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Original title: The lithium battery industry continues to roll in,Enjie sharesWaiting for the “marriage” of the four giants to create a multi-level industrial chain
As the new energy vehicle sector continues to pull back, the pace of “marriage” cooperation between giant companies has not stopped, and even has a tendency to make great strides.
On the evening of the 16th, four leading new energy vehicle companies jointly won a lithium mine development project in Yuxi City, Yunnan Province with a total investment of over 50 billion yuan.Yuntianhua(600963.SH) announced that the company and Yuxi Municipal People’s Government, Enjie (002812.SZ),Yiwei Lithium Energy（300014.SZ）、Huayou Cobalt(603799.SH)’s largest shareholder, Zhejiang Huayou Holding Group Co., Ltd. (hereinafter referred to as “Huayou Holdings”) will jointly build a new energy battery industry chain with a total investment of 51.7 billion yuan.
Since the new energy vehicle industry entered a high-speed period, in order to ensure the smooth supply of resources, it is not uncommon for leading listed companies to integrate the industrial chain.Ningde era(300750.SZ) has rapidly grown into a benchmark enterprise in the field of power batteries through vertical and vertical integration of the battery industry chain.
It is the first time that four leading companies have joined forces to build a new energy battery industry chain. What will they bring to the new energy battery industry chain?
The four giants join forces to build a multi-level lithium battery industry chain
As of the close on February 17, Yuntianhua, Enjie, and Yiwei Lithium Energy have all disclosed information on the construction of the new energy battery industry chain through announcements. Only Huayou Cobalt has not disclosed relevant matters.
Stimulated by the above news, on February 17, Yuntianhua’s share price rose by the daily limit at 21.31 yuan per share; Enjie shares closed up 1.83%, Yiwei Lithium Energy closed up 3.15%, Huayou Cobalt rose 4.93%, and the total of the four companies increased. The total market value is 567.2 billion yuan.
According to Yuntianhua’s announcement, the company and 3 listed companies signed the “New Energy Battery Whole Industry Chain Project Cooperation Agreement” (hereinafter referred to as the “Agreement”) with the Yuxi City People’s Government of Yunnan Province on the same day in Kunming City, Yunnan Province. Mining mineral resources, deep processing of minerals, research and development, production and sales of new energy batteries and upstream and downstream materials of new energy batteries, driving the construction of new energy battery industry chain, and jointly promoting the formation of new energy battery industry chain clusters in Yuxi City.
This project involves a multi-level industrial chain in the new energy battery industry, from the exploration and mining of the most upstream phosphate rock and lithium ore, all the way to the terminal new energy battery products. At the same time, lithium battery separators and copper foils are also planned. Equal capacity projects. The project is planned to be invested in three phases. The first phase of the project is committed to an investment of about 18.05 billion yuan, which will be completed before December 31, 2023; the second phase of the project is committed to an investment of about 33.65 billion yuan, which will be completed before December 31, 2025. The investment plan for the third phase of the project be completed by 2030.
Since the parties reached a preliminary cooperation framework agreement, the specific content and investment amount of the supporting projects related to investment and construction have yet to be further implemented and clarified.
From the perspective of the project construction method, according to the “Agreement”, all parties need to jointly establish two joint venture companies in Yuxi City. “Mineral Development Company”), and the other is mainly engaged in the deep processing of minerals (hereinafter referred to as the “Mineral Processing Company”).
In terms of the basic shareholding structure of the joint venture, the five partners of Yuxi Municipal People’s Government, Enjie, Yiwei Lithium, Huayou Holdings and Yuntianhua will hold 23%, 22%, 20%, 18% and 17% equity. In addition, in the case of the relative controlling position of the investment entity designated by the Yuxi Municipal People’s Government, other partners agreed to be introduced by all parties in the future can enter the joint venture company through equity participation, and the equity of each party will be diluted in the same proportion.
At the same time, in the production capacity construction process of separators, positive and negative battery materials and their precursors, new energy batteries and other products in the middle and lower reaches, four partners other than the Yuxi Municipal People’s Government will directly set up project companies. Each partner will establish a project company and lead the corresponding project according to its own advantageous industries, and other partners can choose to participate in the appropriate shares.
