Main views
New energy vehicles sold in September, up 98.3%/6.3% year-on-year, with a penetration rate of 27.1%; BYD html sold in March exceeding 200,000 vehicles, with a sales volume of Tesla , Wuling , Geely , and Aian, with sales volumes of 831/524/392/30,000 vehicles respectively; NIO / Xiaopeng /Ideal/Nezha/Zehua/Ask World, with sales volumes exceeding 10,000 vehicles. In early September, consumption activities in Shenzhen and Chengdu and other places were affected by the epidemic, centralized demand released at the end of the month still achieved good results of sales of over 700,000 vehicles in September. Entering the fourth quarter, on the one hand, the economic and consumer activities resumed demand under the control of the epidemic, and the supply of new models of various automakers has gradually increased. On the other hand, the global competitiveness of independent brands, especially new energy vehicles, has gradually emerged, surpassing Germany to become the world's second largest automobile exporter. It is expected that the annual sales may exceed 6.5 million vehicles, and the industry's prosperity will continue to rise.
The gross profit margin of the battery link has improved. Domestic battery factories lead the global competition with their technology, cost, production capacity and customer advantages
CATL released its performance forecast, with a net profit of 8.8-9.8 billion yuan in Q3, an increase of 169%-200% year-on-year. Ningde's total installed capacity in the first eight months reached 102.2GWh, an increase of 114.7% year-on-year, accounting for 35.5%, ranking first in the world; Yiwei, Yiwei Lithium Energy expects a net profit of 1.082 billion yuan to 1.298 billion yuan, a year-on-year increase of 50% to 80%. This year, it has implemented six major power and energy storage battery projects at home and abroad, with a total production capacity of about 178GWh, and a planned investment of more than 48.6 billion yuan; Guoxuan Hi-Tech is expected to have a net profit of 82-093 billion yuan, a year-on-year increase of 319% to 394%. The Yichun lithium mine project is progressing smoothly, and the new battery production line has entered the mass production stage. In the third quarter, the utilization rate of capacity has increased, the prices in the midstream have decreased, the price transmission and energy storage have contributed high gross profit, and the gross profit margin in the battery link has improved. At the same time, relying on technology, cost, production capacity and customer advantages to cope with global competition.
positive electrode profit returns, high barriers and high diaphragm barriers and high latitudes to maintain high profits, high lithium prices and high performance of lithium companies. Grasp the new technology
positive electrode links benefited in the first half of the year lithium salt inventory and nickel cobalt prices gradually faded, and due to the sluggish demand for new energy vehicles in Europe, the profit level of the positive electrode link declined; diaphragm is still a link with high technical barriers and excellent competitive landscape, and the supply and demand are still tight and the price is firm, and the single-level net profit level is still maintained and even improved. It is recommended to pay attention to new entrants with excellent technical teams and rapid progress in production capacity products. This week, the average price of battery-grade lithium carbonate was 545,000 yuan/ton, a month-on-month increase of 2.83%, and the price of lithium prices gradually increased. In the third quarter, the performance of upstream lithium companies increased significantly year-on-year. It is recommended to pay attention to new technical links, such as composite copper foil, ultrasonic welding technology, aluminum foil, sodium battery materials, battery recycling, etc.
suggests to pay attention to
First capacity release, cost pressure alleviates gross profit recovery Battery factories: CATL, Yiwei Lithium Energy, Guoxuan Hi-Tech, etc.; Second, supply and demand support lithium prices and high profit release lithium resource companies: Keda Manufacturing, Tianqi Lithium Industry , Rongjie Co., Ltd., Shengxin Lithium Energy, etc.; Three high-level midstream material links and new technologies: Meilian New Materials, Enjie Co., Ltd. , Putailai, Dongwei Technology, Jiaocheng Ultrasonic, Dingsheng New Materials, Guanghua Technology, etc.
risk warning
new energy vehicles are under development as expected; related technologies have seen disruptive breakthroughs; product prices have fallen beyond expectations; capacity expansion is lower than expected, product development is lower than expected; raw material price fluctuates .
Text directory
1 Battery improves global competition, grasps high barriers and new technology links
2 Market overview
2.1 Target pool
2.2 Changes in PE
3 Industry overview
3.1 Price changes in industrial chain
3.2 Industrial chain production and sales data tracking
3.3 Important news
3.4 Important company announcement
3.5 New stock dynamics
risk warning
1
Battery improves global competition, grasps high barriers and new technology links
New energy vehicles have steadily released, with sales in September of 708,000 vehicles. Looking forward to the continued improvement of automobile consumption demand under the control of the epidemic
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We recommend paying attention to three main investment lines:
main investment lines 1: battery factory link. From a medium- and long-term perspective, the lithium battery industry still maintains a high prosperity and is still the best investment track. As the midstream links gradually release production capacity, high-income material prices are expected to gradually ease. At the same time, battery factories and vehicle manufacturers negotiate prices and gradually establish metal price linkage mechanisms, which can effectively transfer some cost pressure. The gross profit margin of battery factories is expected to rebound, and it may usher in a good situation of both volume and price increase. It is recommended to pay attention to the leading globally competitive battery factories, as well as potential second-tier battery factories: CATL, Yiwei Lithium Energy, Guoxuan Hi-Tech, Funeng Technology, etc.
main investment line two: upstream lithium resource link. It is estimated that from 2021 to 2023, the difference in lithium supply demand will be -16/-13/-06,000 tons of LCE, the proportion of new energy demand will increase and be more sustainable, but the new supply will be more difficult to put into production and the cycle will be longer. The difficulty and progress of lithium resource development will be difficult to match the speed and magnitude of downstream demand growth. Supply and demand strongly support the medium and long-term high lithium prices, the profits of the industrial chain will move upward, and related companies are expected to achieve excess profits. It is recommended to pay attention to companies with strong lithium resource attributes, low cost and stable output and still have the potential to expand production: Keda Manufacturing, Rongjie Co., Ltd., Shengxin Lithium Energy, and Tianqi Lithium Industry.
Investment Main line three: has a clear pattern, obvious advantages, and still tight supply and demand. It is recommended to pay attention to 1) Due to the impact of equipment and technical barriers, the expansion of production is limited, and the supply and demand of high-end production capacity is relatively tight, and the leading sectors benefiting: Enjie Co., Ltd., Xingyuan Materials, Meilian New Materials, etc.; 2) The negative electrode and graphitization are balanced due to high energy consumption and the graphitization links: Putailai, Betre, Xiangfenghua , etc.; 3) High growth rate track represented by lithium iron phosphate and high nickel ternary: Defang Nano, Dangsheng Technology , Rongbai Technology, Zhongwei Co., Ltd. , Huayou Cobalt Industry , etc.
2
Market Overview
2.1
Target pool
We divide 83 companies in the lithium battery industry chain into twelve sub-industry including batteries, lithium cobalt, positive electrode and precursor, negative electrode, diaphragm, electrolyte , etc., to facilitate more detailed and accurate tracking of the market.
2.2
Rate and decline and PE changes
This week, the lithium battery industry chain overall rose 4.74%, the Shanghai and Shenzhen 300 rose 0.99%, and the electrical equipment (Shenwan) rose 7.33%. The sub-industry conductive agent , positive electrode and precursor fell by 8.34% and 0.03% respectively; current collector, electric drive electronic control, aluminum-plastic film , separator, charging pile and equipment, structural parts, batteries, electrolyte, lithium cobalt, and negative electrode rose by 3.08%, 5.07%, 6.14%, 2.78%, 8.76%, 2.79%, 6.70%, 7.96%, 0.38%, and 10.63% respectively.
stocks , the stocks with the top gains this week were China Baoan , Tianneng Co., Ltd., Guoxuan Hi-Tech, Putailai, and pioneer Intelligent, respectively, up 12.6%, 12.4%, 12.0%, 11.6%, and 11.2% respectively; the stocks with the top slump were Rongbai Technology, Tiannai Technology, Luoyang Molybdenum , Zhongwei Co., Ltd., and Huayou Cobalt, respectively, down 13.5%, 12.8%, 5.5%, 5.0%, and 4.2% respectively.
