The best semi annual report in the history of Huayou cobalt industry

Huayou cobalt (603799) disclosed the semi annual report of 2021 on the evening of August 16. In the first half of the year, the company achieved a revenue of 14.294 billion yuan, a year-on-year increase of 57.91%; The net profit was 1.469 billion yuan, a year-on-year increase of 319.91%. In 2020, Huayou cobalt industry achieved a revenue of RMB 21.187 billion and a net profit of RMB 1.165 billion. In other words, the net profit of Huayou cobalt industry in the first half of this year has exceeded that of last year.

In the semi annual report, Huayou cobalt industry also mentioned that during the reporting period, it opened a full production line, increased the load, achieved stable and high production and prosperous production and marketing, creating the best semi annual production and marketing record in history. At the same time, based on the increase in sales, the company has created the best semi annual revenue record in history.

Both production and sales and revenue reached the best record in half a year

Huayou cobalt industry is mainly engaged in the R & D and manufacturing of new energy lithium battery materials and cobalt new material products, and has an integrated industrial chain from cobalt nickel resource development to lithium battery material manufacturing. The new energy sector of the company is mainly engaged in the R & D, production and sales of ternary precursor products of lithium battery cathode materials. Ternary precursor products are mainly used for battery cathode materials of electric vehicles and energy storage systems.

The rapid development of the new energy vehicle industry has driven the increase in the shipment of power batteries and upstream cathode materials. At the same time, it puts forward higher requirements for the performance of power batteries, and the demand for high mileage, charging efficiency and lightweight is increasing. With its comprehensive advantages in energy density, cycle life, stability and cost, ternary materials continue to increase in the market share of medium and high-end passenger vehicles.

According to the data of Gaogong lithium battery and China Automobile Industry Association, in the first half of 2021, the domestic power battery shipment was about 74.7gwh, a year-on-year increase of 217.5%, and the ternary material shipment was about 36.9gwh, a year-on-year increase of 149.2%. In ternary materials, the trend of high nickel is more and more obvious. According to the data of Shanghai Nonferrous Metals network, in the first half of 2020, the domestic shipment of high nickel ternary cathode materials reached 54900 tons, a year-on-year increase of 181.0%, accounting for 30.0% of the shipment of ternary materials.

Under the background of high prosperity of the industry, Huayou cobalt industry has seized the market opportunities of main products such as ternary precursors, opened a full production line, increased the load, achieved stable and high yield and prosperous production and marketing, creating the best semi annual production and marketing record in history. During the reporting period, the company produced 30982 tons of precursors, a year-on-year increase of 138.25%, and sold 29180 tons of precursors, a year-on-year increase of 128.95%; 18309 tons of cobalt products were produced (including entrusted processing and self supplied new energy business), with a year-on-year increase of 26.07%, and 12206 tons of cobalt products were sold, with a year-on-year increase of 17.82%; 52861 tons of copper products (including entrusted processing business) were produced, with a year-on-year increase of 9.24%, and 43835 tons of copper products were sold, which was basically the same as that in the same period of last year.

In addition, during the reporting period, the company expanded market space, increased the proportion of high-quality customers, and created the best semi annual revenue record in history on the basis of market expansion and sales increase.

Strengthen the layout of lithium battery industry chain

It is worth mentioning that during the reporting period, Huayou cobalt industry further strengthened the layout of lithium battery industry chain.

Huayou cobalt announced on the evening of May 23 that the company plans to purchase 38.62% equity of Tianjin BAMO Technology Co., Ltd. from Hangzhou Hongyuan, a related party, at a transaction price of 1.351 billion yuan. Meanwhile, Huayou holdings, the controlling shareholder of the company, agreed to entrust the voting rights and other rights represented by 26.40% equity of BAMO technology to the company. After the completion of the transaction, the company controls 65.02% of the voting rights of BAMO technology. BAMO technology is mainly engaged in lithium battery cathode materials. Through this transaction, Huayou cobalt industry will control BAMO technology and further strengthen the company’s layout in the field of lithium battery cathode materials.

On the evening of July 27, Huayou cobalt announced that the company planned to establish Quzhou Anyou equity investment partnership (limited partnership) with Quzhou state-owned assets Xin’an capital and Liangshan investment. The total subscribed capital of the partnership was 1.2 billion yuan, and the company contributed 599 million yuan as a limited partner, accounting for 49.92%. The main capital of the partnership intends to invest solely in the unlisted equity of Zhejiang times lithium battery materials Co., Ltd.

The frequent layout of the company also stems from the “confidence” in industrial development. Huayou cobalt mentioned in the semi annual report that the new energy lithium battery material industry and cobalt nickel new material industry engaged by the company are emerging industries supported by the national development strategy and industrial policies, and the products produced are essential core materials for new energy materials such as ternary power batteries“ The company’s industry prospect is very bright, and the management is very confident, “said Huayou cobalt.

According to the semi annual report of Huayou cobalt industry, the company has entered the core industrial chain of global head power batteries such as LG chemistry, SK, Ningde era and BYD, and its products have been widely applied to European and American high-end electric vehicles such as Volkswagen MEB platform, Renault Nissan Alliance, Volvo and Land Rover Jaguar. As the strategic focus of the company’s transformation to the field of new energy lithium battery materials, the company’s new energy business will play a leading role in the company’s future industrial development.

In addition to the growth of production, sales and revenue, the share price of Huayou cobalt industry rose from 40 yuan / share in mid July last year to 149.59 yuan / share in mid July this year, an increase of nearly four times. Recently, with the correction of lithium battery sector, the share price of Huayou cobalt industry closed at 121.70 yuan / share as of August 16, with a market value of 148.4 billion yuan.

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