Kev sib ntaus sib tua rau lithium ntsev maj mam ncaws tawm
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 .
Kev nce sai ntawm tus nqi ntawm lithium ntsev raw cov ntaub ntawv xws li lithium carbonate tsis tau tsuas yog txhawb kev nthuav dav ntawm cov peev txheej ntawm cov tuam txhab qub, tab sis kuj nyiam ntau tus neeg sab nrauv nkag mus. Kev sib ntaus sib tua rau lithium ntsev yog maj mam ncaws tawm.
Tianqi Lithium yog ib qho ntawm tsib lub lithium ore lwm tus neeg nyob hauv lub ntiaj teb. Nws lub luag haujlwm tseem ceeb suav nrog: kev txhim kho cov khoom siv lithium ore, kev tsim cov khoom siv tshuaj lithium thiab kev lag luam lithium ore. Cov khoom tseem ceeb muaj xws li qib qib lithium concentrate, qib kev lithium concentrate, qib qib lithium carbonate, roj teeb qib lithium carbonate, qib qib lithium hydroxide, roj teeb qib lithium hydroxide, anhydrous lithium chloride, hlau lithium thiab lwm yam khoom siv tshuaj lithium.
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.
Ua ntej, cov peev txheej reserves txaus. Tianqi Lithium tam sim no muaj cov khoom siv lithium ore thiab koom nrog cov peev txheej hauv pas dej ntsev. Nws lub tuam txhab tuav, Talison, muaj cov khoom loj tshaj plaws thiab qhov zoo tshaj plaws spodumene mine hauv ntiaj teb - Western Australia Greenbuses (Western Australia). Greenbush Mine). Raws li cov ntaub ntawv pov thawj kev soj ntsuam los ntawm BehreDolbear Australia Pty.Limited, raws li lub Cuaj Hlis 30, 2016, tag nrho cov peev txheej ntawm Greenbush Lithium Mine yog 165.1 lab tons, sib npaug li 8.33 lab tons ntawm lithium carbonate sib npaug; lithium Tag nrho cov ore reserves yog 86.4 lab tons, sib npaug li 5 lab tons ntawm lithium carbonate sib npaug.
Nws yog tag nrho -tus tswv lag luam, Shenghe Lithium, yog tus tswv txoj cai mining ntawm Cuola spodumene mine hauv Yajiang County, Sichuan. Tus nqi ntawm cov ore txheeb xyuas hauv cheeb tsam mining no yog 19.714 lab tons, uas yog sib npaug rau 255,744 tons ntawm lithium oxide peev txheej. Qhov nruab nrab qib ntawm lithium oxide yog 1.3 feem pua, sib npaug lithium carbonate. Txog 630, 000 tons.
Qhov thib ob yog kev npaj nyiaj txiag txaus. Hauv 2017, cov khoom vaj khoom tsev piv txwv ntawm Tianqi Lithium tsuas yog 40.39 feem pua (saib Table 2), qhov piv txwv tam sim no yog 3.11, thiab qhov feem pua ntawm cov cuab yeej cuab tam tam sim no yog siab li 70.24 feem pua, uas txhais tau hais tias nws cov cuab tam txiaj tau ob zaug. tus nqi tam sim no yam tsis tau them nyiaj. Cov nuj nqis siab. Nws cov nyiaj tau los ntawm 5.524 billion yuan, kev ua haujlwm nyiaj txiag tau nce los ntawm 2.264 billion yuan, thiab cov haujlwm ua haujlwm tau nce 3.095 billion yuan; pom tseeb, Tianqi Lithium tau npaj nyiaj txiag txaus rau kev nthuav dav.
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 Lithium tau npaj txaus rau kev sib tw yav tom ntej. Raws li tus qub kev sib tw hauv tebchaws, Ganfeng Lithium tsis nyob deb.
