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芳源股份:兴证全球基金于11月4日调研我司

Fangyuan shares: Xingzheng Global Fund investigated our company on November 4.

證券之星 ·  Nov 25, 2021 15:16

Fangyuan shares (688148) issued an announcement on November 23,2021, saying: Meng Weiwei, the Xingsheng Global Fund, will investigate our company on November 4, 2021.

The main contents of this survey are as follows:

Q: what is the current capacity planning of the company?

A: the fund-raising project "annual production of 50,000 tons of high-end ternary lithium precursors (NCA, NCM) and 10,000 tons of battery lithium hydroxide project" implemented by the wholly-owned subsidiary Fangyuan cycle is expected to be completed in 2022 according to the implementation plan of the fund-raising project; the "annual output of 36000 tons of high-quality NCA/NCM precursor" project built by the holding subsidiary Fangyuan New Energy has been completed and put into production by the end of 2020. The specific completion and commissioning time of the project shall prevail according to the actual situation.


Q: what is the production capacity of the "annual output of 36000 tons of high-quality NCA/NCM precursors" project this year?

A: affected by the commissioning period of the production line, industry seasonality, domestic holidays, transportation and other factors, the project is basically full production. Affected by the customer's requirements for product specifications, the fixed production capacity of each reactor, and the maintenance of the production line, there will be some differences between the actual production capacity and the design capacity.


Q: what is the cost-effective advantage of the company's products?

A: the company has the core technology of "extraction and non-extraction nickel" wet smelting to achieve low-cost and efficient removal of impurities and obtain high-quality, low-cost sulfate solutions such as high-purity nickel sulfate and high-purity cobalt sulfate in production. on the one hand, it can reduce the cost, on the other hand, it can expand the source channels of raw materials.


Q: will it be technically difficult for the company to develop higher nickel products?

A: the initial production of spherical nickel hydroxide, nickel molar ratio has reached more than 90%. At present, the high-nickel ternary precursors produced by the company mainly include NCA87, NCA91, NCM83, NCM88 and other models, the company has a deep accumulation of technology for high-nickel products.


Q: what is the company's overall planning for customers and marketing?

A: the company's NCM and NCA precursor production lines are universal and can be switched according to customer needs. The company's NCA precursor products mainly supply Panasonic, Battery, NCM precursor products mainly supply Betteri, Cedar Energy, Dangsheng Technology, Tianli Lithium Energy, Wanhua Chemical and so on. In the future, the company will still focus on large customers and carry out large-scale import on the basis of existing customers. In terms of new customers, the company will send samples or communicate with some potential customers, and the company will make specific arrangements according to the production line, production capacity and customer needs.


Q: what are the raw materials of ternary precursor products?

Answer: mainly include nickel wet smelting intermediate (MHP), nickel beans, cobalt beans, yellow slag, lithium battery disassembly waste, nickel-cobalt waste and so on.


Q: what is the cost structure of the company's ternary precursor products?

Answer: the production cost of ternary precursors is mainly direct materials, including various nickel and cobalt metal resources and auxiliary materials. The price of the product will fluctuate due to the fluctuation of the market price of nickel and cobalt, and the cost of different types of products will also be affected by the product structure.


Q: what is the company's plan for the recycling of waste batteries?

A: in 2018, the company set up Veolia Jiangmen as a joint venture with Veolia China, mainly engaged in power battery recycling and disassembly business. At present, Veolia Jiangmen has entered the stage of trial production. Through Veolia's channels in the field of resource recovery, we can expand the channels for the company to purchase raw materials such as nickel, cobalt, manganese, lithium and so on.


Q: what is the purpose of the company's development of battery recycling system?

A: on the one hand, it can reduce costs and dispose of waste batteries; on the other hand, it increases the source of nickel and cobalt materials, so that it does not have to rely on mining alone.


Q: why are the company's fees higher in the first three quarters?

A: the first three quarters are mainly due to the increase in amortization expenses of equity incentives, IPO activities and financial expenses in 2018. In terms of R & D expenses, there are mainly many R & D projects, and the company develops the projects according to the needs of customers. The company focuses on independent research and development, with the help of "industry-university-research cooperation", "market demand development", "joint customization development" and other modes to make full use of cutting-edge scientific and technological resources to promote enterprise innovation and development.


Fangyuan shares main business: engaged in lithium battery ternary cathode material precursor and nickel battery cathode material research and development, production and sales

According to the third quarterly report of Fangyuan shares in 2021, the company's main income was 1.531 billion yuan, up 161.58% from the same period last year; the net profit was 72.8829 million yuan, up 241.15% from the same period last year; and deducting 73.4782 million yuan from non-net profit, up 281.26% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 628 million yuan, up 115.05% from the same period last year; the net profit in a single quarter was 18.9631 million yuan, up 10.06% from the same period last year The non-net profit in a single quarter was 19.5805 million yuan, up 35.08% from the same period last year; the debt ratio was 52.4%, the investment income was-4.4774 million yuan, the financial expenses were 17.6512 million yuan, and the gross profit margin was 13.76%.

In the last 90 days, there are two agencies rating the stock and two buying ratings; the average institutional target price in the past 90 days is 28.69; the net outflow of financing in the past three months is 99.6114 million, and the financing balance is reduced; the net inflow of securities is 52.1075 million, and the balance of securities lending has increased. According to the Securities Star valuation analysis tool, Fangyuan (688148) good company has a rating of 3 stars, a good price rating of 0.5 stars, and a comprehensive valuation rating of 1.5 stars. (rating range: 1-5 stars, up to 5 stars)

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