Batay la pou sèl ityòm te kòmanse tou dousman
In recent years, benefiting from the rapid growth of China's demand for new energy (electric) vehicles and energy storage, my country's lithium battery industry, especially the power lithium battery industry, has ushered in an explosive period of development, and the industry's long-term prospects are optimistic by all parties. Therefore, many listed companies have deployed lithium batteries in an attempt to grab a share. For a time, lithium battery concept stocks have emerged one after another, and it is difficult to distinguish between true and false. To this end, this article deliberately sorts out the listed companies in the lithium battery industry and analyzes their finances to help readers gain a deeper and more thorough understanding of the current state of the industry. This series divides the lithium battery industry enterprises into: upstream resource and raw material enterprises, midstream battery material enterprises and downstream battery enterprises. This article is the upstream lithium resources and raw material article.
According to institutional analysis, my country's lithium battery shipments reached 74.8Gwh in 2017, accounting for 52.1 percent of global shipments; among them, automotive power lithium battery (EVLIB) shipments reached 38.0Gwh, accounting for the global automotive power lithium battery (EVLIB) shipments reached 38.0Gwh. ) shipments 65.4 percent . In 2016, my country's lithium power battery shipments were 30.5Gwh, and in 2015, it was 17.0Gwh.
The growth of lithium battery shipments has also driven the rapid growth of upstream lithium compound demand. According to the preliminary statistics of the Lithium Industry Branch of China Nonferrous Metals Industry Association, the world output of lithium and its derivatives in 2017 was about 235,400 tons of lithium carbonate equivalent, a year-on-year increase of 21.5 percent ; among which, my country's lithium salt output was 123,400 tons, a year-on-year increase of 43.5 percent ; In 2017, the global lithium consumption was equivalent to about 237,000 tons of lithium carbonate, an increase of about 15 percent year-on-year; the global supply of lithium compounds was in a tight balance throughout the year, and the price of lithium carbonate also rose from 120,000 to 30,000 yuan/ton at the beginning of the year. 70,000 yuan / ton, and even reached 180,000 yuan / ton at the highest; among them, the highest increase of battery-grade lithium carbonate reached 47.54 percent , and the increase of industrial-grade lithium carbonate was 52.73 percent .
Ogmantasyon rapid nan pri a nan matyè premyè sèl ityòm tankou kabonat ityòm pa sèlman ankouraje ekspansyon kapasite pwodiksyon orijinal antrepwiz, men tou, atire yon gwo kantite etranje pou antre. Yon batay pou sèl ityòm ap kòmanse tou dousman.
Tianqi Lityòm se youn nan senk pi gwo founisè minrè ityòm nan mond lan. Biznis prensipal li yo gen ladan: devlopman resous minrè solid ityòm, pwodiksyon pwodwi chimik ityòm ak komès minrè ityòm. Varyete pwodwi prensipal yo enkli konsantrasyon ityòm klas chimik, konsantre ityòm klas teknik, kabonat ityòm endistriyèl klas, kabonat ityòm klas batri, idroksid ityòm klas endistriyèl, idroksid ityòm klas batri, klori ityòm anidrid, ityòm metal ak lòt pwodwi chimik ityòm.
In 2017, benefiting from the high price of lithium carbonate and the increase in demand, the performance of Tianqi Lithium increased significantly: the sales volume of lithium concentrate increased by 29.84 percent over the previous year to 407,200 tons, and the average sales price increased by 27.04 percent over the previous year; lithium The sales volume of chemical products increased by 33.28 percent over the previous year, reaching 32,400 tons; the annual operating income was 5.47 billion yuan, an increase of 40.09 percent over the same period of the previous year; the comprehensive gross profit margin of the products was 70.14 percent (see Table 1); Shareholders' net profit was 2.145 billion yuan, an increase of 41.86 percent over the same period of the previous year.
