high level, and the profitability is greatly improved.

Due to the strong demand for downstream power batteries, lithium hexafluorophosphate has become one of the most scarce key materials in the current lithium battery industry. Major enterprises to maintain full production and full sales, there is still a supply gap, China Nonferrous Metals Industry Association Lithium Industry Branch recently released data show that in 2021 the mainland's main electrolyte material lithium hexafluorophosphate production of 52,000 tons. From the demand side, the industry statistics in 2021 global lithium hexafluorophosphate demand of 72,600 tons.

Shao Jian, electrolyte analyst at Longzhong Information, said: "Lithium hexafluorophosphate is the most important solute in the electrolyte of lithium-ion batteries, and it is still the most widely used electrolyte solute for commercialization. In 2021, the price is all the way up, and the overall H1 lithium hexafluorophosphate in 2022 is still relatively tight, and the price will fall after the middle of the year. ”

Worryingly, the mismatch between supply and demand has led to the cyclical price of lithium hexafluorophosphate, and this year's price surge has stimulated manufacturers in the industry to expand production, and many industry insiders have publicly expressed their vigilance against overcapacity in 2023. According to rough statistics, since 2021, the annual production capacity of domestic lithium hexafluorophosphate has exceeded 750,000 tons. Among them, after the expansion of polyfluoride projects this year, the production capacity of lithium hexafluorophosphate may exceed 120,000 tons. Yan'an Bikang (002411, SZ) said in the institutional survey that the current market price of lithium hexafluorophosphate products is still in an upward trend, and the price will remain at a high level in the future. However, with the subsequent expansion of the industry, the release of lithium hexafluorophosphate production capacity, the improvement of supply and demand relations, and the price may show a certain degree of correction.

In addition, some institutions believe that lithium bifluorosulfonimide has many advantages, or become the next generation lithium battery lithium salt that is most likely to partially replace lithium hexafluorophosphate. Shao Jian believes that compared with the traditional lithium salt lithium hexafluorophosphate, lithium bisfluorosulfonimide has many advantages such as high electrical conductivity, high thermal stability, hydrolysis resistance, high temperature resistance, and inhibition of battery gas rise. However, whether it can replace lithium hexafluorophosphate needs further observation, on the one hand, the high cost and the process is not fully mature, on the other hand, the recognition and acceptance of downstream head battery manufacturers is also the key to whether difluorine can replace the use space of hexafluorine. At present, in practical applications, difluorine is more used as an additive, and the market demand is less. Under the situation of rapid increase in downstream power battery demand, it is expected that the demand for solutes will expand significantly. Longzhong predicts that the demand for difluorine is expected to grow rapidly in the next 5 years in a doubling manner year by year, and in order to ensure that market demand is met, related production enterprises are also increasing their capacity to expand difluorine production capacity.