On October 25, 2021, Tianhua Chaojing (300390) issued an announcement that: Tao Can of Jianxin Fund, Shao Zhuo of Jianxin Fund, Qiu Yuhang of Jianxin Fund, He Yanhua of Jianxin Fund, Zhang Xianglong of Jianxin Fund, Jiang Yingde of Jianxin Fund, Zhu Yun of Jianxin Fund, Li Mengyuan of Jianxin Fund, Torrent of Harvest Fund, Zhuo Jialiang of Harvest Fund, Wang Dan of Harvest Fund, Zhou Chuangen of Ping An Pension, Xu Jingyuan of Ping An Pension, Gao Gao of Ping An Pension, Liu Qiangang of Ping An Pension, Yang Jianhai of Yuanle Sheng, Zhang Yao of Yuanle Sheng, Lv Xiaojiu of Yuanle Sheng, Huabao Fund Ding Jingfei, Huabao Fund Tang Hui, Huabao Fund Xia Linfeng, Changjiang Securities Wang Xiaoqian, Orient Securities Wanliyang, Tianzhi Fund Xu Jiahan, Changan Fund Xie Huan, SPDB AXA Fund Ling Yaliang, SDIC UBS Fund Sun Wenlong, BOCOM Schroder Fund Zhou Shanshan investigated our company on October 22, 2021.
The main contents of this survey are:
Q: What are the advantages of Tianyi Lithium in investing in the lithium battery material project in Jiang'an?
A: Tianyi Lithium is an enterprise specializing in the research and development, production and sales of battery-grade lithium hydroxide, with the following advantages: 1. Location advantage. The local water, electricity and natural gas resources are relatively rich, and the nearby Yangtze River port and the basic chemical industry chain in the region are matched, which can effectively reduce the transportation cost of lithium concentrate and the subsequent production costs; 2, the advantages of resource reserves. As early as the end of 2019, Tianyi Lithium began to lay out the spodumene concentrate resources, and through investment in upstream lithium resource companies and long-term procurement agreements with a number of lithium concentrate production enterprises, participated in strategic placement, and formed a stable and high-quality raw material supply system; 3, customer advantages. Tianyi Lithium cooperates with many domestic and foreign head cathode material production enterprises such as Ningde Times, and through the continuity of downstream orders, it not only ensures that the company can produce continuously, but also reduces the average production cost; 4, technical advantages. The production equipment and process layout of Tianyi Lithium are more advanced, the level of factory automation is higher, the comprehensive energy consumption of the project is low, and the purity and impurity content of lithium hydroxide are of high quality.
Q: Please introduce the pricing model of the company's current long-term agreement with the supplier of spodumene concentrate.
A: The pricing of the long-term agreement signed by Tianyi Lithium and the supplier of spodumene concentrate is based on the information price of similar products publicly released in the market, and is calculated according to the formula agreed by both parties. The Company regularly places purchase orders with suppliers under underwriting agreements.
Q: What is the current capacity planning schedule of Tianyi Lithium?
A: Tianyi Lithium's current lithium hydroxide design capacity of 20,000 tons has been fully loaded, and the relevant technical transformation projects are expected to complete acceptance at the end of the year and achieve an annual output of 25,000 tons; the second phase of the 25,000-ton battery-grade lithium hydroxide project has also begun construction and will achieve trial production at the end of 2021. This year, the company invested in the construction of 50,000 tons of new energy lithium battery materials project in Jiang'an County Industrial Park, and invested in the construction of 60,000 tons of battery-grade lithium hydroxide project in Ganmei Industrial Park, and the two new projects were built in two phases, and it is planned to be completed and put into operation at the end of 2024. After the completion of all projects, the company's total production capacity will reach an annual output of 160,000 tons of battery-grade lithium hydroxide products.
Q: At present, is most of the lithium hydroxide products produced by Tianyi Lithium sold to NINGDE Times?
A: CATL is one of the customers of Tianyi Lithium and a very important strategic partner. Since the completion of the first phase of the project in December 2020, Tianyi Lithium has established in-depth cooperative relations with mainstream lithium battery cathode material manufacturers in China, such as Ningbo Ronbay New Energy Technology Co., Ltd., Tianjin Bamo Technology Co., Ltd., Guangdong Bangpu Recycling Technology Co., Ltd., Beijing Dangsheng Material Technology Co., Ltd., Hunan Shanshan Energy Technology Co., Ltd., Beiterui New Energy Technology Co., Ltd., Xiamen Tungsten Industry Co., Ltd., Grimme Co., Ltd. and other companies or their subsidiaries. In terms of overseas customers, Tianyi Lithium has begun to export lithium hydroxide products to Korean customers and is steadily advancing as planned.
