On October 28, 2021, Tianci Materials (002709) announced: TEDA Manulife Wei Cheng, China Merchants Wealth Asset Management Jing Shuhang, Shanghai Hengfu Investment Song Yuanwan, Franklin Huamei Investment Letter Zhang Jialin, SPDB AXA Fund Pan Qifan, Junhe Capital Yang Qingxin, Fu Ende Asset Management Co., Ltd. Peng Liumeng, Huachuang self-operated Gong Jiamei, BOC Asset Management Zhang Lixin, Sunshine Asset Management Wang Runchuan, Minsheng Securities Li Jingbo, Tianhong Fund Du Hao, Jiuxiang Asset Jin Lingxiao, Swiss Oak Capital ifelix, Changjiang Securities Si Hongli, Asia Pacific Property & Casualty Insurance Co., Ltd. Li Jiahui, Zhang Jian, Huaxi Securities Zhang Wenchen, Laterite Innovation Fund Li Kun, Qianhai Open Source Fund Liu Xiaoming, Soochow Securities Bai Yizhen, Taikang Asset Qi Jia, Qianti Investment Peng Cong, Huatai Baoxing Liu Tengfei, Donghai Fund Sun Weiquan, Ping An Fund Zhai Sen, Dingsa Asset Management Co., Ltd. Shen Wenjie, Shanghai Tianyidao Investment Zhao Haoying, Guotai Junan International Lin Zimei, Anzhong Investment Liu Weiting, Guojin Asset Management Co., Ltd. Zeng Meng, Panze Capital Zhang Shengbao , Templeton Fund Sun Tong, Soochow Securities Ruan Qiaoyan, Jianxin Insurance Asset Management Yang Yue, Luyin Asset Management Co., Ltd. Yu Dalin, Guohai Securities Wu Xingyu, Sunwoda Investment Li Ziyi, Hui Tianfu Fund Zhao Jian, China Merchants Securities Tian Kaiyun, Huarong Fund Du Hanyi, CICC Ji Feng, Guotai Junan Securities Wang Han, Orient Fund Zhang Yang, Tianfeng International River, China Overseas Fund Zhang Lizhong, Jinghuashan International Li Xuefeng, China Merchants Securities Zhou Yan, Soochow Securities Liu Xiaotian, Everbright Prudential Fund Wang Mingxu, GF Asset Management Co., Ltd. Gong Guilin, Jinbang Capital Zhang Liao, BOCI Securities Liu Hang, Zhongtai Securities Wang Shunqing, Jinzhihao Fund Chen Feiyun, Hongliu Investment Li Weidong, Minsen Investment Tan Bin, Kaiyuan Securities Liu Qiang, Ni Lan Asset Zhang Xinhui, Dayan Capital Jiang Xiaofei, Yongcheng Asset Jin Yuxi, Gemshuo Investment Field, Shanghai Huanyi Company Cao Fei, Nongyuan Investment Hu Yichuan, HSBC Asset Management Chen Jiayi, excel investment Wang Ruochen, Bosera Fund He Baohua, Zhixing Capital He Feng, Cathay Property & Casualty Zhou Xingchen, TEDA Manulife Fund Wang Peng, Yongxi Investment Chen Shuting, Zhongtian Guofu Securities Guan Xueying, Yude Investment Li Hao, Jiangxin Fund Ma Guangyao, Galaxy Securities Xu Mingtu, Huaxi Securities Wang Liyao, point72john, Furong Fund Jiang Fan, Zhongtian Guofu He Yike, East Capital Zhang Hao, Industrial Wealth Management Co., Ltd. Zhang Guoan, Zeyuan Asset Zhu Haochen, Haoqing Investment Zhao Xin, Fengyan Investment Zhang Tian, Cinda Australia Bank Fund Zhu Ran, Dunhe Asset Management Wu Laidi, Panyao Asset Ning Shunli, Open Source Self-operated Li Wenjing, Great Wall Wealth Insurance Jiang Wei, Caitong Fund Yu Xiao, Huaxia Fund Guo Chen, Xinhua Fund Liu Bin, Jinren Investment Wang Yu, Mingyu Asset Zhong Jian, Ping An Fund Zhang Wenjun, GF Securities Xie Ning, Huabao Fund Xia Linfeng, Hui Tianfu Fund Xia Huijie, Huachuang Securities Yin Sheng Road, United Insurance Wu Yunfeng, Debon Securities Huang Ling, Honghui Asset Ding Liang, Shan Long Asset Wang Xiangyu, Haosheng Investment Xu Jiacheng, ShengShi Zhiji Investment Xu Chengyu, China Merchants Securities Yao Wei, Founder Securities Zhang Lizhong, Huatai Securities Bian Wenjiao, Xiangcai Li Zhihong, Xingquan Fund Wang Jian, Huaan Fund Chen Chun, Jianxin Fund Liu Kefei, Chunhou