Under the background of global shortage of resources and deterioration of the environment, new energy vehicles are booming from concept to industry due to their advantages of clean energy and non-polluting emissions. The power battery, which is the core link of new energy vehicles, has also ushered in a better development. opportunity. At present, the most mature nickel-metal hydride batteries have been widely used in hybrid vehicles. However, in order to achieve longer-term and fundamental energy-saving and emission-reduction effects, hybrid electric vehicles have become an inevitable trend toward pure electric vehicles. In order to meet the requirements of pure electric vehicles, nickel-metal hydride batteries will be replaced by better-performing lithium-ion batteries. ChinaVenture China Investment Group analysis believes that China's power battery companies should continue to strengthen technological innovation, and strive to improve the quality and safety performance of domestic lithium battery products, so that lithium batteries in the field of new energy vehicles are widely used to enhance the corresponding market share. At the same time, in the entire lithium battery industry chain, lithium battery materials companies with leading technology, high product bias, and obvious scale advantages also have better investment space.
New energy vehicles are booming. Batteries usher in favorable conditions in the face of the increasingly severe global energy situation and environmental pressure. Countries in the world are paying more and more attention to energy security and environmental protection. New energy vehicles have their advantages in energy cleanliness and pollution-free emissions. From concept to industry flourished. New energy vehicles include hybrid vehicles (HEV), plug-in hybrid vehicles (PHEV) and pure electric vehicles (EV). As the power source of new energy vehicles, power batteries are its most central and profitable link. It can be said that the performance and cost of power batteries directly determine the development path of new energy vehicles. Therefore, with the development of new energy vehicles, power batteries also ushered in a better investment opportunities. Power batteries can be mainly divided into lead-acid batteries, nickel-cadmium batteries, nickel-metal hydride batteries and lithium batteries.
In recent years, with the development of the new energy automobile industry, the power battery, which is the core link of its industrial chain, has also attracted the attention of VC/PE capital. According to ChinaVenture Investment Group's financial data product CVSource statistics, China's momentum for 2007-2011 The battery industry disclosed 48 private equity financing cases with a financing amount of 580 million U.S. dollars and an average single financing amount of 12.15 million U.S. dollars. Among them, total financing amounted to 210 million U.S. dollars in 2010, accounting for 36.2% of the total private equity financing scale of the power battery industry in the past five years. Both the case disclosure amount and the financing amount reached the highest level in history.
In terms of capital markets, according to ChinaVenture Investment Group's financial data product CVSource statistics, from 2007 to date, a total of 10 power battery industry companies have achieved IPO in the global capital market with an accumulated financing amount of 1.372 billion US dollars. In terms of returns, the IPO average IPO return of the power battery industry so far in 2007 was 6.8 times.
Lead-acid, nickel-cadmium batteries, space-limited nickel-metal hydride batteries will be replaced by lead-acid batteries with mature technology, low cost, safe and reliable advantages, is currently the only mass production and application of power batteries, commonly used in electric bicycles and buses . However, lead-acid batteries are of heavy weight, short life span, specific energy and service life are not ideal, and lead metal pollution of the environment, so gradually replaced by other high-energy batteries is the general trend. Previously, due to the low entry barriers and the lack of strict licensing review, many companies have flooded into the lead-acid battery industry, resulting in a large number of low-level redundant constructions, and the entire industry has experienced scattered, chaotic, and poor conditions. According to statistics, nearly 90% of the existing 3,000 lead-acid battery companies are not up to the standard. The Ministry of Environmental Protection will start a special environmental verification action for the lead-acid battery industry in the near future. After the overall reshuffle of the industry, the industry concentration rate will increase. The improvement of industrial technology and the upgrading of industrial technology will allow the remaining large enterprises to benefit from it and contribute to the overall development of the industry.
The specific energy of nickel-cadmium batteries is about 1.5 times that of lead-acid batteries, and has the advantages of light weight and long service life. However, metal cadmium has serious poisoning and seriously pollutes the environment, so it has basically withdrawn from the competition in the power battery market. In summary, lead-acid batteries and nickel-cadmium batteries have limited application space in new energy vehicles.
