Shanshan shares latest news: lithium battery material series report to create a new energy vehicle closed loop

Shanshan shares ** news: lithium battery material series report to create a new energy vehicle closed loop

Shanshan shares (600884)

The clothing industry started and successfully transformed the new energy automobile industry chain

Shanshan is a listed company in the apparel industry. Since 2000, it has entered the field of new energy materials, and has become a global supplier of lithium battery raw materials. Among them, the production and sales of cathode materials are stable worldwide, and the production and sales of negative artificial graphite are domestic. **, the world's second, the electrolyte in the top five. In the past two years, the rapid growth of the new energy automobile industry has driven the sales of raw materials for lithium batteries, and the net profit of this sector has achieved rapid growth. Based on the existing lithium battery raw material business, the company has begun to lay out the entire industrial chain of new energy vehicles, and gradually integrated the downstream power and energy storage battery system integration, three power integration, vehicle verification platform, new energy vehicles and vehicle operations. .

Lithium battery raw material industry leader, business covers positive, negative and electrolyte

Shanshan is a global supplier of lithium battery raw materials. Shanshan Energy, the main business of the cathode material business, has been listed on the New Third Board, with a positive production capacity of 33,000 tons (16,000 tons for NCM111/532/622 and the rest for LCO). The construction capacity of the three yuan is 15,000 tons; recently benefited from the increase in cobalt price. it has been improved. The company's existing anode capacity is 38,000 tons, mainly based on artificial graphite, and its output ranks second in China, with 2016 sales of 22,600 tons. The production capacity of the electrolyte is about 15,000 tons. At the end of 2016, the company will acquire Juhua Kailan, which will add 20,000 tons and 2,000 tons of lithium hexafluorophosphate. The company's main customers include BYD, Samsung, LG, Tianjin Lishen, ATL, Guoxuan and other battery manufacturers, about 30% of which are sold overseas; the company also actively reserves new battery material technologies such as silicon carbon anode and high nickel ternary materials.

Layout new energy vehicle platform to create a double closed loop mode

First, Shanshan Co., Ltd. has established a vehicle manufacturing enterprise such as Qingshan Automobile Co., Ltd. through joint ventures. At present, it has formed vehicle R&D and manufacturing, powertrain system integration, new energy vehicle chassis development, charging and replacement infrastructure construction, and three-electric system. Maintain a complete industrial system. Secondly, the company focused on the third-party operation and maintenance platform of new energy vehicles based on “Spruce Wisdom”, which has been promoted in many first- and second-tier cities. In addition, the company plans to carry out technical reserve of power battery ladder energy storage, waste battery recycling, material recycling, etc., to create a life cycle closed loop of power battery.

Reorganized traditional clothing and financial leasing business, declared H shares

The company's apparel business includes the original fashion and leisure “Shanshan” brand, as well as multi-brand business based on offline direct participation. The company is divesting weak profitability projects, completing most brand clean-ups by the end of 2016, and is undergoing asset restructuring to bring the apparel products business to the Shanshan brand. The company's investment business includes financial equity investment, financial services and PE fund business based on Shanghai Chuanghui. The company's apparel sector and financial leasing business plan was split into H-share listings and applications have been submitted.

Lithium battery raw materials integrated faucet cut into the new energy vehicle industry chain, overweight rating

Power batteries will drive the continuous growth of raw materials business, and new energy vehicles and energy management will become a new growth point in 2-3 years. It is estimated that the revenue for 2017-2019 will be 77.09/96.04/11.037 billion yuan, and the net profit will be 6.52/7.72/829 million yuan, corresponding to EPS of 0.58/0.69/0.74 yuan. The valuation of each segment's business split prediction is 180-193 billion yuan, corresponding to the target price of 16.03-17.19 yuan, taking into account the company's market position and actively expanding the new direction to build the entire industry chain, giving an "overweight" rating.

Risk warning: the subsidy policy for new energy vehicles is not as expected, the risk of applying for vehicle production qualifications, etc.; major technological breakthroughs in lithium battery raw materials or excessive competition have led to a sharp decline in business.