[Company Special Topic Exchange Minutes 2207] Yiwei Lithium Energy is a globally competitive lithium battery platform company with core technologies for consumer and power energy storage batteries.

[Company Special Communication Minutes 2207]

Yiwei Lithium Energy is a globally competitive lithium battery platform company with core technologies for consumer and power energy storage batteries. The company was founded in 2001. In 2003, the company made in-depth deployment of lithium primary batteries; in 2009, the first batch of GEM listings; in 2010, it laid out consumer batteries, and acquired Desay Energy in 2012; in 2015, it made in-depth deployment of power batteries, and successively completed small cylinders Production capacity construction of various types of power batteries such as, square, soft pack, etc., and has entered the supply chain of core domestic and foreign customers. Accumulate but gain little. As the leader of the second echelon of power batteries, the company's power battery business has ushered in an explosive period of rapid growth in production capacity as early customers have targeted and increased their sales.

html In 2021, the company's power battery shipments were 16GWH. is expected to ship 28GWH in 22 and double in 23. In 2025, the company is expected to complete the construction of 300GWH production capacity and ship more than 100GWH.

How do you view the explosive potential and core competitiveness of Yiwei Lithium Energy's future power business? Talented researchers raised a laundry list of in-depth questions for in-depth discussion. This article has selected 16 items:

1. How do you view the current market structure of power batteries?

power battery market structure. In terms of the power battery industry structure, CATL is indeed the dominant player, with domestic CATL’s share exceeding 50%. Because the entire electrification is accelerating, car companies are in full bloom one by one. It is not only the electrification of leading car companies that is accelerating. Many second-tier and third-tier car companies are also transforming into electric vehicles, and the number of new forces is also increasing. This has triggered a rapid explosion in demand for power batteries, and the explosion process also contains changes and opportunities.

Due to OEMs’ demands to expand secondary supply, secure supply chains, and reduce costs, second-tier battery companies are facing good development opportunities. second-tier battery companies began to increase their sales in the second half of 2021. Including 00 million and some other second-tier battery companies gradually entered into independent brands and new forces, and began to increase sales. This year, the guidance given by second-tier battery companies has basically more than doubled the growth from a volume perspective, and optimistically, it has doubled.

2. What is the path for second-tier battery companies to achieve breakthroughs in the future?

In the future, second-tier battery companies will be differentiated in the future. Whether battery companies can seize the opportunity to grow and mature depends on the following points:

The core is the team's R&D and manufacturing management level. The barriers to battery manufacturing are high, and technology is constantly iterating, so there is continuous high-intensity R&D investment. Relatively speaking, Yiwei's R&D investment is relatively high among second-tier battery companies, with more than one billion per year. Some second-tier battery companies are relatively large-scale, but their R&D investment is only more than 200 million, which is still small compared with Yiwei's R&D investment. At the same time, battery manufacturing pays more attention to technology, including process level and manufacturing management level. Because the battery still depends on the safety performance of the product, the production yield depends heavily on the team's management capabilities, which requires the team's long-term experience accumulation and R&D investment.

secondly look at the quality level. is very important because of battery safety performance. If there is a safety problem with the battery, it will cause a recall by the car company. Recall costs are very high. There is no problem for some companies to produce small batches, but large batches test comprehensive manufacturing capabilities, which is related to management experience level and equipment management.

three look at the big customers. The entry of into major customers means that major customers recognize the company's production system and the company's production management and manufacturing capabilities. At the same time, it also means that basic orders and subsequent production capacity consumption, that is, the release of volume, is guaranteed to a certain extent. (See question 13 for details)

Four look at profitability. Some battery companies will use low-price strategies to seize share in the early stage, which will be difficult to sustain in the future. After all, we still need to continue to invest in research and development and continue to expand production. We need the support of cash flow and . It is still difficult to not make a profit.In terms of profitability, among these second-tier battery echelons, Yiwei Lithium has the best overall profitability, and the corresponding supply chain is also relatively the most mature.

From these four points, the performance of Yiwei Lithium Energy is relatively excellent.

3. Why are there so many technical routes for Yiwei power batteries?

It should be said that the company's technical layout is more comprehensive and cutting-edge. The company has a layout for its four technical routes. includes square lithium iron, square ternary, soft package ternary, and cylindrical ternary , and all of them have achieved mass production.