3
Industry Overview
3.1
Industry Chain Price Changes
Positive Materials: Battery-grade lithium carbonate, battery-grade lithium hydroxide, power-type lithium iron phosphate, ternary precursor , electrolytic nickel, electrolytic cobalt prices have risen, battery-grade iron phosphate , and ternary materials prices remain the same as last week, and the overall market transaction center is temporarily stable. In terms of metal cobalt nickel, the average price of electrolytic cobalt (≥99.8%) on October 14 was 363,000 yuan/ton, an increase of 3.71% from last week; the average price of electrolytic nickel (1#) on October 14 was 193,100 yuan/ton, an increase of 0.73% from last week; the average price of battery-grade lithium carbonate on October 14 was 545,000 yuan/ton, an increase of 2.83% from last week; the average price of battery-grade lithium hydroxide on October 14 was 525,000 yuan/ton, an increase of 2.94% from last week; the average price of ternary precursor (type 523), ternary precursor (type 622), and ternary precursor (type 811) on October 14 was 109,500 yuan/ton, an increase of 134,000 yuan/ton, an increase of last week. From the supply perspective, the production of precursor companies has increased recently in October, with the output of ternary precursors rising, and the production cost of ternary precursors falling. From the demand side, in the short term, precursor companies are driven by new models, and orders of domestic leading battery factories in the power side have increased, and second-tier battery factories have also continued to make efforts. High-nickel materials are mainly driven by the improvement of US market demand, showing a stable growth trend. Among the three-yuan materials, the average prices of three yuan 523 (power type), three yuan 622 (regular), and three yuan 811 (power type) were 340,500 yuan/ton, 366,000 yuan/ton and 387,500 yuan/ton respectively, which were the same last week. The average price of iron phosphate (battery grade) on October 14 was 23,250 yuan/ton, the same as last week. The average price of power lithium iron phosphate on October 14 was 164,000 yuan/ton, up 0.92% from last week. From a market perspective, it is still in the downstream peak season of gold, September and October, and the demand remains hot, and the recent price has risen significantly.
negative electrode material: The market supply continues to be tight, and the logic of subsequent rises is clear. 1 On October 14, the average price of artificial graphite (middle-range) was 50,000 yuan/ton, the same as last week, and the average price of natural graphite (middle-range) was 51,000 yuan/ton, the same as last week. The peak season in October is coming, demand is improving compared with the previous period, and prices are stable. Negative pole companies have a strong desire to raise prices, and their implementation is still in the game stage, and raw material prices are still at a high level.
Diaphragm: The price of diaphragm is stable, and the company is actively expanding production, but the overall supply remains tight. 10 October 14th day dry diaphragm (16 μm), the average price is 0.75 yuan/square meter, the same as last week, and the average price of wet diaphragm (9 μm) is 1.45 yuan/square meter, the same as last week. Domestic new energy vehicle production and sales have increased significantly, driving the demand for diaphragms to continue to rise, and the supply of diaphragms is gradually tightening. Diaphragms companies are seizing domestic production capacity, and the price of diaphragms continues to maintain stability.
electrolyte: lithium hexafluorophosphate , lithium iron phosphate electrolyte, and ternary electrolyte have increased, while battery-grade EC and battery-grade DMCh prices have decreased. The average price of ternary electrolyte (cylinder/2600mAh) on October 14 was 73.45 million yuan/ton, up 0.07% from last week; the average price of lithium iron phosphate electrolyte on October 14 was 63.7 million yuan/ton, up 0.47% from last week; the price of battery-grade DMC was 79.9 million yuan/ton, down 0.75 million yuan/ton, down 18.92% from last week; the average price of lithium hexafluorophosphate on October 14 was 306.6 million yuan/ton, up 0.33% from last week.
battery cell: The price of ternary battery cell is stable. The average price of square power battery cells (three yuan) on October 14 was 0.92 yuan/Wh, up 5.14% from last week; the average price of square power battery cells (lithium iron phosphate) on October 14 was 0.825 yuan/Wh, up 3.12% from last week.
3.2
Industry chain production and sales data tracking
In September 2022, my country's new energy vehicle sales were 708,000 units, up 98.3% year-on-year and 6.3% month-on-month.
From the perspective of sales structure, the sales of pure electric vehicles reached 539,000 units, a month-on-month increase of 3.2%, and the sales of plug-in hybrid vehicle were 169,000 units, a month-on-month increase of 17.4%.
In September 2022, the sales of new energy vehicles in the five European countries were 179,800, up 21.56% year-on-year and 70.42% month-on-month.htmlIn September, Germany's new energy vehicle sales continued to lead the other four countries, with a total sales of 72,700 vehicles, an increase of 28.72% year-on-year and a growth of 28.21% month-on-month.
In September 2022, my country's power battery production and installed capacity increased year-on-year and month-on-month. In September 2022, my country's power battery production was 59.1GWh, and increased by 155.2% year-on-year, an increase of 18.1% month-on-month; in September 2022, my country's power battery installed capacity was 31.6GWh, an increase of 101.6% year-on-year, and a increase of 14% month-on-month.
In August 2022, the shipments of the four major battery materials in my country increased significantly year-on-year and month-on-month. positive electrode material: In August 2022, the shipment of three-yuan positive electrode was 50,580 tons, a year-on-year increase of 56.35%, and a month-on-month increase of 6.42%; the shipment of lithium iron phosphate positive electrode was 85,750 tons, a year-on-year increase of 155.59%, and a month-on-month increase of 0.70%. negative electrode material: In August 2022, the shipment of artificial graphite was 85,400 tons, a year-on-year increase of 72.11%, and a month-on-month increase of 2.21%; the shipment of natural graphite was 20,000 tons, a year-on-year increase of 68.28%, and a month-on-month increase of 9.89%. Diaphragm: In August 2022, the shipment of wet diaphragm was 870 million square meters, a year-on-year increase of 66.92%; the shipment of dry diaphragm was 208 million square meters, a year-on-year increase of 49.43% and a month-on-month increase of 4.72%. electrolyte: shipments in August 2022 were 55,050 tons, a year-on-year increase of 44.49% and a month-on-month increase of 7.00%.
3.3
Industry important news
"dimension upgrade" path (Gaogong Lithium Power Network)
ternary positive electrode material is constantly upgraded. The new energy market has ushered in a turning point of explosion, and the penetration rate of electric vehicles has continued to increase. Data from the China Association of Automobile Manufacturers shows that from January to August 2022, my country's cumulative production of new energy vehicles was 3.97 million and sales of 3.86 million, an increase of 1.2 times and 1.1 times respectively year-on-year.
While the market situation is booming, the price of lithium battery raw materials has jumped, the supply is in short supply, and higher requirements are put forward for the car's endurance. Therefore, producing batteries with higher energy density, higher safety performance and lower cost has become the key to "breaking the deadlock".
ternary battery is the mainstream choice in the mid-to-high-end electric vehicle market, and the market demand space is huge. To meet higher market expectations, it is necessary to upgrade its material technology and innovate its process.
electrification accelerates penetration, and the ternary materials market is improving in the long run. Under the new industrial cycle, sales of new energy vehicles have risen sharply. From January to June 2022, both domestic production and sales of new energy vehicles exceeded 2.6 million, and the completion status exceeded expectations.
