QSLI Alert:QSLI joining hands with BYD in lithium development

类别:公司研究 机构:德意志银行 研究员:Vitus Leung,Johnson Wan 日期:2016-06-23

QSLI and BYD cooperating on lithium as planned

    On 21 June, QSLI, BYD and Shenzhen Hongdatong Company signed astrategic cooperation framework on jointly developing lithium resources aheadof the expected sharp growth in lithium battery demand. The cooperationdetails are still pending approval from Qinghai SASAC and board meetings.

    Structure of the new company

    The three players will jointly set up a new company by 30 July (expected), inwhich QSLI will serve as the major shareholder with 49.5% of total shares,BYD will hold 48% and Shenzhen Hongdatong Company will hold the other2.5%. QSLI and BYD are not permitted to purchase shares from HongdatongCompany. The new company will specialize in developing lithium products byutilizing brine, which is a residual product during the production of potashfertilizer. Importantly, the new company is set to be the exclusive single user ofthe residual brine.

    Construction of 30kt lithium carbonate capacity

    The new company will purchase a 51.42% stake in Lanke Lithium Industryfrom QSLI, and make this the lithium business platform on which the planned30kt lithium carbonate capacity will be built. Currently, Lanke Lithium has 10ktlithium carbonate annual capacity and it expects to achieve 30kt per year bythe end of 2017, topping the capacity list of global lithium carbonateproducers.

    Valuation and risks; maintaining Hold rating with PT of RMB20.0

    We maintain our Hold rating and our DCF-derived PT of RMB20.0/share,implying 1.43x FY16E P/B. The stock trades at 1.54x FY16E P/B, more than-1SD below the historical average. Key risks: sluggish chemical prices anddemand could lead to further inventory write-downs and asset impairments inFY16; slower-than-expected lithium demand growth.

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