On October 30, 2021, Ganfeng Lithium (002460) announced: Runhui Investment Management Hong Kong Co., Ltd. Cynthia, Tongben Investment Yu Siying, Jinmen Finance Yan Youkang, Tongben Investment Lin Liexiong, Shanghai Yanniu Investment Management Co., Ltd. Liu Yuanping, Shanghai Dongyi Capital Zhekun, China Europe Fund Management Co., Ltd. Wang Xiaoyu, PinPoint Asset Management Limited Jiawei Zhu, Tamsui Quan Jia Tingting, Chen Weibin of Soochow Fund Management Co., Ltd., Chen Baxin of Zhejiang Merchants Fund Management Co., Ltd., Gan Jiayao of Haitong Research Institute, Li Heng of Cathay Fund Management Co., Ltd., Zhu Min of Changxin Fund Management Co., Ltd., Charles Lee of Haitong International, Chen Feng of Everbright Self-operated, Huang Yong of Guangzhou Financial Holdings Investment, UG Fund Taylor Chen, Nie Shilin of Anxin Fund Management Co., Ltd., Cao Yongbin of Western Lide Fund Management Co., Ltd., Zhou Yuxiong of China Europe Fund Management Co., Ltd., zhu Yufei of Chinese Asset Management Co., Ltd., Niu Jianbin of Qijia Asset Management, Gong Xiaohui of ABC Wealth Management, Liu Zhao of Qushi, Tian Yu of Zhongtai Securities (Shanghai) Asset Management Co., Ltd., Guo Jingchuan of Zhongrong Fund Management Co., Ltd., Wei Yanjun of Wasion Asset Management Co., Ltd., Li Qiao, Yi Xin'an He Xu, Guo Shujie of Wells Fargo Fund Management Co., Ltd., Zeng Wanyun of Yongying Fund Management Co., Ltd., Marco Polo Pure Asset Management Limited Hannes Kwong, Hui Tianfu Fund Management Co., Ltd. Dong Xiao, Shenwan self-operated Zhang Zhihong, Chuangjin Hexin Fund Management Co., Ltd. Hu Yaosheng, Changsheng Fund Management Co., Ltd. Liu Xuming, Haitong Investment Banking Department Liu Jingyu, Shanghai Tianyi Investment Du Jingtao, Minsheng Tonghui Asset Management Co., Ltd. Luo Dan, China Overseas Fund Management Co., Ltd. Xie Jiaoyang, Lingjiu Investment Chen Qiuzhi, Zheshang Securities Co., Ltd. Wang Peng, CITIC Capital Investment Management Co., Ltd. Liu Guangxu, Shenwan Hongyuan Securities Co., Ltd. Yu Yang, Great Wall Wealth Asset Management Co., Ltd. Hu Jiyuan, Guotai Fund Management Co., Ltd. Gao Liang, Happy Life Han Guixin, Shanghai Jinren Investment Management Co., Ltd. Wang Yu, Huaan Fund Management Co., Ltd. Xu Bentao, Shanghai Electric Finance Company Xu Yang, Jianxin Pension Management Co., Ltd. Wang Xinyan, Oceanwide Capital Investment Management Group Co., Ltd. Li Zhengye, Boshi Fund Management Co., Ltd. He Baohua, CITIC Securities Co., Ltd. Asset Management Department Pan Yunjiao, Shanghai Yongjin Investment Management Co., Ltd. Ning Shunli, Ten Asset Management Ltd Liu Xuan, Hongming Capital Wang Can, Shanghai Panjing Investment Management Center (Limited Partnership) Zhang Man, Huashang Fund Management Co., Ltd. Wu Hao, Ordinary Investment Jiang Heze, Yihui Investment Xu Hao, Huafu Fund Management Co., Ltd. Cai Jing, Huaneng Gui Chengxin Trust Co., Ltd. Li Shiqi, Yihui Investment Shao Wenqiong, Everbright Self-operated Xiao Yisheng, Invesco Invesco Jean Yao, Gao Bing of China Merchants Fund Management Co., Ltd., Lin Zhenjing of Qingli Investment Management (Shanghai) Co., Ltd., Whale Assets Zhou Weiwei, Guangzhou Yurong Asset Zhu Shuyi, China International Capital Corporation Li Mengyao, Xiang & Xing Investment Xu Xiaohao, Hengyuan Capital Zhang Lidong, Guotai Securities Investment Trust Co., Ltd. Zhang Kuangxun, Bo Du Investment Ye Bingxi, Huaneng Gui Chengxin Trust Shanghai Headquarters Xin Liang, Casper Investment Management (Hong Kong) Co., Ltd. Chen Yuanhai, Marco Polo Pure Asset Management Limited Chris Tang, BOCOM Schroder Fund Management