Benefiting from the rapid advancement of automobile electrification, the installed capacity of power batteries has also risen simultaneously. GGII data shows that from January to June 2022, the installed capacity of domestic power batteries was about 100.24GWh, a year-on-year increase of 116%. Except for the epidemic control in April to May, the year-on-year growth rate in the rest of the first half of the year was more than doubled. Among them, ternary batteries are highly favored by the market due to their advantages of high energy density. From January to June 2022, the installed capacity of domestic ternary power batteries is about 44.93GWh, a year-on-year increase of 55%, accounting for 45% of the total installed capacity.
Looking overseas, the installed power battery in the European market has always been mainly ternary. Data shows that the installed capacity of European ternary power battery from January to November 2021 reached 138.2 GWh, accounting for 95.4% of the total installed capacity of European power battery.
The demand for domestic and foreign ternary battery markets has been rising, driving a significant increase in shipments of ternary positive electrode materials. According to the calculation that 1500-1800 tons of ternary materials are required for 1GWh power batteries, the 4493GWh of China alone led to 67,000-81,000 tons of ternary positive electrode materials in the first half of 2022.
Gaogong Lithium Battery believes that with the continuous increase in the market penetration rate of new energy vehicles , the market of ternary positive electrode materials is improving in the long run.
Under the new industry cycle, battery energy density, safety performance and other requirements are becoming increasingly stringent. At the same time, as the prices of lithium battery raw materials jump, the calls for cost reduction and efficiency increase are gradually increasing, forcing the lithium battery material system to innovate. The energy density requirements are getting higher and higher, and the trend of high nickelization of domestic and foreign models is becoming more and more obvious.
Currently, models such as Model 3/Y, Peugeot e-208, Hyundai Kona, Volkswagen ID series, BMW IX3/X1, Mercedes-Benz EQ series, NIO ES6, Xiaopeng P7, Nezha U, Aiways U5, GAC AionV, AION LX PLUS, Geely Geometry A and other listed models are equipped with high nickel batteries. Driven by this, the shipments of high-nickel ternary materials have grown rapidly.
GGII statistics show that the global high nickel ternary shipment in 2021 was 309,000 tons, a year-on-year increase of 120.71%, accounting for 41.76% of the total shipment of ternary cathode materials; among them, China's high nickel (8 series and above) ternary materials shipped 170,000 tons, a year-on-year increase of 181%.
High-nickel ternary battery is the mainstream choice for high-end models of domestic and foreign OEMs, and its application is constantly accelerating. According to incomplete statistics from Gaogong lithium batteries, domestic and foreign mid-to-high-end models including BMW i3, Mercedes-Benz EQS, Audi Q4 e-tron, Cadillac LYRIQ, Chevrolet Bolt EUV, GAC Toyota 2022 iA5, Volkswagen 2022 ID.4 CROZZ, Lucid Air, High-Every HiPhi X, Zhiji L7 and other domestic and foreign mid-to-high-end models will be launched in 2022.
With the further decline in the cost of high-nickel batteries in the later stage and the industrialization of solid-state batteries is accelerated, it is expected that high-nickel cathode materials will continue to maintain a high-speed growth trend in the next 10 years, and global shipments are expected to reach more than 5 million tons by 2030.
In response to this, positive electrode material companies such as Rongbai Technology, Xiamen Tungsten New Energy, and Changyuan Lithium Technology have been continuously accelerating the research and development progress of high-nickel ternary materials and have continuously made breakthroughs. For example, Rongbai Technology completed the development and pilot of the first generation of NCM811 in 2016, achieved large-scale mass production in 2017, and achieved rapid shipment growth. In order to further enhance market competitiveness, Rongbai Technology is also developing the next generation of ultra-high nickel positive electrode products to further reduce the watt-hour cost of high-nickel materials and increase energy density. At present, the company's second-generation Ni90 system is under development and has entered the mass production stage. The third-generation Ni96 system is cooperating with customer development, and it is expected to achieve small-scale mass production this year.
In addition, the top Chinese, Japanese and Korean battery companies will also target the next-generation battery, targeting high-nickel batteries or solid-state batteries with nickel content of more than 90% or even completely cobalt-free, and formulate a clear mass production plan. This means that ultra-high nickel ternary cathode materials will become the future development direction.
High voltage: superior comprehensive performance and speed up application. The high voltage path is based on medium nickel ternary materials. By increasing its voltage platform, the positive electrode material can remove more lithium ions at higher voltages, thereby achieving higher specific capacity and average discharge voltage, thereby achieving the purpose of increasing energy density. Judging from the main products currently used in practical applications, the actual energy density of 735.15Wh/kg of typical products of high voltage Ni6 series (Ni65) is close to 739.32Wh/kg of typical products of Ni8 series.
Currently, the high voltage is based on medium nickel ternary materials, and is worse than high nickel ternary in terms of raw materials, production processes and processing costs. At the same time, since the nickel content of high voltage materials is relatively low, the production process is not as complicated as high nickel ternary, so high voltage positive electrode materials also have certain safety improvements while increasing the energy density.
With its superior comprehensive performance, the high-voltage ternary materials market is gradually opening up, and major positive electrode manufacturers and some battery companies have entered this field and accelerated their application. For example, in terms of positive electrode manufacturers, Xiamen Tungsten New Energy has developed a new 4.4V high-voltage 6-series ternary material and has been successfully applied to electric vehicles with a range of more than 1,000 kilometers; Changyuan Lithium Technology's high-voltage 4.3V and 4.35V ternary positive electrode materials have been mass-produced in the field of power batteries, and 4.4V ternary positive electrode materials have been gradually applied to the field of digital batteries. As for the
battery manufacturer, China Innovation Aviation was the first in the world to mass produce 590 module batteries using high-voltage ternary battery material technology in 2020, and has been loaded on the Aion-LX model designed by its main customer GAC Aion; this year its high-voltage fast-charging ternary lithium battery cell will also be equipped with Smart Elf #1, with its energy density reaching the industry-leading level of more than 250Wh/kg, supporting 150kW super fast charging, 100kW fast charging and 7.2kW slow charging, and can support a service life of 10 years and 300,000 kilometers while maintaining 80% capacity.
It is worth noting that high voltage ternary positive electrode materials are still facing a series of challenges. At high voltage, due to the large number of lithium ions, the ternary positive electrode material is prone to a series of problems such as crystal structure, poor stability, ion mixing, and irreversible phase change, resulting in macro battery failure behaviors such as short battery cycle life, low thermal stability, and electrolyte consumption. The above series of problems need to be suppressed through metal ion doping, building artificial cladding, matching high-voltage electrolytes and additives.
Single crystallization: Two development routes are in parallel, and market demand is growing rapidly. Compared with the polycrystalline ternary material with conventional secondary particles agglomerated, the single-crystalline material has higher load voltage, longer cycle life, and higher security. It has two development routes.
, one is the medium and low nickel single crystal route. Large single crystal products have higher load voltages. Some domestic medium and low nickel single crystal materials can be comparable to polycrystalline high nickel energy density through high voltage. For example, Ni55, NCM613 and other products have lower precious metal content. The products meet the energy density while having higher cost performance.
The second is, the high nickel single crystal route. The ternary materials have poor stability in high-nickel environments, stable single crystal chemical properties, and better cycling performance. The corresponding doping can improve the safety performance of high-nickel ternary materials.
With the gradual introduction of downstream power battery companies, the market demand for single crystal ternary materials has grown rapidly. Data shows that in Q1 2022, the single crystal output reached 49,000 tons, accounting for 38.5%. It is expected that the market share of domestic single crystal ternary materials in 2022 is expected to rise to more than 40%. Specifically, in Q1 2022, the proportion of single crystal material systems in the medium-crystal 5-series and medium-high nickel 6-series ternary materials exceeded 50%; in Q1 2022, the proportion of single crystal high-nickel 8-series ternary materials has increased to 13.5%.
