anxiang New Materials: Binding the lightweight (50% weight loss) power battery pack dark horse in the Ningde era
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2021-11-11 10:12:26 Stock Bar Web Edition
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Sanxiang New Materials: Binding the lightweight (50% weight loss) power battery pack dark horse in the Ningde era
The company and Ningde Times set up a joint venture to produce magnesium-aluminum alloys for the production of battery packs (33% lighter than the current aluminum alloy)
1.1 The company (the largest shareholder, accounting for 35%) signed an agreement with Ningde Times to establish a joint venture to produce magnesium-aluminum alloy (33% lighter than aluminum alloy). The production products have been scheduled to be lightweight by the Ningde Times for power battery packs.
1.1.1 Ningde Times, as the absolute hegemon of global power batteries, the company directly binds Ningde Times power battery lightweight replacement (market and order are guaranteed)
1.1.2 The average annual compound growth rate of global new energy vehicle sales and corresponding power battery demand from 2020 to 2025 is 38.9% and 39.3% respectively (power batteries)
1.1.3 At present, the metals commonly used in battery packs or battery cases are mainly aluminum and steel. Relatively speaking, aluminum alloys and magnesium-aluminum alloys have light advantages. Magnesium-aluminum alloys (density) are 33% lighter than aluminum alloys. Its density is 77% lighter than that of steel; Ningde Times established this project to lighten power battery packs and gradually began to release. The original battery shell was made of aluminum alloy and weighed 125 kg. The shell of the same size battery pack made of magnesium alloy only needs 60-70 kg, with a weight loss effect of 50%. In the Ningde era, the focus is mainly on the lightweight of cars. The problem of weight loss of new energy vehicle batteries is very important, and a large (part) weight loss is achieved through magnesium-aluminum alloys.
According to the announcement on August 26, Sanxiang New Materials plans to jointly invest in magnesium-aluminum alloy projects with Ningde Times, Wanshun Group, Junda Investment and Yintai Investment. The corresponding investment proportion is 35%, 25%, 17%, 9% and 14% respectively. The project implementer is Ningde Magnesium Aluminum Technology, with a registered capital of 3 billion yuan. According to Xia Peng, this cooperation mainly focuses on battery packs in the Ningde era. It is difficult to separate the investment in the magnesium-aluminum alloy project from the development trend of the new energy vehicle industry. Chief analyst of Hua'an Securities New Energy and Automobile told Cailian News Agency: "Lightweight is an important direction for the [automobile) industry, because if the car is lighter and consumes less energy, the battery life of new energy vehicles is relatively longer, and the battery pack weighs is about a few hundred kilograms." "At present, the metals commonly used in battery packs or battery cases are mainly aluminum and steel. Relatively speaking, aluminum alloys and magnesium-aluminum alloys have light advantages, but the cost is relatively high." The above analyst said. Xia Peng also told Cailian News Agency: "Magnesium-aluminum alloy (density) is 33% lighter than aluminum alloy." It is reported that magnesium-aluminum alloy is one of the lightest materials in industrial metal structure materials, with a density 77% lighter than steel. At the same time, magnesium-aluminum alloy has good damping and vibration absorption performance, electromagnetic shielding, etc.
1.1.4 The first phase of the joint venture project at the end of the year began trial production (output value of 15 billion), and the second phase is also being gradually planned. Ningde Times has scheduled production capacity and is gradually used in the company's battery packs. At present, it is very mature. At the same time, if it is officially put into production next year, the production efficiency will be faster and faster.
1.1.5 The holding company intends to go public. The company's valuation (direction of new energy vehicles) and performance In 2020, the company's revenue is 7.3 billion, and the current market value is only 4 billion yuan. The situation of holding subsidiaries (35%) (with listing expectations).
The company's current main performance is guaranteed: Second, the zirconium series revenue is currently in the zirconium series, Sanxiang New Materials is a leading enterprise in the field, and electro-melting zirconia has the world's first production capacity, reaching 26000 tons, all reaching more than 99.8%; sponge zirconium currently has 3000 tons of production capacity is the largest production base in China; Zirconia chloride also has a large production capacity plan, and the first phase of 2 million tons is also at the upper-middle level in the industry. At the same time, the production capacity of nano-zirconia has also reached 2000 tons, which has reached 1000 tons this year. The cost of capacitor zirconium should be about 18000 now 44000. When the company's semi-annual report was at a price of 26000, it was confident to complete a profit of 1 billion yuan, which is now 44000. The profit at the end of the year is likely to exceed expectations.
Conclusion 1. The company (the largest shareholder, accounting for 35%) signed an agreement with Ningde Times to establish a joint venture to produce magnesium-aluminum alloy (33% lighter than aluminum alloy). The production products have been scheduled to be lightweight by the Ningde Times for power battery packs. Ningde Times, as the absolute hegemon of global power batteries, is targeted to bind Ningde Times power battery lightweight replacement (market and order are guaranteed). From 2020 to 2025, the average annual compound growth rates of global new energy vehicle sales and corresponding power battery demand will be 38.9% and 39.3% respectively (power electricity). Pool) At present, the metals commonly used in battery packs or battery cases are mainly aluminum and steel. Relatively speaking, aluminum alloys and magnesium-aluminum alloys have light advantages. Magnesium-aluminum alloys (density) are 33% lighter than aluminum alloys. Its density is 77% lighter than that of steel; Ningde Times established this project to lighten power battery packs and gradually began to release. The original battery shell was made of aluminum alloy and weighed 125 kg. The shell of the same size battery pack made of magnesium alloy only needs 60-70 kg, with a weight loss effect of up to 50%.
At the end of the year, the first phase of the joint venture project began trial production (output value of 15 billion), and the second phase is also gradually planned. Ningde Times has scheduled production capacity and is gradually used in the company's battery packs. At present, it is very mature. At the same time, if it is officially put into production next year, the production efficiency will be faster and faster. Ningde Wenda Magnesium Aluminum Technology Co., Ltd., the holding company, plans to go public. The market space is very broad, and Ningde Wenda Magnesium Aluminum Technology Co., Ltd. is expected to have billions or even tens of billions of operating income in the next few years. Optimistically estimate that the revenue is tens of billions. What is the valuation of Ningde Wenda Magnesium Aluminum Technology Co., Ltd.? The company owns 35% of the equity, market capitalization? Sanxiang New Materials underestimated expectations. In terms of main business: when the company's semi-annual report was at the price of 26000, it was confident to complete a profit of 1 billion yuan, and now it is 44000. The profit at the end of the year is likely to exceed expectations
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