In recent years, it has benefited from the rapid rise in my country’s new energy (electric) cars and energy storage demand. my country’s lithium-ion batteries, especially the dynamic lithium-ion battery industry ushered in the development period, and the long-term prospects of the industry are optimistic by all parties..
Therefore, many listed companies have layout lithium-ion batteries, trying to grab a cup.. For a time, the lithium-ion battery concept stocks have taken their heads, and the true and false is difficult to distinguish.
. To this end, this article specially combed the listed company listed in the lithium-ion battery industry and analyzed its finance to help readers know more about the current situation in the industry..
This series divides the lithium-ion battery industry company into: upstream resources and raw materials, midstream battery materials and downstream batteries, this article is the upper reaches of lithium resources and raw materials. According to Evtank analysis, my country’s annual lithium-ion battery shipments have reached 74.8GWH, accounting for 52.
1% of global shipments; where the automotive power lithium-ion battery (EVLIB) is 38.0GWH, accounting for the world Car power lithium ion battery (EVLIB) 65.4%.
In 2016, my country’s lithium battery shipments were 30.5GWH, which was 17.0GWH in 2015.
. The rise of lithium-ion battery shipments also drives the rapid rise in the upstream lithium compound demand. According to the preliminary statistics of the Lithium Industry Association of Nonferrous Metals Industry Association, the production of lithium and its derivative production in 2017 is about 235,400 tons, up 21.
5% year-on-year; where my country’s lithium salt production is 123,400 tons. The year-on-year increase of 43.5%; 2017, the global lithium consumption is more than 2.
37 million tons, up approximately 15% year-on-year; the supply of lithium compounds is in a constant balance year, and the lithium carbonate is also 12, 30,000 yuan / ton all the way to 1670,000 yuan / ton, up to 180,000 yuan / ton, of which the battery-grade carbonate has increased by 47.54%, and the industrial grade carbonate has increased by 52. 73%.
Lithium carbonate and other lithium salts raw materials rapid increase not only promoted the output of the original company, but also attracted a large number of foreign people to enter, a lithium salt compete for the battle. Tianqi lithium’s silk is one of the world’s five major lithium mine suppliers, and its main business includes: solid lithium mine resources development, lithium chemical products production and lithium ore trade. Important product varieties include chemical-grade lithium concentrates, technique-grade lithium concentrates, primary carbonate, battery-grade carbonate, lithium hydroxide, battery-grade lithium hydroxide, no fluid hydroxide, no hydrochloride, metal lithium chemical products.
In 2017, it has benefited from high-quality and demand for lithium carbonate. Tianqi lithium-life results have increased sharply: lithium concentrate sales increased by 29.84% from the previous year, reaching 407,200 tons, sales average price The year increased by 27.
04%; the sales volume of lithium chemical products increased by 33.28% compared with the previous year, reaching 32,400 tons; all-year revenue is 5.47 billion yuan, an increase of 40.
09% from the same period last year; The product integrated gross profit margin is 70.14% (see Table 1); achieving net profit attributable to the number of shareholders of the mother, add 41.86% from the same period last year.
Good performance, high-quality lithium product prices bring stronger confidence and greater ambition to Tianqi lithium industry. According to the financial report, 2018 Tianqi lithium industry will vigorously promote production expansion: Suining hungry 20,000 tons of lithium carbonate project is tightening to conduct feasibility research and other pre-preparatory work, Australia integrates 48,000 tons of battery-level single hydroxide construction The project is in an orderly manner, and the first phase is expected to be completed at the end of 2018. The second phase will be completed at the end of 2019; the shooting base and Zhangjiagang base continues to implement technical transformation, Chongqing Tianqi metal lithium and lithium profile production line is in repair Optimization.
Plus the currently owned lithium salt production of 34,000 tons / year, including 0.5 million tons of lithium hydroxide and 29,000 tons of lithium carbonate, it is expected that the lithium salt production in Qi Qi Qiqi in 2020 will exceed 100,000 tons..
The Tianqi lithium industry is so expanded except for the market, more is based on the preparation of its own competitiveness.. First, the resources are sufficient, and Tianqi lithium industry currently has solid lithium mine resources and is involved in salt lake resources.
The HSLS has the most reserves in the world, the best quality, quality of lithium glow mine – Western Australia Greenbushes Greenbash Mine). According to the reserves assessment report issued by Beridolbearaustraliapty.Limited, as of September 30, 2016, the total resource volume of Greenbush lithium ore was 165.
1 million tons, and the lithium carbonate was 8.33 million. Tons; lithium mine reserves totaled 86.
4 million tons, and lithium carbonate is 5 million tons.. Its wholly-owned subsidiary has a strong lithium industry with a pull-out Qi Liquanite mining power in Yajiang County in Sichuan.
