Il-battalja għall-melħ tal-litju bdiet bil-mod

Il-battalja għall-melħ tal-litju bdiet bil-mod

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 .

Iż-żieda mgħaġġla fil-prezz tal-materja prima tal-melħ tal-litju bħall-karbonat tal-litju mhux biss ippromwoviet l-espansjoni tal-kapaċità tal-produzzjoni tal-intrapriżi oriġinali, iżda ġibdet ukoll numru kbir ta 'barranin biex jidħlu. Bil-mod qed tibda battalja għall-melħ tal-litju.

Tianqi Lithium huwa wieħed mill-aqwa ħames fornituri tal-mineral tal-litju fid-dinja. In-negozju ewlieni tiegħu jinkludi: żvilupp ta 'riżorsi solidi tal-mineral tal-litju, produzzjoni ta' prodotti kimiċi tal-litju u kummerċ tal-mineral tal-litju. Il-varjetajiet ewlenin tal-prodott jinkludu konċentrat tal-litju ta 'grad kimiku, konċentrat tal-litju ta' grad tekniku, karbonat tal-litju ta 'grad industrijali, karbonat tal-litju ta' grad tal-batterija, idrossidu tal-litju ta 'grad industrijali, idrossidu tal-litju ta' grad ta 'batterija, klorur tal-litju anidru, litju tal-metall u prodotti kimiċi oħra tal-litju.

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.

L-ewwel, ir-riżervi tar-riżorsi huma biżżejjed. Tianqi Lithium bħalissa għandu riżorsi solidi tal-mineral tal-litju u huwa involut fir-riżorsi tal-lagi tal-melħ. Il-kumpanija holding tagħha, Talison, għandha l-akbar riżervi u l-minjiera tal-ispodumene tal-aqwa kwalità fid-dinja - Western Australia Greenbushes (Western Australia). Minjiera Greenbush). Skont ir-rapport ta 'valutazzjoni tar-riżervi maħruġ minn BehreDolbear Australia Pty.Limited, mit-30 ta' Settembru 2016, ir-riżorsi totali ta 'Greenbush Lithium Mine kienu 165.1 miljun tunnellata, ekwivalenti għal 8.33 miljun tunnellata ta' karbonat tal-litju ekwivalenti; litju Ir-riżervi totali tal-mineral huma 86.4 miljun tunnellata, ekwivalenti għal 5 miljun tunnellata ta 'ekwivalenti ta' karbonat tal-litju.

Is-sussidjarja kollha-tagħha, Shenghe Lithium, tippossjedi d-drittijiet tal-minjieri tal-minjiera ta' Cuola spodumene fil-Kontea ta' Yajiang, Sichuan. L-ammont ta 'mineral identifikat f'din iż-żona tal-minjieri huwa 19.714 miljun tunnellata, li huwa ekwivalenti għal 255,744 tunnellata ta' riżorsi ta 'ossidu tal-litju. Il-grad medju ta 'ossidu tal-litju huwa 1.3 fil-mija, ekwivalenti għall-karbonat tal-litju. Madwar 630,000 tunnellata.

It-tieni hija tħejjija finanzjarja adegwata. Fl-2017, il-proporzjon tal-assi ta 'Tianqi Lithium kien biss 40.39 fil-mija (ara t-Tabella 2), il-proporzjon kurrenti kien 3.11, u l-proporzjon ta' assi tal-munita f'assi kurrenti kien għoli daqs 70.24 fil-mija, li jfisser li l-assi tal-munita tiegħu kienu darbtejn il- valur kurrenti mingħajr ebda kumpens. Pressjoni tad-dejn. Il-fondi monetarji tagħha ammontaw għal 5.524 biljun wan, l-attivitajiet ta 'finanzjament żdiedu b'2.264 biljun wan, u l-attivitajiet operattivi żdiedu bi 3.095 biljun wan; ovvjament, Tianqi Lithium għamel biżżejjed tħejjijiet finanzjarji għall-espansjoni tal-kapaċità.