Layout ntawm Ganfeng Lithium Kev Lag Luam
Ganfeng Lithium tseem yog ib qho ntawm tsib lub chaw muag khoom ntawm lithium compounds thiab hlau lithium hauv ntiaj teb. Nws txoj kev lag luam npog cov lithium rho tawm sab saud, nruab nrab lithium compound thiab hlau lithium ua, thiab downstream lithium roj teeb ntau lawm thiab rov siv dua, suav nrog: lithium resource extraction, lithium compound ntau lawm Lub tsib lub lag luam loj yog kev sib sib zog nqus, hlau lithium ntau lawm, lithium roj teeb ntau lawm thiab lithium. Secondary siv thiab rov ua dua.
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 .
Zoo li Tianqi Lithium, Ganfeng Lithium kuj tau pib nws tus kheej muaj peev xwm nthuav dav. Thaum Lub Ob Hlis 25, 2018, Ganfeng Lithium Kev Lag Luam tau hais tias nws qhov tshiab 20, 000-tuj lithium hydroxide ntau lawm kab tau ua tiav thiab muab tso rau hauv kev ua haujlwm thiab yog nyob rau theem kev sim; 17,500-tuj lithium carbonate ntau lawm kab uas tseem nyob rau hauv kev tsim kho yog teem rau kev ua hauj lwm nyob rau hauv lub thib ob ib nrab ntawm 2018. Shanghai tam sim no muaj peev xwm tsim tau ze li ntawm 40, 000 tons, thiab thaum kawg ntawm 2018. , nws lub peev xwm ua lithium ntsev yuav ncav cuag ze li 80,{11}} tons.
Ganfeng Lithium tau tsim cov peev txheej txaus rau kev nthuav dav. Tam sim no, Ganfeng Lithium tuav cov txiaj ntsig sib luag hauv rau siab -cov peev txheej lithium zoo nyob hauv Australia, Argentina, Tuam Tshoj thiab Ireland:
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;
Qhov thib ob yog Mariana, lithium -potassium ntsev pas dej nyob hauv lub xeev Salta, Argentina. Raws li cov ntaub ntawv kwv yees kwv yees uas tau npaj los ntawm Geos Mining, qhov project Mariana muaj lithium -cov kabmob brine cia ntawm 1,127 lab cubic meters thiab ib qho qhia thiab inferred lithium peev txheej ntawm 1,866 kilotons ntawm LCE. Cov txiaj ntsig kev tshawb fawb ua ntej qhia tau hais tias Mariana muaj homogeneous geochemical pleev uas tuaj yeem muab rho tawm ntawm tus nqi qis los ntawm cov txheej txheem hnub ci evaporation;
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;
Qhov thib tsib yog Avalonia, lub spodumene mine nyob rau hauv Ireland, uas yog tam sim no nyob rau hauv thaum ntxov theem ntawm kev tshawb fawb;
Qhov thib rau yog Ningdu Heyuan Mine, nyob hauv Ningdu County, Ganzhou City, Jiangxi Province. Cov peev txheej lithium ntawm Ningdu Heyuan Mine yog 100, 000 tons ntawm LCE, nrog rau qhov nruab nrab lithium oxide cov ntsiab lus ntawm 1.03 feem pua.
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).
Attack ntawm Salt Lake Shares
Pom qhov kev nthuav dav ntawm ob lub loj loj, Salt Lake shares, uas tau txais kev txhawb nqa los ntawm cov peev txheej hauv pas dej ntsev, tsis tas yuav ua tiav.
Salt Lake Co., Ltd. yog lub tuam txhab qub npe hauv Qinghai. Nws txoj kev lag luam lithium carbonate yog ib feem ntawm kev siv tag nrho cov peev txheej ntawm lub pas dej ntsev. Nws yog tsuas yog ua haujlwm los ntawm Lanke Lithium, ib lub koom haum tuav tsis ncaj, thiab tam sim no muaj peev xwm tsim tau ntawm 10, 000 tons ntawm lithium carbonate.
