Behind the hype value of the geometric heart of lithium
The long-depressed stock market finally ushered in a wave rally last week, the harvest of five, while Yang Xian, Shanghai rebound 6 percent, the Shenzhen market rebounded 17%. Major sections you Changba me play, highlights the market wave after wave of enthusiasm is risen. But to say that one of the most eye-catching plate, it is none other than non-new energy.
20, in the first half of 2010 the economic situation of the energy conference, the National Energy Board Planning Division, River ice disclosure of the "emerging energy industry planning" related news, this positive impact of the new energy sector rose, while the development of new energy Auto is planning one of them. Among them, the lithium battery industry, the new energy automotive industry is undoubtedly the most promising sector in the plate.
Shine on the concept of the lithium battery when it appeared in a particular listed company, which is announced on Wednesday announced its withdrawal from the lithium battery industry Magicstor [7.52 -1.83%] (600 920). Why the market both in the policy of positive circumstances will opt out Huiton lithium batteries? This exit will move on Magicstor what impact? Future developments in the field of lithium batteries how? On this series of questions, the reporter carried out some interviews and surveys.
Lithium long-term business losses
July 21, Magicstor company held its third board meeting of the eighth, and at the meeting examined and adopted the company's lithium batteries out of the business motion, Magicstor transfer to be held outside all Guizhou Aerospace Power Technology Co., Ltd. (hereinafter referred to aerospace power) shares. Notice that in Magicstor, Magicstor make this decision mainly because of poor management aerospace supply company, in 2009, operating income was 87.66 million yuan, loss of 17.46 million yuan. A lot of losses down the company's profitability. And this situation has not been significantly improved this year, aerospace power in the first quarter operating income of 20.66 million yuan, loss of 1.46 million yuan. Long-term loss of leisure finally Magicstor lost patience on the lithium battery business, the company determined to sell their entire stake aerospace power. Currently Magicstor holds 37.81% stake in the company, and provide 12.9 million yuan loan guarantees.
Reporters on the matter of Magicstor company conducted a telephone interview, the company insisted that all the news side to notice. Magicstor recently announced that, due to space power losses, the company to improve profitability, the company decided to transfer all the shares. This transfer of shares of aerospace power in line with company's development strategy will help companies improve the efficiency of resource allocation, focus on core business unit strategy, enhance core competitiveness. After the transfer, the company is no longer a shareholder of space power, space power will no longer be included in the consolidated financial statements of the scope of the company, will help improve the company's overall operating efficiency, the lifting of aerospace power will provide loan guarantees of 12.9 million yuan, will help reduce the company's operational risks. This is consistent with company strategy, is consistent with the interests of all shareholders.
Transfer of ownership is indeed wise
How should we treat Magicstor that this practice? State Securities [14.49 1.05%] Mao Rui new energy analyst believes that this is a very normal behavior.
As the current long-term loss of aerospace power, in the performance of Magicstor had not a small negative impact, although the policy is expected to support visible, but for space power is not necessarily able to enjoy the preferential policy. Aerospace power is the main business of lithium batteries for mobile phones in domestic production, as has been weak competitiveness of domestic mobile phone market share has been limited, annual loss of aerospace power, coupled with a very low threshold for cell phone lithium battery production, small start-up capital, technology low level of market competition is very fierce. The recent capital market is very hot lithium battery concept is aimed at the car battery and other battery. This type of battery R & D costs are very high early on funds, technical requirements are very high; with aging facilities and space power, capital and technology are difficult to compliance, the transition difficulties, the transfer of equity refused to concede defeat.
Generally believed that the equity transfer are indeed able to eliminate the operating loss of aerospace power's negative impact on company performance, but due to the current concept of lithium batteries in the market is very hot, which to some extent reduce the operation of the subject company's stock price of space, this approach is There are two-sided nature. And not because the share price Magicstor this hot and blew out of lithium batteries, 21, after the announcement, although the company's share price all the way to shock, but Friday's closing price is still 7.52 yuan, compared with 21 of the opening is only 7.72 yuan at least two cents.
Mao Rui pointed out that this phenomenon is very normal. While the Shanghai stock market last week, out of 5 with Yang, but mainly for the disk in the oversold rebound plate, is a valuation of oversold stocks. The concept of short-term speculation is not much, but the concept as a long-term lithium hot topic as the country's new energy policy implementation and continue to be market speculation. In fact, even the concept of lithium-related stocks, the recent trend is not satisfactory, just follow the broader market rebounded only synchronous, not too many bright spots. Markets for lithium battery industry "is not nice to make money" should be more clear understanding.
Lithium industry still needs development
Li-ion battery business for the annual mobile phone market losses, and that for the lithium battery in the battery business then? It also looks like a mirage just beautiful? Correspondents have made the following investigation.
Mao Rui pointed out that the lithium battery industry started relatively late, Despite the increased national policy support, but the new energy vehicle market has been slow development process, so far there is no large-scale public programs; combined with policy implications, have power over many Li-ion battery project, which to some extent, exacerbated the lithium battery industry competition in the market, resulting in a structural overcapacity, oversupply, leading to low lithium corporate marketing in general.
The final analysis, our lack of core technology lithium batteries, lithium battery industry in China is leading to poor operational level, the root cause of competition is too low. Lithium battery industry chain mainly consists of three parts: the upper reaches of lithium ore resources, lithium battery materials (including the cathode material, anode material, separator, electrolyte), and battery manufacturing and packaging. Technically, lithium battery materials, the highest threshold of thin film technology, now basically dependent on imports. Currently, only domestic Fosugufen [12.27 -0.65%] (000,973), a subsidiary of Jinhui Tech, Dongguan star-source technology, Xinxiang, Henan Douglas.Ryan, and other parties in the Division to provide a small lithium battery manufacturers have to use the diaphragm. The lithium battery materials, lithium carbonate is the key raw materials upstream, the current oligopoly structure of foreign companies.
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