On June 23, CATL released the CTP3.0 Kirin battery, with system integration hitting a global high, volume utilization rate exceeding 72%, energy density up to 255Wh/kg, and can achieve a range of 1,000 kilometers of the vehicle. It is expected to be mass-produced and launched in

24

Jun

text | Gong Mengze

In the context of high cost of power batteries and continuous rise in raw material prices, technological innovation has become an important means to reduce costs.

Affected by the above positive news, on June 23, CATL's stock rose nearly 6%, hitting a 60-day high in the session, closing at 536.97 yuan per share, with a market value of 1.25 trillion yuan.

National Science and Technology Achievement Transformation Fund New Energy Vehicle Entrepreneurship Sub-Fund Fang Jianhua told the Securities Daily reporter that the development direction of CTP (celltopack, module-free power battery pack) has become an inevitable choice for car companies. This Kirin battery integration technology has strengthened the core technology and market competitiveness of "Ningwang" on the one hand; on the other hand, it will further strengthen the industry penetration rate of CTP and its impact on related industrial chains.

Kylin battery energy density

ul ul Tesla 4680

Compared with the traditional "battery cell-module-battery package" three-level structure, CTP technology eliminates or reduces the module assembly process and directly integrates the battery cell into the battery pack. The increase in space utilization and the reduction of battery packs have led to the increase in energy density and the cost has decreased, becoming the "trump card" of CTP.

As early as 2019, CATL released the world's first CTP battery pack jointly created with BAIC New Energy . As CATL's first generation CTP battery, it cancels processes such as module side panels and module fasteners welding, which increases the volume utilization rate of the battery pack by 20% to 30%, reduces the number of parts by 40%, and increases the production efficiency by 50%. After

, CATL's second-generation CTP battery pack integrates the original module battery cell voltage and current sampling and other parts, further reducing the number of module accessories, and integrating the battery cell directly into the battery box. The Kirin battery released by CATL this time is the third-generation CTP battery pack, and the volume utilization rate will be increased from 55% of the first generation to 67%.

In this regard, CATL chief scientist Wu Kai said that Kirin battery has four significant advantages: high safety, long life, large energy, and 4C high-voltage fast charging, and it also has 13% more power than the 4680 battery, the industry leader Tesla. It is reported that the 4680 battery is Tesla's third-generation battery cell product. Its single-unit energy density is about 300Wh/kg and the battery pack energy density is 217Wh/kg. In 2021, Tesla claimed that the energy of the 4680 battery cell has increased by 5 times, and the vehicle's cruising range has increased by as much as 16%.

At the online performance conference held by CATL in early May this year, the company proposed a new goal, namely, mass-producing batteries that meet the requirements of no heat diffusion and can range up to 1,000 kilometers in 2023, and is expected to mass-produce the battery-chassis combination using CTC technology in 2025, integrating the two most important components of for electric vehicle into one.

"The release of Kirin batteries is an embodiment of CATL's continuous consolidation of technical advantages. Competition in the battery field is shifting from price wars to value wars. With the upward breakthrough of independent new energy vehicle companies and the intensive launch of new energy models of overseas car companies, the market demand for high-energy-density power batteries has expanded rapidly." Yu Qingjiao, Secretary-General of Zhongguancun New Battery Technology Innovation Alliance, told the Securities Daily reporter that the release of innovative battery technologies such as Kirin batteries will support the continuous increase in its global market share.

Chinese enterprise

leads the advanced manufacturing of lithium batteries

When it comes to CATL and CTP technology, we have to say BYD and its blade battery (GCTP). "CTP technology focuses on battery system innovation. In short, it is to directly install the battery cell in the entire battery pack, simplify the module structure, optimize the battery pack structure, and achieve a significant reduction in costs through hierarchical segmentation."A lithium battery industry engineer told reporters that the blade battery is an extremely long battery cell that is infinitely stretched in width, making it into an ultra-long battery cell of 90 cm or even 1 meter faster. The extremely thin battery cell adopts a similar soft-pack battery manufacturing process, and the two ends are out of the ear battery battery.

In the view of the above lithium battery engineer, the advantage of CTP technology is that on the basis of the constant cost of 102Ah and 150Ah battery cells, it can use CTP technology to achieve system cost reduction, and can fully participate in the design process of the entire battery pack, and then have bargaining power with vehicle companies and strengthen the right to speak in the industrial chain. In terms of blade batteries, it is independently designed and developed by BYD, with complete intellectual property rights, and has stronger technological innovation. "But overall, blade batteries and CTP technology are essentially the same. "

" As a listed company that was the first to launch CTP battery technology, CATL will also promote the CTP track to heat up again. "Yu Qingjiao told the Securities Daily reporter that as of now, many power battery companies and car companies are busy developing CTP and similar battery technology solutions.