Co., Ltd. Li Na, Donghai Securities Co., Ltd. Ma Ziqiang, Huabao Fund Management Co., Ltd. Ding Jingfei, Fuh Hwa Group Ivan Du, Guotai Junan Securities Co., Ltd. Fan Yang, HSBC GroupElina Fung Feng Jiahui, Pengyang Fund Management Co., Ltd. Li Qin, Power Pacific Coporation Limited Zhou Cheng, Donghai Fund Management Co., Ltd. Hu Dejun, Juyuan Asset Management Wu Chunyong, LyGH Capital Pte Ltd Lige Capital Mitchell Chan, Zhejiang Shanyuan Investment Management Co., Ltd. Cai Junnan, UBS Global Asset ManagementLucy Zhang, Jianxin Fund Management Co., Ltd. Xu Jie, CITIC Prudential Life Insurance Co., Ltd. Wang Tao, Hongming Capital Wang Dan, CIC He Zhangpeng, CITIC Securities Co., Ltd. Asset Management Department Huang Junhao, Haitong International Fuguo Zhao Niankun, Founder Securities Asset Management Company Yu Huapeng, Fullerton Capital Management Co., Ltd. Zhang Wei, Xiansheng Investment Xu Li, CITIC Prudential Fund Management Co., Ltd. Wang Guanqiao, Founder Fubon Fund Management Co., Ltd. Ban Huaquan, Guotai Junan Assets (Asia) Limited Yu Chunmei, Zheshang Securities Co., Ltd. Weng Jinchong, General Technology Group Investment Management Co., Ltd. Pan Shuyang, Chaos Investment Ma Zhongshu, Changxin Fund Management Co., Ltd. Zhang Wenhao, Shanghai Jingjingxi Asset Management Co., Ltd. Chen Xue, Shanghai Shicheng Investment Management Co., Ltd. Zhang Shiying, Haitong Equity Investment Department Xie Wei, Shanghai Tongyuan Investment and Development Co., Ltd. Liu Yan, Credit Suisse GroupLily Chang, ICBC Asset Management (Global) Company Limited Zhou Zhenli, Mingyu Asset Management Wang Youhong, Southern Fund Management Co., Ltd. Shen Junhua, Wells Fargo Fund Management Co., Ltd. Ge Jia, Li Jun of China Post Venture Capital Management Co., Ltd., Lin Xiaowen of Kaisbo Investment Management (Hong Kong) Co., Ltd., Lin Hao of Power Pacific Coporation Limited, Zhu Weiqi of Shanghai Lize Investment Management Co., Ltd., Zhao Yang of China Post Insurance, Zhang Dajiang of Xinhua Fund Management Co., Ltd., Allen of BNP Asset Management of Xinhan, Gong Wenwei of Shanghai Investment Morgan Fund Management Co., Ltd., Rigorous of Industrial Trust Co., Ltd., Liu Xiaoming of Qianhai Open Source Fund Management Co., Ltd., Open Door Investment Management Group FramkWang, Open Door Investment Management GroupAnna Liu, Huatai Berry Fund Management Co., Ltd. he Lei, Beijing Chengsheng Investment Management Co., Ltd. Wu Wei, Shanghai Zhongyu Investment Co., Ltd. Han Xue, Wukong Investment Zhong Tengfei, Huaneng Gui Chengxin Trust Co., Ltd. Xu Bin, China International Capital Corporation Limited Liu Spectrum, Yude Investment Zhao Qin, Shanghai Renbu Investment Management Co., Ltd. Xu Jiazhi, Dunyi Investment Zhao Jie, Bodao Fund Management Co., Ltd. Zhang Bin, BOC International Asset Management Lu Shasha, United Asset Management Co., Ltd. Jia Wenlei, Norges Bank Investment Management Cheng Bowei, Goldstream Capital Jinyong Capital Zongyan Huang, Jiupeng Asset Dou Jinhu, Lombard Odierhenry zhang, Minsheng Tonghui Asset Management Co., Ltd. Ai Mengqi, Southern Fund Management Co., Ltd. Ying Shuai, Yujin Investment Yang Feng, SPQ Asia Capital Limited Liu Haoran, Wukong Investment Jiang Jingwen, Anxin Fund Management Co., Ltd. Gu Shaohua, China Re Asset Management Co., Ltd. Wang Rundong, Mingda Asset Management Wang Xile, Marshall WaceElsa Wang, Liu Yuanhai of Soochow Fund Management Co., Ltd., Chen Zengbo of Prudential Assets, Wang Zequn of Taiping Pension Insurance Co., Ltd., Segantii CapitalLouie Lu, Yang Zhongkai of AVIC Fund Management Co., Ltd., Lan An of China RE Asset