Q: Does the company consider salt lake resources?
A: Salt lake resources mining lithium has a certain cost advantage, Tianyi Lithium will also be considered in the layout of mineral resources, will not give up high-quality salt lake resources.
Q: On what basis is the company considering investing in Ganmei Industrial Park?
A: The company invested 2.5 billion yuan in the Construction of a 60,000-ton battery-grade lithium hydroxide project in Ganmei Industrial Park, which is a requirement of the company's production capacity planning. First of all, Ganmei Industrial Park is a chemical concentration park jointly built by Ganzi Tibetan Autonomous Prefecture and Meishan City, which can set up chemical projects, and has superior investment policies and fast approval speed; second, water, electricity, natural gas and other energy sources in the region are relatively rich, and the basic chemical conditions are superior, and the supply of related production materials (such as sulfuric acid, caustic soda, etc.) is convenient, the cost is advantageous, and it can provide a strong guarantee for stable production; third, Sichuan will have rich lithium resources, which meets the requirements of the company's lithium resource layout; fourth, Obvious geographical advantages, close to Chengdu, can provide excellent talent reserve resources.
Q: What is the company's plan for the development of Tianyi Lithium's lithium battery materials business?
A: With the vigorous development of the new energy automobile industry and the growing global demand for high-quality upstream material products, battery-grade lithium hydroxide products, as an important raw material for lithium-ion battery materials, will usher in rapid development. Tianyi Lithium will seize the opportunity of market development, actively invest in the industrial layout of the lithium battery industry, extend the industrial chain, and vigorously develop the new material business of lithium battery. Strive to complete the technical transformation of the first phase of the project at the end of the year to ensure the output of more than 25,000 tons of products throughout the year; accelerate the construction progress of the second phase of the 25,000-ton battery-grade lithium hydroxide project to ensure completion by the end of 2021; accelerate the certification work of domestic and foreign enterprises and open up the cathode material market; step up the implementation of the layout of lithium concentrate resources; promote technological improvement, process breakthrough process, improve the internal management level of enterprises, and increase the comprehensive competitive strength of Tianyi Lithium Industry.
Q: Please introduce the progress of the second phase of the Tianyi Lithium Project.
A: When you just visited the factory area, you have already seen the progress of Tianyi Lithium's "Phase II 25,000 tons battery-grade lithium hydroxide project". The project started construction in December 2020 and has now completed the main construction and entered the equipment installation and commissioning stage, ensuring that it will be completed and trial production by the end of 2021.
Tianhua ultra-net main business: covering anti-static ultra-clean technology products and medical device products. The company focuses on providing electrostatic and micro-pollution prevention and control solutions for the electronic information manufacturing industry, specializing in the research and development, production, sales and related services of anti-static ultra-clean technology products. Medical device products include the research and development, production and sales of disposable sterile medical device products such as safety, self-destructive, and high-pressure syringes.
Tianhua Chaojing 2021 third quarter report shows that the company's main revenue of 2.322 billion yuan, up 118.26% year-on-year; net profit attributable to the mother of 550 million yuan, up 139.51% year-on-year; deduction of non-net profit of 497 million yuan, up 121.86% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue of 891 million yuan, up 194.96% year-on-year; single-quarter net profit attributable to the mother of 238 million yuan, up 464.56% year-on-year In a single quarter, the non-net profit was 234 million yuan, up 573.32% year-on-year; the debt ratio was 41.0%, the investment income was 3.6468 million yuan, the financial expense was 24.6693 million yuan, and the gross profit margin was 43.93%.
In the past 90 days, the stock has been rated by 5 institutions, 3 are buy ratings and 2 overweight ratings; the average target price of institutions in the past 90 days is 122.46; the Valuation Analysis Tool of Securities Star shows that Tianhua Ultra Net (300390) good company rating is 3 stars, good price rating is 1.5 stars, and valuation comprehensive rating is 2.5 stars.