Probe into the cathode market with undercurrent su

2022-09-30
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Electrical equipment: dynamic 5. Load accuracy: ± 0.5% force battery life gate undercurrent surging cathode market discussion

the cost accounts for the largest proportion in lithium-ion batteries. With the improvement of environmental protection regulations, it is also the cathode material that mainly affects battery energy density, cycle and other factors. At present, there are many thermosetting materials that can realize a variety of thermosetting materials, such as cross-linked polyester, polyurethane The direct extrusion 3D printing of epoxy resin has the problems of decentralized concentration and low gross profit margin. In 2017, the top 5 domestic cathode enterprises accounted for only 34%. However, it still cannot stop the enthusiasm of cathode production expansion. Domestic rongbai, Shanshan and other enterprises have greatly expanded their production, and foreign BASF and other enterprises are also accelerating their layout

on the surface, the cathode industry has high dispersion and low gross profit margin, which is not a very attractive industry for investors, but major manufacturers still strengthen the layout of the cathode industry. We analyze the following three reasons:

the output value of the cathode is large and the development significance is great: the cost of cathode materials accounts for about 33% in power batteries, which exceeds the sum of the costs of cathode, diaphragm and electrolyte, Therefore, the positive pole is the largest link in the output value of the power battery industry. Secondly, the cathode material plays a decisive role in the energy density, cycle life and other indicators of lithium batteries

high input-output ratio: at present, domestic cathode material manufacturers such as rongbai lithium and (,) have input-output ratios of more than 30%, and the return on investment of the project is in a good position in the industry, which is also the reason why many manufacturers flock to it

the recognition of cathode market needs to be improved: at present, the concentration of cathode materials in China is low, and there is no particularly outstanding manufacturer. The Cr5 in China is only about 30%, while that in foreign countries is more than 70%. Domestic cathode materials have not been recognized by mainstream power battery enterprises in the international market. With the increase of concentration in the future and the entry of foreign markets, leading companies have huge room for development in the future

recommended target:

dangsheng Technology: high nickel ternary has become a trend. The company's ncm532, ncm622 and other technologies are leading. 811 cathode has been mass produced this year, becoming one of the few suppliers with good sales

the company has stable customer resources, basically including the top ten domestic battery manufacturers. The international high-end market has been expanded smoothly and has the strength of globalization

Shanshan Co., Ltd.: the leader in the production capacity of cathode materials. Relying on the layout of the resource side (lithium, cobalt, molybdenum), it will have cost advantages and emerge industry leading enterprises such as Yi'an technology, Yinxi technology, HONGNA (Dongguan) new materials, etc. The rapid expansion of production capacity is expected to rapidly increase market share, and the future performance is expected

risk tip:

the development of lithium battery industry is less than expected, the cathode manufacturers have excess capacity for short-term expansion, and the prices of upstream raw materials have increased significantly

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