Fund Zhang Shuyuan, Cinda Australian Bank Guo Min, Guohai Asset Management Li Qianqian, Jiupeng Investment Guo Pengfei, TEDA Manulife Fund Meng Jie, Caitong Securities Xu Jingxuan, Haiya Financial Holdings Yang Jing, Dingfeng Asset Li Mengyun, Shunfeng Asset Deng Yongming, ICBC AXA Asset Gan Xiaoyao, Guotai Junan Securities Shi Yan, Fruit Capital Chen Zhenjiang, HSBC Jinxin Fund Wei Yu, Fuguo Fund Ge Jia, Hezheng Puhui Investment Li Daming, Sun Huidong of Yimi Fund, Guo Rui of GF Securities, Li Zhimin of Orient Bond Asset Management, Meng Hai of Wells Fargo Fund, Li Lei of ICBC Credit Suisse Fund, Cai Zihao of Kaiyuan Securities, Lu Cuiping of Evergrande Life Insurance, Cai Jinyang of Tianfeng Securities, Ge Hao of Shibei Investment, Yao Shuang of Boshi Fund, Pan Guang of XinningYong, Zhao Hao of Qianti Investment, Dong Chengyang of GF Securities, Liu Bai of Shanghai Trust, Lin Xiaowen of Kaisbo Investment, Lu Ming of Hillhouse Capital, Lin Xuanyi of Huachuang Securities, Wang Hao of ICBC International, Zeng Duohong of Soochow Securities, Langke of Wenbo Qisheng Investment, PU BANK AXA Fund Yang Zhenxiong, Sino Analytica Fund Huang Youwen, Yuanda Investment Letter Zhang Shenghong, Kaiyuan Securities Xiong Hao, Xincheng Fund Sun Haozhong, Northeast Securities Xu Enyuan, Western Securities Zhu Bairui, Impact Assets Chen Zebin, Yongxing Asset Management Co., Ltd. Xu Xiaohao, Baoyin Investment Li Quan, Boshi Fund Chen Wei, Wise Investment Li Linfeng, Cunda Fund Zi Huiping, Changyu Investment Xie Yiqing, Yinhua Fund Wang Zhiwei, Wuhan Meiyang Investment Management Hu Zhimin, Guojun Asset Management Company Zhang Chenjie, Northeast Securities Gu Yihong, Lige Capital Zeng Qingqing, Dang Jian of Zhijun Capital, Liu Yu of Hengyue Fund, Jiangjin of Huaxi Securities, Ran Xinyu of Ruixin Zhiyuan Investment, Wang Zongkai of Guohai Securities, Xie Yina of Shaoxia Capital, Zhao Wei of Guangzhou Yourong Assets, Sun Xiaoya of Tianfeng Securities, Li Kunyuan of Zhongjia, Wen Zhengyu of Western Profits Fund, Xue Boyu of Jiupeng Investment, Sun Guomeng of Jiahe Fund, Xia Yu of Beijing Hongtai Haichuang Investment, Mei Junyu of Guotai Junan Securities, Yang Zhigang of Capital Securities, Liu Bin of Haitong Securities, Zhang Fan of Beijing Ruitu Investment, Zhang Jipeng of Lingze Investment, Tan Ganlu of Kaiyuan Securities, Zhihe (Hangzhou) Asset Management Co., Ltd. Zhu Shengfu, Monita Research Xiong Xuezhen, Evergreen Foundation Company Wang Dewen, GF Fund Ao Minghao, Gao Yi Asset Yuan Yue, Debon Fund Meng Yu, BOC Investment Qiu Xuan, Oulu Capital Meng Shuai, Yang Jie of Changjiang Asset Management, Liu Yu of Tianan Life Insurance, Hexi Investment Song Zhengyuan, Yongan Guofu Asset Xu Xiaoming, GF Securities Yu Yang, Southern Fund Yu Lupeng, Wollongong Investment Zhang Zhengkai, Jiupeng Investment Chen Yong, HuiAn Fund Xiong Dexin, Lingjiu Fund Chen Qiuzhi, Huili Investment Wang Yingxia, JPMorgan Asset Management Co., Ltd. Zhang Wenhui, BOCI Securities Lu Shanshan, Western Securities Zhu Borui, Huaan Property & Casualty Insurance Sun Nan, Qian Tang Yongli Zhou Mengying, GF Securities Mo Xiaoren, Tianfeng Securities Xue Zhou, Haosheng Fund Zhong Siwen, Ruifeng Asset Management Co., Ltd. Zhang Shaopu, Shitian Feng Investment Tian Gang, Zhejiang Merchants Self-operated Wang Peng, Huatai Securities Zhu Guangling, Capital Securities Sun Zhao Xu, Bo Yan Capital Liu Shaoqing, Huanyi Private Equity Fund Gao Shan, Hong Kong J.P. Morgan Securities poke wei, tag Liu Yawei, Changjun Capital Chen Man, PICC Assets Sun Haoran, Park Yi