The mining area identified the ore volume of 1,97.4 million tons, and the lithium oxide resource is 255,744 tons, and the average grade of lithium oxide is 1. .
3%, 1,200,000 tons of lithium carbonate. The second is the financial preparation. In 2017, Tianqi lithium asset ratio was only 40.
39% (see Table 2), the flow ratio of 3.11, the proportion of money assets accounted for 70.24%, which means that their monetary assets are flowing.
2 times, there is no residual bond pressure. Its monetary funds have reached 5.524 billion yuan, and the financing activities have added 2.
264 billion yuan, and the operating activities have been added by 395 million yuan;. Third, cost management and research investment. In 2017, Tianqi lithically R & D investment was 28.
55 million yuan, a year-on-year increase of 342% year-on-year.. While vigorously adding research and development, strict controlling other expenses (see Table 3), which is obviously conducive to it to improve gross profitability and competitiveness.
. Tianqi lithium has been fully prepared for future competition..
As a domestic old opponent, the lithium-life lithium industry is not behind. The layout of the front Lithium is one of the world’s five major lithium compounds and metal lithium suppliers. Its business covers upstream lithium extraction, medium-resection of lithium compounds and metal lithium processing and downstream lithium ion battery production and recycling, including: upstream Lithium resource extraction, deep processing of lithium compound, metal lithium production, lithium ion battery production and secondary use and recovery of lithium.
In 2017, the performance of the lithium-induced lithium industry rose sharply: operating income increased from RMB 24.4 billion in 2016 to 4.383 billion yuan in 2017, the increase rate is 54.
12%; the net profit attributable to shareholders of listed companies From 2016 to 464 million yuan to $ 1.469 billion in 2017, the increase rate is 216.36%.
The company’s total assets increased from 380.09 billion yuan in 2016 to 8 billion yuan in 2017, an increase rate of 110.02%; net assets increased from 248.
8 billion yuan in 2016 to 2017 to 40.37 100 million yuan, the increase rate is 62.25%.
As with Tianqi Lithium industry, the lithium-induced lithium industry has also begun to expand its upstream production.. On February 25, 2018, the lithium-producing industry said that its newly built 20,000 tons of lithium hydroxide production line has been put into production, in the test stage; currently under construction 1.
75 million tons of lithium carbonate production line programs after 2018 It has been put into production in half a year, plus nearly 40,000 tons of production currently, by the end of 2018, its lithium salt processing production will reach nearly 80,000 tons. Front lithium industry is a resource layout for production expansion. At present, there is a share equity of six high-quality lithium resources such as Australia, Argentina, my country and Ireland: First, MountMarion, the second largest transport of the world’s second largest shipment.
MountMarion is 2.37% of the average lithium oxide content in accordance with JORC rule control and inferior resources..
The company entered into a long-term bag-selling agreement, in 2017 to 2020, MountMarion can be underwent by MountMarion production, 2020 after a sale of no less than 49% lithium concentrate; second is Mariana, a lithium in Argentina Potassium lagoon. According to the resource estimation report prepared by GEOS mining, the Lithium-containing brine reserves of the Mariana project is 1,127 million cubic meters, control and inferior lithium resources are 1,866 thousand tons LCE..
The initial exploration results show that Mariana has homogens and geochemical components, which can be extracted with relatively low cost through traditional solar evaporation process; three is Cauchari-Olaroz, a lithium salt lake located in Hujuy, Argentina. The Cauchari-Olaroz project contains 11.8 million tons of LCE.
The company encompasses the underwriting agreement, purchasing 80% of 80% of the actual production of Cauchari-Olaroz resources first phase. Cauchari-Olaroz is scheduled to start production at the end of 2019 or early 2020; four is PilGangoora, one of the world’s largest new lithium-razorite mines in Western Australia..
The lithium glow reserve of the PilGangoora project is 4.9 million tons of Lce, and the average lithium oxide content is 1.25%.
. The company has established a long-term package-selling agreement to obtain 160,000 tons of lithium raw materials per year. The initial limit is ten years.
. At present, the PilGangoora project is planned to be put into production in the second half of 2018; five is Avalonia, located in the lithium-groom mine in Ireland, is currently in the early days of exploration; six is Ningdu Heyuan Mine, located in Ningdu County, Jiangxi, Ningdu County, Ningdu River Source Mine 100,000 tons of Lce, average lithium oxide content of 1.03%.
In terms of financial preparation, the end of 2017, the front lithium industry is 49.45% (see Table 4), the flow ratio is 1.62, healthy, unpaid bond pressure; cash is 2.
237 billion yuan, relatively sufficient; Cost control is also better (see Table 5). The attack of the Salt Lake Shares saw two giants to expand, and the salt lake shares on Salt Lake resources were not willing..