It is worth mentioning that the ternary positive electrode material is upgraded toward high nickelization, high pressure and single crystallization. While bringing about improvements in energy density, safety performance and cost reduction, it also increases the difficulty of material production processes, and puts forward higher requirements for related companies in terms of precursors, doping, coating and material system understanding.
Under this situation, the ternary material field will accelerate the reshuffle, the market may be reconstructed, and enterprises with relevant technical reserves are expected to stand out, and the rest of the companies may be eliminated by the market, and the industry's competitive landscape will gradually become more concentrated.
1 million tons! The giant of 100 billion lithium battery "entered" lithium iron phosphate (OFWeek Network)
htmlOn September 29, Yuntianhua announced that it signed a "Consolidation Agreement on Cooperation Intentions for Iron Phosphate and Lithium Iron Phosphate Projects" with Huayou Holdings. The two parties plan to promote the construction and operation of the 500,000 tons/year iron phosphate project and the 500,000 tons/year lithium iron phosphate project through cooperation in the industry. The two parties will acquire each other's equity in and use this as the project implementation subject.Specifically, Huayou Holdings plans to acquire 49% of the equity of Juneng New Materials, 100% Holdings of Yuntianhua through the public trading market. After the acquisition is completed, Juneng New Materials will be responsible for the construction (or acquisition) and operation of the 500,000 tons/year iron phosphate project. Yuntianhua plans to acquire 49% of Yunnan Youtian's equity held by Huayou Holdings 100%. After the acquisition is completed, Yunnan Youtian will be responsible for the construction (or acquisition) and operation of the 500,000 tons/year lithium iron phosphate project. At this point, the layout of lithium iron phosphate of the "Cobalt Mao" Huayou Cobalt Industry has been officially completed!
Huayou Cobalt Industry is a subsidiary of Huayou Holdings. On June 14 this year, Huayou Cobalt announced that after full friendly negotiations with Huayou Holdings, the company decided to terminate the acquisition of 100% of Shengfan Technology's equity through its holding subsidiary Bamo Technology, and intends to terminate its layout in the field of lithium iron phosphate materials. It is reported that the acquisition transaction began in November 2021. At that time, Huayou Cobalt said that the acquisition of Shengfan Technology was to lay out lithium iron phosphate and achieve "two legs walking" with ternary materials. As soon as the announcement of the termination of the acquisition was made this year, market analysts believe that perhaps Huayou Cobalt Industry is concerned about the overcapacity of lithium iron phosphate positive electrode materials. According to incomplete statistics, the scale of lithium iron phosphate expansion announced by various manufacturers and the existing production capacity have exceeded 5 million tons. In comparison, the domestic shipment of lithium iron acid in 2021 was 470,000 tons.
However, there is another view in the market that Huayou Cobalt Industry does not place lithium iron phosphate materials but focuses on ternary materials. Huayou Holdings has other plans to integrate the lithium iron phosphate business and go public separately.
Why does this view appear? It is because Shengfan Technology is a wholly-owned subsidiary of Huayou Holdings. In 2021, the total output of lithium iron phosphate positive electrode material exceeded 11,000 tons, the total sales exceeded 10,000 tons, and the annual output value reached 600 million yuan.
Weike.com Lithium Battery noticed that Huayou Cobalt Industry signed a "Cooperation Framework Agreement" with Xingfa Group at the end of 2021, and jointly deployed an industry from phosphate ore mining to lithium iron phosphate material manufacturing in Yichang, Hubei. The scale of iron phosphate and lithium iron phosphate projects is as high as 500,000 tons per year.
In June this year, Huayou Cobalt Industry announced that it plans to raise funds to invest in Guangxi Huayou Lithium Company's annual battery-grade lithium salt project; through its wholly-owned subsidiary Huayou International Mining and TIMGO, the construction of the Prospect Lithium Mining Arcadia Lithium Mine Development Project, as of October 2021, the lithium oxide grade of the Arcadia project was 1.06%, and the lithium oxide metal volume was 770,000 tons (lithium carbonate equivalent is 1.9 million tons). Huayou Cobalt Industry's move to invest in large-scale lithium salt projects at home and abroad is also seen as paving the way for the lithium iron phosphate battery material business.
Now, Huayou Holdings chose to deepen its lithium iron phosphate business by joining hands with Yuntianhua. Whether it will integrate the lithium iron phosphate business and go public separately remains to be seen. What kind of "position" will Huayou Cobalt Industry launch its lithium iron phosphate business in person? It is worth looking forward to.
Yuntianhua deeply layout the field of lithium iron phosphate. Yuntianhua focuses on fertilizers, phosphate ore mining, fine chemicals, etc. It is the largest listed phosphate ore mining enterprise in China, with a phosphate ore reserves of 690 million tons. Its existing phosphate ore production capacity is 14.5 million tons/year, the total production capacity of fertilizer grade wet phosphate is 2.25 million tons/year (reduced pure), and monoammonium phosphate .18 million tons/year.
The industrial chain of lithium iron phosphate batteries is: phosphate ore-industrial grade phosphate/monoammonium phosphate-ferrous phosphate-lithium iron phosphate positive electrode-ferrous lithium battery.
Based on this, on October 29, 2021, Yuntianhua announced that it had officially entered the field of lithium iron phosphate. According to the plan, it is expected to invest in the construction of a 500,000 tons/year precursor and supporting projects in Anning, Yunnan within two years, and will be constructed in two phases, with an overall estimated investment of 7.286 billion yuan.
Currently, the project is progressing steadily as planned. In recent investor research activities, Yuntianhua said that the first phase of the 100,000 tons/year iron phosphate project has reached the scheduled usable state and entered the full production stage in September; the land use, construction approval and other work of the 2×200,000 tons/year iron phosphate project is also being accelerated. Iron phosphate products have been sent to downstream customers and are waiting for further verification by customers.
On September 19 this year, Yuntianhua once again increased its layout. On the same day, Yuntianhua announced that it plans to establish a wholly-owned subsidiary Yunnan Yuntian New Energy Mineral Resources Development Co., Ltd., and use this as the investment entity to build a "4.5 million tons/year phosphate ore flotation project for new battery materials precursors". The total investment is expected to be 1.896 billion yuan. After the project is completed, the concentrate produced is mainly used to meet the resource needs of Yuntianhua's 500,000 tons/year iron phosphate project and the fine phosphorus chemical industry.
In addition to leveraging its own resource advantages to quickly extend to the field of lithium iron phosphate, Yuntianhua also joined hands with companies in the lithium battery industry chain to make multi-party layout: In November 2020, Yuntianhua and Dofluoro jointly established a joint venture Fluorophosphoro Electronics (51% equity of Dofluoro and 49% equity of Yuntian). The joint venture's 20,000 tons/year electronic grade hydrofluoric acid project is expected to be put into production by the end of 2021. The 5,000 tons/year lithium hexafluorophosphate project and 2×15,000 tons anhydrous hydrogen fluoride project are being carried out in an orderly manner as planned.
In February this year, Yuntianhua signed a "New Energy Battery Full Industry Chain Project Cooperation Agreement", with Enjie Co., Ltd., Huayou Holdings, Yiwei Lithium Energy and the Yuxi Municipal Government, agreeing that all parties will jointly establish two joint ventures in Yuxi City to jointly mine mineral resources, carry out mineral deep processing, and jointly build battery and upstream and downstream material supporting projects.
Although Yuntianhua's battery materials business has not yet released the incremental performance it has brought, Yuntianhua's existing business has also created considerable profits. In the first half of this year, benefiting from the rising prices of major products such as fertilizers, poly formaldehyde, , yellow phosphorus, and feed calcium, Yuntianhua achieved operating income of 36.623 billion yuan, a year-on-year increase of 18.4%; net profit of 3.466 billion yuan, a year-on-year increase of 120.48%.