In the future, the company will gradually focus on two points: 1. Square iron lithium for mid-to-low-end products, 2. High-end products focusing on large cylinders + high nickel high voltage technology .

In 2014 and 2015, the domestic electric vehicle industry had just exploded. At that time, the company also transformed into power batteries. The first product was square iron lithium, which was mainly positioned in some passenger cars and special vehicles. The products will still be more commercial vehicles.

The exploratory period from 2015 to 2018: no pressure on technical routes, small-scale multi-faceted layout;

began to try ternary batteries in 2015, choosing ternary cylindrical technology. The production line was put into operation around 2017. That year, subsidies for new energy vehicles declined sharply and growth slowed down. The company adjusted its strategy in a timely manner and quickly switched its ternary cylindrical products from the power field to the consumer market such as power tools and two-wheeled vehicles. Starting in 2017, by 2020, the company's cylindrical business has ranked first in domestic share, growing very fast.

is on the right track from 2018 to 2020: Cooperating with Daimler to accelerate the progress of large battery technology and passing BMW certification in 20 years;

2018 is the turning year. Although the cylinder was transformed into consumption at this time, the company did not give up on Sanyuan. In 2018, the company cooperated with SK, mainly in the three-yuan soft packaging business. In 2018, the company began to cooperate to release production capacity, and later entered Daimler and Hyundai through SK. Soft-pack batteries have achieved high profits in 2020.

In 2018, the company was also developing two technologies during the same period: ternary square + large cylinder.

In 2018, the company began R&D and production line construction of ternary squares, and in 2019, it received a designation from BMW. In Q2 of 2022, the company's ternary square 10GW/H large-scale mass production line will be completed, and the volume will begin in Q3.

From 2021 to now, the idea is clear: the technical route is converging, focusing on square laminated + large cylindrical ternary;

large cylindrical battery is a technical direction that the company is very optimistic about. In 2019, we began to increase research and development in the direction of large cylinders. Because there was a foundation of small cylinders before, the accumulation and expansion in this area was relatively fast. By the end of 2022, the products will be relatively mature, and in terms of production capacity, there will be about 7GW/H of construction by the end of this year.

The above is the development process of the company's multiple technical routes. The strategy of

company is that when is not sure which technology will become mainstream, before the technical route of is confirmed and completely finalized, it would rather spend a little more money on research and development rather than bet on the technical direction. The multi-route layout is actually to spread risks.

4. What is the company’s three-yuan expansion plan for soft packaging?

ternary square and ternary soft package were cooperated with SK. At that time, the company was eager to achieve a breakthrough in the ternary field and increase the volume. SK was limited by the domestic white list at the time and had no way to increase the volume in the country, so the two companies reached an agreement. cooperation. Yiwei is responsible for building production capacity, and SK is responsible for providing technology. Now the cooperation between the two companies is very successful and enjoyable. We cooperated in 2018 and 2019 and saw performance contributions in 2021. The cooperation between the two companies mainly includes two bases: A. Huizhou base, in which Yiwei Holdings holds about 51% of the equity and SK participates in it. The production capacity is about 10GW/H. B. Yancheng base, SK Holdings, Yiwei holds 30% of the shares, and the planned production capacity is about 27GW/H.

The current operating situation of Huizhou is very good. Last year's output was more than 6GW/H. This year it should be around 10GW/H, basically full production. There are three main supporting customers: Daimler, Hyundai, and Xpeng .Xiaopeng uses Yiwei’s soft bags. The technology of this soft bag is independently developed by Yiwei. After , Xiaopeng's supporting batteries will be switched to iron-lithium , and the company's supply of square ternary soft bags for Xiaopeng will indeed decrease.

For the company, the subsequent expansion of production of soft packages will be suspended. The main problem of soft packages is the high cost. Although from a security perspective, soft packages will not explode, but will bloat, so the security will be better. But the cost performance is not very high, because the cost of soft package aluminum plastic film is relatively high.