Salt Lake Shares is an old listing company in Qinghai. The lithium carbonate business is part of the comprehensive utilization of Salt Lake resources. It is important to operate by indirect controlling subsidiary, and there is currently 10,000 tons of lithium carbonate production.
. In 2017, Salt Lake Shares achieved operating income of 1.269 billion yuan, an increase of 12.
88% from the previous year; where the lithium carbonate business only achieves operating income of 748 million yuan, but net profit of 420 million yuan. The profit margin is up to 56.15%, and the gross profit margin is 68.
59% (see Table 7). Undoubtedly, enhance lithium product production, and improve the proportion of income is the best means to enhance the company’s profitability..
So, on 27, 2017, Yanhu Shares announced the production of production and expansion: Salt Lake shares planned to start 50,000 tons / annual battery-grade carbonate project, of which Blue Bai Lithium industry is in existing 10,000 tons. / Year, based on the lithium carbonate device, it expands 20,000 tons / annual battery-grade carbonate, expansion, production scale will reach 30,000 tons / year carbonate; in addition, Yanhu BYD will new year 30,000 tons / year battery Lithium carbonate project, after expansion, the production of Salt Lake shares will reach 60,000 tons..
According to the financial report, Salt Lake Shares first exposed the development advantage based on Lithium resource development. Salt Lake Shares Potassium Fertilizer Production is calculated by 5 million tons per year. The annual emissions is about 200 million cubic meters per year, and the lithium ion concentration is about 200-250 mg, that is, the lithium resource in the annual emissions.
It is 20-3 million tons; the raw material liquid is a reliable resource guarantee for the development of a lithium industry.. Second, technical advantages.
Bluke lithium production annual 10,000 tons of lithium carbonate project, introduced Russian adsorption method of brine-lithium-lithium-lithium in 2010, has broken through the key technique of extracting lithium salt from high magnesium low lithium-lesion. Third, cost advantage. Bluke Lithium Lithium Industry Enrich Lithium Resources and Public Facilities in Industrial Park in Salt Lake Co.
, Ltd., the production cost of lithium carbonate is relatively advantageous, and also suitable for large-scale layout of lithium industry. At present, given the repayment pressure of Salt Lake Shares (see Table 8), expanding lithium carbonate production will still increase its residual bond pressure in a short time.
. However, after the production is released, the high interest rate of the lithium industry will obtain sufficient cash flow and profits, and ultimately improve its financial situation..
The ambition of the Yahua Group is different from the top three, the Yahua Group is important business for civil explosion and lithium business, and it is constantly expanding overseas, transportation, business; where the lithium business covers the upper reaches of lithium resource protection, medium-reacted carbonate Production and sales of basic lithium salt products such as lithium hydroxide. In 2017, Yahua Group achieved operating income of 2.358 billion yuan, up 49.
33% from the same period of the previous year; among them, the business income of lithium products was 698 million yuan, accounting for 29.59% of total operating income, rising 100.92%; achieved total profits of 336 million yuan, up 73.
21% from the same period last year; achieved net profit attributable to listed company shareholders, 2.8.11% from the same period last year; Realize the earnings of 0.
25 yuan per share, 78.57% from the same period last year. Obviously, lithium products have a relatively small contribution to the business income of Yahua Group, and the contribution to its profit is relatively small (see Table 9).
In this case, Yahua Group still encodes lithium product production. According to the financial report, Yahua Group will promote the first phase of Ya’an project in 2018, while carrying out the preparation of the second phase of 20,000 tons of lithium hydroxide construction; after the project is completed, there is currently the current prospective lithium industry (full capital) 6000 Lithium hydroxide production, national lithium salt (holding stocks 56.26%) 5,000 tons of lithium hydroxide and 7,000 tons of lithium carbonate production, before and after 2019, it will have a lithium salt production of 38,000 tons, 2020 will have 58,000 tons of lithium salt production.
Yahua Group adds one of the lithium production of lithium production to its lithium resource protection. According to the financial report, Yahua Group continues to enrich the lithium-ore resource reserves in the future lithium industry development, and the development of the development of the lithium industry is fully lithium resource security: First, the company has reached a long-term supply agreement with the Yinhe Lithium Industry of the Lithium Industry Co., Ltd.
For the company’s lithium salt stabilize the most basic resource protection; the second is to cooperate with Chuan Neng, lithium-galvite in Sichuan Aba Lijiagou, which has a proven resource reserves of 5121.85 million tons of lithium oxide; Participation Australia Core, get the right to obtain its lithium mine. It is worth mentioning that CORE has 100% ore rights in Phoenix, and the mining area is about 400 square kilometers.
