With the development of new energy vehicles as a national industrial plan, the industrialization of power lithium batteries also brings significant historical opportunities to related industries and companies. Among them, Yifeng Lithium, which is located in the upstream lithium sector, has performed nearly twice as many legendary stock prices as the few cattle stocks in recent years.
The "Securities Daily" reporter noted that the company's stock price started at 8 yuan in September 2015. As of now, the stock price has exceeded 70 yuan, and the stock price has risen nearly tenfold in two years. During the year, the increase also reached 133%, and the market value exceeded 50 billion yuan.
The sharp rise in the stock price of Lifan's lithium industry is essentially due to the explosive growth of the power lithium battery industry and the rapid development of the new energy automotive industry. Li Liangbin, chairman of Jiangxi Yufeng Lithium Industry Co., Ltd., said in an interview with the “Securities Daily†reporter that the overall strategic idea of ​​Lifan Lithium is to open up the entire industry chain of the upper, middle and lower reaches.
Li Liangbin told reporters that the company has gradually evolved from a pure lithium product processing plant into a company with a full industrial chain layout. In the upper reaches, it is mainly in charge of lithium ore resources; in the middle reaches, it strives to continue the large-scale lithium salt industry for two to three years; in the downstream, it enters the field of lithium battery and lithium battery recycling to create new profit growth points.
Global horizon layout upstream
Break the bottleneck of raw materials
According to the data, Junfeng Lithium Industry Co., Ltd. was established in 2000, initially as a lithium metal processing plant, and gradually transformed into a global lithium industry leader integrating upstream lithium resource development, mid-stream multi-variety lithium salt processing and recycling, and downstream lithium battery materials. .
In fact, the company’s initial performance was flat. From 2011 to 2014, the growth rate of net profit remained below 30%, of which the growth in 2013 was only 6.43%. Li Liangbin told the "Securities Daily" reporter that at the beginning of the year, Li Feng did not do the battery business because the financial crisis only involved in battery-grade lithium carbonate and lithium hydroxide business.
The turnaround took place in 2015, when Yifeng Lithium purchased 100% equity of Meibai Electronics for a total consideration of 400 million yuan and entered the field of 3C lithium-ion batteries. "By acquiring Meibai Electronics, the company tests water-based lithium batteries and further extends the lithium industrial chain to the downstream applications of polymer lithium-ion battery industry," said Li Liangbin.
It is also from the second half of 2015 that the performance of the company has gradually entered the fast lane, and that year's annual net profit has increased by 46%. The reporter checked the company's 2016 financial report and found that the company's first-quarter report, semi-annual report, and third-quarter report all had an increase of more than 300%, and the annual net profit jumped to 271%.
As of the first three quarters of this year, the company's performance maintained a high growth trend, operating income of 2.842 billion yuan, an increase of 40.51%, net profit attributable to shareholders of listed companies 1.004 billion yuan, an increase of 106.57%. Benefiting from the recurring and active market conditions of new energy investment themes, the performance of Kefeng Lithium Co., Ltd. has kept pace with the stock price, and it has become one of the few large stocks in recent years.
In order to achieve the company's plan to open up the entire industry chain, in recent years, the front of the Lithium lithium industry in the upstream competition for lithium resources frequently. At present, the company has deployed lithium resources in countries with relatively rich lithium resources, such as Australia, Argentina and Canada.
In early 2017, Yufeng Lithium purchased 19.9% ​​shares of Lithium in the Americas for 49 million U.S. dollars in Canada, and is expected to obtain 80% of the American Lithium underwriting rights. At the same time, the company also obtained an 80% stake in the Mariana brine mine in Argentina. It is stepping up development efforts and establishing a talent team to strive for completion of the development within 4 to 5 years. In Ireland, Suifeng Lithium purchased a 51% stake in the lithium stinger from Blackstairs, and the progress of exploration and development continued to accelerate. In Australia, Li-Feng Lithium has obtained a 43.1% stake in RIM, becoming its largest shareholder. In the future, it may consider further increasing its stake to 50%.
According to Li Liangbin, domestic lithium-ion power companies have increasingly acquired more mineral resources through their participation in overseas mineral projects and signed underwriting agreements to obtain mineral resources. This approach can increase the proportion of shares held in the mining process and the number of underwriting, which is relatively flexible and less risky.
Whether it is a holding company or a shareholder who obtains an underwriting right, the purpose of the company's layout of upstream resources is to obtain lithium resources. Li Liangbin stated that the method of obtaining the underwriting right by way of equity participation is relatively low compared to the direct purchase of products. "We will combine all factors, because after all, the result of low cost is still the user to pay." In the future, if the resources are difficult to extract and cost-effective, the company will make acquisitions.
The whole industry chain benefits significantly
Build lithium recycling into new profit points
In addition to controlling high-quality lithium mineral resources in the upper reaches, Yufeng Lithium plans to use the lithium salt industry in the middle reaches for the first time in the industry within two to three years.
