Benefiting new energy vehicles will continue to be high -end, Shan Shan shares are expected to increase by 111%to 124%in the first half of the year

On July 13th, Shanshan (SH600884, stock price was 29.45 yuan, and a market value of 63.6 billion yuan) released the "Pre -Announcement of Performance of the 2022 Half of the 2022". It is expected to achieve a net profit attributable to the owner of the parent company by 1.6 billion in 2022 Yuan to 1.7 billion yuan, an increase of 111%to 124%year -on -year.

"Daily Economic News" reporter noticed that although the overall sales of automobiles since this year, new energy vehicles still maintain a high degree of prosperity.

At the same time, the downstream prosperity also brings strong upstream investment. Senior lithium battery believes that according to the current planning, the projects of various negative electrode materials suppliers will cause production capacity to cause excess capacity.

Benefiting from the continuous prosperity of new energy vehicles

In response to the growth of performance, Shanshan Co., Ltd. believes that the main reason is the high prosperity of the downstream. In addition, the polarized film business has also made a certain contribution to the performance growth of Shashan.

Photo source: Shanshan Shares Announcement Screenshot

"Benefiting from the continuous high prosperity of the new energy vehicle industry, the demand for the downstream of the negative electrode material business, the company continues to strengthen the close cooperation with strategic customers, the head customers will accelerate the volume, the second -phase new production capacity of the company Baotou is released smoothly. Significantly increased; the price of negative raw materials rose sharply during the reporting period, and the company ensured a stable product unit profitability through strengthening supply chain management, continuous optimization and upgrading of product structure, and increasing graphization self -supply level. "Shan Shan shares said Essence

In 2020, Shanshan shall implement major asset reorganizations of LCD polarizers and related assets under the acquisition of LG Chemistry, and completed the acquisition and delivery in February last year, incorporating relevant assets into the scope of merger. Regarding another reason for the growth of performance in the first half of this year, Shanshan Co., Ltd. said: "The company's polarizer business continues to grow steadily and brings high performance contribution."

In addition, the 100%equity of Hunan Yongshan Lithium Co., Ltd. also contributed a part of the revenue to Shashan Co., Ltd. in the first half of the year. According to the first quarter of this year, its non -liquid asset disposal of profit and loss is about 186 million yuan, which mainly sells 100%equity of Hunan Yongshan Lithium Co., Ltd. to obtain corresponding investment income.

But at the same time, the sale of the equity income of the subsidiary has also led to the relatively low -profile growth rate of Shan Shan's shares. Shanshan is expected to achieve a net profit of 1.35 billion yuan to 1.45 billion yuan from the semi -annual realization of the owner of the parent company in 2022, an increase of 87%to 100%year -on -year.

Zhejiang Business Securities believes that Shanshan Co., Ltd. focuses on negative materials and polarizers, and non -core businesses such as positive materials, photovoltaic, and energy storage are gradually peeled. Polarized film is a link in the liquid crystal display industry chain. The polarizer of Shashan Co., Ltd. has a strong production capacity of the polarizer. The back -end processing base can respond to customers quickly across the country. At present The production line has begun and will support Shan Shan's performance.

Industrial prosperity continues to accelerate production

In the first half of this year, the trend of automobile industry differentiation was more obvious. According to data from the China Automobile Industry Association, from January to May this year, the cumulative sales of cars sold 8.586 million units, a year-on-year decrease of 15.9%. Among them, the cumulative sales of traditional fuel vehicles were 6.757 million, a year -on -year decrease of 27.6%; the cumulative sales of new energy vehicles were 1.829 million units, an increase of 108.7%year -on -year.

Picture source: Screenshot of the official website of China Automobile Industry Association

"The automotive industry is facing demand shrinkage, impact on supply, and expected to weaken triple pressure, and the task of steady growth is very arduous." The China Automobile Industry Association analyzed.

The height of the downstream highlights the upstream large -scale commissioning. According to the statistics of high -industry lithium batteries, in the first half of 2022, 9 power and energy storage batteries were put into production projects, with production capacity exceeding 118GWh; 22 projects, total production capacity planning exceeding 638GWh; 21 contracts and official announcements, total production capacity planning exceeded 367GWh Essence

The expansion of the production capacity of negative materials is also underway. According to incomplete statistics of high -industry lithium batteries, in the first half of 2022, 16 negative electrode materials started projects, involving a scale of 2.276 million tons and a amount of 66.492 billion yuan.

Senior lithium battery believes that in addition to strong downstream demand for negative projects, the price of negative raw materials is also one of the reasons, and densely start production and production also needs to be alert to the risk of overcapacity.

"The above startup capacity reaches 2.276 million tons. According to the calculation of 1,300 tons of negative electrode materials for 1GWH, the above production capacity can meet the battery capacity demand of about 1750GWh. In 2025, my country's 1.456 million tons of negative electrode materials demand. When the capacity is overcapacity, the market will be directly reflected as the most sensitive place. In terms of price, the seller market will be transferred to the buyer's market, and the price of negative electrode materials will inevitably fall. " say.

At the end of June this year, Shanshan announced that the planned total investment amount was about 5 billion yuan to build an annual output of 40,000 tons of lithium -ion battery silicon -based pole material integrated base project projects. The project is divided into two phases. The first phase of the project has an annual capacity of 10,000 tons. The construction cycle is expected to be 12 months. The annual production capacity of the second phase of the project is 30,000 tons. The construction cycle is expected to be 12 months. Among them, the first phase of the project is expected to start at the end of 2022.

Zhejiang Business Securities believes that the planning project of Shanshan shares this time is the second 40,000 -ton planning capacity after Bateri (BJ835185, a stock price of 73.5 yuan, and a market value of 53.5 billion yuan), with a single ton fixed investment of about 94,000Yuan/ton is 3-4 times that of integrated artificial graphite.However, the advantages of silicon -based negative electrodes have the advantages of high carbon materials, stability, and high capacity of silicon materials. It predicts that global silicon -based negative demand in 2025 is about 370,000 tons, and the growth space is broad.Daily Economic News

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