On February 16th, Yongxing Materials (002756) announced that Jiangxi Yongxing Special Steel New Energy Technology Co., Ltd. (hereinafter referred to as "Yongxing New Energy"), a wholly owned subsidiary of the company, signed a "letter of intent" with Jiangxi Tungsten Industry Co., Ltd. (hereinafter referred to as "Jiangxi Tungsten Industry"). In order to give full play to the advantages of both sides, the two sides plan to set up a joint venture to build a project with an annual production capacity of 20, 000 tons of lithium carbonate.
It is reported that the two sides will set up a joint venture company in Yichun City in the form of currency and cash contribution. The equity proportion of the joint venture company is 51% of Jiangxi Tungsten Industry and 49% of Yongxing New Energy. The joint venture company is mainly engaged in the production and sales of battery-grade lithium carbonate, and the battery-grade lithium carbonate produced is supplied to Ningde Times (300750). In addition, the planned production capacity of the joint venture lithium carbonate production line is 20,000 tons per year, and the project is implemented in two phases, of which the first phase has an annual production capacity of 10,000 tons of lithium carbonate. Jiangxi tungsten industry will be responsible for providing the supply of lithium mica raw materials, and Yongxing New Energy will be responsible for providing the technical guarantee for the preparation of battery-grade lithium carbonate from lithium mica.
Yongxing material said that the company and Yongxing New Energy have advanced mica lithium extraction technology and intelligent internal management means; Jiangxi tungsten industry and Yichun tantalum-niobium mine have rich reserves and high-grade lithium mica resources. This cooperation between the two sides can achieve complementary advantages and strong combination, which will help the company to seize the opportunity of the rapid development of the lithium power new energy industry, and further improve the company's lithium carbonate market share and Yongxing brand awareness. Consolidate and enhance the company's mica lithium leading enterprise position.
The data show that Yongxing Materials has been laying out lithium new energy business since 2017, and plans to build 30,000 tons of battery-grade lithium carbonate capacity in Yifeng County, Jiangxi Province, with an annual production capacity of 10,000 tons of battery-level lithium carbonate reaching production in July 2020. The technological innovation of extracting lithium from mica has been realized, and the technology, quality and cost of lithium salt production have been fully recognized by downstream enterprises. In February 2021, the company started the construction of an annual production capacity of 20,000 tons of battery-grade lithium carbonate. At present, the company is the double main business development strategy of "special steel new material + lithium new energy". Lithium new energy business has become a new profit growth point of the company, and the advantage of two-wheel drive is gradually emerging.
Battery Network noted that since Ningde Times is investing in the construction of a new lithium battery production and manufacturing base project in Yichun City, Jiangxi Province, in order to effectively integrate its advantages, Yongxing Materials announced on February 17 that it had signed a "joint venture agreement" with Ningde Times, and the two sides planned to set up a joint venture company to jointly invest in the construction of lithium carbonate projects and carry out cooperation in related product fields. Give full play to the company's technical and management advantages in mica lithium extraction and its leading position in the mica lithium extraction industry, so as to improve the guarantee capacity of domestic lithium resources.
According to the agreement, the two sides will set up a joint venture company in accordance with the provisions of the Joint Venture Agreement, and invest in the construction of lithium carbonate projects with the joint venture company as the main body. The registered capital of the joint venture company is 1 billion yuan, of which Ningde Times or its related parties hold 70% of the shares. Yongxing Materials holds 30% of the shares. As for the project, the total investment amount of the project is not more than 2.5 billion yuan, and the project with an annual capacity of 50, 000 tons of lithium carbonate is planned; the first phase of the project is invested in the construction of a project with an annual capacity of 30, 000 tons of lithium carbonate, with a total investment of no more than 1.5 billion yuan; after the first phase of the project reaches production, start the construction of surplus capacity. In addition, the company and Ningde Times will also cooperate on the company's lithium carbonate products.
According to a research report released by CITIC Construction Investment, Yongxing had its own battery-grade lithium carbonate production capacity of 10,000 tons per year, and will be put into production in the first and second quarters of 2022 respectively, achieving a capacity of 30,000 tons per year. The company has 100% of its own production capacity, coupled with the 50, 000 tons / year production capacity built with Ningde era and the 20, 000 tons / year production line built with Jiangxi tungsten industry (49% of rights and interests), the total equity production capacity of Yongxing materials has reached 55000 tons / year. The leading position of mica lithium has been further consolidated.
What is noteworthy is that on January 17, Yongxing Materials disclosed its performance forecast for 2021. With the rapid development of new energy vehicles and energy storage industry, downstream customers' demand for lithium salt has grown strongly, driving the price of lithium carbonate to rise continuously. The company's lithium new energy business (lithium carbonate) has a good production and marketing situation, and its profitability has greatly improved, which is the main growth point of the company's profits in 2021. The company expects the net profit of shareholders belonging to listed companies to reach 872 million yuan to 924 million yuan in 2021, an increase of 238 percent over the same period last year.
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