Nickel-metal hydride battery is an improvement of nickel-cadmium battery. It has the advantages of high specific energy, high and low temperature performance, safety and durability, and no environmental pollution. It occupies an absolute dominant position in the battery of hybrid vehicles. Judging from the industrial cycle, nickel-metal hydride batteries have entered a mature period, forming a large-scale production, as the production technology of automotive power batteries has basically matured. However, nickel-metal hydride batteries can only be used as a transitional product because of the lack of battery life, high self-discharge rate, and other limitations, as well as limited space for technical improvements and cost reduction. In addition, in order to achieve longer-term and fundamental energy-saving emission reduction effectiveness, hybrid vehicles need to continuously improve the degree of electrification, the development of pure electric vehicles become inevitable, and nickel-metal hydride batteries can not meet this trend. Therefore, in the long term, with the continuous maturation of lithium-ion battery technology and the continuous reduction of costs, nickel-metal hydride batteries will be replaced by better-performing lithium-ion batteries.
Lithium battery will become the star of the tomorrow's technical barriers to be breakthrough compared to lead-acid batteries, nickel-cadmium batteries, nickel-metal hydride batteries and other power batteries, lithium batteries with high specific energy, long cycle life, small self-discharge rate, no memory effect and green Outstanding advantages. In recent years, the domestic lithium battery industry has formed a relatively complete industrial chain through continuous development and accumulation, including upstream lithium resources, lithium battery materials in the middle reaches (cathode materials, anode materials, electrolytes, separators, etc.) and downstream Battery production.
The positive electrode material accounts for about 30-40% of the cost of the lithium-ion battery and is the most important factor that affects the battery performance. From the perspective of the application of cathode materials in the current market, Lithium cobaltate, lithium manganate, lithium nickel-cobalt-manganate ternary composites and lithium iron phosphate are included. At present, the domestic cathode material is still dominated by lithium cobalt oxide, but due to its high cost, poor safety and other shortcomings, it is expected that the proportion will decline in the future, gradually replaced by three other materials. Lithium iron phosphate, in particular, has obvious advantages in terms of safety, service life, and cost. It is the most promising cathode material and will become the mainstream technology in the future.
The negative electrode material is mainly composed of graphite and solid carbon particles. Compared with the positive electrode material, the negative electrode material accounts for a lower proportion of the cost of the lithium battery, which is only about 10%. The types of anode materials are few, and the degree of product homogeneity is relatively high. After more than 20 years of development, the supply market has been highly concentrated. The enterprises that win in the industry rely mainly on scale. At present, domestic negative electrode material technology is relatively mature and the market competition pattern is basically stable, so the investment space is relatively limited.
The electrolyte consists of a high-purity organic solvent, an electrolyte lithium salt (lithium hexafluorophosphate), and the necessary additives, and is filled in the gap between the positive and negative electrodes and the separator to conduct ions. The electrolyte is a guarantee for the lithium-ion battery to obtain high voltage, high specific energy and other advantages. It is a necessary key material for lithium-ion batteries. The most important raw material for electrolyte production is lithium hexafluorophosphate, which is very difficult to synthesize. Its cost accounts for about 50% of the overall cost of the electrolyte, and its gross margin exceeds 60%. Because of the high technical threshold, lithium hexafluorophosphate is monopolized by Japanese companies for a long time. However, with the breakthrough of domestic enterprises in lithium hexafluorophosphate technology and the expansion of production scale, companies with strong R&D capabilities have better investment opportunities.
