After 2 consecutive daily limit 2 trading days, Fengyuan shares indicate the risk of expanding the production of lithium iron phosphate business

[Dahe Daily · Dahecai Cube] (Reporter Zhang Keyao) On the evening of July 6, the lithium battery positive material supplier Fengyuan (002805.SZ) disclosed the semi -annual performance preview of 2022, and also released an announcement of abnormal fluctuations in stock transactions.

It is worth noting that in the announcement of the abnormal fluctuations of stock transactions, Fengyuan Co., Ltd. pointed out that due to factors such as industrial policies and industry competition, the expansion of the company's lithium iron phosphate business may produce risks that cannot be digested. The company will follow market conditions and customers. Requirements are adjusted.

On July 6th, the two trading days of July 4 and 5, Fengyuan shares have daily limit. Shortly after the opening on July 6, Fengyuan shares rose again, but due to factors such as the overall turbulence of the broader market, Fengyuan The increase of shares narrowed. As of the closing of July 6, Fengyuan Co., Ltd. increased by 2.43%on the same day. Even so, the price increase of the closing price of Fengyuan's three consecutive trading days has exceeded 20%, which is an abnormal fluctuation of stock transactions.

According to Fengyuan Co., Ltd., the company currently has three lithium iron phosphate production lines under construction: 40,000 tons of capacity in Zaozhuang base, 25,000 tons production capacity of the first phase of Anqing base, and 25,000 tons of capacity of the first phase of Yuxi base in Yunnan. Fengyuan Co., Ltd. revealed that Zaozhuang Base and Anqing Base are expected to complete the construction and put into trial production in the third quarter of this year. The Yuxi Base completed the construction in the fourth quarter and put into trial production.

Since the beginning of this year, there are many sounds of overcapacity in the domestic automotive industry and A -share market. The risk prompts of Fengyuan shares are not the first time in the industry. Earlier this year, the Passenger Federation pointed out in the "Analysis of the Passenger Vehicle Production of China in my country" that while the automotive industry solves the problem of overcapacity of traditional automobiles, it must also prevent overcapacity of new energy vehicles.

On April 1 this year, Tan Xuguang, chairman and CEO of Weichai Group, spoke at the 2021 performance conference of Weichai Power (000338.SZ): "The new energy industry has been lively in recent years, and everyone has been honeycomb. And disorderly competition, new energy vehicles, especially passenger cars, will have an overcapacity of catastrophe. "

The vehicle is a downstream terminal product of the power battery. If the vehicle is overcapacity, the power battery industry chain, mainly lithium battery industry, is bound to face the dilemma of product digestion. According to the forecast of CITIC Securities, the lithium iron phosphate capacity may reach 3 million tons at the end of 2022, and the global lithium iron phosphate demand in 2025 will be about 2.67 million tons. At that time, the production capacity will be far exceeding the market demand in 2025.

However, these risks are expected to have no impact on the performance of Fengyuan in the first half of the year. As the A -share market entered the interim disclosure season, the "superior students" in the first half of the year have released performance trailers. Recently, the A -share market has begun to diffuse the trend of "speculation performance". Fengyuan's stock price has risen or benefited from this.

Fengyuan's semi -annual performance forecast in 2022 shows that benefiting from the rapid development of the new energy industry, the company's downstream industry demand continues to improve. Yuan, a year -on -year increase of 278.92%to 318.57%.

Responsible editor: Tao Jiyan | Review: Li Zhen | Director: Wan Junwei

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