Good performance and high lithium product prices have brought Tianqi Lithium more confidence and greater ambition. According to the financial report, Tianqi Lithium Industry will vigorously promote capacity expansion in 2018: the Suining Anju 20,000-ton lithium carbonate project is stepping up its feasibility study and other preliminary preparations, and Australia's total 48,000-ton battery-grade lithium hydroxide monohydrate construction project is currently under construction. In an orderly implementation, the first phase of 24,000 tons is expected to be completed by the end of 2018, and the second phase will be completed by the end of 2019; the Shehong base and Zhangjiagang base continue to implement technical renovations, and the Chongqing Tianqi lithium metal and lithium profile production lines are optimized and improved during the repair. In addition to the current lithium salt production capacity of 34,000 tons/year, including 5,000 tons of lithium hydroxide and 29,000 tons of lithium carbonate, it is expected that Tianqi Lithium Industry's lithium salt production capacity will exceed 100,000 tons by 2020.
In addition to maintaining confidence in the market, Tianqi Lithium's expansion is more based on preparation for its own competitiveness.
Premyèman, rezèv resous yo ase. Tianqi Lityòm kounye a gen resous minrè solid ityòm epi li patisipe nan resous lak sèl. Konpayi holding li a, Talison, gen pi gwo rezèv ak pi bon kalite min spodumene nan mond lan - Western Australia Greenbushes (Western Australia). Greenbush min). Dapre rapò evalyasyon rezèv BehreDolbear Ostrali Pty.Limited, kòm nan 30 septanm 2016, resous total Greenbush Lithium Mine yo te 165.1 milyon tòn, ekivalan a 8.33 milyon tòn ekivalan kabonat ityòm; ityòm Rezèv minrè total yo se 86.4 milyon tòn, ekivalan a 5 milyon tòn ekivalan kabonat ityòm.
Filiyal li -totalman posede, Shenghe Lithium, posede dwa min yo nan min Cuola spodumene nan Konte Yajiang, Sichuan. Kantite minrè ki idantifye nan zòn min sa a se 19,714 milyon tòn, ki ekivalan a 255,744 tòn resous oksid ityòm. Klas mwayèn nan oksid ityòm se 1.3 pousan, ekivalan a kabonat ityòm. Apeprè 630,000 tòn.
Dezyèm lan se bon jan preparasyon finansye. Nan 2017, rapò a byen nan Tianqi Lityòm te sèlman 40.39 pousan (gade tablo 2), rapò aktyèl la te 3.11, ak pwopòsyon nan byen lajan nan byen aktyèl yo te kòm yon wo 70.24 pousan, ki vle di ke byen lajan li yo te de fwa a. valè aktyèl san okenn konpansasyon. Presyon dèt. Lajan monetè li yo te monte a 5.524 milya dola Yuan, aktivite finansman ogmante pa 2.264 milya dola Yuan, ak aktivite opere ogmante pa 3.095 milya dola Yuan; evidamman, Tianqi Lityòm te fè ase preparasyon finansye pou ekspansyon kapasite.
The third is cost control and research investment. In 2017, Tianqi Lithium's RD investment was 28.55 million yuan, a year-on-year increase of 342 percent . While vigorously increasing investment in research and development, strictly control other expenses (see Table 3), which is obviously conducive to improving its gross profit margin and competitiveness.
Tianqi Lityòm te fè preparasyon apwopriye pou konpetisyon nan lavni. Kòm yon ansyen rival domestik, Ganfeng Lithium se pa lwen dèyè.
Layout nan Ganfeng Lithium Industry
Ganfeng Lithium se tou youn nan senk pi gwo founisè yo nan konpoze ityòm ak metal ityòm nan mond lan. Biznis li kouvri en ityòm ekstraksyon, mitan ityòm konpoze ak metal ityòm pwosesis, ak en ityòm batri pwodiksyon ak resiklaj, tankou: en ityòm ekstraksyon resous, pwodiksyon konpoze ityòm Senk gwo biznis yo se gwo twou san fon pwosesis, metal ityòm pwodiksyon, pwodiksyon batri ityòm ak ityòm. itilizasyon segondè ak resiklaj.