5. Future demand and production expansion progress of ternary square?

Square Sanyuan Company did it relatively early, and started to have a pilot production capacity of 2GW/H around 2018. These two lines have been doing customer verification and expansion. In 2019, the three-yuan square got BMW’s approval. In the second quarter of this year, the company has released about 10GW/H of production capacity. This 10GW/H is mainly for BMW's production line, but because BMW may not ramp up until 2023 or 24, it will be initially used by new domestic forces. For example, Xiaopeng may later equip it with ternary square batteries. This part of the production capacity will be put into production in 22Q2 and may not reach production until the end of Q3. In addition to overseas BMW, new forces Xpeng and Nezha will have relatively large follow-up demand. It is expected that the increase in contribution in 2023 will be obvious, and Sanyuan Square Company has subsequent expansion plans of 30 to 40GW/H. In terms of

models, Sanyuan Square is also equipped with HEV. HEV is also a direction that the company is optimistic about. At the end of 2Q1, the company put into production an HEV factory in Huizhou, with an output value of 4-5 billion. The ramp-up period for production basically takes about half a year to a year. Therefore, the amount contributed in 2022 is not yet obvious, but the annual HEV amount should be significantly released after 2023. At present, the company's HEV has also won the approval of BMW, Jaguar , and Land Rover .

6. What is the company’s key technical direction in the future?

At this stage, the direction of battery technology progress is relatively clear. company will now focus on two directions: one is square lithium iron, and the second is large cylinder.

Square iron lithium will be more used in mid- to low-end passenger cars, buses and energy storage fields.

high-end is basically a large cylinder. The material system used for large cylinders is a ternary cathode material system of high nickel and high nickel plus high voltage.

7. What are the key application areas and future development plans of iron-lithium square?

The main application areas of iron lithium battery:

First, power. In addition to passenger cars and special vehicles, company's iron lithium power has also achieved breakthroughs in the field of passenger cars, especially in mid-to-high-end models.

The second focus area is energy storage . The main customers are Huawei and Wotai.

The third one is electric ship .

iron lithium battery is the company's largest shipment volume now, with 5-6GW/H in 21 years (of which energy storage is about 2GW/H, and commercial vehicles are 3.9GW/H). In 22 years, we can see a volume of more than 16GW/H.

This year, the focus is still on commercial vehicles, with a growth rate of around 50%. At present, the demand for lithium iron batteries in special vehicles, heavy trucks, logistics vehicles, and engineering work vehicles is still relatively obvious. There are also some heavy trucks that adopt the battery swap mode, and the corresponding increase in demand for lithium iron batteries is relatively obvious.

In terms of passenger cars, Xpeng P5 began to use Yiwei’s lithium iron batteries. In addition to Xpeng, there will be more OEMs in the future. The Huizhou base has invested in the construction of a 16GW/H iron-lithium passenger car project.

Energy storage is an important part of iron-lithium. Last year, energy storage contributed 2GW/H, and the volume in 2022 should be around 8GW/H. will see more volume in the future. In terms of energy storage, the company mainly focuses on power supply cores, supplying Huawei and Sunshine to make integrated energy storage products, and then applying them to terminals. The company has a factory in Jingmen dedicated to Huawei. It will subsequently plan an energy storage base in Wuhan, with a volume of about 10GW/H. Chengdu plans to have a 50GW/H production capacity mainly focused on energy storage batteries. The company’s joint venture project with Linyang Energy is also an energy storage project.

At present, ’s current overall production capacity plan for is more than 300GW/H, of which iron-lithium should account for the largest proportion, about 200GW/H. This is the core breaking point for the company’s later volume growth. Company currently ranks fourth in the domestic iron-lithium field, second only to Ningde, BYD , and Guoxuan.

8. What are the technical advantages of Yiwei Iron Lithium?

html The advantage of lithium iron is that in terms of technology, it is a lamination process. The Ningde process is mainly winding. Compared with winding, the advantage of lamination is that the energy density of lamination is relatively higher. There are no gaps on the edges like winding, and the utilization rate of lamination space is relatively higher. Secondly, the yield rate of laminated sheets is relatively higher, because the winding is a very long piece, but the laminated sheets will be cut into pieces, and each piece will be analyzed and inspected to a certain extent. If any problems are found, this piece can be replaced promptly. However, laminates actually have disadvantages, mainly because the manufacturing process technology requires higher requirements, because the laminates are prone to produce burrs and dust during the mill , which can easily cause short circuits in the battery. From the perspective of industry trends, lamination is a relatively important technical direction. Yiwei's laminating technology is relatively advanced.

Lithium iron is a new new technology in the future. The company is more optimistic about lithium iron manganese phosphate . Jinquan New Materials, a materials company deployed by the company, plans to build a production capacity of 25,000 tons of lithium iron manganese and will release the production capacity in 2023.