The separator is a separator separating the positive and negative electrode materials. The surface has a lot of small holes. Its important function is to isolate the positive and negative electrodes and prevent electrons from passing through, while allowing the passage of ions, thus completing the lithium ion during charge and discharge. Fast transfer between positive and negative poles. In addition, the separator also has the function of a "protective resistor". When a short circuit occurs, the separator can close the pinhole so that ions cannot pass through, thereby blocking the electrochemical reaction in the battery. Therefore, the separator with excellent performance plays an important role in improving the overall performance of the battery. In the cost of lithium batteries, the separator only accounts for about 10%, but the gross profit rate is as high as 70%, which is the most profitable and technically-thresholdable link in the lithium battery industry chain. At present, the separator market is basically monopolized by the three giants of Asahi Kasei Chemicals, Dongfang Chemical, and Celgard. Domestic separator products are mostly used for low-end lithium-ion batteries, and high-end separators are almost entirely dependent on imports. With the development of the new energy automotive market, the demand for lithium battery separators will increase significantly. The domestic separators are expected to achieve large-scale industrial production, and the import substitution space is relatively large.
At present, the bottlenecks in the development of new energy vehicles are the high selling prices and related facilities such as charging stations, which need to be improved. In the face of high prices of new energy vehicles, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission have issued new products. The "Circular on Launching Private Subsidy for Subsidies for New Energy Vehicles" clearly stipulates that the maximum subsidy for plug-in hybrid vehicles is 50,000 yuan per vehicle; the maximum subsidy for electric vehicles is 60,000 yuan per vehicle. Policy subsidies and financial support are important, but the cost of new energy vehicles is still an important factor in order to achieve large-scale development. In the cost of new energy vehicles, the power battery is the core link. Reducing the cost of power batteries depends on the decrease in the cost of lithium battery materials and the scale effect of battery production. Therefore, strengthening technological innovation and increasing product cost performance are the future directions for battery development. Previously, ChinaVenture Investment Group's research on industrial investors in terms of the investment value of the power battery industry, investors also said that the cost control and technical route of the power battery is the key to future development.
ChinaVenture Investment Group's analysis believes that in the context of global shortage of resources and environmental deterioration, new energy vehicles are booming from concept to industry due to their clean energy, non-polluting emissions, and other advantages. As the core of new energy vehicles, the power battery is also Ushered in a good opportunity for development. At present, the most mature nickel-metal hydride batteries have been widely used in hybrid vehicles. However, in order to achieve longer-term and fundamental energy-saving and emission-reduction effects, hybrid electric vehicles have become an inevitable trend toward pure electric vehicles. In order to meet the requirements of pure electric vehicles, nickel-metal hydride batteries will be replaced by better-performing lithium-ion batteries. Therefore, Chinese companies should continue to strengthen technological innovation and strive to improve the quality and safety performance of domestic lithium battery products, so that lithium batteries in the field of new energy vehicles are widely used to enhance the corresponding market share. At the same time, in the entire lithium battery industry chain, lithium battery materials companies with leading technology, high product bias, and obvious scale advantages also have better investment space.
New energy vehicles are booming. Batteries usher in favorable conditions in the face of the increasingly severe global energy situation and environmental pressure. Countries in the world are paying more and more attention to energy security and environmental protection. New energy vehicles have their advantages in energy cleanliness and pollution-free emissions. From concept to industry flourished. New energy vehicles include hybrid vehicles (HEV), plug-in hybrid vehicles (PHEV) and pure electric vehicles (EV). As the power source of new energy vehicles, power batteries are its most central and profitable link. It can be said that the performance and cost of power batteries directly determine the development path of new energy vehicles. Therefore, with the development of new energy vehicles, power batteries also ushered in a better investment opportunities. Power batteries can be mainly divided into lead-acid batteries, nickel-cadmium batteries, nickel-metal hydride batteries and lithium batteries.
In recent years, with the development of the new energy automobile industry, the power battery, which is the core link of its industrial chain, has also attracted the attention of VC/PE capital. According to ChinaVenture Investment Group's financial data product CVSource statistics, China's momentum for 2007-2011 The battery industry disclosed 48 private equity financing cases with a financing amount of 580 million U.S. dollars and an average single financing amount of 12.15 million U.S. dollars. Among them, total financing amounted to 210 million U.S. dollars in 2010, accounting for 36.2% of the total private equity financing scale of the power battery industry in the past five years. Both the case disclosure amount and the financing amount reached the highest level in history.