In 2017, Ganfeng Lithium's performance increased significantly: operating income increased from 2.844 billion yuan in 2016 to 4.383 billion yuan in 2017, a growth rate of 54.12 percent ; net profit attributable to shareholders of listed companies increased from 464 million yuan in 2016 It increased to 1.469 billion yuan in 2017, a growth rate of 216.36 percent . The company's total assets increased from 3.809 billion yuan in 2016 to 8 billion yuan in 2017, a growth rate of 110.02 percent ; net assets increased from 2.488 billion yuan in 2016 to 4.037 billion yuan in 2017, a growth rate of 62.25 percent .
Tankou Tianqi Lithium, Ganfeng Lityòm te kòmanse tou pwòp ekspansyon kapasite en. Nan dat 25 fevriye 2018, Ganfeng Lithium Industry te deklare ke nouvo liy pwodiksyon 20,000-tòn ityòm idroksid li yo te fini ak mete nan operasyon epi li se nan etap nan kouri esè; liy pwodiksyon 17,500-tòn kabonat ityòm ki toujou sou konstriksyon pwograme yo dwe mete nan operasyon nan dezyèm mwatye nan 2018. Shanghai kounye a gen yon kapasite pwodiksyon nan prèske 40, 000 tòn, ak nan fen 2018. , kapasite pwosesis sèl ityòm li yo pral rive nan prèske 80,000 tòn.
Ganfeng Lithium te fè ase resous layout pou ekspansyon kapasite. Kounye a, Ganfeng Lithium genyen yon enterè nan sis resous ityòm ki gen bon jan kalite -ki sitiye nan Ostrali, Ajantin, Lachin ak Iland:
One is Mount Marion, the world's second largest spodumene mine in operation. MountMarion's controlled and inferred resources under JORC rules are 2.7 million tonnes of LCE with an average lithium oxide content of 1.37 percent . The company has entered into a long-term underwriting agreement to underwrite all the lithium concentrate produced by MountMarion from 2017 to 2020, and underwrite no less than 49 percent of the lithium concentrate after 2020;
Dezyèm lan se Mariana, yon lak sèl ityòm-potasyòm ki sitiye nan pwovens Salta, Ajantin. Dapre yon rapò estimasyon resous Geos Mining te prepare, pwojè Mariana a gen yon rezèv lityòm-pote 1,127 milyon mèt kib ak yon resous ityòm endike ak dedui 1,866 kiloton LCE. Rezilta eksplorasyon preliminè yo endike ke Mariana gen yon makiyaj jeochimik omojèn ki ka ekstrè nan pri relativman ba pa pwosesis konvansyonèl evaporasyon solè;
The third is Cauchari-Olaroz, a lithium salt lake in Argentina's Jujuy province. The Cauchari-Olaroz project has lithium-bearing brine reserves of 11.8 million tonnes of LCE. The company entered into an offtake agreement to purchase 80 percent of Lithium Americas' actual production of 50 percent of the first phase of the Cauchari-Olaroz resource. Cauchari-Olaroz is scheduled to start production in late 2019 or early 2020;
The fourth is Pilgangoora, one of the world's largest new spodumene mines in Western Australia. The Pilgangoora project has spodumene reserves of 4.9 million tonnes of LCE with an average lithium oxide content of 1.25 percent . The company entered into a long-term underwriting agreement to obtain an annual supply of 160,000 tons of lithium raw materials for an initial period of ten years. Currently, the Pilgangoora project is scheduled to start production in the second half of 2018;
Senkyèm lan se Avalonia, yon min spodumene ki sitiye nan Iland, ki se kounye a nan premye etap yo nan eksplorasyon;
Sizyèm lan se Ningdu Heyuan Mine, ki chita nan Konte Ningdu, vil Ganzhou, pwovens Jiangxi. Resous ityòm nan min Ningdu Heyuan se 100,000 tòn LCE, ak yon kontni mwayèn oksid ityòm nan 1.03 pousan.
