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新宙邦:投资江西石磊完善电解液产业链,看好氟化工长期成长

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company is investing 352 million yuan to enhance the electrolyte supply chain by acquiring a 42.8% stake in Jiangxi Shilei Fluorine Materials, which will become a jointly controlled entity [3][8]. - Jiangxi Shilei currently has a production capacity of 50,000 tons/year of anhydrous hydrofluoric acid and 15,000 tons/year of lithium hexafluorophosphate, with plans to increase the latter to 33,000 tons/year by the end of the performance commitment period (October 2024 to December 2027) [4][11]. - The company aims to achieve a full supply chain layout for lithium hexafluorophosphate, solvents, additives, and electrolytes, which is expected to stabilize raw material supply and improve operational efficiency [4][11]. Summary by Sections Investment in Jiangxi Shilei - The investment will allow the company to secure long-term supply and quality of raw materials, enhancing operational efficiency and reducing costs [4][11]. Overseas Expansion - The company is actively expanding its overseas electrolyte production capacity, with a $350 million investment in a plant in Louisiana, USA, and plans for a factory in Ohio to commence operations in Q4 2024 [5][12]. - The total value of disclosed orders with overseas clients amounts to $3.2 billion, which is expected to improve product profitability [5][12]. Long-term Growth in Fluorine Chemicals - The company has seen rapid growth in its fluorine chemical business through acquisitions and new projects, with expectations for significant growth in 2025 as production capacity ramps up [6][13]. Profit Forecast and Investment Advice - The profit forecast has been adjusted downward due to a decline in electrolyte prices and short-term depreciation pressures from the new factory [6][14]. - Projected net profits for 2024-2026 are 1.003 billion, 1.361 billion, and 1.579 billion yuan, with year-on-year growth rates of -1%, 36%, and 16% respectively [6][14].