Hauv 2017, Salt Lake tau ua tiav cov nyiaj tau los ntawm kev ua haujlwm ntawm 11.699 billion yuan, nce 12.88 feem pua ntawm xyoo dhau los; ntawm lawv, kev lag luam lithium carbonate tsuas yog ua tiav cov nyiaj tau los ntawm kev ua haujlwm ntawm 748 lab yuan, tab sis cov nyiaj tau los txog 420 lab yuan, cov nyiaj tau los yog siab li 56.15 feem pua, thiab cov nyiaj tau los tag nrho mus txog 68.59 feem pua (saib Table 7).
Undoubtedly, nce lub peev xwm ntau lawm ntawm lithium cov khoom thiab nce lawv feem ntawm cov nyiaj tau los yog qhov zoo tshaj plaws txhais tau tias los txhim kho profitability ntawm cov lag luam.
Yog li ntawd, thaum lub Kaum Ob Hlis 27, 2017, Salt Lake Co., Ltd. tshaj tawm nws txoj kev npaj muaj peev xwm: Salt Lake Co., Ltd. npaj pib lub roj teeb 50,000-ton/xyoo- qib lithium carbonate qhov project. Raws li lub hauv paus ntawm lithium cog, 20, 000-tuj / xyoo roj teeb- qib lithium carbonate project yuav nthuav dav. Tom qab kev nthuav dav, qhov ntau lawm yuav ncav cuag 30, 000 tons / xyoo. Tsis tas li ntawd, BYD Salt Lake yuav tsim lub roj teeb tshiab -qib lithium carbonate project nrog ib xyoos ib zaug ntawm 30,{12}} tons / xyoo. , Tom qab kev nthuav dav, lub peev xwm ntawm Salt Lake yuav ncav cuag 60,{14}} tons.
Raws li daim ntawv tshaj tawm nyiaj txiag, kev nthuav dav ntawm Salt Lake Co., Ltd. yog thawj zaug raws li qhov zoo ntawm Lithium kev tsim peev txheej hauv Chaerhan Salt Lake. Potash chiv ntau lawm ntawm Salt Lake Co., Ltd. yog xam raws li txhua xyoo tso zis ntawm 5 lab tons, thiab txhua xyoo tso tawm ntawm cov qub halogen yog txog 200 lab cubic meters ib xyoos twg, thiab nws lithium ion concentration yog hais txog 200-250. mg, uas yog, cov peev txheej lithium hauv cov qub halogen tawm txhua xyoo yog sib npaug lithium chloride. Nws yog 200,000-300,000 tons; cov khoom siv raw khoom ua kua muab cov kev pabcuam txhim khu kev qha rau kev txhim kho kev lag luam lithium.
Qhov thib ob yog technical kom zoo dua. Lanke Lithium muaj qhov tso zis txhua xyoo ntawm 10, 000 tons ntawm lithium carbonate project. Hauv xyoo 2010, nws tau qhia txog Lavxias txoj kev adsorption kom rho tawm lithium los ntawm brine, thiab tau ua tiav hauv cov thev naus laus zis tseem ceeb ntawm kev rho tawm lithium ntsev los ntawm siab -magnesium thiab qis- lithium brine.
Qhov thib peb yog tus nqi kom zoo dua. Lanke Lithium tso siab rau cov peev txheej lithium ntau ntawm Chaerhan Salt Lake thiab cov chaw pej xeem ntawm Salt Lake Co., Ltd. Industrial Park. Tus nqi tsim tawm ntawm lithium carbonate los ntawm adsorption thiab extraction thev naus laus zis muaj qhov txiaj ntsig zoo dua li nws cov phooj ywg, thiab nws kuj yog qhov tsim nyog rau qhov loj - scale layout ntawm lithium kev lag luam.