9. Iron and lithium production capacity, shipments and profitability?

In recent years, the volume of lithium ion iron has grown very rapidly. Last year, it was less than 6. This year, the volume will be 16-18GW/H, and it will further double next year. According to the current production capacity plan of about 300GW/H, the contribution of iron-lithium in 2025 may exceed 100GW/H.

billion weft iron lithium profitability. iron lithium is now used in more domestic commercial vehicles, passenger cars and energy storage. The price is not as high as soft pack batteries. The transmission of raw material price increases is not so smooth either. In the short term, Yiwei has to bear part of the impact of price increases internally. Therefore, Yiwei's 21Q1 iron-lithium battery suffered a loss. In 22Q2, iron-lithium battery can basically break even, and subsequent profits will recover and increase quarter by quarter.

10. What are the technical advantages of large cylinders?

According to Liu Gong in the Automobile 100 People's Association, Yiwei 46 large cylinder can have at least four advantages:

Ultimate manufacturing: cylindrical battery can achieve ultimate manufacturing, and the supply path is shortened by 30%. Its GWH production Higher efficiency;

Extremely safe: After the internal pressure of the battery-level battery exceeds a certain value, it will open a valve to directionally release the main internal heat, releasing the battery pressure very accurately and quickly, avoiding the risk of inter-battery damage. Thermal diffusion. After the battery is decompressed, the internal structure of the battery system does not change, so the entire system can be absolutely safe and will never catch fire.

Ultimate cost: The theoretical manufacturing cost of is 42% lower than that of the three-dimensional square type (it is not yet possible). The comprehensive social cost will be lower. A battery that originally required 550 kilometers now only needs 350 kilometers. This can save 36% of the overall battery cost. The corresponding battery weight is also reduced by almost that much, which also brings about energy savings and mileage. promote. We calculated that with a 350-kilometer battery and a 550-kilometer battery, the whole society can save 3 trillion yuan a year. In total, the cost of battery demand for electric vehicles can be reduced to 50%-60%.

Extreme efficiency: The large cylindrical battery is equipped with fast charging technology. It takes 10 minutes to fully charge the battery. With dual gun charging, the speed can be doubled.

11. What are the progress and competitive advantages of large cylinders? The

large cylinder is equivalent to the company’s technical route to get ahead in the inner circle. If it goes well, it can help improve the company's three-dimensional competitiveness to a higher level in the future.

The advantages of large cylinder technology have been fully understood by the market through the promotion of Tesla . In terms of performance, because the volume capacity is about 5 times larger than that of 21700, the cost and energy density of large cylinders can be better. The cost can be reduced by about 20-30%, and the energy density can be increased by about 20%. The performance of

large cylinder has been improved a lot, but the difficulty has increased a lot. The large cylinder is a plan that Tesla proposed earlier. After it was proposed at the beginning of 2020, the actual mass production work has been pushed back. The most difficult part is that the processing technology of large cylindrical tabs is relatively difficult.

At present, Yiwei should be a little further ahead than Tesla in terms of large cylinder technology. Although Tesla has released large cylinders for mass production in 22Q1, the yield rate is actually not ideal, and there are also some defects in the manufacturing process. This has resulted in Tesla’s current volume of large cylinders being lower than expected. Tesla is currently accelerating the development of large cylinders with overseas Panasonic , LG, Samsung . In terms of quantity, overseas counterparts are only in the pilot stage, and their technology has not yet reached maturity. In recent times, overseas battery companies have begun to announce large-scale expansion of cylindrical production capacity. From this, it is estimated that the mature mass production of overseas large cylinders should not be until 2023.

Relatively speaking, judging from the communication caliber of Yiwei Company, the manufacturing process of Yiwei's large cylinder will be better, including the pole piece process, which will be better than Tesla's executability.

00 million Wei has accumulated more experience in cylinders. The company started making cylinders in 2015. At the beginning, it hired the former cylinder teams of , Sanyo, and Panasonic to do it. Although the company's current large cylindrical products are not yet fully mature, is getting closer to mass production of , and it is expected to be the first in the industry to achieve mass production.

material technology route: The technology used by billion wei is ternary high nickel, coupled with high voltage fast charging technology route. If it can be done, it may help the company achieve rapid expansion in high-end car companies.

html The mass production time node of 400 million large cylindrical cylinders is: By the end of 22, the company's 4680 products can meet mass production conditions.

billion cylindrical capacity construction: has now planned a production capacity of 20GW/H. By the end of 2022, 7GW/H of production capacity will probably be put into operation, and the remaining 13GW/H of production capacity will be put into operation gradually in the first half of 2023.

