The "Fengkou Research Report · Company" lithium battery recycling market has begun to outbreak. The company's early card production capacity is the first to increase, and this year's net profit is expected to increase by 1.3 times. Analysts estimate that PE valuation this year is

The power battery recycling market is currently began to volume. This deep layout of "lithium battery recycling+car intelligent equipment" companies entered a new round of high -speed development. Analysts estimated that this year's net profit is expected to increase by 1.3 times, corresponding to the previous market value PE valuation of less than 15 times the valuation of less than 15 times the value of the previous market value of less than 15 times Essence

Company essence:

① From 2021-2025, the power battery recycling market will be small-scale, and the power battery recycling market will explode in 2026-2030, and its cumulative scale will reach 2.05TWH;

② The company actively deploy the lithium battery circulation business. By the end of 2022, the company's lithium battery circulation sector will form a processing scale of 50,000 tons of waste lithium batteries per year. Enterprises that are bound to the lithium battery industry chain to jointly build a waste lithium battery recycling platform together;

③ Galaxy Securities Tao Yigong is expected to be company 2022/2023/2024 The company's net profit of the company is 3.5/53/700 million yuan, respectively, 134.28%/49.45%/32.25%year -on -year. The value is lower than the industry average, maintain the "recommendation" rating;

④ Risk reminder: The development of the new energy vehicle industry is not as good as expected risks.

With the continuous increase in the amount of lithium batteries, and the continuous high level of raw material lithium carbonate, the lithium battery recycling industry ushered in a high growth period.

Galaxy Securities Tao Yigong's latest coverage of Tianqi (002009), the company's lithium battery circulation sector has the production capacity of 20,000 tons of waste lithium batteries annually. At the end of the year, the technical reform project was expanded to 50,000 tons. Iron lithium battery recycling processing project will release 50,000 tons in the second quarter of next year. In addition to the lithium battery recycling business, the company's intelligent equipment business and circulation equipment are deeply cultivated in the automotive industry chain. The automotive industry resources will become an important assistance for the company's lithium battery recycling business.

Tao Yigong expects the company to return to the company's net profit of 3.5/5.3/7 billion yuan in 2022/2023/2024, respectively, a year -on -year 134.28%/49.45%/32.25%. It is optimistic about the company's lithium battery recycling business and maintain the "recommendation" rating.

The company's lithium battery recycling business has grown rapidly, and its capacity enters a rapid release period

The lithium battery recycling industry has entered a explosion period: As new energy vehicle power lithium batteries are reported to 5-8 years, calculated at an average of 4 to 6 years, in 2021-2025, the power battery recycling market will be small-scale volume, theoretically accumulated accumulated in theory The scale of retirement can reach 298GWh. From 2026-2030, the power battery recycling market will explode in full, and its cumulative scale will reach 2.05TWH.

The use of steps can fully implement the value of retired batteries, and is applied to the fields of energy storage, low -speed electric vehicles and other fields in communication base stations.

The company actively deploy the lithium battery cycle business. At present, the lithium battery circulation sector has the production capacity of 20,000 tons of waste lithium batteries annually. After the completion of the production of production -expanded technical reform projects, the processing scale will be increased to the annual processing of 50,000 tons of waste lithium batteries.

At the same time, the company has planned the recycling processing project of lithium iron phosphate batteries. The overall planning capacity of this project is to deal with 150,000 tons of waste phosphate battery annual processing, and the first phase of the project planning capacity to invest in construction is the annual processing of 50,000 tons of waste phosphates. Lithium batteries are expected to be completed and put into operation in the second quarter of 2023. The size of the product is 11,000 tons of iron phosphate and 2,500 tons of lithium carbonate. By the end of 2022, the company's lithium battery circulation sector will form a processing scale of 50,000 tons of waste lithium batteries. By the end of 2023, the processing scale of 100,000 tons of waste lithium batteries was formed.

Multiple resources to build battery recycling channels: In order to ensure the stability of subsequent lithium battery circulation business raw materials, the company will deeply bind enterprises in all aspects of the lithium battery industry chain to jointly build a "Internet+recycling" platform for waste lithium batteries to establish waste lithium coverage across the country Battery recycling service network.

Deep cultivation of the intelligent equipment industry for many years, new energy vehicles bring room for growth

The company is committed to serving the entire life cycle of the car. Except for the lithium battery recycling business, the intelligent equipment business and circulation equipment are deeply cultivated in the automotive industry chain. They have outstanding positions in related fields such as automobile intelligent equipment, automobile lending, scrap equipment, etc. Establishing a stable and close cooperation relationship, the automotive industry resources will become an important help in the company's lithium battery recycling business. The diversified collaboration of the industrial chain will also enhance the company's comprehensive competitive advantage.

Intelligent equipment: In 2021, the operating income of intelligent equipment business was 1.57 billion yuan, an increase of 2.69%year -on -year, accounting for 42%of revenue, of which new energy vehicle projects accounted for 67%.

Circular equipment business: Including renewable resource processing equipment business and scrap car recycling and reuse business. In 2021, the company's circulation equipment business totaling a total of 532 million yuan in new orders.

Heavy Industry Machinery Business: The main products are large -scale wind power generation units such as wheels, bases, shafts, bearing seats and other products. Customers include GE energy, long -view energy, Ende energy and other domestic and foreign wind power industry giants.

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