So far in 2022, lithium iron phosphate batteries have continued and maintained a high-level leading trend. Data from the China Automobile Power Battery Industry Innovation Alliance shows that from January to August this year, the cumulative installed capacity of my country's power batteries was 162.1GWh, a cumulative year-on-year increase of 112.3%.Among them, the cumulative loading of lithium iron phosphate batteries was 95.9GWh, accounting for 59.2% of the total loading of vehicles, a cumulative increase of 172.2% year-on-year. According to statistics, in 2022, the investment in lithium iron phosphate-related projects has remained unabated. As of September 20, among the 24 newly announced investment projects, including statistics, 21 projects have announced investment amounts, with a total investment amount of approximately 76.645 billion yuan and an average investment amount of approximately 3.65 billion yuan.
Weike.com Lithium Battery believes that the final formation of data is facilitated by market choices. Tesla, BYD, , Mercedes-Benz, , Ford, Hyundai, Rivian and other domestic and foreign OEMs have firmly chosen lithium iron phosphate batteries to prompt upstream companies to accelerate and increase the layout of lithium iron phosphate materials.
However, the overheating of the industrial track will inevitably accelerate the market reshuffle. Who can "smiling, proud and proud" in the future? A unique and differentiated product is the best solution.
energy storage battery track set off a intensive "production expansion wave" (Polaris Energy Storage Network)
Faced with ten years or even longer, energy storage can be regarded as a high growth track with long slopes and thick snow. According to the forecast of the High-tech Industrial Research Institute (GGII), global energy storage battery shipments will approach 500GWh by 2025, and by 2030, energy storage battery shipments are expected to reach 2300GWh, and the market size will exceed 3 trillion.
Such a broad energy storage market space has not only attracted old batteries such as CATL, Penghui Energy, China Innovation Aviation, Yiwei Lithium Energy, Guoxuan Hi-Tech, Xinwangda, Desai Battery to be racing in the energy storage battery track, but also allowed battery "new stars" such as Haichen Energy Storage and Chuneng New Energy to accelerate their investment in the energy storage track.
Many system integrators and downstream related companies have also begun to make an upward layout, increasing the production capacity layout of energy storage batteries to meet the increasing market energy storage demand, such as Tianhe Energy Storage, Zhongtian Technology, Baofeng Group, etc.; cross-border companies such as Southern Heisema and Longjing Environmental Protection have also joined the expansion wave of energy storage batteries, and for a time, energy storage batteries have become the "hot commodity" for the industry to expand production.
On the evening of October 10, CATL released the "Sales Forecast for the First Three Quarters of 2022", which is expected that the net profit attributable to shareholders of listed companies in the first three quarters of 2022 will be between 16.5 billion yuan and 18 billion yuan, a year-on-year increase of 112.87% to 132.22%. Energy storage has become an important growth pole of CATL.
Indeed, since 2021, CATL has been the top global energy storage battery shipment list, and its energy storage business contributed over 12.7 billion yuan in operating income in the first half of this year. CATL also reached strategic cooperation with important enterprises such as State Energy Group, State Power Investment Corporation, China Huadian, Three Gorges Group, China Energy Construction, and Sungrow Power Supply in the field of energy storage batteries, and continues to consolidate its leading position.
Industry insiders said that the popularity of the first-tier battery companies in the energy storage field has already played a certain positive role in the entire industry.
In addition, CATL has not slacked off in the expansion of production in the field of energy storage. On September 28, CATL issued an announcement that the company plans to invest in the construction of a new energy power battery system and energy storage system production line in Luoyang City, Henan Province, with a total investment of no more than 14 billion yuan. On April 21 this year, CATL officially stated that it will invest a total of 13 billion yuan in Xiamen to build a power battery system and energy storage system production line. Overall, among the 13 factories in CATL, Chongqing, Zhaoqing and other factories have previously produced energy storage batteries. Now Xiamen and Luoyang will also become important production sites for CATL energy storage batteries.
With the leadership of the first-tier companies, the second-tier battery companies are rushing to rush, expanding production in large quantities, hoping to build energy storage into a new growth pole for the company. Among them, Yiwei Lithium Energy's pace of expansion is more eye-catching. According to incomplete statistics, from 2021 to 2022, Yiwei Lithium Energy has disclosed at least five large-scale investment projects or construction projects of power storage battery, with a total investment amount of no less than 66.521 billion yuan and a production capacity of no less than 262.61GWh. The projects involve Jingmen, Hubei, Chengdu, Sichuan, Yuxi, Yunnan, Qujing, Liaoning and other provinces and cities.
In addition, China Innovation Airlines' power battery and energy storage battery projects with a total investment of 28 billion yuan in May last year were settled in Chengdu; Xinwangda plans to invest 21.3 billion yuan for power battery and energy storage battery production capacity projects with a total investment of 50GWh; Funeng Technology has planned a 24GWh lithium iron phosphate battery project for energy storage; Penghui's Changzhou, Liuzhou, Zhejiang and other major production bases are gradually expanding production, and it is expected to release 40GWh of production capacity in 2023, and it is planned to reach 100GWh by 2025, of which 80% of them are supplied to energy storage demand. Guoxuan Hi-Tech, Zhuhai Guanyu, Desai Battery, etc. have also started the production capacity planning of energy storage batteries.
There are also some new battery companies focusing on energy storage tracks, such as Haichen Energy Storage, Ruipu Lanjun, Lishen Battery, Haiji New Energy, Chuneng New Energy, etc., which are taking big steps to expand production to meet the increasing demand of the energy storage track.
As a representative of the new battery companies, Haichen Energy Storage specializes in the energy storage track and researches on energy storage battery cores. In June this year, Haichen Energy Storage announced that it would invest 13 billion yuan in Chongqing to build a new 50GWh new generation energy storage lithium battery production base. According to Haichen Energy Storage Development Plan, by 2025, the full production capacity will be achieved by 135GWh, from industry focus, industrial technology, product layout and industrial chain ecology to promote the industrialization and large-scale development of energy storage.
, and new battery manufacturers of Ruipu Lanjun, Lishen Battery, Haiji New Energy, and Chuneng New Energy are also vigorously increasing their investment in energy storage batteries.
In addition to the "professional players" in the battery field increasing their energy storage, some downstream or related companies are also accelerating their production expansion in the energy storage battery field. Baofeng Group plans to invest 96.4 billion yuan to build a full energy storage industry chain project. The Suyin Industrial Park is built with an annual output of 200GWh battery cells and energy storage container system; the Ningdong is built with an annual output of 500,000 tons of lithium iron phosphate positive electrode material, 300,000 tons of graphite negative electrode material, and 340,000 tons of electrolyte. Currently, the construction of a 100GWh energy storage full industrial chain project is ready to start.
At present, Trinhe Energy Storage has completed the development of 150Ah\280Ah energy storage battery cells, and the production capacity of the joint venture 10GWh battery cell production line is gradually reaching full production.
On October 12, the construction of the Paineng Technology 10GWh lithium battery R&D and manufacturing base project started. It is reported that the project mainly builds 10GWh energy storage battery cells and system assembly production lines, battery manufacturing and system assembly plants, R&D centers and supporting facilities, with a total investment of 5 billion yuan, and the annual output value can reach 10 billion yuan after reaching production.
Zhongtian Technology produces square lithium-ion batteries based on power energy storage systems, with four production lines: 25Ah/50Ah/105Ah/210Ah, and is forming an annual production capacity of 5GWh lithium battery energy storage systems.
