On the evening of February 8, Taihe Technology (300801) announced that the company plans to invest 204.5 million yuan of its own funds to build a VC (vinylene carbonate) project with an annual output of 20,000 tons. The project will be carried out in two phases. The annual output of 10,000 tons of VC projects, of which the investment of the first phase of the project is 109.5 million yuan, and the investment of the second phase of the project is 95 million yuan.
In terms of construction progress, the first phase of the project is planned to be implemented in February 2022, with a construction period of 8 months, and is planned to be completed by the end of October 2022. The specific implementation progress is subject to the approval of the competent authority. The construction time of the second phase of the project will be adjusted according to the market expansion of the first phase of the project.
Taihe Technology said that VC products and the company's main product, water treatment agents, both belong to the fine chemical industry of the chemical industry, and have high technical relevance. The company has prepared relevant talents and technical reserves to enter the VC field. This investment is in line with the company's future development strategic plan, which is conducive to promoting the company's layout in the new energy industry, promoting the rapid development of the new energy industry, and creating new profit growth points for the company.
According to the announcement, according to the production rate and production and sales rate of 100%, the annual operating income of the project is expected to be 2.478 billion yuan and the annual net profit will be 185 million yuan. Product sales revenue is calculated based on the VC price of 140,000 yuan/ton (tax included), and the yield rate and production-sales rate are both 100%; the current VC market price is about 300,000 yuan/ton (tax included), according to the existing Production capacity and the new capacity planning of other companies in the industry. The new capacity will be released in 2023. It is expected that the VC supply will increase significantly in 2023, and the product price will drop. After full production, the VC price will be 140,000 yuan / Tons (tax included) are estimated.
Taihe Technology analyzed in the announcement that with the continuous expansion of the scale of downstream industries such as lithium battery industry and new energy vehicles and the improvement of lithium battery requirements for safety, cycle life and energy density, more requirements have been put forward for electrolyte additives. , the demand for additives in film forming, electrical conductivity, flame retardant, overcharge protection, and low temperature performance improvement will gradually increase.
As the core raw material to improve the performance of battery electrolyte, additives can effectively inhibit the decomposition of electrolyte and improve its service life. VC is the conventional additive with the largest amount in the electrolyte at present. It can form a SEI film with a compact structure and better performance on the negative electrode. It can improve the low temperature performance of the electrolyte while reducing the battery impedance, and can improve the capacity and cycle life of the battery. In addition, the proportion of VC added in lithium iron phosphate batteries is higher than that of ternary batteries, and the continued recovery of market demand for lithium iron phosphate batteries will also stimulate future demand growth for VC. At present, there are few domestic enterprises involved in VC production, mainly concentrated in the hands of a few enterprises, and the entire VC industry presents a large gap.
According to the "White Paper on the Development of China's Lithium-ion Battery Electrolyte Additive Industry (2021)" jointly released by research institutions EVTank, Ivey Economic Research Institute and China Battery Industry Research Institute, in 2020, the shipments of electrolyte additives in the Chinese market will reach 16,140 tons, a year-on-year increase of 40.8%. Among them, VC and FEC, as the most commonly used additives, have the highest shipments, with 6,800 tons of VC and 35 million tons of FEC, which together account for 63.8% of the electrolyte additive market.
The "White Paper" predicts that China's electrolyte shipments will reach 458,000 tons in 2021, and China's overall electrolyte shipments will reach 1.357 million tons by 2025. Driven by the growth of downstream electrolytes, it is expected that the total shipments of electrolyte additives in the Chinese market will reach 26,690 tons in 2021; by 2025, the total shipments of electrolyte additives in the Chinese market will reach 77,950 tons.
In addition to electrolyte additives, in the field of new energy, Taihe Technology has also deployed lithium iron phosphate business. In October 2021, Taihe Technology announced that it plans to establish a wholly-owned subsidiary and build a high-end cathode material project with an annual output of 10,000 tons of lithium iron phosphate, with a total investment of 118 million yuan.
On January 27, Taihe Technology said during the investigation of the reception organization that in the lithium battery industry chain of new energy, the cathode material lithium iron phosphate belongs to a branch of the fine chemical industry in the chemical industry, and the water treatment agent also belongs to a branch of the fine chemical industry in the chemical industry. For companies, technology is more relevant. For the sustainable development of the company, it is appropriate to select this industry with relatively large development space and products with good growth potential as the company's new development direction, which can provide sufficient development space for the company's continued growth in the future. At present, the production scale of 10,000 tons of lithium iron phosphate is an experimental and exploratory investment.
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