Keheng (300340) announced its "2017 Performance Forecast" on the evening of January 18. The company expects net profit attributable to shareholders to reach between 135 million and 145 million yuan in 2017, representing a significant increase of 301.95% to 331.73% compared to the previous year. In addition, Keheng disclosed its 2017 profit distribution plan and a proposal to convert capital reserves into share capital. Specifically, the company plans to distribute 2 shares for every 10 shares held by shareholders.
The strong performance was primarily driven by a substantial increase in sales orders for the company’s core Lithium Battery cathode materials during the reporting period. The production lines for these materials operated at full capacity, and with the gradual release of new production capacity, both production and sales volumes saw significant growth compared to the same period last year. This expansion contributed to a notable rise in the gross margin from sales.
The company explained that the decision to implement a high-share transfer was influenced by its past financial performance. Since its listing on July 26, 2012, Keheng had only made cash dividends in 2012 and 2013. However, in recent years, the company has experienced consistent growth in revenue and net profit, and it remains confident in its future development. With sufficient undistributed profits and capital reserves, as well as a relatively small share capital base, the company aims to optimize its capital structure, enhance stock liquidity, and better serve the interests of small and medium-sized investors. This prompted the proposed 2017 profit distribution and capital reserve conversion plan.
According to a report from the Shanghai Securities Research Institute, Keheng continues to expand its lithium battery cathode material production capacity and is focusing on developing high-end products. Currently, the company's cathode material production capacity includes 500 tons per month in Jiangmen, with approximately half dedicated to lithium cobalt oxide and ternary materials such as NCM 523. Another 300 tons per month are produced in Yingde. Looking ahead, the company plans to further expand its cathode material capacity and gradually shift toward higher-end products. At present, high-end products like NMC 811 and NCA are in the pilot stage.
Keheng’s current customers include Guoneng and Foster for power batteries, and Guangyu for consumer electronics applications. These partnerships highlight the company’s growing influence in the lithium battery market and its strategic positioning for long-term growth.
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