According to the latest data from China Chemical and Physical Power Industry Association, the sales of downstream power batteries are gradually picking up, coupled with the promotion of some enterprises, the shortage of lithium carbonate market is serious.
At present, the price of lithium carbonate has risen by about 15,000/ton compared with the beginning of the year, an increase of more than 10%. In addition, the recent large-scale contracts signed by leading power battery companies and new energy vehicle companies show that the price of battery packs is about 1.7 yuan / wh, which is a mainstream offer, which stabilizes the market's concerns about the price drop of power batteries.
The Ministry of Industry and Information Technology recently released the "Recommended Models for Promotion and Application of New Energy Vehicles (5th Batch in 2017)". This year's five batches of catalogues included 1,782 models of 155 companies.
The organization believes that with the release of the promotion model catalogue and the subsidy policy in place, the sales of new energy vehicles will increase significantly in the second half of the year, and the performance of related sub-sectors such as lithium carbonate resources and lithium battery equipment is highly certain.
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Zhangzhou Pearl: The start is good, and the wet diaphragm will be seen in the future.
The company's 1Q results exceeded expectations: the company's 1st quarter 2017 report realized operating income of 699 million yuan, an increase of 42.53%; net profit of 137 million yuan, an increase of 32.4%, EPS 0.21 yuan, performance exceeded market expectations. The company expects to increase by 5%-20% in the first half of 2017.
Gas pipe volume, BOPA earnings rose sharply: the company's rapid growth in the first quarter results mainly benefited from the increase in gas pipe volume and BOPA earnings. BOPA film recovered in 2016, the price rose from 20,000 yuan / ton to the current 36,000 yuan / ton, up more than 50% year-on-year, the current price ton net profit is close to 10,000 yuan / ton; northern areas to control smog, coal to gas policy Accelerating the growth of gas pipe demand, the company's 1Q gas pipe sales increased by 10,000 tons. Affected by the subsidy policy, dry diaphragm production and prices are expected to decline year-on-year in the first quarter. Due to the increase in revenue from gas pipes and BOPA, the 1Q gross margin was 32.12%, down 4.5PCT year-on-year. The three expenses remained stable, with a period expense rate of 6.39%, a year-on-year decrease of 3.7 PCT. Accounts receivable increased by RMB 230 million year-on-year, representing a year-on-year increase of 24.8%, mainly due to the increase in gas pipe sales. The company's current debt ratio is only 26%, its financial position is stable and its operations are stable.
In the second quarter, the production capacity of wet diaphragm was released: in March of the same year, the output of China's new energy vehicles was 33,000, a year-on-year increase of 30.9%, reflecting that the impact of subsidy policy has gradually digested, and the electric vehicle industry has bottomed out. It is estimated that the output of new energy vehicles will maintain a rapid growth of 30%-40% throughout the year, and the growth rate of power battery separator demand will also bottom out. The company's 60 million square meters diaphragm capacity has been built and put into production successively. Considering the equipment commissioning, it is expected that the 3Q wet diaphragm volume will increase the company's performance and continue to grow.
BOPA continues to be booming and gas pipelines are accelerating: the BOPA industry has been in a downturn in the past three years, with capacity exiting and demand growing at around 10%. In 2016, the industry boom reversed, and the price of BOPA composite film rose to 20,000 yuan/ton from 20,000 yuan/ton. The investment cycle of BOPA film is more than 2 years. There is still no new capacity in the industry this year, and the spread will remain high. The company's BOPA production capacity is 28,000 tons. It is estimated that the BOPA price will increase by RMB 1,000 per share and the EPS will increase by 0.04 yuan. The gas pipe industry demand maintained a steady growth of 10%. In the northern region, the coal-to-gas project was vigorously promoted to control the smog. The gas pipe revenue growth rate of the company is expected to increase.
Desai battery: the downstream is steadily advancing, and the annual performance is expected to grow faster.
In 2017, HOV will still maintain rapid growth. Despite the global smartphone market recession in the first quarter, domestic smartphone manufacturers are expected to maintain rapid growth in shipments. TSMC also mentioned that the adjustment of mobile phone inventory in the mainland has been lengthened at the legal briefing in April. It is expected that demand in the second quarter will be weaker than that in the first quarter, and strong demand will resume in the third quarter.
At present, the weakness of smartphones may be affected by Apple's new machine in the second half of the year. It is expected that the new machine will have revolutionized changes in screens, fingerprint recognition, and 3D cameras. At present, HOV is cautiously adjusting its 17-year growth target, but annual shipments will still increase by 10-15% compared to last year.
The iPhone 8 is expected to have a significant shipment. At present, the iPhone8, which is optimistic about the market, is expected to be released in the second half of the year, which is a great boost to Apple's 17-year shipments. South Korea pointed out that Samsung Electronics and Apple have revised orders, Samsung will supply 160 million OLED screens to Apple, after Samsung's original supply of 100 million. Therefore, it is expected that iPhone shipments will increase by 5% to 225.8 million units in 2017, and iPhone shipments will increase by 10% in 2018 to 248.4 million units.
New customer development is progressing smoothly. From the fourth quarter of last year to the first quarter of this year, the company's revenue and profit have steadily increased. The company's annual report pointed out that this aspect depends on the rapid growth of existing customers, and on the other hand, it is closely related to the company's progress in new customer development. relationship.
The power battery business is in its infancy, and it will take time to release its performance. Lanweixinyuan was established in 2015, with a revenue of less than 30 million in 16 years and a loss of 45,865,900 for the whole year. Therefore, in the short term, Lanweixinyuan will not form a positive profit contribution to listed companies. However, the power battery is the strategic focus of the company's business, and will be supported in technology research and development and resource investment.
