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Yongxing Materials (002756): Steady growth of stainless steel plate. Lithium carbonate put into production icing on the cake. <br /> Category: Company organization: Caitong Securities Co., Ltd. Researcher: Li Shuaihua Date: 2020-01-09 The company was established in 2000, mainly engaged in high quality R & D and production of stainless steel and nickel-based iron-nickel-based alloy rods and wires are the leading enterprises in Zhejiang's industrial industry. At present, the company's main business is divided into two major sectors of stainless steel and lithium battery new energy . The lithium carbonate business is expected to become a new growth point for the company in the future.
The company's annual output of 250,000 tons of high-quality stainless steel and special alloy rods and wires is put into production. The project starts with the construction of high-standard, intelligent production lines, strives to be an industry benchmark in terms of equipment selection, production process design, etc., and introduces internationally advanced rolling mill units, on-line solid solution furnaces and automation technology equipment, and uses online performance Control, online heat treatment and other advanced thermomechanical control process technologies and pure oxygen combustion, waste heat recovery power generation and other clean production technologies, to achieve automatic, intelligent and green manufacturing production process, has been built into a leading domestic and international first-class wire processing production line. This project enables the company's product quality to be steadily improved, the manufacturing cost effectively reduced, and the product market competitiveness to be continuously enhanced, effectively consolidating and enhancing the company's leading position in the high-quality stainless steel rod and wire market.
Yongxing New Energy's 10,000-ton battery-grade lithium carbonate project will enter the trial production stage. After the trial production started, Yongxing New Energy signed the "Purchase of Sale and Purchase Cooperation Letter of Intent" with some prospective customers in the early stage, applied for certification to the prospective customers and submitted mass production samples to fulfill the order. In addition, the company actively lays out upstream resources and relies on the rich lithium mica ore resources in Yichun, Jiangxi to build a full industrial chain from lithium ore mining to battery-level carbonic acid production. The project has high comprehensive benefits and strong overall competitiveness, which has become a new profit growth point for the company. .
Profit forecast: The company is a leader in stainless steel wire rods. While consolidating its industry position, it will enter the new energy field, build a production line of lithium carbonate, a core material for ternary batteries, and actively arrange upstream raw materials. This part of the business is expected to become the company's new growth point. We predict that the company's operating income for 2019-2021 will be 49.87, 51.86, and 5.393 billion yuan; net profit attributable to the parent will be 458, 498, and 541 million yuan; the corresponding EPS will be 1.27 / 1.38 / 1.5 yuan, and the corresponding PE will be 11.2 / 10.3 / 9.4 , Give "overweight" rating.
Risk reminder: The capacity release of investment projects and new lithium power projects is less than expected; the price of lithium carbonate has fluctuated sharply; the demand for products has fallen sharply; the risks brought by the fluctuation of raw material prices; the uncertainty brought by the Sino-US trade war; policy risks;