On March 4th, Jiangsu Cathay Pacific (002091) released its annual results KuaiBao. In 2021, the company achieved total operating income of 39.135 billion yuan, an increase of 29.85% over the same period last year, and net profit of 1.209 billion yuan, an increase of 23.67% over the same period last year.
Jiangsu Cathay Pacific's main financial data and indicators in 2021 (unit: yuan)
Data show that Jiangsu Cathay Pacific's main business is supply chain services and chemical new energy business. Among them, in terms of chemical new energy business, Ruitai New material, the company's holding subsidiary, serves as the development platform of the company's chemical new materials and new energy business. mainly engaged in lithium-ion battery materials and silane coupling agents and other new chemical materials research and development, production and sales of battery materials including lithium-ion battery electrolytes, lithium-ion battery electrolyte additives, supercapacitor electrolytes. Ruitai New Materials has two subsidiaries, namely Zhangjiagang Guotai Huarong Chemical New Materials Co., Ltd and Jiangsu Guotai Chaowei New Materials Co., Ltd.
With the rapid development of new energy vehicles and energy storage industry, the lithium industry will enter the TWh era by 2025. The rapid growth of new energy vehicle power batteries, the rapid expansion of emerging consumer areas and the future "14th five-year Plan" energy storage industry outbreak, as a link of the industrial chain, lithium battery electrolyte will also usher in a golden period of development.
The latest White Paper on the Development of Lithium-ion Battery electrolyte Industry in China (2022) released by EVTank and Ivy Economic Research Institute predicts that the global demand for lithium-ion battery electrolyte will reach 2.163 million tons by 2025 and 5.485 million tons by 2030, of which more than 85% will be met by Chinese enterprises.
Information from the White Paper also shows that Jiangsu Cathay Pacific, as one of the leading companies in the lithium-ion battery materials industry, ranks among the top three in China in terms of electrolyte shipments in the last three years, with shipments exceeding 50,000 tons in 2021.
In terms of production capacity, Jiangsu Cathay Pacific recently said on the investor interactive platform that the company's current lithium-ion battery electrolyte production capacity is 70,000 tons / year. The lithium-ion battery electrolyte under construction and proposed projects are as follows: 1, Poland Huarong 40, 000 tons / year lithium-ion power battery electrolyte project; 2, Poland Huarong new Prusice 40, 000 tons / year lithium-ion power battery electrolyte project; 3, Ning Germany Tai Huarong New Materials Co., Ltd., the second phase of the annual production of 80,000 tons of new materials project; 4. Zhangjiagang Guotai Huarong Chemical New Materials Co., Ltd. Lithium-ion battery electrolyte production capacity is currently 30, 000 tons / year, it is proposed to increase capacity to 100000 tons / year; 5, Poland Huarong annual output of 260000 tons of lithium-ion battery electrolyte project; 6, Ningde Huarong annual output of 400000 tons of lithium-ion battery electrolyte project; 7, Quzhou Ruitai (chip) annual production capacity of 300000 tons of lithium-ion battery electrolyte project.
In terms of customers, Ruitai new materials electrolyte customers mainly include LG Chemistry, CATL, ATL, Panasonic and so on.
It is worth noting that at present, Ruitai new materials IPO project is in the state of "through the municipal committee meeting", and the project is being carried out in an orderly manner. In the future, on the basis of the stable development of existing products, the company will actively expand the variety of products, optimize and improve technical services and technical solutions, expand business at home and abroad with a global perspective, and strengthen cooperation with customers and suppliers at home and abroad. committed to becoming an internationally competitive supplier of new chemical materials.
In addition, Ruitai New Materials is expected to achieve an operating income of 4.6 billion yuan to 5.1 billion yuan in 2021, an increase of 153.44% to 180.98% over the same period last year; the net profit attributed to the parent company is 546 million yuan to 604 million yuan, up 112.20% and 134.74% over the same period last year.
