Research Briefing: based ceramic ink industrial upgrading and extension to develop lithium battery material market

Updated: May 20, 2016  Views: 157

www.eastmoney.com 2016 Nian 05 Yue 20 Ri 00:00 Guohai generations Pengju

Research Briefing: based ceramic ink industrial upgrading and extension to develop lithium battery material market

Dow Technology (300 409)

event:

Recently, we investigated the company and the executives of the exchange.

Investment Highlights:

Ceramic inks are important to the company's revenue and profit contributor, 3D bleed ink is expected to become the future growth performance. The first quarter of 2016, the company achieved operating income of 94.4479 million yuan, an increase of 33.61 percent owned by the parent net profit of 9.386 million yuan, an increase of 10.32% .2016, the company launched the tiles with 3D ink bleed, bleed ink jet printing technology can print out the marble tile effect (can replace natural marble, greatly enhance the value of the products. with the domestic ceramic ink continuous improvement of penetration, with the cost and scale advantages, 3D bleed ink business is expected to become an important profit contribution points.

Vigorously develop the ceramic industry supply chain management business, to promote the standardization of the ceramic industry. At present, glazed material value of 700 billion yuan, and the industry is more dispersed. The company is the upstream and downstream enterprises ceramic industry supply chain, financial services into the embryo material areas and push the embryo material, standardized materials and glazed ceramic industry, help to increase customer stickiness, collaborative primary industry has developed rapidly.

Layout lithium battery cathode material and graphite-modified business, broad space for development. On the technical side, the company reserves the years of ceramic nano-ink technology, which with lithium battery cathode materials and graphene modification process is highly interlinked nature, in terms of raw materials, the company ceramic ink using raw materials such as iron phosphate, lithium material and the underlying material is most common. overall, the company's traditional business and the lithium battery cathode material and graphite-modified business with high Correlation.

Xin Hao acquisition of new energy, new energy into the graphene material. April 26, 2016 the company announced, to be self-financing 60 million yuan to Xin Hao Qingdao New Energy Technology Ltd. to increase, capital increase is completed, the company will have Hao Xin 20% stake in the new energy. the company reserves the right to acquire a controlling stake and. Hao Xin new energy for the main products for lithium-ion battery with a conductive agent graphene, carbon nanotubes and graphite negative electrode conductive agent product. Hao Xinxin energy has mined from graphite ore to the finished product all the modern technology and equipment, with natural graphite anode 8000 tons / year, artificial graphite anode 5000 tons / year of carbon nanotubes 500 tons / year, graphene 500 t / year capacity. Hao Xin new energy chief scientist from the Lawrence Berkeley national laboratory, the Central Organization Department plans to introduce thousands of young experts present new energy Xin Hao already has large domestic battery manufacturers customer resources, Hao Xin new energy in 2015 net profit 3.8333 million yuan, net profit of the first quarter of 2016 has reached 2.2278 million yuan, with the continued rapid growth of new energy vehicles, new energy Xin Hao expected revenue and profits will maintain steady growth.

Acquisition of Hunan Havoline, overweight lithium battery materials, open room to grow. May 14, 2016 the company announced, intended to be self-financing 50 million yuan to Hunan New Energy Co., Ltd. Havoline capital increase, capital increase is completed, the company will have gold R & F 15% stake, while the company reserves the right to purchase the remaining stake. Havoline's main product is a new battery and related materials, ternary materials, lithium manganese oxide, lithium iron phosphate and lithium titanate .2015 net profit of 422.95 million in 2016 first quarter net profit has reached 4.5672 million yuan, with the continued rapid growth of new energy vehicles, Havoline expected revenue and profits will maintain steady growth. At the same time, the company announced the establishment of a registered capital of 50 million yuan as a subsidiary of investment in new energy projects subject material projects, mainly the production of lithium-ion battery three yuan precursor materials, lithium-ion battery lithium, nickel, cobalt and other re-use and recycling of new energy materials research. the project can be a good and Havoline formed integration advantages, strengthen research and development capabilities.

Give the company 'overweight' rating. Temporarily based on the principle of prudence, not to consider the impact of the acquisition of the company by adjusting the product structure, optimize production and maintain a high gross margin, while actively carry out new business development, future growth space is worth the wait., Is expected to the company 2016-2018 EPS of 1.04,1.60 and 2.04 yuan for the first time, cover, give an 'overweight' rating.

Risk Warning: the electric car is not up to the expected growth, uncertainty risk no risk of increased competition in the industry, the acquisition of assets.


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Traditional Chinese: 調研簡報:立足陶瓷墨水產業升級,外延開拓鋰電池材料大市場