Xiamen Tungsten: reinforcing LCO, and the market demand for high-power NCM & NCA materials has incre

It is expected that a total of 75,000 tons of ternary materials will be put into operation in the next two years.

 

It is reported that from May 5 to May 31, Xiamen Tungsten New Energy (688778.SH) said in the conference room site and conference call that for the outlook for 2022, the current lithium price increase is larger, the hybrid vehicle due to less batteries, the cost impact is relatively small, it is expected that there will be a relatively large increase, the corresponding high-power ternary material market demand increased more, and the company's high-voltage ternary materials can meet the requirements of long endurance, high safety, while reducing the amount of nickel and cobalt, cost-effective, Good market space is expected; In addition, the company aims to become the world's top three cathode materials enterprises, is expected to have 30,000 tons of ternary materials put into production in 2022, and another 45,000 tons of ternary materials in the second half of 2023. In addition, the company has launched the first phase of the 20,000-ton lithium iron phosphate project at the Sichuan base.

 

According to the performance disclosed by Xiamen Tungsten New Energy, the company's sales volume in the first quarter of 2022 reached 18,000 tons; relatively speaking, in the post-epidemic era, the sales volume of lithium cobalt oxide has declined year-on-year, but the sales volume of ternary materials has increased significantly year-on-year, and the total sales volume has still increased year-on-year. For the outlook for 2022, the company said that although the current new crown epidemic is repeated, the international situation is turbulent, the price of raw materials such as nickel, cobalt and lithium fluctuates sharply, which deeply affects the development of the new energy industry, but it also brings certain opportunities to some of the company's products: First, the current lithium price increase is larger, the hybrid vehicle is relatively small due to the use of less batteries, the cost impact is relatively small, it is expected that there will be a relatively large increase, the corresponding high-power ternary material market demand increased more, the company will rely on technical advantages to stabilize the leading position of high-power ternary materials; Second, the company's high-voltage ternary materials can meet the requirements of long endurance and high safety, while reducing the amount of nickel and cobalt, which is cost-effective and is expected to have a good market space.

 

In addition, the main reason for the low gross profit margin of Xiamen Tungsten New Energy is that the company's single ton profit of lithium cobalt oxide and ternary materials is comparable, but the price of lithium cobalt oxide is high, and the gross profit margin is lower than that of ternary materials. In 2021, the company's lithium cobalt oxide shipments accounted for about 60% of sales, and the overall gross profit margin was low.

 

Lithium cobalt oxide is a full market competition in the market, end customers are world-renowned consumer electronics enterprises, the technology and quality requirements are very high, lithium cobalt oxide product technology development has been concentrated in high voltage, high capacity, the company through continuous efforts, in the 4.4V generation of products with their own technology, quality advantages to catch up with and surpass advanced opponents at home and abroad, 4.45V after the product, the company has been in a leading position, the market share has been continuously improved, gradually become the global leader, the future, The company will continue to develop new products to meet downstream demand by virtue of the advantages of high voltage technology, and continue to consolidate its leading position in the field of consumer electronics.

 

Among them, Xiamen Tungsten new energy high voltage cost performance advantages, mainly reflected in the company's ternary materials in high power, high voltage and high nickel have layout. At present, the company has significant advantages in high-voltage ternary materials, under the premise of meeting the long mileage and high safety requirements, the amount of nickel and cobalt is reduced, and the cost performance and safety performance of high-voltage ternary material products are better.

 

For capacity planning, Xiamen Tungsten New Energy said that in 2021, the company's cathode material sales volume will be 72,000 tons, continuing to maintain the forefront of the industry. The company aims to become the world's top three cathode materials enterprises, is expected to have 30,000 tons of ternary materials put into production in 2022, and another 45,000 tons of ternary materials in the second half of 2023. In addition, the company has launched the first phase of the 20,000-ton lithium iron phosphate project at the Sichuan base.

 

Some investors asked, does the company have a layout in the precursor in the future? Xiamen Tungsten New Energy made a related response: First of all, the supply of raw materials for the company is stable. First, the company has equity relations with major raw material suppliers, such as Tianqi Lithium (002466), Shengtun Mining (600711) (its brother company Shengxin Lithium Energy), Yahua Lithium, etc., these partners will give priority to ensuring the company's raw material supply; Second, from a technical point of view, the company has good adaptability to raw materials, such as the company is the first cathode material factory to use salt lake lithium and mica lithium; Third, in the process of so many years of operation, the company has formed a good reputation in the industry, and the main suppliers in the industry are willing to cooperate with the company. If there is a suitable target in the future, the company will also consider the layout through equity cooperation.

 

In addition, when other investors talked about the company's lithium supplement technology, Xiamen Tungsten New Energy said that the company's lithium supplement technology layout is comprehensive, nickel-based, iron-based, cobalt-based and other aspects of the technical team in research and development and technical research; The application scenario of lithium supplement is also comprehensive, and can be applied in the field of 3C consumer battery, power battery and energy storage battery.