Shenzhen main board in 2018 will be whether, in 2020 transferred to the gem, sponsor institutions for Dongxing Securities, lithium materials enterprise Ganzhou Tengyuan Cobalt Industry New Materials Co., Ltd. (referred to as "Tengyuan Cobalt Industry"), today (September 9) was approved by the listing committee, gem IPO successful pass!
The data show that Tengyuan Cobalt owner's business is the research and development, production and sales of cobalt and copper products, and it is one of the most competitive cobalt salt production enterprises in China. The company's core products are cobalt salts such as cobalt chloride, cobalt sulfate and copper electrowinning. Cobalt products are mainly used in battery materials, alloys, magnetic materials and other downstream industries.
Gem IPO, Tengyuan Cobalt Company intends to raise 2.198 billion yuan, which will be invested according to priority order after deducting issuing expenses: annual output of 20, 000 tons of cobalt, 10, 000 tons of nickel metal series products remote intelligent technological transformation and upgrading and raw and auxiliary materials supporting production project (phase II) (total investment of about 1.699 billion yuan, to be invested to raise funds of 1.698 billion yuan); Replenish the working capital (to be invested to raise 500 million yuan).
Tengyuan Cobalt Industry said that after the fund-raising project reached production, the company will add ternary precursors and electrodeposited cobalt products in addition to the original products such as cobalt chloride and cobalt sulfate. At the same time, after the fund-raising investment project reaches production, the company is expected to increase its sales income by 5.572 billion yuan per year, with an average annual net profit of 479 million yuan.
In terms of shareholders, Luo Jie (29.90%), Xie Fubiao (13.78%) and Wu Yanghong (6.80%), founders of Tengyuan Cobalt, signed a "concerted Action Agreement", which is the common actual controller. The three directly and indirectly directly hold 50.48% of the shares of the issuer and are the controlling shareholders and actual controllers of Tengyuan Cobalt.
In addition, the names of Xiamen Tungsten Industry (600549.SH) and Ganfeng Lithium Industry (002460.SZ) can be seen on the shareholder list, of which Xiamen Tungsten Industry is the third largest shareholder with a stake of 12.07%, while Ganfeng Lithium Industry is the fourth largest shareholder with a stake of about 6.90%.
In terms of product sales, the prospectus shows that from 2018 to 2020, the sales volume of Tengyuan cobalt products equivalent to metal tons was 4787.10 tons, 6202.61 tons and 4669.54 tons respectively, and the sales volume of copper products was 5378.7 tons, 14300 tons and 18100 tons respectively, maintaining a high sales level.
In terms of market position, statistics show that the total domestic output of cobalt sulfate is 39000 metal tons, and the total output of cobalt chloride is 43000 tons, totaling 82000 metal tons. The company's cobalt salt output is 4858.97 metal tons, accounting for 5.92%; the company's cobalt sulfate output accounts for 6.37%; cobalt chloride output accounts for 5.53%, ranking fifth in the country.
In terms of performance, from 2018 to 2020, the operating income of Tengyuan Cobalt Industry was 1.671 billion yuan, 1.739 billion yuan and 1.787 billion yuan respectively, and the net profit of shareholders belonging to the parent company was 182.1 million yuan, 114 million yuan and 348 million yuan respectively.
Judging from the latest results, the operating income of Tengyuan Cobalt Industry from January to June of 2021 was 1.811 billion yuan, an increase of 138.29% over the same period last year, and the net profit was 500 million yuan, an increase of 370.08% over the same period last year. Tengyuan Cobalt said that the increase in performance was mainly due to an increase in the sales price and quantity of cobalt products and copper products over the same period last year, which was caused by a larger increase in gross profit.
In other words, only in the first half of 2021, the operating income and net profit of Tengyuan Cobalt Industry both exceeded the whole year of 2020!
In addition, from January to June of 2021, Tengyuan Cobalt's operating profit, total profit and net profit belonging to the shareholders of the parent company after deducting non-recurrent profits and losses all increased significantly compared with the same period last year. In particular, it was pointed out that the net cash flow generated by the operating activities of Tengyuan Cobalt Industry from January to June 2021 was 172 million yuan, an increase of 3914.29% over the same period last year, mainly due to the increase in cash received from the sale of goods over the same period last year.
From the perspective of gross profit margin, the gross profit margin of Tengyuan cobalt products increased to 28.29% from 2019 to 2020, while that of copper products rose all the way up to 38.94% in 2020. The consolidated gross profit margin was 32.93% in 2020.
Compared with companies in the same industry, the gross profit margin of Tengyuan Cobalt Industry is much higher than that of Huayou Cobalt Industry and slightly higher than that of Hanrui Cobalt Industry.
In terms of customers, the top five customers of Tengyuan Cobalt Industry in 2020 are Mercuria, Zhongwei shares, Xiamen Tungsten Industry, Wanbao Minerals and Hunan Yacheng.
Finally, let's take a look at the situation of Xiamen Tungsten Industry, the third largest shareholder of Tengyuan Cobalt Industry, and Ganfeng Lithium Industry, the fourth largest shareholder, in the secondary market:
On Sept. 9, Xiamen tungsten industry rose 0.90 yuan, or 3.07%, to close at 30.25 yuan per share, with a total market capitalization of 42.9 billion yuan.
On the same day, Ganfeng Lithium rose 1.16 yuan, or 0.62%, to close at 186.82 yuan per share, with a total market capitalization of 268.5 billion yuan.
Due to the success of Tengyuan Cobalt Industry, the performance of these two major shareholders in the secondary market on September 10 is worth looking forward to!
Note: Ningde Times indirectly holds 6.85% of Tengyuan Cobalt through its Changjiang Morning Road.