In terms of financial preparation, at the end of 2017, Ganfeng Lithium's asset ratio was 49.45 percent (see Table 4), the current ratio was 1.62, which was relatively healthy and had no debt repayment pressure; cash was 2.237 billion yuan, which was relatively sufficient; cost control was also good ( See Table 5).
Atak aksyon Salt Lake
Wè ekspansyon de gran yo, aksyon Salt Lake, ki apiye pa resous lak sale, yo pa dwe depase.
Salt Lake co, Ltd se yon ansyen konpayi ki nan lis Qinghai. Biznis kabonat ityòm li fè pati itilizasyon konplè resous lak sal yo. Li se sitou opere pa Lanke Lithium, yon sipòtè kenbe endirèk, e kounye a gen yon kapasite pwodiksyon de 10,000 tòn kabonat ityòm.
Nan 2017, Salt Lake te reyalize yon revni fonksyònman 11.699 milya dola Yuan, yon ogmantasyon de 12.88 pousan sou ane anvan an; pami yo, biznis la kabonat ityòm sèlman reyalize yon revni fonksyònman nan 748 milyon dola Yuan, men pwofi nèt la te rive nan 420 milyon dola Yuan, Marge pwofi a te kòm yon wo 56.15 pousan, ak Marge nan pwofi brit te rive nan 68.59 pousan (gade Tablo 7).
San dout, ogmante kapasite pwodiksyon pwodwi ityòm yo ak ogmante pwopòsyon revni yo se pi bon mwayen pou amelyore rentabilité antrepwiz yo.
Se poutèt sa, nan dat 27 desanm 2017, Salt Lake Co., Ltd te anonse plan ekspansyon kapasite li yo: Salt Lake Co., Ltd. planifye pou kòmanse yon batri 50,000-tòn/ane-lityòm. pwojè kabonat. Sou baz plant ityòm, yon pwojè 20,000-tòn/ane batri-kabonat ityòm pral elaji. Apre ekspansyon an, echèl pwodiksyon an pral rive nan 30,000 tòn/ane. Anplis de sa, BYD Salt Lake pral konstwi yon nouvo pwojè kabonat ityòm batri-ak yon pwodiksyon anyèl 30,000 tòn/ane. , Apre ekspansyon an, kapasite pwodiksyon Salt Lake pral rive nan 60,000 tòn.
Dapre rapò finansye a, ekspansyon Salt Lake Co, Ltd premye baze sou avantaj ki genyen nan devlopman resous ityòm nan Chaerhan Salt Lake. Pwodiksyon angrè potasyòm Salt Lake Co, Ltd kalkile dapre pwodiksyon anyèl 5 milyon tòn, ak egzeyat anyèl ansyen alojene se apeprè 200 milyon mèt kib pou chak ane, ak konsantrasyon ityòm ion li se sou 200-250. mg, se sa ki, resous yo ityòm nan ansyen alojene yo egzeyate chak ane yo ekivalan a klori ityòm. Li se 200,000-300,000 tòn; likid la matyè premyè bay yon garanti resous serye pou devlopman nan endistri a ityòm.
Dezyèm lan se avantaj teknik. Lanke Lityòm gen yon pwodiksyon anyèl 10,000 tòn pwojè kabonat ityòm. An 2010, li te entwodui metòd adsorption Ris la pou ekstrè ityòm nan sèl, e li te fè pwogrè nan teknoloji kle nan ekstrè sèl ityòm soti nan gwo -mayezyòm ak ba- ityòm sèl.
Twazyèm lan se avantaj pri. Lanke Lithium konte sou resous ityòm abondan Chaerhan Salt Lake ak enstalasyon piblik Salt Lake Co., Ltd. Industrial Park. Pri pwodiksyon kabonat ityòm pa teknoloji adsorption ak ekstraksyon gen yon avantaj relatif sou kamarad li yo, epi li apwopriye tou pou layout gwo -echèl endistri ityòm lan.