It is worth noting that there are also companies from other industries that are also attracted by the high-prosperity energy storage battery track.
htmlOn October 10, Southern Hei Sesame Group Co., Ltd. issued an announcement to increase the capital of Tianchen New Energy. After the capital increase is completed, Southern Heizhima holds 59.09% of the equity of Tianchen New Energy. After this capital increase, Tianchen New Energy plans to simultaneously deploy over 19GWh energy storage batteries in Nanjing, Jiangsu and Nanchang, Jiangxi.Many players flocked to the energy storage battery track, which was due to the strong demand for energy storage batteries. Some industry insiders told Gaogong Energy Storage that most of the current energy storage battery orders are in short supply, and some companies' battery orders have been scheduled until next year. On the other hand, it is also due to a series of policy-driven and market incentives, localities are competing to accelerate the development of energy storage. The relevant municipal governments plan to build a new energy industry chain, and the battery industry can be the core of this chain.
. Data from the National Energy Administration shows that from January to July this year, the national renewable energy capacity added 65.02 million kilowatts, accounting for 77% of the new power generation capacity in the country; the national renewable energy power generation capacity is 1.52 trillion kilowatt-hours, accounting for 31.8% of the national power generation. It can be seen that the construction of a new power system under the dual carbon trend is also imminent. Driven by multi-layer factors, energy storage has developed into one of the most prosperous new energy tracks after electric vehicles and photovoltaics.
As the energy storage battery industry becomes hot, enterprises have increased their investment in the energy storage battery industry and show three major characteristics.
First, new and old battery companies take action together, and cross-border companies "spot" enter the market.
This time, the old power battery vendors in CATL, Yiwei Lithium Energy, Penghui Energy, Xinwangda, Funeng Technology, etc., also have new batteries with its main businesses focusing on the energy storage track, Haichen Energy Storage, Ruipu Energy, Lishen Battery, Chuneng New Energy, etc.
In addition, downstream companies such as Tianhe Energy Storage, Zhongtian Technology, Pain Technology, and Baofeng Group have been seeking energy storage outlets to expand their battery territory again; while other industries such as Southern Heisema and Longjing Environmental Protection have also chosen the right time for the industry to explode and announced their entry into the energy storage battery field.
Second, the investment scale is huge, and the scale effect of the trillion-dollar energy storage market is beginning to show.
CATL plans to invest 14 billion yuan to build a new energy battery production base project in Henan; Yiwei Lithium Energy Investment has disclosed a total amount of no less than 66.521 billion yuan in power energy storage projects since this year, of which nearly half of the energy storage share. Many companies such as Penghui Energy and Paineng Technology have also made every effort to increase investment, construction or expansion of energy storage batteries, with investment amounts of billions or even hundreds of billions of yuan. According to incomplete statistics, within this year alone, 26 expansion projects related to the production and manufacturing of energy storage batteries and power batteries have been announced. Their total investment will exceed 290 billion yuan, and the total production capacity will reach 820GWh. The scale effect of the trillion-dollar energy storage market has begun to appear.
Third, the energy storage battery track is very fast, and there may be professional battery heavyweight players in the energy storage track in the future.
For example, the old battery company Yiwei Lithium Energy has made a large-scale expansion of production, which may make up for its shortcomings in the energy storage field compared with other battery manufacturers, and its battery status is more advanced, and its scale of expansion is quite eye-catching.
. New battery companies such as Haichen Energy Storage specialize in the energy storage track. With its powerful battery power, it has become a veritable "dark horse" in the energy storage track. In response to the expansion of power energy storage demand, it will quickly develop its production capacity layout.
It is worth mentioning that downstream or related industries such as Tianhe Energy Storage, Baofeng Group, and Zhongtian Technology hope to achieve sustained high growth in the enterprise with the core competitiveness of energy storage batteries.
But the industry still needs to be vigilant that intensive production expansion may also bring the risk of overcapacity, and tail companies will face the risk of being eliminated. However, with technological breakthroughs and scale effects emerging, the industry reshuffle will also improve the overall quality of the industry.
Lithium battery positive electrode material industry has soared production capacity. What is the key to competition? (Battery China Network)
In recent years, thanks to the rapid development of new energy vehicles and energy storage industries, the shipment of lithium batteries has continued to increase, driving the rapid growth of my country's lithium battery positive electrode materials. Coupled with the sharp rise in the prices of upstream lithium, cobalt, nickel and other metals since last year, the entire lithium battery positive electrode material industry has continued to show a prosperous scene of "both increasing prices and volumes" for some time.
Lithium battery positive electrode material industry has soared production capacity. What is the key to competition?
data shows that in 2021, China's positive electrode materials shipments were 1.094 million tons, with an output value of 141.91 billion yuan, an increase of 98.5% and 123.1% year-on-year respectively. It is expected that the shipments in 2022 will reach 1.31 million tons, with an output value of 163.1 billion yuan. The rapid growth of the market plate has attracted more and more companies to enter the positive electrode materials industry and set off a wave of expansion. Bank of China Securities believes that the supply and demand pattern of the positive electrode materials market is relatively balanced, but large-scale expansion of manufacturers may deepen the problem of structural overcapacity, or there may be insufficient high-end production capacity and overcapacity in low-end production. How to stand in front of you, improve your competitiveness, and at the same time plan ahead and build a stable development moat will test the strategic wisdom and ambition of every participating company in the industry.
As a rising star in the lithium battery positive electrode materials industry that has grown rapidly in recent years, Fengyuan Co., Ltd. has given its own ideas in solving the above development issues. Public information shows that Fengyuan Co., Ltd.'s positive electrode material production capacity will reach 140,000 tons by the end of 2022 (125,000 tons of lithium iron phosphate, 10,000 tons of high nickel, and 5,000 tons of ordinary ternary), an increase of more than 7 times year-on-year compared with the 17,000 tons of production capacity in 2021. By 2025, the company's planned cathode materials and supporting production capacity will rapidly expand to 700,000 tons. In addition to the planned cathode materials increase the planned cathode materials to 350,000 tons (300,000 tons of lithium iron phosphate, 45,000 tons of high nickel ternary, and 5,000 tons of ordinary ternary), it will also plan to add 350,000 tons of new supporting project production capacity (300,000 tons of iron phosphate and 50,000 tons of lithium carbonate) upstream.
Overall, the source of confidence in the sharp expansion of Fengyuan Co., Ltd.'s production capacity in 2022 is based on the successful practice in the field of lithium battery positive electrode materials in recent years and the continued optimism about the industry's prospects.According to the annual report, in 2021, the company's revenue increased by 124.78% year-on-year and its net profit increased by 281.80%. The product has two mainstream series: lithium iron phosphate and ternary materials. It can not only maximize customer needs, but also quickly respond and switch according to changes in the technical route. At the same time, thanks to the rich experience of leading enterprises in the field of oxalic acid chemicals, the company has strong fine management and process control capabilities in process flow, digital production, quality control, etc., and continuously strengthens its advantages in product stability, large-scale production and cost control. At present, its positive electrode material products have been certified by more than 30 battery manufacturers, and have established stable cooperative relationships with leading battery companies in the industry such as BYD, Penghui Energy, Far East Battery, and ranked first in the 2021 BYD (Fudi) company's positive electrode LFP materials comprehensive quality evaluation.
cannot be ignored that with the influx of more and more manufacturers, the competition between ordinary lithium iron phosphate and ternary materials will inevitably become increasingly fierce. However, the relevant person in charge of Fengyuan Co., Ltd. said that he was not overly concerned about the industry's structural overcapacity problem. The company has always adhered to the production strategy of "determining production based on sales" to ensure that the new production capacity has sufficient demand support. And in the long run, Fengyuan Co., Ltd.'s competitive barriers in integrated layout and technical reserves will become increasingly solid.