Management Group, Zhang Jing of Tianhong Fund Management Co., Ltd., Tong Pengjun of Qianhai Open Source Fund Management Co., Ltd., Huang Xiangbin of Beixin Ruifeng Fund Management Co., Ltd., Liu Gang of Xixian Assets, Danyi Investment Zhu Liang, Y2 CapitalLei Fu, Haitong Research Institute Shi Yi, Cloison Li & Fung Fund Co., Ltd. Lv Weizhi, Everbright Prudential Fund Management Co., Ltd. Lu Yuan, Nord Fund Management Co., Ltd. Huang Wei, Guohai Securities Wang Zongkai, Huabao Fund Management Co., Ltd. Lu Yi, Haitong Headquarters Xu Gengyan, Shanghai Orient Securities Asset Management Co., Ltd. Sun Tao, Shanghai Hongliu Investment Management Co., Ltd. Zhang Haidi, Everyone Asset Management Co., Ltd. Li Yuanlong, Brilliant Asset Management Co., Ltd. Chen Gong, Shenwan Hongyuan Securities Co., Ltd. Bai Hong, Jiangtong Investment Kang Ruiqiang, Taiyang Asset Peng Fei, Soochow Fund Management Co., Ltd. Chen Chen, China Re Asset Management Co., Ltd. Zhao Yong, Ping An Pension Insurance Co., Ltd. Guo Ruofeng, Power Pacific Coporation Limited Jonathan Zhou, Guangzhou Shuanghu Technology Development Co., Ltd. Wu Xinyu, Shenzhou Muduan Yachao, Anxin Fund Management Co., Ltd. Chen Peng, Xu Li of Zhongke Fertile Land Fund Management Co., Ltd., Liu Rui of Huatai Securities (Shanghai) Asset Management Co., Ltd., Lin Jing of Western Lide Fund Management Co., Ltd., Mou Xinghai of Boshi Fund Management Co., Ltd., Yu Lei of Jianxin Trust Co., Ltd., Song Qi of Guorong Fund Management Co., Ltd., Du Xuechuan of SPDB AXA Fund Management Co., Ltd., Liu Haibin of China Canada Fund Management Co., Ltd., Sun Shaobing of Fuanda Fund Management Co., Ltd., Liu Mingxia of Zhejiang Shanyuan Investment Management Co., Ltd., Li Xinkai of the National Social Security Fund Council, Botong Investment Du Tong, CSOP Asset Management LimitedKerry Zhang, and Fengyan Investment Zhang Tian investigated our company on October 27, 2021.
The main contents of this survey are:
Q: Introduction to the company's operation in the third quarter.
A: The company's performance in the third quarter of this year is more eye-catching than last year's growth rate, mainly due to the increase in product volume and price. The company's new annual output of 50,000 tons of lithium hydroxide project capacity release smoothly, this year's lithium salt product capacity has been greatly improved, product prices since the beginning of this year has continued to rise. Overall, the company has continued to grow with the continuous development of new energy production capacity in recent years: from the perspective of upstream resources, the company has continuously acquired high-quality lithium resources in the world in recent years, including lithium salt lakes in Argentina, lithium clay in Mexico, lithium concentrate in Mali in Africa, lithium salt lake resources in Qinghai and lithium mica resources acquired by Mr. Li, etc. Diversified lithium resource combination provides raw material guarantee for the company's capacity expansion; from the perspective of the midstream industry, the company continues to expand the production capacity of lithium salt products, and the company has formed 43,000 tons of lithium carbonate / year. Lithium hydroxide production capacity of 81,000 tons / year, the scale of production capacity accounts for the country and even accounts for a higher share of the world; from the perspective of downstream industries, the company layout lithium batteries and retired lithium battery recycling, and continuously expand the scale of lithium battery production and the recovery capacity of retired lithium batteries.