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 għamel tħejjijiet adegwati għal kompetizzjoni futura. Bħala rivali domestiku antik, Ganfeng Lithium mhux wisq lura.

Tqassim tal-Industrija tal-Lithium Ganfeng

Ganfeng Lithium huwa wkoll wieħed mill-aqwa ħames fornituri ta 'komposti tal-litju u tal-litju tal-metall fid-dinja. In-negozju tagħha jkopri l-estrazzjoni tal-litju upstream, il-kompost tal-litju midstream u l-ipproċessar tal-litju tal-metall, u l-produzzjoni u r-riċiklaġġ tal-batteriji tal-litju downstream, inklużi: estrazzjoni ta 'riżorsi tal-litju upstream, produzzjoni ta' komposti tal-litju Il-ħames negozji ewlenin huma proċessar fil-fond, produzzjoni tal-litju tal-metall, produzzjoni ta 'batteriji tal-litju u litju użu sekondarju u riċiklaġġ.

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 .

Bħal Tianqi Lithium, Ganfeng Lithium beda wkoll l-espansjoni tal-kapaċità upstream tiegħu stess. Fil-25 ta 'Frar, 2018, Ganfeng Lithium Industry iddikjarat li l-linja ta' produzzjoni ġdida tagħha ta '20,000-tunnellata ta' idrossidu tal-litju tlestiet u bdiet topera u tinsab fl-istadju ta 'prova; il-linja tal-produzzjoni tal-karbonat tal-litju ta '17,500 tunnellata li għadha taħt kostruzzjoni hija skedata li titħaddem fit-tieni nofs tal-2018. Shanghai bħalissa għandha kapaċità ta' produzzjoni ta 'kważi 40,000 tunnellata, u sa tmiem l-2018 , il-kapaċità tal-ipproċessar tal-melħ tal-litju tagħha se tilħaq kważi 80,000 tunnellata.

Ganfeng Lithium għamel tqassim ta 'riżorsi suffiċjenti għall-espansjoni tal-kapaċità. Fil-preżent, Ganfeng Lithium għandu interessi azzjonarji f'sitt riżorsi tal-litju ta'-kwalità għolja li jinsabu fl-Awstralja, l-Arġentina, iċ-Ċina u l-Irlanda:

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;

It-tieni hija Mariana, lag tal-melħ tal-litju-potassju li jinsab fil-provinċja ta' Salta, l-Arġentina. Skont rapport ta' stima tar-riżorsi mħejji minn Geos Mining, il-proġett Mariana għandu riżerva ta' salmura li fiha l-litju-ta' 1,127 miljun metru kubu u riżorsa tal-litju indikata u dedotta ta' 1,866 kiloton ta' LCE. Riżultati ta 'esplorazzjoni preliminari jindikaw li Mariana għandha għamla ġeokimika omoġenja li tista' tiġi estratta bi prezz relattivament baxx permezz ta 'proċessi konvenzjonali ta' evaporazzjoni solari;

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;

Il-ħames hija Avalonia, minjiera spodumene li tinsab fl-Irlanda, li bħalissa tinsab fl-istadji bikrija tal-esplorazzjoni;

Is-sitt huwa Ningdu Heyuan Mine, li tinsab fil-Kontea ta 'Ningdu, Ganzhou City, Provinċja ta' Jiangxi. Ir-riżorsa tal-litju tal-Minjiera Ningdu Heyuan hija 100,000 tunnellata ta 'LCE, b'kontenut medju ta' ossidu tal-litju ta '1.03 fil-mija.

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).

Attakk tal-Ishma ta' Salt Lake

Meta wieħed jara l-espansjoni taż-żewġ ġganti, l-ishma ta 'Salt Lake, li huma sostnuti minn riżorsi tal-lagi tal-melħ, m'għandhomx jiġu megħluba.

Salt Lake Co., Ltd hija kumpanija elenkata antika f'Qinghai. In-negozju tal-karbonat tal-litju tiegħu huwa parti mill-użu komprensiv tar-riżorsi tal-lagi tal-melħ. Hija operata prinċipalment minn Lanke Lithium, sussidjarja ta' holding indiretta, u bħalissa għandha kapaċità ta' produzzjoni ta' 10,000 tunnellati ta' karbonat tal-litju.