Upstream of the industrial chain. In August this year, Shandong Fengyuan Lithium Energy Technology Co., Ltd., a wholly-owned subsidiary of Fengyuan Co., Ltd., established a holding subsidiary in Shandong Dongjia Group Co., Ltd., and planned to operate an annual output of 100,000 tons of iron phosphate project in Zaozhuang, Shandong. In addition, the company has planned an annual output of 200,000 tons of iron phosphate and 50,000 tons of lithium carbonate in Yunnan. In the downstream of the industrial chain, Fengyuan Co., Ltd. integrates customers and market resources, maintains technical exchanges and cooperation with battery companies such as BYD during the production stage, continuously expands high-value customers, and successfully enters the supply chain system of many high-end battery companies. Through integrated layout, Fengyuan Co., Ltd.'s lithium battery positive electrode material competition moat will be further strengthened, cost control, collaborative management and organic integration of industrial resources will be realized, and development competitiveness will be greatly enhanced, and risk resistance will be strengthened.
Fengyuan Co., Ltd. is also well prepared in terms of technology research and development. Relying on the Zhongke Fengyuan High Energy Lithium Battery Materials Research Institute jointly built with the Qingdao Institute of Bioenergy and Process of the Chinese Academy of Sciences, Fengyuan Co., Ltd. successfully broke through the technical barriers of high-nickel preparation and became one of the few companies in China with the mass production capacity of high-nickel ternary materials. In addition, we will continue to strengthen the research and development of new materials such as high-performance lithium manganese ferrophosphate, ultra-high nickel ternary NCM positive electrode materials, high-specific capacity ternary NCA positive electrode materials, single crystal ternary positive electrode materials, high-specific capacity lithium-rich manganese and sodium ion battery positive electrode materials. The lithium battery positive electrode material pilot line base under construction will be put into use in the fourth quarter of this year to undertake the large-scale test of newly developed products in the laboratory, and to promptly promote mass production according to market development and core customer needs.
Through the integrated layout and continuous increase in technical research and development measures, Fengyuan Co., Ltd. is ready to cope with the multi-faceted demand for cathode materials in terms of power and energy storage of lithium batteries, and seize the industrial and technological commanding heights of new cathode materials for lithium batteries. In the increasingly fierce competition in the field of lithium battery positive electrode materials, its competitive advantages are becoming increasingly apparent and are ushering in a new round of leapfrog development.
3.4
Important Company Announcement
Shares Increase and Decrease:
[China Bao'an] Shenzhen Chengxing Investment Co., Ltd. has purchased a total of 128,960,618 shares of the company's A-shares through centralized bidding, resulting in its shareholding ratio increasing from 9.7904% to 14.7904%, and the shareholding ratio has changed by 5%.
[Winghe Technology] The company repurchased a total of 7,382,185 shares through centralized bidding transactions, accounting for 1.14% of the company's total share capital. The highest transaction price is 29.53 yuan/share, the lowest transaction price is 22.65 yuan/share, and the total transaction amount is RMB 193,137,518.36. This share repurchase plan has been implemented.
[Shi Dashenghua] Shandong Weipu Holdings Co., Ltd. increased its holdings of the company by 176,500 shares through centralized bidding trading on the Shanghai Stock Exchange trading system, accounting for 0.0871% of the company's total share capital, with an increase of 16.6071 million yuan.
[Norde Co., Ltd.] The company has repurchased 11,291,600 shares through centralized bidding transactions, and the proportion of repurchased shares to the total share capital is 0.65%. The highest transaction price is RMB 11.28/share, the lowest transaction price is RMB 8.38/share, and the total amount of funds paid is RMB 100,000,765.86.
[Tianci Materials] The company repurchased the company's shares through centralized bidding transactions through repurchasing special securities accounts, accounting for about 0.41% of the company's total share capital. The highest transaction price is 49.99 yuan/share, the lowest transaction price is 46.80 yuan/share, and the total transaction amount is approximately 386.64 million yuan.
[Huayou Cobalt Industry] As of October 10, 2020, the company has purchased a total of 2,125,218 shares of the company through centralized bidding transactions. The proportion of the purchased shares accounts for about 0.1330% of the company's total share capital, the total transaction amount is 163.5692 million yuan, and the average transaction price is 76.97 yuan per share.
[Foundary Motor] The company's controlling shareholder Zhuoyue Automobile Co., Ltd. and its joint actor Zhongzhen Hanjiang Equipment Technology Co., Ltd. plan to transfer its 25 million shares and 20 million shares of the company to Huzhou Zhidu Technology Industry Development Co., Ltd. within 3 months after the expiration of the sales limit or other time during negotiation. Zhang Min plans to terminate the voting rights corresponding to his 33,626,337 shares to Zhuoyue Automobile. Zhuoyue Automobile plans to entrust the voting rights corresponding to the remaining 15 million shares of the company after the completion of this share transfer to Zhidu Technology. In addition, the company plans to issue shares to Zhikou Technology in private placement, and Zhikou Technology plans to fully subscribe to the 100 million shares issued by the company to it.
shares pledge and unpledge:
[Inbor] The company's controlling shareholder Jiang Guibin released the pledge 4,966,030 shares this time, accounting for 2.9991% of the company's total share capital.
[Terreide] The company's shareholder Derui Investment pledged 27,000,000 shares this time, accounting for 2.59% of the company's total share capital.
[Xinwangda] The company's controlling shareholder Wang Mingwang released the pledge of 10,370,000 shares this time, accounting for 0.62% of the company's total share capital.
[BYD] The company's controlling shareholder Lu Xiangyang released the pledge of 2,075,000 shares this time, accounting for 0.07% of the company's total share capital.
Investment and Financing:
[Betel] The company's wholly-owned subsidiary Bethel Electronics plans to jointly establish a joint venture with Jirun Automobile, a holding subsidiary of Geely Automobile Holdings Co., Ltd., to jointly invest in the manufacturing and sales of automotive intelligent chassis line-controlled products and technology upgrade innovation. The registered capital of the joint venture is RMB 90 million, of which Bethel Electronics subscribed capital is RMB 58.5 million, with a shareholding ratio of 65%; Jirun Automobile subscribed capital is RMB 31.5 million, with a shareholding ratio of 35%.
[Ganfeng Lithium Industry] The company agrees that its wholly-owned subsidiary Ganfeng International Co., Ltd. or its wholly-owned subsidiary will acquire no more than 100% of Lithea's shares, with a total acquisition consideration of no more than US$962 million. At present, Ganfeng International has completed the consideration payment and equity delivery work of the equity transaction, and holds 100% of the equity of Lithea Company.
[Fengyuan Co., Ltd.] The company plans to raise RMB 714 million to raise capital to its wholly-owned subsidiary Shandong Fengyuan Lithium Energy Technology Co., Ltd. through a private placement of shares, and Fengyuan Lithium Energy will increase capital to its holding subsidiary and its holding subsidiary Anhui Fengyuan to raise RMB 464 million.
[Shi Dashenghua] Company signed an "Investment Cooperation Agreement" with Zhongfutaihua, intending to establish Sichuan Leshan Zhongfushenghua New Energy Co., Ltd. in Leshan City, Sichuan Province. The registered capital of the joint venture is RMB 120,000, and the subscribed capital of Zhongfu Taihua is RMB 792,000, with a capital contribution of 66%; the subscribed capital of Shenghua New Materials is RMB 408,000, with a capital contribution of 34%.
[Founder Motor] Company passed the "Proposal on Investing in the Construction of a New Energy Drive Motor Industry Base Project with an annual output of 3 million sets", and plans to invest in the Construction of a New Energy Drive Motor Industry Base Project with an annual output of 3 million sets of new energy drive motor industry base project in Deqing County, Zhejiang Province.
[Founder Motor] In order to continue to promote the company's overall development strategy, further improve the company's business layout, expand the business scale, and meet the production capacity required for future business expansion, the company plans to sign a "Cooperation Agreement for the Project of Intelligent Drive System for New Energy Vehicles" with the Huzhou Moganshan High-tech Industrial Development Zone Management Committee to build an annual output of 6 million sets of new energy vehicle intelligent drive system projects.