The reporter noticed that from the 15,000-ton battery-grade lithium carbonate production line that is being debugged this year, the 20,000-ton battery-grade lithium hydroxide production line, to the Ningdu plant, the 17,500 tons of lithium carbonate production line under construction, plus the 25,000 already built Ton of lithium salt production line, the company's total lithium salt production capacity has reached 65,000 tons.
In the downstream, last year Junfeng Lithium set up a lithium-powered battery group with a total investment of 600 million yuan, and the first phase invested more than 300 million yuan to build the first high-capacity lithium-ion power battery fully automated production line in Jiangxi Province. After reaching production capacity, it can form an annual output of 600 million watt-hour high-capacity lithium-ion power battery production scale, with an annual output value of about 1.5 billion yuan.
In fact, Junfeng Lithium chose to build this production line at this time can be described as the pulse of the industry. The reporter noted that in recent years, driven by the demand for new energy vehicles, the price of lithium-ion battery grades has risen sharply and remained at 140000 yuan/ton. In early 2015, the price of battery-grade lithium carbonate was only around 40,000 yuan/ton.
It is based on the optimistic view of the lithium battery industry and considerations for future development. Li Liangbin chose to establish a lithium battery group when the resources are relatively tight – to provide upstream lithium resources to companies that make materials in the midstream and let these The midstream company provides downstream lithium battery-related materials. In this way, intermediate procurement links are saved, highlighting the advantages of the entire industry chain.
In addition, Yufeng Lithium has been dedicated to the recycling and recycling of lithium resources. Since the founding of the company in 2000, the company has been recycling Li-containing wastes for recycling.
In fact, Yufeng Lithium sees the recycling of lithium batteries, not only because of its technical advantages, but also because of its potential market size. "Lithium battery recycling is mainly used by the company itself. The current scale is small." However, Li Liangbin emphasized that the future benefits of battery recycling in this area are limitless. "It's no problem to make dozens of billions."
Some experts predict that with the development of new energy vehicles and the passage of time, by 2020, the cumulative scrap amount of lithium batteries for vehicles will reach 200,000 tons, and the market recovery scale will reach 10.1 billion yuan.
Li Liangbin believes that battery recycling and the company's main business, not only can meet the company's needs, but also can cut the pain point of the industry, is expected to become the company's new profit growth point. In the future, the company not only recycles lithium, but also collects rare metals such as cobalt and nickel, and is deeply involved in battery recycling. â€
Betting solid-state lithium-ion battery
Many brokers are optimistic
In the field of new product development, Li Liangbin, who has developed R&D, has always adhered to the concept of “I have no people and I have excellent peopleâ€. When it comes to future development plans and profit expectations, Li Liangbin believes that at present, the traditional forum of Lifan Lithium Industry has been difficult to form a stronger competitive advantage, and it is increasing the R&D investment in the second-generation solid-state lithium-ion battery project. “The company’s future profitability and Sustainable growth must rely on the new section."
Li Liangbin told reporters that lithium batteries currently have low safety and low energy density, leading to two major problems with the low mileage of new energy vehicles. Solid-state lithium batteries use solid-state electrolytes instead of safety-relevant separators and electrolyte systems, and have high safety; negative electrodes can also be changed to metal to obtain higher energy densities.
The data shows that the company's first-generation solid-state lithium battery cores have an energy density of 240 WH/KG. According to the estimation of 500 kg battery pack, the power can reach 80KWH, and the battery life is expected to reach 480 kilometers; the maximum power consumption is still 90% after 1000 cycles. The charge takes only 12 minutes to fill. If it can be applied, it basically solves the bottleneck of the convenience and safety of new energy vehicles.
It is understood that in the first half of this year, Yufeng Lithium introduced Xu Xiaoxiong, the head of the new energy all-solid-state lithium-ion energy storage battery of the Ministry of Science and Technology. It is expected that in June 2018, the first-generation solid-state lithium battery technology will be matured and third-party certification will be passed; in December 2018, a megawatt-hour production line will be built and samples will be delivered; in December 2019, 300 million yuan will be sold, The second-generation solid-state lithium battery technology is mature, and three-generation solid-state lithium batteries have completed feasibility studies.
In this regard, Tianfeng Securities research report shows that Yufeng Lithium has a long history of production of lithium metal, currently has a production capacity of 1,500 tons of lithium metal, is one of the world's largest metal lithium producers, is expected to bring in the promotion of solid-state lithium battery The demand for metal lithium has increased to take the lead.
Changjiang Securities analysts said that as Nismer Lithium controls 43.1% of the Mt Marion spodumene mine in Western Australia, it will completely break the bottleneck of raw materials; Southwest Securities also believes in the report, announced the expansion of 20,000 tons of lithium hydroxide The lithium scale in the future of Lifan Lithium will rise to 50,000 tons, which is expected to reshape the global lithium industry.
Power Connectors,Circular Connector,Dc Power Jack Connector,Waterproof Dc Power Connector
Shenzhen Hongyian Electronics Co., Ltd. , https://www.hongyiancon.com