Q: What is the progress of the Company's offer to acquire equity interests in Bacanora?
A: The Tender Offer is in progress in accordance with the acceptance process of the shareholders of Bacanora and the approval of the Mexican government. As of now, due to the fact that the approval process of the Mexican government on this matter has not yet been completed, in accordance with the UK tender offer process and relevant laws and regulations, Shanghai Ganfeng and Bacanora have applied to the Uk Mergers and Acquisitions Commission to suspend the tender offer process, and the tender offer process will be resumed after the matter is approved by the Mexican government.
Q: Is there a statute of limitations on the UK Exchange's suspension procedure on this matter and does it need to be re-applied?
A: There is no need to reapply according to the normal tender offer process, and there is an option to renew.
Q: Will there be any variables in the Tender Offer?
A: First of all, the offer of this tender offer fully considers the future market situation and the valuation of mineral resources, and the price given is still very reasonable; second, the company directly holds 50% of the equity of Sonara, through the direct holding of Bacanora
Q: What is the inventory of products in the entire industry, and what is the situation that the recent third-party platform shows that the product inventory is first raised and then reduced?
A: At present, the entire industry is still in short supply, and the supply of products is very tight. The recent fluctuation of inventory is due to the fact that some manufacturers have holidays on National Day and the near-term electricity policy affect the increase in inventory, and the normal production after the National Day and the impact of the power rationing policy are alleviated after the inventory is reduced.
Q: Reasons for the decrease in Chilean exports in the third quarter.
A: At present, the shortage of maritime resources is the main reason for the decline in global import and export volume.
Q: Why did the company lay out ESG earlier?
A: The company has reached strategic cooperation with overseas customers (such as Tesla and BMW) very early, these customers have very high requirements for ESG, and have put forward ESG-related requirements for us very early, and the reason why we have laid out early is to meet customer needs.
Q: What is the company's current proportion of lithium ore self-supply and outsourcing, and whether the price increase of lithium products will affect the sales volume downstream.
A: The company's main spodumene supply comes from the company's own mine, the MtMarion spodumene project in Australia, with more than 400,000 tons of lithium concentrate per year; the other part comes from Pilbara's annual supply of 160,000 tons of lithium concentrate. The proportion of the company's self-supplied lithium resources is high, accounting for the vast majority. In recent years, not only lithium products, other raw materials such as nickel, cobalt, fierce, electrolyte, anode materials, etc. are increasing in price, as well as transportation, labor and other costs, have not affected the sales of downstream products, so the price increase of lithium products will not affect the sales of downstream products.
Ganfeng Lithium's main business: research, development, production and sales of deep-processed lithium products.
Ganfeng Lithium's 2021 third quarter report shows that the company's main revenue was 7.054 billion yuan, up 81.19% year-on-year; the net profit attributable to the mother was 2.473 billion yuan, up 648.24% year-on-year; the deduction of non-net profit was 1.428 billion yuan, up 435.58% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 2.989 billion yuan, up 98.5% year-on-year; the single-quarter net profit attributable to the mother was 1.056 billion yuan, up 506.99% year-on-year. In the single quarter, the non-net profit was 593 million yuan, up 538.5% year-on-year; the debt ratio was 30.88%, the investment income was 18.8528 million yuan, the financial expense was 149 million yuan, and the gross profit margin was 35.55%.
In the past 90 days, a total of 16 institutions have given ratings, 9 buy ratings and 7 overweight ratings; the target average price of institutions in the past 90 days is 232.94; the net inflow of financing in the past 3 months is 1.433 billion, and the balance of financing has increased; the net outflow of margin is 204 million, and the balance of margin is reduced. The Valuation Analysis Tool of Securities Star shows that Ganfeng Lithium (002460) has a good company rating of 4 stars, a good price rating of 1.5 stars, and a comprehensive valuation rating of 2.5 stars.