Koulye a, nan gade nan presyon an ranbousman dèt segondè nan aksyon Salt Lake (gade tablo 8), ekspansyon nan kapasite pwodiksyon kabonat ityòm ap toujou ogmante presyon ranbousman dèt li nan kout tèm. Sepandan, apre yo fin lage kapasite pwodiksyon an, gwo pwofi brit endistri ityòm lan pral jenere ase koule lajan kach ak pwofi pou li, epi finalman amelyore pozisyon finansye li.
Yahua Group's ambition
Different from the previous three cases, Yahua Group's main business is civil explosives and lithium business, and it also continues to expand overseas, transportation, and special business; among them, lithium business mainly covers upstream lithium resource guarantee, midstream lithium carbonate, lithium hydroxide Production and sales of basic lithium salt products.
Nan 2017, Yahua Group te reyalize yon revni fonksyònman 2.358 milya dola Yuan, yon ogmantasyon de 49.33 pousan sou menm peryòd ane anvan an; pami ki, revni fonksyònman nan pwodwi ityòm yo te 698 milyon dola Yuan, kontablite pou 29.59 pousan nan revni total fonksyònman an, yon ogmantasyon de 100.92 pousan; pwofi total la te 336 milyon dola Yuan Yuan, yon ogmantasyon de 73.21 pousan sou menm peryòd ane anvan an; pwofi nèt la atribiye a aksyonè nan konpayi an ki nan lis la te 238 milyon dola Yuan, yon ogmantasyon de 78.11 pousan sou menm peryòd la nan ane anvan an; salè yo pa pataje yo te 0.25 Yuan, yon ogmantasyon de 78.57 pousan sou menm peryòd ane pase a.
Obviously, lithium products have a relatively large contribution to Yahua Group's operating income, but a relatively small contribution to its profits (see Table 9).
In this case, Yahua Group still increases the production capacity of lithium products. According to the financial report, Yahua Group will promote the first phase of the Ya'an project with 20,000 tons in 2018, and carry out preparations for the construction of the second phase of 20,000 tons of lithium hydroxide; Tons of lithium hydroxide production capacity, Guoli Lithium Salt (56.26 percent stake) 5,000 tons of lithium hydroxide and 7,000 tons of lithium carbonate production capacity, around 2019, it will have a lithium salt production capacity of 38,000 tons, and 58,000 tons in 2020. Lithium salt production capacity.
Youn nan rezon ki fè yo pou Yahua Group ogmante kapasite pwodiksyon ityòm li yo se garanti resous ityòm li yo. Dapre rapò finansye a, Yahua Group kontinye anrichi rezèv yo nan resous ityòm minrè pou devlopman nan endistri ityòm nan tan kap vini an, epi li bay ase garanti resous ityòm pou devlopman ak ekspansyon endistri ityòm: Premyèman, li te rive nan yon akò apwovizyonman alontèm - ak Yinhe Lithium, yon pwodiktè enpòtan ityòm konsantre nan Ostrali. , bay garanti resous ki pi fondamantal pou pwodiksyon ki estab nan sèl ityòm nan konpayi an; dezyèm lan se min Lijiagou spodumene nan Sichuan Aba devlope an koperasyon ak Envestisman Enèji Sichuan, ak rezèv resous pwouve li yo se 512,185 tòn oksid ityòm; twazyèm lan se yo patisipe nan Ostrali Core Company, jwenn dwa yo souskripsyon nan min ityòm li yo. Li vo mansyone ke Core posede 100 pousan nan Phoenix Lithium Mine la. Zòn min nan apeprè 400 kilomèt kare. Li sitiye nan Teritwa Nò Ostrali e li konsiste de 4 min: BP33, FarWest, Ahoy ak Grants. Min nan sitiye nan zòn nan plenn. , Enstalasyon wout énergie ki antoure yo konplè, epi li toupre pò a, ak obstak min yo piti. Pami yo, blòk Grantz la te jwenn rapò eksplorasyon estanda JORC a, epi gen toujou 25 min istorik pegmatit ak plizyè min gwo-echèl ki poko teste. nan sib pegmatit yo dwe komanse fouye.
Resources are secured, but finances appear to be underprepared. Although Yahua Group's asset ratio is low, its solvency is average