Fl-2017, Salt Lake kisbet dħul operattiv ta '11.699 biljun wan, żieda ta' 12.88 fil-mija fuq is-sena ta 'qabel; fosthom, in-negozju tal-karbonat tal-litju kiseb biss dħul operattiv ta '748 miljun wan, iżda l-profitt nett laħaq 420 miljun wan, il-marġini ta' profitt kien għoli daqs 56.15 fil-mija, u l-marġni ta 'profitt gross laħaq 68.59 fil-mija (ara Tabella 7).

Bla dubju, iż-żieda fil-kapaċità tal-produzzjoni tal-prodotti tal-litju u ż-żieda fil-proporzjon tad-dħul tagħhom hija l-aħjar mezz biex tittejjeb il-profittabbiltà tal-intrapriżi.

Għalhekk, fis-27 ta’ Diċembru 2017, Salt Lake Co., Ltd ħabbret il-pjan ta’ espansjoni tal-kapaċità tagħha: Salt Lake Co., Ltd. qed tippjana li tibda batterija tal-litju ta’ 50,000-tunnellata/sena-grad proġett karbonat. Fuq il-bażi tal-impjant tal-litju, proġett tal-karbonat tal-litju ta '20,000-tunnellata/sena ta' batterija-se jiġi estiż. Wara l-espansjoni, l-iskala tal-produzzjoni se tilħaq 30,000 tunnellata/sena. Barra minn hekk, BYD Salt Lake se tibni proġett ġdid ta' batterija-karbonat tal-litju bi produzzjoni annwali ta' 30,000 tunnellata/sena. , Wara l-espansjoni, il-kapaċità tal-produzzjoni ta 'Salt Lake se tilħaq 60,000 tunnellata.

Skont ir-rapport finanzjarju, l-espansjoni ta 'Salt Lake Co., Ltd hija l-ewwel ibbażata fuq il-vantaġġi tal-iżvilupp tar-riżorsi tal-Lithium fil-Chaerhan Salt Lake. Il-produzzjoni tal-fertilizzant tal-potassa ta 'Salt Lake Co., Ltd hija kkalkulata skond il-produzzjoni annwali ta' 5 miljun tunnellata, u l-iskarigu annwali ta 'aloġenu antik huwa ta' madwar 200 miljun metru kubu fis-sena, u l-konċentrazzjoni tagħha tal-jone tal-litju hija madwar 200-250 mg, jiġifieri, ir-riżorsi tal-litju fl-aloġenu antik mormi kull sena huma ekwivalenti għall-klorur tal-litju. Huwa 200,000-300,000 tunnellata; il-likwidu tal-materja prima jipprovdi garanzija ta 'riżorsi affidabbli għall-iżvilupp tal-industrija tal-litju.

It-tieni huwa vantaġġ tekniku. Lanke Lithium għandu produzzjoni annwali ta' 10,000 tunnellati ta' proġett ta' karbonat tal-litju. Fl-2010, introduċa l-metodu ta 'assorbiment Russu biex jiġi estratt il-litju mis-salmura, u għamlet skoperti fit-teknoloġija ewlenija ta' estrazzjoni tal-melħ tal-litju minn salmura ta '-manjeżju għolja u baxxa-litju.

It-tielet huwa vantaġġ fl-ispiża. Lanke Lithium tiddependi fuq ir-riżorsi abbundanti tal-litju tal-Chaerhan Salt Lake u l-faċilitajiet pubbliċi tal-Salt Lake Co., Ltd. L-ispiża tal-produzzjoni tal-karbonat tal-litju permezz tat-teknoloġija tal-adsorbiment u l-estrazzjoni għandha vantaġġ relattiv fuq sħabha, u hija wkoll adattata għat-tqassim ta '-skala kbira tal-industrija tal-litju.

