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    Grammy: Overweight three yuan the whole industry chain

          The Company announced on November 6, 2017 that the Company jointly invested with Guangdong Bangpu Recycling Technology Co., Ltd., Yangtze River Morning Road (Hubei) New Energy Industry Investment Partnership and Ningbo Meishan Bonded Port Zone Chaoxing Investment Partnership to form a joint venture.
    management analysis
          The company co-funded with Bangpu set up joint ventures to deepen cooperation. The Company jointly invested and set up a joint venture with Guangdong Bangpu Recycling Technology Co., Ltd., the Yangtze River Morning Road (Hubei) New Energy Industry Investment Partnership and Ningbo Meishan Free Trade Port Area Chaoxing Investment Partnership. The Company holds 43.35% of the equity interest in the joint venture and Bangpu Holds 32% equity of the JV Company, and Chenjiang Avenue and Ningbo Chaoxing hold 22.43% and 2.22% respectively. The company has a closer cooperation with Bangpu, Bangpu is an important customer of the company ternary precursor business, the establishment of a joint venture company, based on the original cooperation more deeply bound, powerful alliances.
          Joint ventures plus three yuan cathode material capacity, the company build ternary whole industry chain. The company currently owns 35,000 tons of ternary precursors, 12,000 tons of cobalt tetroxide, and 10,000 tons of cathode materials, and has formed a series of products such as "raw material recovery - precursor manufacture - cathode material manufacture - battery pack manufacturing - scrapped vehicle dismantling and recycling" The whole industry chain, and the production capacity is still expanding, long-term goal is to form a 100,000 tons of ternary precursors and 60,000 tons of cathode materials, long-term production capacity. The joint venture with an annual output of three yuan cathode material 20,000 tons, plus three yuan cathode material link, help build a world-competitive raw materials from ternary materials to ternary system of the whole industry chain manufacturing.
          Company's strategic path of development, in line with strong Hengqiang industry trends. Ternary cathode material company capacity scale, product quality, certification cycle and other factors that determine the characteristics of downstream customers strong sticky, the industry trend is winner-take-all, the path for large-scale and downstream core battery business have a deeper binding, the future The concentration of the industry will gradually increase, and the ternary cathode materials enterprises deeply bound with the core customers in the downstream industry chain will continue to seize the market share.
    Investment Advice
    It is estimated that the net profit attributable to the parent company from 2017 to 2019 will be 576 million, 1.061 billion and 1.59 billion respectively, and the EPS will be 0.15 yuan, 0.28 yuan and 0.42 yuan respectively, giving the target price of 9.8 yuan, corresponding to PE of 35 times in 2018.
    risk warning
    Cobalt and nickel prices fell, demand for new energy vehicles less than expected, the company released less than expected capacity
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