Polyfluoropoly (002407): an outstanding leader in lithium hexafluorophosphate

Polyfluoropoly (002407): an outstanding leader in lithium hexafluorophosphate

This report reads: We believe that cost will drive additional demand upwards, and it is expected that the price of lithium hexafluorophosphate will rise steadily in 2019; polyfluoropoly, as the domestic company with 佛山桑拿网 the most lithium hexafluorophosphate replacement, promotes direct benefits.

Investment points: first coverage, overweight rating.

Polyfluoropoly is a domestic leader in the field of inorganic fluorination, and its lithium hexafluorophosphate production capacity and transportation volume are among the highest in the industry.

EPS is expected to be 0 in 2019-2021.

48, 0.

60, 0.

68 yuan, with reference to the average assessment level of the industry, and given a certain premium, the target price is 16.

8 yuan, corresponding to the 2019 35X PE, for the first time coverage, increase the level of holdings.

Costs are driving increased demand, and we expect lithium hexafluorophosphate prices to rise steadily in 2019.

Since 2015, the price of lithium hexafluorophosphate has increased rapidly from about 10 mg / ton to 4杭州桑拿网0 million, and then the capacity has been increased again. The price of the product has gradually dropped to about 10 million.

After the recent rise in the price of lithium hexafluorophosphate, we believe that prices will continue to rise steadily in 19 years: 1) According to our calculations, the current production cost of lithium hexafluorophosphate is about 7.

550,000 yuan / ton (excluding tax), the sales price of less than 100,000 yuan has reached the company’s gross profit margin dropped to about 10%, after considering factors such as sales expenses, it has been close to some of the company’s cost line, so companies are facing price increases2) From the demand side, we expect that by 2019, the sales of new energy vehicles will continue to grow rapidly, and emissions are expected to increase to about 30%, and the second half of the year will be the peak period of battery installation, which will further promote the development of lithium hexafluorophosphate.product demand.

Polyfluoride and multi-capacity continued to expand, leading enterprises took the lead to benefit.

The company’s lithium hexafluorophosphate production capacity reached 6,000 tons at the end of 2018, and it is expected that the production capacity will reach 9,000-10,000 tons in 2019. Correspondingly, the company’s product measurement volume is expected to rise from 5440 tons in 2018 to 7500-8000 tons in 2019, and the lithium hexafluorophosphate business is back on track.

Catalyst: Risk of price rise of lithium hexafluorophosphate: New energy vehicle sales are lower than expected, raw material prices have risen sharply