Fil-preżent, fid-dawl tal-pressjoni għolja ta 'ħlas lura tad-dejn tal-ishma ta' Salt Lake (ara t-Tabella 8), l-espansjoni tal-kapaċità tal-produzzjoni tal-karbonat tal-litju xorta se żżid il-pressjoni tal-ħlas lura tad-dejn tagħha fi żmien qasir. Madankollu, wara li l-kapaċità tal-produzzjoni tiġi rilaxxata, il-marġni ta 'profitt gross għoli tal-industrija tal-litju se jiġġenera fluss ta' flus u profitt suffiċjenti għaliha, u fl-aħħar itejjeb il-pożizzjoni finanzjarja tiegħu.

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.

F'2017, Yahua Group kiseb dħul operattiv ta '2.358 biljun wan, żieda ta' 49.33 fil-mija fuq l-istess perjodu tas-sena preċedenti; fosthom, id-dħul operattiv tal-prodotti tal-litju kien ta '698 miljun wan, li jammonta għal 29.59 fil-mija tad-dħul operattiv totali, żieda ta' 100.92 fil-mija; il-profitt totali kien ta '336 miljun wan Yuan, żieda ta' 73.21 fil-mija fuq l-istess perjodu tas-sena preċedenti; il-profitt nett attribwibbli lill-azzjonisti tal-kumpanija elenkata kien ta '238 miljun wan, żieda ta' 78.11 fil-mija fuq l-istess perjodu tas-sena preċedenti; il-qligħ għal kull sehem kien ta '0.25 wan, żieda ta' 78.57 fil-mija fuq l-istess perjodu tas-sena li għaddiet.

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.

Waħda mir-raġunijiet għal Yahua Group biex iżid il-kapaċità tal-produzzjoni tal-litju tagħha hija l-garanzija tar-riżorsi tal-litju tagħha. Skont ir-rapport finanzjarju, Yahua Group ikompli jsaħħaħ ir-riżervi tar-riżorsi tal-mineral tal-litju għall-iżvilupp tal-industrija tal-litju fil-futur, u jipprovdi biżżejjed garanzija tar-riżorsi tal-litju għall-iżvilupp u l-espansjoni tal-industrija tal-litju: L-ewwel, laħqet a ftehim ta' provvista fit-tul-ma' Yinhe Lithium, produttur importanti tal-konċentrat tal-litju fl-Awstralja. , biex tipprovdi l-aktar garanzija bażika tar-riżorsi għall-produzzjoni stabbli tal-melħ tal-litju tal-kumpanija; it-tieni hija l-minjiera Lijiagou spodumene f'Sichuan Aba żviluppata f'kooperazzjoni ma 'Sichuan Energy Investment, u r-riżervi ppruvati tar-riżorsi tagħha huma 512,185 tunnellata ta' ossidu tal-litju; it-tielet huwa li tipparteċipa fl-Awstralja Core Company, biex tikseb id-drittijiet ta 'sottoskrizzjoni tal-minjiera tal-litju tagħha. Ta 'min isemmi li Core għandha 100 fil-mija tal-Minjiera tal-Lithium Phoenix. Iż-żona tal-minjieri hija ta 'madwar 400 kilometru kwadru. Hija tinsab fit-Territorju tat-Tramuntana tal-Awstralja u tikkonsisti f'4 minjieri: BP33, FarWest, Ahoy u Grants. Il-minjiera tinsab fiż-żona tal-pjanura. , Il-faċilitajiet tat-toroq tal-idroenerġija tal-madwar huma kompluti, u huwa qrib il-port, u l-ostakli tal-minjieri huma żgħar. Fosthom, il-blokk Grantz kiseb ir-rapport ta' esplorazzjoni standard tal-JORC, u għad hemm 25 minjiera storika ta' pegmatite u diversi minjieri fuq skala kbira-li għadhom ma ġewx ittestjati. ta’ miri pegmatite li jridu jittaqqbu.

Resources are secured, but finances appear to be underprepared. Although Yahua Group's asset ratio is low, its solvency is average