Head companies “marriage”, each gets what he needs
The supply guarantee of upstream resources is an important prerequisite for the expansion of the new energy lithium battery leader. CATL has deployed a series of investments and acquisitions in the upstream and downstream of the battery industry chain, involving energy storage, lithium battery materials, lithium battery intelligent equipment manufacturing, battery charging and replacement, autonomous driving, and even chips, semiconductors and other sub-fields.
The Ningde era also “intercepted” at a higher price in October last yearGanfeng Lithium IndustryThe planned acquisition of Canada’s Millennial Company, which has world-class lithium salt resources, although “Ning Wang” ultimately failed to do so, it also reflects the company’s urgency for the layout of the industrial chain.
At present, in the new energy lithium battery industry, it has become a trend for leading enterprises to cooperate and build an industrial chain. The listed companies participating in this project are all leaders in their respective subdivisions. Except for Yuntianhua, the total market value of lithium battery separator leader Enjie, lithium mine leader Huayou Cobalt and battery manufacturer Yiwei Lithium Energy is over 100 billion yuan. Yuan, the total market value of Enjie shares exceeds 200 billion yuan, making it the highest market value enterprise in Yunnan.
More importantly, the above four companies are accelerating the expansion of production. Only by ensuring the supply of relevant raw materials can the new production capacity reach such a production capacity, thereby promoting the growth of revenue and net profit. “The core of the complete upstream layout is to ensure supply, not only to ensure quantity, but also to ensure quality. What the market lacks is good batteries. In addition, on the one hand, investing in the construction of an industrial chain can rely on the advantages of long-term cooperation to get goods at a certain preferential price. The cost increase, and investment income can also be obtained from the profits of the joint venture.” A new energy industry analyst told reporters.
The reporter’s statistical announcement shows that Yiwei Lithium can also have various technical routes such as square lithium iron phosphate, large cylindrical ternary, square ternary, and soft package ternary. The future capacity of power batteries is planned to exceed 240GWh.
Since 2021, Enjie has been accelerating the pace of seeking cooperation with leading companies. In August of that year, the company and Yiwei Lithium Energy decided to jointly set up a joint venture company in Jingmen, investing 5.2 billion yuan to build a wet base film with an annual production capacity of 1.6 billion square meters and a coating film project that fully matched its production capacity. Yiwei Lithium Energy and its subsidiaries supply; 3 months later, Enjie and Ningde Times joined forces to build a dry and wet diaphragm business, with a total capacity planning of over 3.6 billion square meters.
In addition, on November 22 last year, Enjie disclosed a fixed increase plan. The total amount of funds to be raised (including issuance costs) will not exceed 12.8 billion yuan, which will be used for Chongqing Enjie high-performance lithium-ion battery microporous diaphragm project, Jiangsu Enjie Power Automotive lithium battery separator industrialization project, Jiangsu Ruijie Power automotive lithium battery aluminum-plastic film industrialization project, Suzhou Jieli annual production of lithium-ion battery coating separator project of 200 million square meters and supplementary working capital.
For Huayou Cobalt, cooperating with all parties to build an industrial chain will help the company to complete the integrated layout of friends, that is, from resources to materials, and help the company to stabilize material prices. According to the announcement, if Huayou Cobalt’s fundraising and investment are successful, according to the existing plan, the company is expected to form a ternary precursor production capacity of 380,000 tons in 2023.
Yuntianhua is the largest listed company in the phosphorus chemical industry in China, and its phosphate mine capacity ranks first in the country. Although the company has no production capacity of iron phosphate and lithium iron phosphate so far, it also wants to be involved in the development of new energy lithium batteries. “Get a piece of the pie”.
According to the performance forecast, Yuntianhua expects a net profit of 3.5 billion to 3.7 billion yuan in 2021, a year-on-year increase of 1186.59% to 1260.11%. Among them, in the fourth quarter, the company is expected to achieve a net profit of 660 million to 860 million yuan attributable to the parent, a year-on-year increase of 297% to 417%.
On January 10 this year, Yuntianhua issued the “Announcement on Change of Fundraising Projects and Extension of Fundraising Projects”. The company plans to use about 1.059 billion yuan of the remaining funds raised from the original fundraising project (Xinjiang Yunjutian New Materials Co., Ltd.’s 60,000-ton/year polyoxymethylene project) to be used for Tianan Chemical’s “100,000-ton/year new battery material (iron phosphate)” Construction of the Precursor Project”.
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Responsible editor: Zhang Yi