Black Cat shares 50, 000 tons of PVDF cut into the new energy materials industry

On the evening of January 21st, Black Cat (002068) announced that it intends to carry out in-depth cooperation with Lianchuang Co., Ltd. and the two sides intend to jointly fund the establishment of Inner Mongolia Lianhe Fluorocarbon New Materials Co., Ltd. in Wuhai City, Inner Mongolia.

It is reported that the registered capital of the joint venture company is proposed to be 500 million yuan, of which Black Cat shares subscribe for 100 million yuan, holding 20% of the equity, and Joint Venture shares subscribe for 400 million yuan, holding 80% of the equity.

The announcement shows that the new project to be built by the joint venture company is planned to be a 50,000t / a PVDF and supporting industrial chain project. The project will be located in Wuhai low carbon Industrial Park. Wuhai has sufficient supply of local production materials. Raw materials such as calcium carbide, chlorine, steam and other raw materials needed for project production can be obtained at competitive prices in the local and surrounding areas. At the same time, the park has preferential green power supporting capacity, which can reduce product manufacturing costs. Enhance market competitiveness.

Data show that Black Cat shares are mainly engaged in the production and sales of carbon black, tar refining and silica products, of which carbon black products account for more than 80%, which is the company's main business products. Liangchuang Co., Ltd. has established a perfect fluorine chemical industry chain through years of deep ploughing in the fluorine chemical industry, among which the fluorine chemical industry chain dominated by PVDF is the most complete, starting from basic raw materials such as fluorite and anhydrous hydrogen fluoride, and forming a perfect production line advantage and strong cost advantage along R152a-R142b to PVDF,.

Black Cat shares said that this overseas investment project is a deep cooperation with the leading enterprises in subdivided industries, which will help the company to promote the optimization and upgrading of existing industries, enrich product structure, quickly cut into the new energy and materials industry, and create new profit growth points. speed up the pace of upgrading the company to refinement and new materials industry.

Vike Lithium noted that Lithium Co., Ltd. is mainly engaged in the research, development, production and sales of new fluorine-containing materials and polyurethane materials. On December 11 last year, it signed a "Cooperation Framework Agreement" with Ningde Times, in which both sides agreed that Party A would give priority to purchasing Party B's lithium battery-grade PVDF and R142b products on the premise that Party B's technology, quality, delivery and service could meet Party A's standards.

The procurement quantity of R142b is not less than 1700 tons by the end of December 2021 and not less than 7200 tons in 2022. The purchase quantity of lithium battery grade PVDF is determined according to the production capacity of Lithium Battery Co., Ltd at that time. The agreement is valid from the date of signing to December 31, 2024.

It is understood that, PVDF (polyvinylidene fluoride (PVDF) is produced by pyrolysis of R142b at high temperature and polymerization of vinylidene fluoride monomer in a polymerizer. In the field of lithium electricity, PVDF is mainly used as cathode binder and diaphragm coating material, and the market demand has increased rapidly in recent years.

Cosco has said that per ton of PVDF consumes 1.8t of R142b. In 2021, 148500 tons of R142b are needed for domestic 82500 tons of effective production capacity PVDF, but there is a current market gap of 33500 tons of R142b raw materials.

According to the relevant policies, most of the subsequent R142b production capacity is from the raw material capacity of matching PVDF and cannot be sold out; the domestic R142b approved by the Ministry of Ecology and Environment in 2021 can be used as ODS production quota of 13890 tons for PVDF as raw material.

Founder Securities pointed out that raw material R142b due to export quota control led to limited market supply, for the lack of integrated layout of PVDF manufacturers, the lack of raw materials seriously affected the release of production capacity.

From this point of view, black cat shares and joint venture shares work together this time, with the successive commissioning of the PVDF project, it is expected to bring new profit growth points for both sides and enhance market competitiveness.