Securities Times reporter Ye Lingzhen
On the eve of the spin-off and listing of the new energy sector, Jiangsu Guotai (002091) plans to expand its electrolyte production capacity again.The company announced on the evening of May 30 that its subsidiary Zhangjiagang Guotai Huarong Chemical New Material Co., Ltd. plans to set up a wholly-owned subsidiary in Zigong, Sichuan with 200 million yuan, and use this as a carrier to invest in the local construction with an annual output of 300,000 tons of lithium ions The battery electrolyte and 2,000-ton solvent recycling project, the total investment of the project is 1.511 billion yuan, of which the construction investment is 1.011 billion yuan, and the initial working capital is 500 million yuan.
According to the plan, the new project is located in the high-tech industrial park along the beach in Zigong, Sichuan Province, covering an area of about 300 mu. The construction period is 24 months. After reaching the production capacity, it will add 300,000 tons of electrolyte per year and 2,000 tons of solvent recovery capacity.At present, Jiangsu Guotai electrolyte production capacity is 70,000 tons/year. If the above-mentioned projects reach production, it means that the production capacity will be tripled.
In recent years, Sichuan Province has made great efforts to build a power battery industry chain cluster, and has introduced power and energy storage battery projects such as CATL, AVIC Lithium, Yiwei Lithium, Honeycomb Energy, Xinwangda, and Geely, involving a production capacity of over 400GWh. The project is located in Sichuan, which can form a supporting set for downstream enterprises nearby.
Ronghua Chemical, the main investor of this project, is a holding subsidiary of Jiangsu Ruitai New Energy Materials Co., Ltd. (hereinafter referred to as "Ruitai New Materials"), which is a subsidiary of Jiangsu Guotai. It is mainly engaged in the business of lithium-ion battery electrolyte and silane coupling agent.As the main development platform for the new chemical materials and new energy business of listed companies, Ruitai New Materials launched the spin-off and listing in April 2020; the listing in November 2021 was reviewed and approved by the GEM Listing Committee, and obtained in March this year. The CSRC has registered and approved, and it has entered the stage of issuance and listing. The initial inquiry time is June 1, and the subscription date is June 8.
Ruitai New Materials is in the first echelon of electrolyte manufacturers, and its market share ranks among the top three in the industry. Driven by the strong downstream market, its performance has shown a trend of rapid development.
In 2021, Ruitai New Materials recorded an operating income of 5.2 billion yuan, a year-on-year increase of 187%; net profit was 674 million yuan, a year-on-year increase of 126%; it is expected to achieve revenue of 3.5 billion to 3.9 billion yuan in the first half of this year, a year-on-year increase of 96.88 %~119.38%; net profit attributable to the parent was 540 million~590 million yuan, a year-on-year increase of 215.66%~244.89%.
At present, the major domestic leading electrolyte manufacturers are all binding core battery customers, and the "arms war" of expanding production is still going on.In the customer list of Ruitai New Materials in recent years, LG Chem, Ningde Times, and New Energy Technology ranked the top three. From January to June 2021, the top five customers contributed 1.5 billion yuan in sales revenue, accounting for more than 80%, and the concentration was further promote.
In terms of capacity expansion, Poland Huarong's new Prusice 40,000 tons/year lithium-ion power battery electrolyte project has completed the commissioning of equipment and is ready for trial production; Ningde Huarong Phase II new material project with an annual output of 80,000 tons has entered the civil construction stage; Huarong Chemical The current production capacity of lithium-ion battery electrolyte is 30,000 tons/year, and it is planned to increase the production capacity to 100,000 tons/year. Preparatory work is currently underway and has not yet been officially constructed.
In addition, Poland Huarong's annual output of 260,000 tons of electrolyte project, Ningde Huarong's annual output of 400,000 tons of electrolyte project, and Quzhou Ruitai's annual output of 300,000 tons of lithium-ion battery electrolyte project are all under planning.
