The major project of Shangtai Technology is "giving up and seeking far away", and the risk of overcapacity of negative material products or excess capacity

Shijiazhuang Shangtai Technology Co., Ltd. is the main business of lithium -ion battery negative materials and the development, production processing and sales of carbon products. The company is applying for listing, and the sponsors are Guoxin Securities.

According to the "Jinzhong Daily" in May 2022, "Wu Junqing and Shijiazhuang Shangtai Technology Co., Ltd. Ouyang Yongyue held a work talks in Xiyang" reported that Wu Junqing, secretary of the Jinzhong Municipal Party Committee, and Chairman of Shijiazhuang Shangtai Technology Co., Ltd. Ouyang Yongyue and his entourage held a work talks in Xiyang that he hoped that Shangtai Technology would play an industry advantage. Based on a good cooperation in the first and second phases, it further accelerated the construction of the third phase of the project and planned the fourth phase of the project as soon as possible.

However, in response to the four -phase project mentioned by the Secretary of the Jinzhong Municipal Party Committee, Shang Tai Technology did not mention it in the prospectus, and as a Shang Tai Technology founded in Shijiazhuang in 2008, it did not settle in the lithium -ion battery negative material project project. In Shijiazhuang, he chose to settle in Xiyang, Shanxi, and did not accept the company's interview with the company.

Not only that, Huang Yaping, Secretary of the Shiyang County Party Committee on May 6, 2022, met with Ouyang Yongyue, Chairman of Shijiazhuang Shangtai Technology Co., Ltd., and Ouyang Yongyue said that Xiyang had an excellent investment environment, especially the Lithium Phase I and Phase II Phase II. The project construction all created the "Xiyang Speed" that started and put into production that year.

However, the information disclosed according to page 198 of the prospectus: "The company has planned to gradually increase production capacity during the reporting period. Since 2018, the construction of the first phase of Shanxi Xiyang production base will be built in the second quarter of 2019. The construction of the second phase of the Shanxi Xiyang Phase I was built. As of the signing date of this prospectus, some of the production workshops of the base have been put into operation. "From the above information, it has not reflected what Ouyang Yongyue said" construction and production of the year. "

According to public information, Shang Tai Technology was released by "Hebei Shuimei Environmental Protection Technology Co., Ltd." in March 2018 as an environmental impact assessment unit, and released the "Environmental Impact Report of the Integrated Project of the Integrated Project of the Integrated Project of the Integrated Project of Lithium ion Battery Materials of 15,000 tons of lithium -ion batteries", of which The project was exposed in the existing factory area of ​​the Licheng Road Industrial Concentration Zone in Wuji County, Shijiazhuang. At the same time, the prospectus also describes that all products of Shangtai Technology need to pass the graphite furnace, so all the company's production capacity is limited by the graphite furnace of key equipment, and the production capacity of graphization furnaces is used as the main basis for the company's capacity calculation.

However, in the machinery and equipment at the end of the first half of 2021, the company has 4 graphic furnaces at a level of 20 million yuan, all in Jinzhong City, Shanxi Province, and the graphite furnace in Shijiazhuang Wuji County corresponds to the original original original original The value is only 5.547 million yuan, and the new rate is only 46.96%. As a result, this graphite furnace has been calculated for 5 or 6 years. In March 2018, the company submitted the EIA's "15,000 -ton lithium -ion battery negative electrode material integrated project" in March 2018 and did not resettle the graphite furnace, which is doubting whether the project is actually invested.

In addition, according to the prospectus, the shipments of the negative electrode materials in my country in the first half of this year are 335,000 tons. The prediction of the high -engineering lithium battery in the next 5 years will develop at a high speed of 31.41%of the compound growth rate. The 370,000 tons in 2020 increased to 1.45 million tons in 2025.

Judging from the existing public information shows, the "annual output of 120,000 tons of lithium -ion battery negative electrode material integrated project (third phase)" of the “annual output of 120,000 tons of lithium -ion batteries” is planned to be 120,000 tons/year. At the same time, Shanshan Co., Ltd. spent 10 billion yuan in Meishan 200,000 -ton lithium battery negative electrode material integrated base project project, and the development of Soon in Jiayuguan City, Gansu Province spent 720 million yuan to build an annual output of 200,000 tons of lithium -ion battery negative electrode polar poles. Materials integrated project, China Science and Technology Electric in Gui'an New District spent 2.5 billion yuan to build a 100,000 -ton lithium battery negative electrode material integrated project, Jerry shares intend to implement 100,000 tons of lithium -ion battery negative material integrated projects, Better Ruizi constructed an annual output of 200,000 tons of lithium batteries in Xiangyun County, Dali Prefecture.

From the end of 2021 to the current investment plan released by the above 6 listed companies, the production capacity of the corresponding lithium battery's negative electrode materials has reached 920,000 tons. Investment and construction capacity of lithium battery negative materials in other companies. Whether this will lead to severe overcapacity of lithium batteries in the future, it is also worthy of investors' attention.

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