SMM: recently, Dangsheng Technology issued a "preliminary plan for issuing shares to purchase assets and related party transactions", which intends to issue shares to the controlling shareholder Mining and Metallurgical Group to buy its 32.5% minority stake in Changzhou. After the completion of the deal, Dangsheng Technology's stake in Changzhou will reach 100%.
Changzhou Dangsheng's main products are high-performance lithium battery cathode materials, including NCM811, NCA and other multicomponent cathode materials. Changzhou Dangsheng is responsible for the production and operation of Changzhou lithium new materials industrial base, which is planned to build an annual production capacity of 100000 tons of lithium cathode materials in two phases. The first phase will be completed with an annual production line of 50, 000 tons of high-nickel lithium cathode materials and a lithium battery new material technology research institute, with a large market space and strong profitability.
As of the date of disclosure of this plan, the first phase of the first phase of Changzhou Lithium Power New material Industry Base has completed the construction of the production plant and the installation of the production line, and is currently carrying out product trial production and customer certification.
Changzhou Lithium Power New material Technology Research Institute is currently under planning and construction after it was established in Changzhou Dangsheng. At present, the research and development of a new generation of lithium cathode materials has been carried out, and a number of reserves of forward-looking lithium cathode materials such as solid-state lithium batteries and lithium-rich manganese-based cathode materials have been completed. At the same time, together with Dangsheng Technology, we will jointly carry out the research and development and process route verification of forward-looking technologies such as solid-state lithium electricity and lithium-rich manganese base, and through measures such as process optimization, complete the establishment of a new product system and the research and development of supporting key materials, constantly improve product performance, solve the problems in the future industrialization of new products, and lay a foundation for further consolidating and promoting Changzhou Dangsheng's technological advantages and market competitiveness.
Soochow Securities expects the Changzhou base to release 10, 000 tons of capacity in the third quarter, adding another 10, 000 tons in the fourth quarter, adding 20, 000 tons of effective capacity next year, and is expected to contribute 20, 000 to 250 million of profits in 21 years.
It is worth noting that Dangsheng Technology's net profit belonging to shareholders of listed companies in the first half of 2020 was about 146 million yuan, down 3.32 percent from the same period last year, while operating income was about 1.09 billion yuan, down 18.61 percent from the same period last year, and basic earnings per share was 0.3345 yuan, down 3.32 percent from the same period last year. However, the overseas income of Dangsheng Technology in the first half of the year was 502 million yuan, up 67.72% over the same period last year, and the gross profit margin increased 17.13% over the same period last year. Dangsheng said that if divided by revenue, three of its top five customers in the first half of this year were overseas customers.
Guohai Securities expects that with the sustained and rapid growth of overseas demand, the proportion of overseas exports of Dangsheng technology will further increase, which is expected to maintain a good pattern of stable price and volume rise.
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