Asset Tang Yibo, Qinmu Asset Wang Aoye, Guodu Securities Chen Jianlin, Geru Investment Qi Yuanyuan, Guotai Junan Securities Xie Ruiling, Guotai Fund Chen Yaqiong, Xinhan Asset Management Co., Ltd. Huang Wei, Oriental Alpha Fund Tang Lei, CEIBS Construction Investment Chen Zhuo, Tiancheng Capital Fu Jiesong, Caitong Securities Chu Yiqing, Jianghai Securities Luo Ping, Hongdao Investment Wang Kai, GF Securities Li Hang, Xinhan Investment all pu, CITIC Construction Investment Securities Capital Management Li Yebin, Treasury Capital Zhang Wenfeng, Baoer Taiping Asset Management Zhang Xiaoshi, Rolling Bai Technology Company Fan Dan, Beijing Hongcheng Investment Ni Enze, Shi Feng Asset Li Qinglin, Huachuang Securities Jiang Yuyang, Jiasheng Asset Management Co., Ltd. Liu Xinyu, Pacific Securities Fang Jie, Qianhai Tang Capital Investment Management Co., Ltd. Yang Zhiyu, Legendary Investment Chen Zhiguo, Western Securities Yang Jingmei, Jinsheng Investment He Jianyong, Compound Assets Lin Tianhua, Huihua Wealth Management Peng Zongyun, Changjiang Securities Feng Yuan, Dongguan Securities Co., Ltd. Chen Qiyang, Fullerton Investment Zhang Wei, Monita Research Chen Bin, Beijing Tianshi Kaiyuan Equity Fund Management Co., Ltd. Wang Jingshuai, Huan Yi Wu Jiahao, Haocheng Asset Annie, Suzhou Yuanda Investment Co., Ltd. Shen Ziyun, Fengyu Private Fund Management Co., Ltd. Ni Feng, Beijing Lerui Asset Xu Yixin, Bloomage Bio Yang Yihe, winkey Luo Junwei, Shaowei Investment Yawen, Minsheng Jiayin Fund Wang Xiaoyan, Cathay Securities Peng Feng, Yongying Fund Chang yuan, Kinte Pruiming Investment Zhang Wenqian, sqslouis, Xincheng Fund Zhang Hong, Dahua Fund Wang Jieqiong, Shanghai Bank Fund Zheng Zhong, Nantu Asset Management Xue Yunzhe, Juming Investment Chen Qi, Soochow Securities Yue Siyao, GF Securities Yu Yingjun, TPP Investment Tang Yichun, Changjiang Pension Li Jia, Changjiang Securities Ma Jun, Orient Fund Chen Hao, Yongjin Investment Ma Huifang, Majestic Investment ainnin kyelh, Invesco Great Wall Fund Deng Jingdeng, Ping An Fund Ding Lin, Yurong Management Consulting Zhu Shuyi, Everbright Asset Management Chen Feng, JPMorgan Chase Bank andy Li, Lei Hao of China Construction Investment, Cao Na of Industrial Securities Global Fund, Liao Xin of Manulife Fund, Dacheng Fund Xue Hanrong investigated our company on October 27, 2021.
The main contents of this survey are:
Q: How are the company's equity incentive goals set?
A: The setting of the equity incentive performance target is determined by the company after comprehensively considering various factors such as performance growth in the next three years and the interests of employees, which is challenging and in line with the interests of all shareholders, and the company also hopes to let employees grow with the company through reasonable goal setting.
Q: What are the main aspects of the company's impairment this time? Approximately how much? Is there anything else that needs to be accrued after the adjournment is completed?
A: This time is mainly for the Jiangxi Yun Lithium long-term investment part of the prudent provision for impairment, about 110 million yuan, followed by the provision for bad debts of receivables, about 30 million yuan. Specific impairments can be found in our relevant announcements. Whether the subsequent impairment is due to the judgment of the accountant and the actual operation of the company.
Q: Judging from the performance in the third quarter, the company's gross profit margin has increased significantly, the main reason is that?