Tam sim no, nyob rau hauv kev pom ntawm cov nuj nqis siab them rov qab siab ntawm Salt Lake shares (saib Table 8), kev nthuav dav ntawm lithium carbonate muaj peev xwm tseem yuav ua rau nws cov nuj nqis them rov qab rau lub sijhawm luv. Txawm li cas los xij, tom qab lub peev xwm tsim tawm, qhov nyiaj tau los tag nrho ntawm kev lag luam lithium yuav tsim cov nyiaj txaus txaus thiab cov txiaj ntsig rau nws, thiab thaum kawg txhim kho nws txoj haujlwm nyiaj txiag.
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.
Hauv 2017, Yahua Pawg tau ua tiav cov nyiaj tau los ntawm kev ua haujlwm ntawm 2.358 billion yuan, nce 49.33 feem pua ntawm tib lub sijhawm ntawm xyoo dhau los; ntawm cov uas, cov nyiaj tau los ntawm kev khiav hauj lwm ntawm lithium cov khoom yog 698 lab yuan, accounting rau 29.59 feem pua ntawm tag nrho cov nyiaj tau los khiav hauj lwm, nce 100.92 feem pua; tag nrho cov nyiaj tau los yog 336 lab yuan Yuan, nce 73.21 feem pua ntawm tib lub sijhawm ntawm xyoo dhau los; cov nyiaj tau los ntawm cov tswv cuab ntawm lub tuam txhab teev npe yog 238 lab yuan, nce 78.11 feem pua ntawm tib lub sij hawm ntawm lub xyoo dhau los; Cov nyiaj tau los ntawm ib feem yog 0.25 yuan, nce 78.57 feem pua ntawm tib lub sijhawm xyoo tas los.
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.
Ib qho laj thawj rau Yahua Group txhawm rau nce nws cov peev txheej lithium yog nws cov peev txheej lithium lav. Raws li daim ntawv tshaj tawm nyiaj txiag, Yahua Group txuas ntxiv txhawb nqa cov peev txheej ntawm lithium ore peev txheej rau kev txhim kho kev lag luam lithium yav tom ntej, thiab muab cov peev txheej lithium txaus lav rau kev txhim kho thiab nthuav dav ntawm lithium kev lag luam: Ua ntej, nws tau mus txog ib qho kev lees paub ntawm lithium. ntev - daim ntawv cog lus muab khoom nrog Yinhe Lithium, ib qho tseem ceeb ntawm lithium concentrate cov neeg tsim khoom hauv Australia. , muab cov peev txheej yooj yim tshaj plaws lav rau kev ruaj khov ntawm lithium ntsev ntawm lub tuam txhab; qhov thib ob yog Lijiagou spodumene mine nyob rau hauv Sichuan Aba tsim nyob rau hauv kev koom tes nrog Sichuan Zog Kev Lag Luam, thiab nws cov ntaub ntawv pov thawj pov thawj yog 512,185 tons ntawm lithium oxide; qhov thib peb yog koom nrog Australia Core Company, kom tau txais cov cai tswj hwm ntawm nws lithium mine. Nws tsim nyog hais tias Core muaj 100 feem pua ntawm Phoenix Lithium Mine. Lub mining cheeb tsam yog hais txog 400 square kilometers. Nws nyob rau sab qaum teb ntawm Australia thiab muaj 4 mines: BP33, FarWest, Ahoy thiab Grants. Lub mine yog nyob rau hauv lub tiaj tiaj. , Cov chaw nyob ib puag ncig hydropower txoj kev ua tiav, thiab nws yog nyob ze rau ntawm qhov chaw nres nkoj, thiab cov mining obstacles yog me me. Ntawm lawv, Grantz block tau txais JORC tus qauv tshawb nrhiav daim ntawv qhia, thiab tseem muaj 25 cov mines keeb kwm pegmatite thiab ob peb qhov loj - nplai mines uas tseem tsis tau sim. ntawm pegmatite lub hom phiaj yuav tsum tau drilled.
Resources are secured, but finances appear to be underprepared. Although Yahua Group's asset ratio is low, its solvency is average
