Qunyi Securities (Hong Kong) Co., Ltd. Fei Qianran recently conducted research on Tianci Materials and released a research report "Show Operational Blueprint and Release Multiple New Products". This report gives an overweight rating to Tianci Materials and believes that its target price is 75.00 yuan, the current stock price is 65.95 yuan, and the expected increase is 13.72%.
Tianci Materials (002709)
Conclusion and Suggestions:
html On June 27, Tianci Materials held a electrolyte global operation white paper and new product launch conference. At the conference, the company announced a new non-fluorine lithium battery binder and NMP replacement solvent. and power battery module encapsulation glue. In addition, the company has also reached strategic cooperation with Guoxuan Hi-Tech , Lishen Battery , and Enjie Co., Ltd. . As a leading electrolyte company,company continues to innovate and maintain rapid growth. The release of this new product further enriches the company's strategic puzzle in the lithium battery sector and marks the improvement of the company's lithium battery material layout. The company has sufficient momentum for subsequent growth and maintains a "buy" rating.
has a global layout of production capacity, covering major customer circles: the company's electrolyte production capacity is growing rapidly. By the end of 2021, the production capacity will reach 206,000 tons. By the end of 2022, the production capacity is expected to reach 746,000 tons. Considering that it will take some time to ramp up the production capacity of Ningde factory, it is expected that Shipments in 2022 will be around 350,000 tons; subsequent global planned production capacity will reach 2.039 million tons: Overseas, the company has a planned production capacity of 213,000 tons in Germany and Belgium, and a planned production capacity of 200,000 tons in the United States. The three factories are responsible for the main Customers are fully covered; domestically, the total planned production capacity currently reaches 1.626 million tons, of which the Phoenix factory has a planned production capacity of 96,000 tons, the Tianjin factory has a planned production capacity of 30,000 tons, and the Liyang factory has a planned production capacity of 400,000 tons (the first phase of 200,000 tons has been put into production). The Longshan factory has a planned production capacity of 150,000 tons, the Ningde factory has a planned production capacity of 450,000 tons (all expected to be put into production in September), the Jiangmen factory has a planned production capacity of 200,000 tons (expected to be put into operation in 2023), and the Sichuan zero-carbon factory has a planned production capacity of 300,000 tons. The company's production capacity planning and will achieve full coverage of key customers and further shorten the response time; in addition, it will further leverage its integration advantages to continue to reduce costs and increase efficiency.
releases new product adhesive , continuous innovation brings growth momentum: The company also introduced a number of new products at this conference, including four new adhesives, NMP replacement solvents and power battery module encapsulation glue. In terms of binders, the company released four positive and negative electrode binders, TinctiveP124, T126, K112 and E124. Among them, the positive electrode binder P124 is mainly used in NCM and LCO scenarios, and T124 is used in LFP scenarios, both of which can replace PVDF. The negative electrode binder K112 can replace CMC and has higher thickening efficiency. An addition of 0.7% can achieve the slurry stability of 1.5% of CMC. E124 can achieve the integration of bonding and thickening, realizing an all-in-one replacement for CMC+SBR. At present, the company's adhesives have entered the certification process for many customers, and the production capacity has reached 5,000 tons. The production capacity will be doubled in the next 3-5 years.
New solvent E100, a perfect replacement for NMP: The company released a new solvent TinctiveE100, which has the same battery performance and glue stability as NMP, and can perfectly match the existing processing technology. Compared with the traditional solvent NMP, E100 has advantages in both safety and cost. E100 has no risk of reproductive toxicity; its flash point is 12°C higher, making it safer; its boiling point is 15°C lower, resulting in lower losses; and it has obvious cost advantages. New binders and solvents build the company's new positive and negative electrode bonding solutions, helping the industry move forward.
new materials drive Pack-end solutions: The company proposes Pack-end systematic solutions around the four dimensions of lightweight design, flame retardancy, thermal balance management and structural sealing. In terms of lightweight and flame retardancy, the company has introduced foamed elastomers and low-density elastomers, which can reduce weight and shock to the greatest extent, and ensure the heat insulation and flame retardancy of the battery core. In terms of thermal balance management, the company has launched high thermal conductivity gel with a thermal conductivity of 1.0-4.0W/(m·k) and high thermal conductivity potting glue with a thermal conductivity of 0.5-3.0W/(m·k). In order to achieve the effect of strengthening heat conduction and balancing the temperature field, it can help power batteries increase energy density and extend battery life.
has signed strategic cooperation agreements with multiple partners: the company has signed strategic cooperation agreements with Guoxuan Hi-Tech, Tianjin Lishen , and Enjie Co., Ltd. to achieve resource sharing and win-win cooperation.
Profit Forecast: Taking into account the strong prosperity of the new energy industry, the company's abundant projects under construction and strong growth potential, the company is expected to achieve a net profit of 4.5/6.0/7.5 billion yuan in 2022/2023/2024 respectively, yoy+104%/ +34%/+25%, equivalent to EPS of 2.34/3.13/3.90 yuan. The current PE of A share stock price is 27/20/16 times. The valuation is low, and a "buy" rating is given.
risk warning: 1. The price of the company's products is lower than expected; 2. The progress of the project under construction is lower than expected.
Securities Star Data Center calculates based on the research report data released in the past three years. The Yang Jingmei researcher team of Western Securities has conducted more in-depth research on this stock. The average forecast accuracy in the past three years is as high as 90.22%. It predicts that the attributable net profit in 2022 will be a profit of 49.12 billion, the predicted PE based on current price conversion is 12.88. The latest profit forecast details of
are as follows:
A total of 19 institutions have rated the stock in the past 90 days, has bought 15 institutions, and 4 institutions have overweight ratings; the average target price of institutions in the past 90 days is 87.32. The Securities Star valuation analysis tool shows that Tianci Materials (002709) has a good company rating of 4 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 3 stars. (Rating range: 1 ~ 5 stars, the highest is 5 stars)
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