Performance forecast: It is estimated that the company's operating income in 2017-18 years will be 109.89/12.374 billion yuan, which is: net profit of 3.3/371 million yuan, an increase of 29.29/12.6%, corresponding to EPS of 1.61/1.81 yuan, corresponding to PE34/30X .
Tianqi Lithium Industry: Looking forward to increasing production, waiting for price increase
The company recently released the first quarter report for 2017: During the reporting period, the company achieved operating income of 1.064 billion yuan, a year-on-year increase of 41.07%; the net profit attributable to owners of the parent company was 406 million yuan, an increase of 42.72%.
Lithium salt sales are expected to continue to grow. During the reporting period, the company's revenue and profit achieved the same proportion growth, and the company's lithium salt sales growth is the main reason for the growth. According to the annual report, the company's injection base and Zhangjiagang base are continuing to carry out technical reforms. If the technical transformation is completed smoothly, the company's annual lithium salt production is expected to continue to grow. The company expects to achieve a net profit of 830 million yuan to 930 million yuan attributable to shareholders of listed companies from January to June. In view of the current lithium salt price is flat with the first quarter, it is believed that the company's expectation of continued growth in the second quarter may come from lithium. Confidence in salt production.
Lithium salt demand reacts in advance. From lithium salt to new energy vehicles, there are two processing steps: positive electrode and battery. According to the average processing cycle of the market, the demand for lithium salt should be 3-6 months earlier than the new energy vehicle. In the first quarter of the 17th year, the output of new energy vehicles was only 57,900 units. The market expects domestic production of 800,000 units in the whole year. According to the low and high output of new energy vehicles, the monthly output in the third and fourth quarters is expected to exceed 100,000 units. The demand for lithium salt broke out ahead of expectations in strong market expectations. The main growth of lithium resources in 17 years MTMARion and MTCattlin were completed or resumed at the end of 16 years, and the production in the first half of the year was limited. The current situation of lithium salt shortage may continue, and the price of lithium salt may rise again. As a domestic lithium salt leader, the company is expected to benefit from the price increase.
The largest lithium mine began to expand. During the reporting period, the company's subsidiary, Wenfield, announced that Green Bush, the world's largest lithium concentrate, began to expand its production capacity, which is expected to expand from the current 700,000 tons / year (16 years production of 490,000 tons) to 1.34 million tons / year. The total investment estimate of the project is about A$320 million. The source of funds is self-raised. The project construction period is 26 months. It is expected to be completed in the second quarter of 2019 and trial production will begin. After the completion of the expansion, the company's lithium concentrate production is expected to reach about 2.4 times.
Established a subsidiary company, from resource big cattle to technology big cattle development. Since the beginning of the year, the company has established two subsidiaries, Chongqing Tianqi and Tianqi Technology, to lay the foundation for the industry model of “resources + technology + processingâ€. The company is expected to continue to expand and extend the industry chain through its subsidiaries.
The rights issue financing, lithium hydroxide expansion is not bad. At the same time, the company also announced that it plans to issue no more than 149 million shares in accordance with 10 shares of 1.5 shares, and raise no more than 1.65 billion yuan for the construction of 24,000 tons of lithium hydroxide monohydrate. A quarterly report showed that the company's book cash was 1.17 billion yuan, plus 1.65 billion yuan of this share placement financing, the company's available cash is expected to exceed 3 billion yuan, the water monolithic lithium hydroxide project is worry-free.
It is predicted that the EPS of the company in 2017-19 (before the dilution of the rights issue) will be 1.94 yuan, 2.31 yuan and 3.13 yuan respectively, corresponding to the closing price of 44.56 yuan on April 24, and the dynamic P/E is 23 times, 19 times and 14 times respectively. The company is one of the major suppliers of lithium salts in China, and the current situation of lithium salt shortage may continue.
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Part Name: Stainless Steel WC Squatting pan in Toilet
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Application: Adult
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Equipment: CNC machining center, EDM, WEDM, WEDM-HS, linear cutting machine, radial drill, sawing machine, grinding machine, milling machine, lathe, punch, CMM, Rockwell-hardness-tester, projector, Dial Calipers, slide Calipers etc.
Transportation Packing: OPP bag or cardboard box with wooden pallet if necessary.
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Processing Equipment to make SS squatting pan drawing die
CNC: 4 PCS
WEDM : 3 PCS
WEDM-HS: 2PCS
EDM: 4 PCS
Radial Drill: 6 PCS
Sawing machine: 2 PCS
Griding machine: 5 PCS
Milling machine: 4 PCS
Bending drill: 5 PCS
Lathe: 2PCS
Tapping center: 1 PCS
Plate shears: 2 PCS
Punch : 3 PCS
Hydraulic machine: 10 PCS
Inspection Equipment to check Stainless steel squatting pan mould and product
CMM: 1 PCS
Projector: 1 PCS
Rockwell-hardness-tester: 1 PCS
Dial Calipers(0-300mm): 10 PCS
Slide Calipers(0-1000): 8 PCS
Pound scale: 1 PCS
All Stainless steel squatting pan products must be inspected by our Quality Control Department before shipment to you, inspection reports will be shared with you and all "NG" dimensions will be corrected right away.
Our Procedures for Stainless Steel Squatting Pan product
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Place Stamping Mould order and pay down payment
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Making stamping mould design as per our existing drawing or as per your drawing
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You check mould design and give us approval
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Production process and coming up the samples
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You check the sample and confirm with approval
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Make balance payment and arrange the shipment by air or by sea ( as per customer's requirements )
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We offer after- sale services
If you have any questions about squatting pan products or stamping moulds, please don't hesitate to let us know, we warmly welcome you to visit our factory at your convenient time, we shall be very glad to give you the reasonable price in 24 hours when we receive your RFQ ( Request For Quotation ). Thank you very much.
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