Recently, Secretary-General of Zhongguancun New Battery Technology Innovation Alliance / Chairman of the Battery 100 Association said in a public speech that the lowest price of lithium hexafluorophosphate was less than 70,000 yuan / ton in July 2020, and the price exceeded 580000 yuan / ton in mid-December 2021, up more than sevenfold.
Behind the sharp rise in the price of lithium hexafluorophosphate is the tight supply and demand of the market, and this trend is expected to continue into the second half of next year. In this context, the enthusiasm of the enterprises at the head of the industrial chain to expand production is high.
On the morning of December 31st, Shaowu Yongtai High-tech Materials Co., Ltd. (hereinafter referred to as: Yongtai Hi-Tech) held the launching ceremony of the LiPF6 project with an annual production capacity of 6000 tons and the opening ceremony of the 134000-ton liquid lithium salt project in Shaowu City, Fujian Province.
Specifically, the LiPF6 project with an annual output of 6000 tons is a new Yongtai Hi-Tech project in 2021. Construction started in March 2021, with a total investment of 210 million yuan and a construction area of more than 30000 square meters. The current construction scale is an annual output of 6000 tons of lithium hexafluorophosphate. After more than 9 months of construction, plant construction, equipment installation and commissioning have been completed, with trial production conditions.
The industrialization project of liquid lithium salt with an annual output of 134000 tons is a key construction project of Yongtai Hi-Tech in 2022, with a total investment of about 793 million yuan, covering an area of 181.3 mu and a total construction area of more than 110000 square meters, with an annual production capacity of 67000 tons of liquid lithium hexafluorophosphate and an annual output of 67000 tons of liquid difluorosulfonimide lithium. The whole construction period of the project is expected to be about 2 years. Technically, it will achieve a breakthrough in traditional technology, which can significantly reduce the energy consumption per unit product, reduce the production cost and improve the stability of product quality.
According to public data, Yongtaixin was founded on June 30, 2016 with a registered capital of 300 million yuan and is a holding subsidiary of listed company Yongtai Technology (002326).
Yongtaixin focuses on the R & D, production and sales of new energy lithium-ion battery materials, together with the new production capacity of 6000 tons of lithium hexafluorophosphate, the company currently has an annual production capacity of 8000 tons of lithium hexafluorophosphate, 900tons of lithium difluorosulfonimide and 1440 tons of LiF.
In order to meet the expanding market demand, Yongtaixin is actively planning technological transformation and expansion projects. In the next three years, the main products of lithium battery materials will form the following capacity scale: 8000 tons of solid lithium hexafluorophosphate, 67000 tons of liquid lithium hexafluorophosphate, 900tons of solid lithium difluorosulfonimide and 67000 tons of liquid lithium difluorosulfonimide.
Battery net noted that in August this year, Yongtai completed the acquisition of Yongtai's 15 per cent stake in Yongjing Technology with its own capital of 150 million yuan, raising the equity ratio to 75 per cent, and the production capacity of electrolyte rights and interests was further increased.
At present, the remaining 25% of Yongtai Gaoxin is held by Pingtan Pacific Century Hengtong Management Consulting Partnership (Limited Partnership) (hereinafter referred to as: Pacific Century Hengtong). Just last month (November 15), Yongtai Technology announced that PCG Hengtong plans to transfer its 25% stake in Yongtai Hi-Tech to Ningde era for 500 million yuan.
In addition, in August this year, Yongtai Technology signed a major procurement agreement with the Ningde era. It is agreed that the minimum procurement company from the Ningde era to December 31, 2026: 1) Lithium hexafluorophosphate is not less than 24150 tons; 2) Lithium difluorosulfonimide is not less than 80% of the company's actual production capacity, of which the minimum purchase volume before December 31, 2022 is 3550 tons. 3) after the company has put into production of VC and reached the production capacity of 200t / month, the minimum purchase quantity of the buyer during the period of the agreement shall not be less than 200t / month.
Guosheng Securities analysis said that the locking quantity and locking time of this agreement with Ningde era are far longer than those of their peers, and the strategic supplier status of Yongtai Science and Technology has been formally established: 1) the proportion of agreement capacity locking capacity in Yongtai science and technology capacity far exceeds that of its peers. According to the planned production capacity, Ningde era locking quantity accounts for the proportion of Yongtai Technology's short-term planned production capacity: VC is 48%, Lithium hexafluorophosphate is 86%, Lithium difluorosulfonimide is 80%. This means that if there is a follow-up production expansion plan for lithium difluorosulfonimide in Yongtai Technology, the purchase volume in Ningde era is expected to further increase. 2) the lock-up time of the agreement is as long as five and a half years. There are periodic price fluctuations in the lithium materials industry, under the trend of substantial expansion of production capacity in the industry, the five-and-a-half-year lock-up period agreement largely hedges the risk of profit fluctuations brought about by periodic fluctuations in lithium materials prices; 3) the Ningde era directly purchases electrolyte materials and provides prepaid payment of 600 million yuan, which is of particular strategic significance to enhance the industrial discourse power of electrolyte materials. In view of the strategic supplier relationship between Yongtai Technology and Ningde era, it is speculated that the new lithium material production capacity of Yongtai Technology is still expected to be supported by Synchronize.
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