A: It is mainly caused by the smooth conduction of electrolyte prices. Since we lock in the price of lithium hexafluorophosphate for a long time, we can still transmit to the price of electrolyte relatively quickly when the prices of solvents, additives and raw materials rise.
Q: What is the progress of the new 60,000-ton-per-year lithium hexafluorophosphate project? How does the company view the future price of lithium hexafluorophosphate?
A: The new annual output of 60,000 tons of lithium hexafluorophosphate project is currently in accordance with the time of our announcement in the trial production arrangement, the new capacity climb depends on the debugging situation, investors can pay attention to the company's follow-up project progress announcement. For the price judgment of lithium hexafluorophosphate, we believe that after the market expansion project is gradually landed, the supply tension will be alleviated, and the equity incentive performance target this time also fully takes into account the price expectation after the easing.
Q: What is the situation with the battery recycling business? What are the shipments of recycled iron phosphate next year expected?
A: At present, the waste lithium battery resource recycling project is in normal progress, and it is expected that the construction will be completed in the third quarter of next year.
Q: Is the barrier to liquid lithium hexafluorophosphate high for patent? Why do traditional lithium hexafluorophosphate manufacturing companies not cut into the liquid state?
A: The company has its own liquid lithium hexafluorophosphate proprietary technology and patents, but also with the partner Central Glass to share a part of the technology patents, in the technology and patents this piece of certain access threshold. And the company attaches great importance to proprietary technology and intellectual property rights, as was the case with the previous lawsuits of Cabo products. We think that there are two main reasons: one is the above-mentioned proprietary technology and patent protection, the other is that the liquid lithium hexafluorophosphate is more difficult to transport, the company because it is through the continuous production of direct electrolyte, so there is no cost of transportation, it can be said that the cost advantage is more obvious.
Q: Why did the company build a new electrolyte project in Sichuan? What exactly does a recycling project do?
A: The project is mainly to achieve the purpose of "nearby supply" to key customers, further reduce transportation costs, and provide customers with better services. The recycling project in Sichuan is mainly to do dismantling and crushing, and then transport the separated material to Jiujiang for wet treatment, and finally achieve resource recycling.
Q: Regarding the raw material of lifsi, sulfoxide, how does the company guarantee the supply? After the lifsi quantity comes up, will there be a shortage of raw materials?
A: The company will also support the production capacity of sulfoxide chloride when planning the lifsi project, and the actual production process will still purchase part of it, at present, we are more optimistic about the supply of follow-up raw materials.
Q: The company has expanded production at a very fast pace this year, and the demand for funds is also very large, is there a follow-up refinancing plan?
A: The company will make refinancing plans according to the actual demand for funds. In addition to the refinancing of the secondary market, bank credit, project loans, etc. will be carried out simultaneously.
Q: What is the layout of vc and other new additives?
A: At present, the company has a vc production capacity of 1,000t/year in Zhejiang Tianshuo, and the new 20,000-ton project is also doing preliminary work. New additives, liodfp/lithium difluorophosphate, etc. are the focus of the company's future attention.
Q: What kind of layout ideas will the company have in the future? For example, high-end fluorine chemical industry?
A: The company is still focusing on electrolytes and their raw materials, and at the same time carrying out the expansion of the iron phosphate business, some new additives will be the focus of our layout in the past two years, in addition, we will still look for other profit growth points, looking forward to better performance to return investors.
The main business of Tianci Materials: research and development, production and sales of new materials for fine chemicals.
According to the third quarterly report of Tianci Materials in 2021, the company's main revenue was 6.623 billion yuan, up 145.7% year-on-year; the net profit attributable to the mother was 1.554 billion yuan, up 199.72% year-on-year; the deduction of non-net profit was 1.51 billion yuan, up 192.84% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 2.924 billion yuan, up 165.1% year-on-year; the single-quarter net profit attributable to the mother was 771 million yuan, up 273.0% year-on-year. In the single quarter, the non-net profit was 744 million yuan, up 263.13% year-on-year; the debt ratio was 37.74%, the investment income was -2.4303 million yuan, the financial expense was 31.6909 million yuan, and the gross profit margin was 38.96%.
A total of 21 institutions have given ratings in the past 90 days, 19 buy ratings and 2 overweight ratings; the target average price of institutions in the past 90 days is 173.3; the net outflow of financing in the past 3 months is 176 million, and the balance of financing has decreased; and the net inflow of margin is 193 million, and the balance of margin has increased. The Securities Star Valuation Analysis Tool shows that 002709) good companies are rated 3.5 stars, good prices are rated 1.5 stars, and valuations are rated 2.5 stars.
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