[Norde Co., Ltd.] The company plans to jointly invest 100,000 million yuan in Qingjing Copper Foil in cash with Kaibo Fund, of which: Norde Co., Ltd. plans to increase its capital by 800,000 yuan, of which 233.2342 million yuan is the newly added registered capital of Qingjing Copper Foil, and 566.7657 million yuan is the capital reserve of Qingjing Copper Foil; Kaibo Fund plans to increase its capital by 200,000 yuan, of which 58.3086 million yuan is the newly added registered capital of Qingjing Copper Foil, and 141.6914 million yuan is the capital reserve of Qingjing Copper Foil. After the completion of this capital increase, the company will hold 47.0588% of the equity of Qingjing Copper Foil.
Loan Guarantee:
[Cangzhou Mingzhu] In order to meet the daily operation needs of the company's subsidiary, the company plans to increase the guarantee amount of 300 million yuan for Cangzhou Donghong Membrane Technology Co., Ltd. After this increase, the total amount of the cumulative guarantee amount for Cangzhou Donghong Membrane Technology Co., Ltd. will not exceed RMB 400 million.
[Kodali] The company and the Shenzhen Branch of Industrial Bank Co., Ltd. signed a "Maximum Guarantee Contract", which stipulated that the company provides joint and several liability guarantee for the comprehensive credit application of Huizhou Kedali to Industrial Bank under the "Credit Contract" signed by Huizhou Kedali and Industrial Bank to apply for a comprehensive credit line of no more than RMB 100 million to Industrial Bank.
[Xingyuan Material] The company's wholly-owned subsidiary Xingyuan Materials (Nantong) New Materials Technology Co., Ltd. applied for bank credit from the Changzhou Branch of China Merchants Bank Co., Ltd. due to business needs. The company bears joint and several liability guarantee of RMB 500 million for the above-mentioned credit.
[Zhongke Electric] The company provides joint and several liability guarantee for its subsidiary Hunan Zhongke Xingcheng to apply for a maximum of RMB 600 million in financing from Changsha Bank; and provides joint and several liability guarantee for its subsidiary Hunan Zhongke Xingcheng and Postal Savings Bank to sign the "Liquidity Loan Contract", and the guaranteed principal of the debt is RMB 100 million.
[Zhenghai Magnetic Materials] In order to meet the daily production and operation needs of Nantong Zhenghai Magnetic Materials Co., Ltd., the company intends to provide joint and several liability guarantee for the comprehensive credit of RMB 300 million applied for by it from the Nantong Branch of Jiangsu Bank Co., Ltd.
[Foundary Motor] In order to ensure the normal production and operation of the subsidiary, the company agreed to apply for a comprehensive credit line of RMB 85 million from the Shenzhen Branch of China Everbright Bank Co., Ltd. At the same time, the Company provides irrevocable joint and several guarantee liability for the above loans.
[Dingsheng New Materials] In order to meet the daily operation needs of Liansheng New Materials, a wholly-owned subsidiary, needs to apply for a comprehensive credit from the Tongliao Branch of China Construction Bank Co., Ltd., the company provides Liansheng New Materials with a maximum joint and several liability guarantee of RMB 300 million.
[Norde Co., Ltd.] The board of directors agreed that the company's subsidiary Qinghai Electronic Materials Industry Development Co., Ltd. applied for a comprehensive credit of RMB 225 million from Qinghai Bank Chengdong Branch for a term of 1 year, and the company provided a guarantee for it; the company agreed that the company's grandson company Qinghai Norde New Materials Co., Ltd. applied for a comprehensive credit of RMB 100 million from Xining Chengdong Branch of Bank of China Co., Ltd. for a comprehensive credit of RMB 100 million from the Xining Chengdong Branch of Bank of China Co., Ltd. for a guarantee for it, and at the same time, some of the machinery and equipment of Qinghai Electronic Materials Industry Development Co., Ltd. are mortgaged.
[Keheng Co., Ltd.] According to the business development needs of Yingde Keheng, wholly-owned subsidiary Yingde Keheng, the company intends to provide joint and several liability guarantees for Yingde Keheng's financing activities that will not exceed 300 million yuan. After this new guarantee amount, the company will have a total guarantee amount for Yingde Keheng's investment.
Personnel Changes:
[Paineng Technology] The company agreed to nominate Mr. Wei Zaisheng, Mr. Zhai Weidong, Mr. Tan Wen, Mr. Zhang Jinzhu and Mr. Bian Erhao as non-independent director candidates for the third board of directors of the company; and agreed to nominate Mr. Jiang Bailing, Mr. Ge Hongyi and Mr. Zheng Honghe as independent director candidates for the third board of directors of the company.
[Betel] Due to work adjustments, Mr. Duan Guangcan proposed to the Supervisory Board to resign from the positions of supervisory board and chairman of the Supervisory Board; Mr. Zhai Shengbao proposed to the Board to resign from the corresponding positions of independent director and special committee of the Company's third board of directors.
[Betel] The company's board of directors intends to nominate Ms. Ma Lijun as a candidate for independent directors of the third board of directors, and also serve as the director of the audit committee of the third board of directors and a member of the remuneration and assessment committee of the third board of directors. Her term of office will expire until the expiration of the current board of directors; the company's supervisory board elects Mr. Zhang Hao as a candidate for shareholder representative supervisor of the third board of supervisors, and his term of office will expire until the expiration of the current board of supervisors.
[Keheng Co., Ltd.] The board of directors agreed to appoint Ms. Tang Fen, Ms. Xu Yuxiang, Mr. Fan Jiang and Ms. Chen Guilian as the company's vice presidents. The term of office will be from the date of review and approval of this board of directors to the date of expiration of the fifth board of directors.
[Zhongke Electrical] Mr. Chen Wenqiang applied to resign from the position of shareholder representative supervisor for personal and family reasons. After resigning, Mr. Chen Wenqiang no longer holds any position in the company.
Others:
[Guoxuan Hi-Tech] Company and Sumeida Co., Ltd. have signed a "Strategic Cooperation Agreement". The two parties intend to actively explore in the field of power engineering, especially energy storage, carry out in-depth all-round cooperation, and establish a long-term and stable strategic partnership.
[Yahua Group] The company agreed to its wholly-owned subsidiary Yahua International Investment Development Co., Ltd. to terminate the equity subscription and mining rights investment in Canada Super Lithium Company.
[Yongxing Materials] The company's subsidiary Yongxing New Energy's annual battery-grade lithium carbonate project has completed equipment installation and debugging, material feeding test and other work, and has all approval procedures required for production. The production capacity has met the design requirements and achieved full production.
3.5
New stock dynamics without
Risk warning
New energy vehicles are not as developed as expected. If the growth rate of new energy vehicles slows down less than expected, industrial policies will change temporarily, and if the subsidy reduction and implementation time expectations change, it will have an impact on the production and sales of new energy vehicles and directly affect the development of the industry.
related technologies have made disruptive breakthroughs. If the cost of lithium batteries drops less than expected, the implementation of relevant policies will weaken, and the new technology will see a disruptive breakthrough, and the lithium battery industry chain will be damaged.
industry competition is fierce, and product prices have dropped more than expected. may have a decline in product market share and product prices falling beyond expectations.
capacity expansion is lower than expected, and product development is lower than expected. If the progress of establishing new production capacity is backward and the development of new products is backward, it will cause supply chain risks and product mass production and listing risks.
Raw material prices fluctuate. raw materials are mainly lithium, cobalt, nickel and other metals, and price fluctuations directly affect the profit level.
This article is from the securities company research report selected
