On the evening of September 16th, Xiamen Tungsten Industry (600549) announced that the subordinate company Xiamen Tungsten New Energy Materials Co., Ltd. (hereinafter referred to as "Xiamen Tungsten Xineng") and the Management Committee of Ya'an Economic and technological Development Zone (hereinafter referred to as "Ya'an Economic and technological Development Zone") signed the "letter of intent for Investment in Lithium Ion positive material Project" (hereinafter referred to as "Investment letter of intent") on September 16, 2021.
According to the letter of intent, the project plans to build 100000 tons of lithium iron phosphate and 60,000 tons of ternary materials; the investment amount of the project is expected to be not less than 10 billion yuan; the total land area is estimated to be about 1000 mu, of which the first phase is not less than 350mu.
It is understood that the project will be divided into two phases, of which the first phase of lithium iron phosphate project has an annual production capacity of 20, 000 tons, with an estimated investment of not less than 1.2 billion yuan, a construction period of 2 years, and is expected to be put into production in 2023. The first phase of the three-yuan material project has an annual output of 20, 000 tons, with an estimated investment of not less than 2.2 billion yuan (including the construction of a 10, 000-ton nickel-cobalt smelting workshop and a 20, 000-ton ternary material workshop). The construction period is 3 years and is expected to be put into production in 2024.
Xiamen Tungsten Industry said that this letter of intent is only a document of intentional cooperation between both parties, and there is uncertainty in its specific implementation, and this letter of intent involves the phased implementation of the project. it does not have a significant impact on the company and Xiamen Tungsten Xinneng's total assets, net assets, operating income, net profit and other financial indicators this year.
The Battery Network noted that Xiamen Tungsten Xinneng and Zhongwei also signed the Strategic Cooperation Framework Agreement on September 14. According to the agreement, from the date of signing the agreement to December 31, 2023, the two sides estimate that the supply and demand of cobalt tetroxide products is about 20000-25000 tons / year; the supply and demand of ternary precursor products is about 15000-35000 tons / year, and the specific purchase quantity and price are subject to the purchase orders signed by both parties.
In addition, the two sides also agreed to cooperate in upstream mineral resources, jointly look for high-quality mineral resources such as nickel, cobalt and manganese for cooperative development, obtain superior resources, and promote in-depth cooperation between upstream and downstream business and technology of the industrial chain. ensure supply stability and cost advantage.
What is worth paying attention to is that in the first half of this year, the revenue of the three main industries of Xiamen tungsten industry increased significantly. Of this total, the total profit of the tungsten and molybdenum business was 800 million yuan, up 96.75% over the same period last year; the total profit of the battery materials business was 291 million yuan, up 208.41% over the same period last year; and the total profit of the rare earth business was 80.2099 million yuan, up 127.86% over the same period last year. Moreover, the three main industries are currently in the stage of capacity expansion.
In this regard, CITIC Securities said that thanks to the rising volume and price of the main business, Xiamen tungsten industry continued to exceed expectations in the first half of the year, the price of the company's main metal products is still on the rise, and the pace of the company's capacity expansion is clear. focus on the core business with stronger profitability, the sustained growth of profits is highly certain, and the company's 2021-2023 net profit is expected to be 14.35auto17.88 / 2.338 billion yuan.
