Fangyuan shares (688148) issued a notice on December 29th, 2021: Luxiang Investment Zhou Haobin, Chengxie Investment Huang Jingrong, Huaan Securities Zhong Wengui Huang Jianhao investigated our company on December 16, 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 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: 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: is there a big difference in processing costs between NCM precursors and NCA precursors?
Answer: there will be differences in processing fees between different products and models, in addition, it should be comprehensively considered according to the situation of impurities in raw materials, customer payback and so on.
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. In addition, the company also cooperates with some enterprises that do disassembly, and will gradually increase the use of battery recycled materials in the future.
Q: where are the raw materials for the company's future lithium hydroxide products coming from?
A: the raw material company of lithium hydroxide plans to recycle the electrode powder of ternary lithium battery material, and extract valuable metals, including nickel, cobalt, manganese, lithium, etc., through the company's wet smelting technology.
Q: can the production line of NCA and NCM precursors be adjusted?
A: NCA and NCM precursor production lines can be switched according to customer needs. From the point of view of the production process, the main process of the front end of the company's production line is wet smelting, through separation and purification to obtain nickel sulfate, cobalt sulfate, manganese sulfate and other materials; the back end is mainly synthesis, according to different product types for material ratio. The production line switching is mainly to switch the back-end synthesis process.
Q: future product planning?
A: in the future, both NCM and NCA precursors will be promoted at the same time, and the development and sales of products depend on the needs of customers.
Q: who are the main customers of the company's NCM precursor?
A: NCM precursors mainly supply Beitri, Dangsheng Technology, BASF Cedar (formerly "Cunninghamia lanceolata Energy"), Tianli Lithium Energy, Wanhua Chemical and so on.
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 pricing model of the company's ternary precursor?
Answer: the sales price of the company's products is mainly composed of material price and processing fee, in which the material price mainly depends on the content of nickel and cobalt and the market price of nickel and cobalt; the processing fee is determined according to factors such as product manufacturing cost, expected profit and customer bargaining power.
Q: please explain in detail the core technology of the company's "extraction of impurity and non-extraction of nickel".
A: the company's "extraction without nickel" wet smelting technology includes a series of solvent extraction methods, which can efficiently remove different impurities such as iron, magnesium and calcium in different production processes. Nickel, cobalt, manganese, lithium and other elements can be separated and purified from primary mineral resources, lithium battery cathode waste and nickel battery waste, including various crude resources containing nickel and cobalt. High purity nickel sulfate, high purity cobalt sulfate, battery grade manganese sulfate and battery grade lithium carbonate and lithium hydroxide were obtained to improve the comprehensive utilization of raw materials, improve production efficiency and reduce production cost.
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%.
A total of five agencies have rated the stock in the last 90 days and five have bought ratings; the average institutional target price has been 42.1 in the past 90 days; the net outflow of financing in the past three months has been 36.7185 million, resulting in a decrease in the financing balance; and the net inflow of securities has increased by 54.3771 million. 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)