12. What is the competitive landscape of domestic large cylinders?

Domestic battery companies currently have large cylindrical layouts. In addition to Yiwei, they are Ningde and BAK. BAK's overall comprehensive strength is definitely not as good as Yiwei's. Ningde era is also laying out large cylinders, but the technical route that Ningde is more optimistic about for should still be square. The large cylinder technical route is just a supplement to ; relatively speaking, only Yiwei is more focused and leading in large cylinders.

13. What is the situation of large cylinder customers?

large cylinder customer designated situation. At present, the fixed point that everyone can see is Chengdu Universiade . As soon as the announcement came out, there was a lot of ridicule in the market. In fact, many information companies do not announce it based on customer requirements. As far as we know, BMW’s intention to cooperate is very clear. In the past year or two, the company has arranged a large cylinder pilot production line for BMW to certify and expand. We can expect BMW to increase the volume of in the future. The expansion of some new customers in the second half of 22 and in 2023 is also worth looking forward to. For new battery technology, the industry will generally wait and see at first, first looking at the actual performance of the product and feedback from some manufacturers on its application, and then start to expand.

At present, Big Cylindrical Yiwei has planned a production capacity of 20GW/H, and in the future, more than 40GW/H of production capacity is under planning and subsequent construction. Overseas Hungary also has planned production capacity, and the construction progress will definitely be slower. It is expected that Ou Dayuan's localized production capacity will start to increase in 3 to 5 years.

14. What is Yiwei’s competitive advantage in the second-tier power battery echelon?

The company started making power batteries in 2015, and it has been about 8 years now. It is currently in the first echelon of second-tier battery companies, and it is also the battery company with the most potential among second-tier battery companies.

From the perspective of technical route:

Yiwei’s technical route layout is more comprehensive, including ternary and iron-lithium, and its ternary and iron-lithium are made according to high standards, and the technical layout is also relatively cutting-edge. In terms of ternary technology, the company is very clear about its technical route for high-nickel fast charging. Other second-tier battery companies still focus a lot of their energy on ternary mid-nickel products. Some only have three yuan, and there may be relatively few square ones. Including AVIC's current main products are ternary products, with relatively small amounts of iron and lithium. It may take one or two years before large-scale production will be released.

From the perspective of customer structure:

Power battery: Starting from 2018, overseas customers Daimler and Hyundai achieved breakthroughs. Subsequently, Square Sanyuan also obtained the appointment of BMW, Jaguar Land Rover and other major overseas customers. Domestic customers are mainly new forces, including Xiaopeng, Nezha, Ideal, etc.

Energy storage customers: The large power station project mainly cooperates with Huawei, and the public energy storage mainly cooperates with Wotai Energy.

From the perspective of scale:

The company’s power battery volume can nearly double to 30GW/H this year, and will continue to double next year to about 60GW/H. According to the current plan, the production capacity of will exceed 100GW/H by the end of 2022 and 200GW/H by the end of 23rd. With the advantages of customers, production capacity, industrial chain guarantee, and profitable cash flow, Yiwei should be able to gradually complete the implementation.

00 million Wei is similar to AVIC in terms of scale. Both companies have a volume of around 30GW/H this year and will aim to reach 60GW/H next year.

From the perspective of production capacity layout:

The company currently has many bases in Huizhou, Guangdong, Jingmen, Hubei, Wuhan, Hubei, Qujing, Yunnan, and Yuxi, and Chengdu, Sichuan, basically expanding to the western region. One reason is that in terms of resources, lithium resources are relatively abundant in these places. Electricity and energy costs in the western region will also be lower, labor costs will be lower, and policies will be more favorable. At present, the total production capacity of the company's overall plan has exceeded more than 300 GW/H. The current market expectation for Yiwei Lithium Energy's shipments in 2025 is around 100GW/H. This production capacity can fully meet the shipment volume before 2025. In the future, there is no need to worry too much about the company's production capacity digestion, because all the company's capacity expansion plans are based on customers' intended orders, and the pace of release will be based on customers' order needs. Generally, we can know the customer's order guidance for next year about a year in advance, and then plan how much production capacity will be put into production next year. Overall, the company's capacity utilization can remain at a relatively high level in the future. Production capacity can be matched with customer needs.

