Bertri in-depth report: the world's leading positive and negative electrode company, the world's first negative electrode for 7 consecutive years

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The company is the world's absolute leading supplier of lithium battery materials. The anode has been ranked first in the world for 7 consecutive years, lithium iron phosphate ranked second in China, high nickel ternary ranked third, and silicon carbon anode ranked first in China. Customers include almost all lithium battery giants in the world. .

For the first coverage, a target price of 77.2 yuan was given and an overweight rating was given. The company is the world's leading supplier of lithium battery materials. Its customers include all lithium battery giants. It is expected that Panasonic Tesla will account for more than 20% of its revenue in 2019, and it is currently the highest proportion of all lithium battery material companies. It is predicted that the company's net profit for 2020-2022 will be 850, 12.5, 1.53 billion yuan, and the corresponding EPS will be 1.93, 2.84, 3.48 yuan, and the target price will be 77.2 yuan, the first coverage, and the overweight rating.

The negative electrode is absolutely giant, and the artificial graphite quickly keeps up. The company has ranked first in the world for negative electrodes for 7 consecutive years, with a market share of more than 50% of natural graphite, occupying a monopoly position; artificial graphite is supplied to Panasonic and Ningde era in batches, showing strong technical strength. In 2019, the shipment of artificial graphite surpassed natural graphite. Shows good growth prospects.

High nickel cathodes break through SK and Panasonic, and will soon achieve greater profit flexibility. In 2019, the company's lithium iron phosphate and high nickel cathode capacity utilization rates were the lowest in history, resulting in a certain degree of loss. Regarding lithium iron phosphate, as industry demand picks up, the company ranks second in the industry, and shipments will gradually rise; high nickel cathodes have broken through Panasonic certification for the first time and will soon be supplied in batches. SK shipments will also rise rapidly, and cathode materials will become The company's new profit growth point has considerable flexibility.

The silicon-carbon anode is far ahead and the profit is extremely considerable. In 2019, the company achieved sales of 2255 tons of silicon carbon anodes, with a unit price of 230,000 yuan and an income of 520 million yuan. We infer that the company's silicon carbon anodes are mainly sold to Panasonic and installed in Tesla, showing the company's world-leading silicon carbon technology level At the same time, we judge that a 30% net interest rate can be achieved, which contributes a considerable profit.