According to the reporter's observation, in addition to CATL and BYD, domestic battery manufacturers including Honeycomb Energy and China Innovation Airlines have also launched CTP-related products. For example, the first generation of Honeycomb Energy CTP reduced the components by 24%; the second generation of grouping efficiency increased by 5% to 10%, the space utilization rate increased by 5%, and the number of parts decreased by 22%; the One-StopBettery launched by China Innovation Airlines Without traditional shell covers, through technologies such as multi-functional composite packaging, integrated bridge electrical connection, high shear external insulation, etc., the weight of the structure is reduced by 40%, the number of parts is reduced by 25%, and the space utilization is increased by 5%.

From the technical route of the above-mentioned companies, it can be seen that although the specific names of battery products are different, they are all centered on CTP technology that increases space utilization and improves energy density. "The only difference lies in how to solve the insulation problem, how to protect thermal runaway, what methods to use for thermal management, etc. The direction is correct, but technical breakthroughs and supply chain guarantees are also required. "Fang Jianhua said.

"CTP technology achieves battery structure innovation, and Chinese companies lead the world. " Guotai Junan Securities believes that under the promotion of two leading companies, CATL and BYD, Chinese power battery companies have been leading in the field of CTP technology research and development. After the successful application of many popular new energy vehicles, we expect that the first year of large-scale application of CTP technology will begin in 2022. It is expected that by 2025, the domestic and global new energy vehicle battery pallet market space will exceed 20 billion yuan and 35 billion yuan respectively, with an average annual compound growth rate of 32.4% and 30.2% respectively.

lithium battery industry has nurtured

"Two Heroes of trillions"

Following the first breakthrough of the trillion-yuan market value mark on May 31 last year, BYD joined the "Two Heroes of trillions" on June 10 this year, giving the domestic automobile industry a "Two Heroes of trillions".

Review the growth history of the two companies, CATL focuses on the research and development, production and sales of new energy vehicle power battery systems and energy storage systems, and has stepped into the air to quickly grow into a domestic power battery manufacturer giant; the industry changes and multiple strategic transformations have made BYD forge It has become the leader of independent brands in the fields of electronics, automobiles, new energy and rail transit. The common points that companies stand out are undoubtedly the booming trend of the new energy market.

According to data from the China Association of Automobile Manufacturers, in the first five months of this year, domestic automobile sales totaled 9.555 million vehicles. Although it is showing a significant recovery growth, it still declined by 12.2% year-on-year; among which, the new energy market is truly strong. In the first five months, domestic new energy vehicle sales have exceeded 2 million vehicles, and has doubled year-on-year growth in . 111.2%. China Association of Automobile Manufacturers predicts that the sales of new energy vehicles will exceed 5 million vehicles this year. The broad market prospects provide strong support for the "trillion-yuan market value" of BYD and CATL.

However, if you look closely, the development paths of the two companies are different. The rise of CATL, which was established in 2011, is based on new market demand and seizes the opportunities of the global new energy vehicle market. Its customers not only cover major domestic car companies, but also have reached a strategic cooperation with Tesla, Hyundai, Ford, Daimler, , etc.In 2021, CATL's global installation rate accounted for 32.6%, and overseas revenue reached 27.87 billion yuan, accounting for 21.38% of the total revenue. In May this year, CATL power batteries were installed in China at 8.51GWh, with a market share of 45.85%, ranking first.

In comparison, BYD is a representative of the fact that it relies on forward-looking layout to accumulate strength. BYD, founded in 1995 and entered the automotive field in 2002, also started with traditional fuel vehicles, but always had a "new energy dream". In April this year, BYD set a new record with sales of nearly 106,000 vehicles, ranking the global new energy vehicle sales champion, forcing Tesla to second place. In May, BYD hit a new high, achieving 118,135 and 114,943 new energy vehicles respectively, an increase of 270% and 250% year-on-year respectively. This is the third consecutive month that BYD sold more than 100,000 vehicles per month.

"The lithium battery industry is extremely large, especially with the explosion and growth of new energy electric vehicles, the 'money prospects' of the lithium battery industry are bright." Gao Yunpeng, director of the China New Energy Vehicle Industry Innovation Alliance, said in an interview with the Securities Daily reporter that the gradually growing market has not provided much opportunity for more participants, because the monopoly pattern of the strong lithium battery manufacturing has been basically established, and the era of China-made lithium battery has arrived.

pictures｜Zhankuheluo Baotu.com Production | Zhou Wenrui

WeChat ID｜securitiesdaily

Sina Weibo｜SecuritiesDaily

Sina Weibo｜Securities Daily Voice