From the perspective of supply chain control:

The company's profitability has always been pretty good. Other second-tier companies may not have made money before, but the company can basically achieve breakeven or above. Previously, the net profit margin of soft-pack batteries was around 10%. This year, due to the impact of rising prices of upstream resources, it has dropped slightly. However, there will be a relatively strong recovery from the second quarter, which is mainly due to the company's layout in the supply chain. The harvest stage began in the second half of 2022. In addition to contributing to ensuring the supply of materials, the production capacity of these joint ventures will also bring considerable investment income to the company, which is also the source of the company's performance in 2023 exceeding expectations.

15. What is the progress, planning and significance of the company’s cooperation in upstream and midstream layout?

Whether it is upstream resources or materials, the company has joint venture output, and the scale is relatively large. In times of stress, the company will have the advantage of ensuring supply, and there will definitely be an advantage in terms of price. From the second half of the year to next year, the cost advantage brought to the company will become increasingly obvious.

Lithium resources: Lithium carbonate is mainly owned by two companies, Xinghua and Jinhai. Lithium extraction from salt lakes will begin to contribute investment income in 22Q2. By the end of 2022, 10,000 tons of Jinhai will be put into production, and it will be able to contribute a relatively large amount of profits in 2023.

Cobalt: mainly participates in the nickel smelting project in a joint venture with Huayou and is expected to start contributing profits in 2024.

Other joint venture capabilities:

diaphragm and Njie; negative electrode and Zhongke; diaphragm and negative electrode will be slower, but production capacity will also be released in 23 years.

iron lithium cathode is similar to Deppon; electrolyte is similar to New Zhoubang . Capacity release of electrolyte and lithium iron cathode will start from 22Q2.

The company's supply chain layout also brings profit flexibility.

In terms of lithium carbonate resources, , Xinghua and Lithium Industry, which the company has deployed this year, already have a production capacity of 5,000 tons, and they will begin to contribute profits in 22Q2. In addition, Qinghai will invest 1W tons of production capacity at the end of Q3, which will contribute incrementally to Q4. Therefore, the company's lithium carbonate equity output should be more than 3,000 tons this year, contributing a profit of about 700 million. Looking at 23 years, Qinghai's 1,000-ton capacity is full, and Xinhua's 5,000-ton capacity is also full. In terms of lithium carbonate in 2023, the company's total equity can reach about 1W tons, which can contribute more than 1 billion in investment income.

In terms of material supply chain, company has a production capacity layout of iron-lithium cathode, ternary anode, separator and electrolyte. Production capacity of lithium iron cathode and electrolyte has been released in 2022, which will contribute to profits. Equity in the supply chain can contribute 100 million to 200 million in profits this year. It may be possible to contribute 400 million in 23 years. Going forward, when all production capacity is released around 2024, the supply chain may contribute more than 1 billion in profits.

and above constitute the source of profit and room for exceeding expectations next year.

The planned production capacity of the subsequent company is also relatively large, and the corresponding capital expenditures on upstream resources and supply chain will also expand. Lithium Carbonate Company's goal is that the capital ratio of its own lithium resources should still be around 20-30%. The company recently announced that it plans to deploy lithium resources with Hive in Sichuan. The midstream supply chain, according to the current planned volume, is still unable to meet the company's needs around 2025. does not rule out further expansion of the subsequent supply chain.

16. What is the profit expectation of the company’s power battery business?

Overall, the company’s supply chain shipments and profit expectations are that last year the company produced 13GW/H, and this year it is expected to reach around 30GW/H. Among them:

ternary can contribute about 10GW/H;

iron-lithium can contribute about 18GW/H. Including energy storage, it will contribute about 8GW/H. The overall growth has doubled this year. It should further double in 2023, basically reaching a capacity of 60GW/H. According to the current situation of the company's production capacity expansion and customer orders, the probability of doubling in 23 years is high.

This year’s power revenue has not increased much compared to last year. This is mainly due to the impact of the price increase of raw materials this year. At the same time, the expenses this year are relatively high, and equity incentive expenses also have an impact. ’s profit in 2022 should be around 400 million.

Depending on the supply chain situation in 2023, it may reach 2 billion to 3 billion. The elasticity of power battery performance is mainly reflected in 2023.

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