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Benefit from new energy vehicles speed lithium Me 8 shares

   Editor's Note: It is reported that has entered the comment period of "national strategic development of new industries," second five "plan" will direct the development of the industry chain, industry standards and other aspects of fleet size and vigorously promote the development of new energy vehicles, a substantial increase pure electric vehicles, plug-in hybrid vehicle production and sales. In the key components, the battery, motor, electronic control and other core technologies will make significant progress. Analysts pointed out that the support of the new energy policy is expected in 2015 demand for new energy vehicles will reach 977,000, an average annual growth rate of 216%. As the core of new energy vehicles glue stick power equipment, battery and motor market is big, eight listed companies, the most benefit.

    Tian Qi Li industry: capacity expansion to accelerate, strengthen the leading position

    Basic chemical

    Research: Hai Tong Securities analyst: Liu Yanqi writing Date: August 16, 2011

    Event: Company August 16, 2011 semi-annual report published. Reporting period, operating income continued to grow, reaching 18,960.60 million, an increase of 37.55%; to achieve the net profit attributable to shareholders 1,979.66 million, glue gun an increase of 4.05%; EPS was 0.13 yuan, down 23.53 %.

    Comments: to increase sales efforts, production and sales to enhance the promotion of main business revenue increased steadily. During the reporting period, the company achieved operating income of 190 million yuan, an increase of 54.7587 million yuan, an increase of 37.55%. One company's core product revenues for the 121 million yuan lithium carbonate, lithium products accounted for 63.93% of revenue, an increase of 31.63%. A substantial increase in income of lithium hydroxide, an increase of 61.73%.

    Reduce the cost of rising gross margins, resulting in profit growth well below revenue growth. Company by the labor costs and rising raw material costs and other factors, lithium product gross margin decreased to 15.81%, down 6.47 percent year on year, making the current EPS of 0.13 yuan. Including sulfuric acid, caustic soda and other raw material prices have more than 50% of the increase, the company's core products of lithium carbonate 14.19% gross profit margin decreased to, down 11.88 percentage points. Thus, while a substantial increase in sales revenue, but because of cost growth greater than revenue growth, attributable to shareholders of listed companies net profit of 19.7965 million yuan, an increase of 7.7018 million yuan, an increase of only 4.05%, which also includes government subsidies 3.7246 million yuan.

    Battery grade lithium carbonate raise investment projects completed ahead of schedule, speed up production capacity. Battery grade lithium carbonate is the company's core product, the lithium battery industry by rapidly growing demand downstream impact of the company to accelerate efforts to raise investment projects, 5,000 tons of battery grade lithium carbonate raise investment projects put into operation in March this year, in September after the end of trial production, new capacity will be quickly released.

    Accelerate the pace of expansion of production capacity, consolidate industry leading position. Company to meet the growing lithium grease, lithium and other downstream industry demand, accelerate the speed distribution, in addition to equity investment and new battery grade lithium carbonate and lithium chloride production capacity, but also the use of ultra-special construction fund-raising gold and technological transformation battery grade lithium hydroxide and lithium project. 2012, 4000 tons of battery grade lithium hydroxide and 200 tons of lithium project coming on stream, will become the new company's growth momentum.

    Upstream smoothly, measures pull spodumene detailed investigation of the main lode exploration results uncertain. Measures to pull the ore is Asia's largest spodumene ore quarry in Sichuan Ganzi Jiajika part of the company in October 2008, bidding to obtain the mine exploration. 2010, respectively 632 and 668 of the main veins of the geological exploration work in early 2011 through the exploration assessment reports, submitted a total of lithium oxide (331 +332 +333) 99,652 tons of resources, the average grade of 1.20%, equivalent to Li Hui mine the amount of 1.66 million tons of ore (calculated by SC6.0).

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