It is located in the northern territory of Australia. It consists of 4 ores from BP33, Farwest, Ahoy and Grant, the mine. The surrounding hydropower road facilities is complete, and the port is close, the mining bar is smaller, in which the Gritz plot has been explored by JORC standard, there are still 25 historic prime mines and several larger scale.
Weijing rock target to be drilled. The resources are guaranteed, but the finance seems to be fully prepared..
Although the Yahua Group’s asset-based rate is low, its solvency is general (see Table 10), and the cash reserves are not enough to complete the expansion of Ya’an projects, which will be bonded, this or negative impact on its project construction.. Jiangte Motor’s expectation to create a lithium-ore-carbonate-positive material-new energy motor-new energy motor, the new energy vehicle is more intact, the company’s Jiangte motor, the development of the lithium industry is imperative.
In 2017, Jiangte Motor achieved operating income of 3.365 billion yuan, up 12.75% year-on-year; total profit is 329 million yuan, up 39.
06% year-on-year; Net profit attributive company is 2.81 billion yuan, up year-on-year 42.58%; where the lithium ore is selected from 100 million yuan, the lithium carbonate is 163 million yuan, the amount is still small, but its gross profit margin is the highest (see Table 11).
Obviously, its magnification of lithium business production helps companies enhance profitability. Therefore, no matter whether it is a strategy, it is a profit, and the production of lithium is imperative..
Jiangte Motor Recently announced that the subsidiary silver company has an annual output of 5,000 tons of lithium carbonate production line has reached the design requirements, successful production, and the lithium meridian production of 10,000 tons of lithium carbonate and lithium carbonate production. The production line will also be completed in the first half of this year, and the company’s carbonate production will reach 30,000 tons after completion of the company..
According to the financial report, Jiangte motor has a rich lithium-ore resources. In the lithium porcelain mine, there are 5 mining rights, 8 exploration rights; it is a single first major shareholder of Tawana, Australia, which has Western Australia Bar De Mountain (Baldhill) project’s rights, the project mining area is nearly 800 square kilometers, has explored high-quality lithium resources nearly 20 million tons, rich resource reserves. Although, the expansion of lithium production will increase its financial pressure (see Table 12); but, in order to tomorrow, Jiangte electric machine has to strike.
The traditional main industry of Weihua Shares is the production and sales of China (high) density fiberboard, forest planting and sales. In 2016, the company has a new energy material such as the Yuan Lithium industry and Wanhong High-tech, the company’s business extends to the field of new energy materials such as lithium salt and rare earth products, thereby forming a new energy material business and human panel business..
Zhiyuan Lithium Industry is an important part of the basic lithium salt product R & D, production and sales, design production is an annual output of 40,000 tons of battery-grade carbonate, single hydroxide and lithium chloride. According to the financial report, Zhiyuan Lithium Industry is still in construction period, which has a small impact on the performance of Weihua’s share of Shares (see Table 13). On the evening of March 29, Weihua Shares announced that the company’s wholly-owned subsidiary Zhiyuan’s 40,000 tons of lithium salt projects were officially put into production, and the first phase of 13,000 tons included 8000 Tons of battery-grade carbonate and 5,000 tons of lithium hydroxide; the remaining 27,000 tons of production will also be built at the end of the year.
In the lithium resource guarantee, in addition to the US Yarbao lithium mine supplies, Weihua Shares also signed a long-store supply cooperation with another Australian company, and also promoting Jinchuan O’No mining to obtain relevant resources.. Obviously, as a new entrant, Wahua Shares have sufficient financial conditions to develop emerging services such as lithium industry, but also brave a large uncertainty risk.
More than Wah Shares, there are more companies that have continuously entering the lithium carbonate field: Yongxing special steel is invested in the annual output of 10,000 tons of lithium electric materials (battery-grade carbonate and lithium hydroxide) in Yifeng County, Jiangxi Province. Annual production of 2.4 million tons mining, mineralization project; Xinhai Yi proposed and construction annual production of 40,000 tons of battery-grade carbonate project; Jin Yinhe investment construction lithium mica preparation cell-grade carbonate and high value-added by-products comprehensive utilization project (Phase I) etc.
The demand for lithium resources such as lithium carbonate and high price have attracted a batch of divisors.. First enterers occupy a better lithium ore resource (lithium ore and salt lake), with stronger competitiveness; and new adults have greater enthusiasm to occupy more uncertainty.
In the next two or three years, as the design output, the lithium carbonate and other supply and demand balance will be broken, the price will face more fierce fluctuations, only rich in high quality lithium ore resources, higher gross profit margins, healthier finance Structured company, such as: Tianqi Qi Qi, the lithium-induced lithium industry is more likely to win in the fierce competition and grow. .