In terms of capital markets, according to ChinaVenture Investment Group's financial data product CVSource statistics, from 2007 to date, a total of 10 power battery industry companies have achieved IPO in the global capital market with an accumulated financing amount of 1.372 billion US dollars. In terms of returns, the IPO average IPO return of the power battery industry so far in 2007 was 6.8 times.
Lead-acid, nickel-cadmium batteries, space-limited nickel-metal hydride batteries will be replaced by lead-acid batteries with mature technology, low cost, safe and reliable advantages, is currently the only mass production and application of power batteries, commonly used in electric bicycles and buses . However, lead-acid batteries are of heavy weight, short life span, specific energy and service life are not ideal, and lead metal pollution of the environment, so gradually replaced by other high-energy batteries is the general trend. Previously, due to the low entry barriers and the lack of strict licensing review, many companies have flooded into the lead-acid battery industry, resulting in a large number of low-level redundant constructions, and the entire industry has experienced scattered, chaotic, and poor conditions. According to statistics, nearly 90% of the existing 3,000 lead-acid battery companies are not up to the standard. The Ministry of Environmental Protection will start a special environmental verification action for the lead-acid battery industry in the near future. After the overall reshuffle of the industry, the industry concentration rate will increase. The improvement of industrial technology and the upgrading of industrial technology will allow the remaining large enterprises to benefit from it and contribute to the overall development of the industry.
The specific energy of nickel-cadmium batteries is about 1.5 times that of lead-acid batteries, and has the advantages of light weight and long service life. However, metal cadmium has serious poisoning and seriously pollutes the environment, so it has basically withdrawn from the competition in the power battery market. In summary, lead-acid batteries and nickel-cadmium batteries have limited application space in new energy vehicles.
Nickel-metal hydride battery is an improvement of nickel-cadmium battery. It has the advantages of high specific energy, high and low temperature performance, safety and durability, and no environmental pollution. It occupies an absolute dominant position in the battery of hybrid vehicles. Judging from the industrial cycle, nickel-metal hydride batteries have entered a mature period, forming a large-scale production, as the production technology of automotive power batteries has basically matured. However, nickel-metal hydride batteries can only be used as a transitional product because of the lack of battery life, high self-discharge rate, and other limitations, as well as limited space for technical improvements and cost reduction. In addition, in order to achieve longer-term and fundamental energy-saving emission reduction effectiveness, hybrid vehicles need to continuously improve the degree of electrification, the development of pure electric vehicles become inevitable, and nickel-metal hydride batteries can not meet this trend. Therefore, in the long term, with the continuous maturation of lithium-ion battery technology and the continuous reduction of costs, nickel-metal hydride batteries will be replaced by better-performing lithium-ion batteries.
Lithium battery will become the star of the tomorrow's technical barriers to be breakthrough compared to lead-acid batteries, nickel-cadmium batteries, nickel-metal hydride batteries and other power batteries, lithium batteries with high specific energy, long cycle life, small self-discharge rate, no memory effect and green Outstanding advantages. In recent years, the domestic lithium battery industry has formed a relatively complete industrial chain through continuous development and accumulation, including upstream lithium resources, lithium battery materials in the middle reaches (cathode materials, anode materials, electrolytes, separators, etc.) and downstream Battery production.
The positive electrode material accounts for about 30-40% of the cost of the lithium-ion battery and is the most important factor that affects the battery performance. From the perspective of the application of cathode materials in the current market, Lithium cobaltate, lithium manganate, lithium nickel-cobalt-manganate ternary composites and lithium iron phosphate are included. At present, the domestic cathode material is still dominated by lithium cobalt oxide, but due to its high cost, poor safety and other shortcomings, it is expected that the proportion will decline in the future, gradually replaced by three other materials. Lithium iron phosphate, in particular, has obvious advantages in terms of safety, service life, and cost. It is the most promising cathode material and will become the mainstream technology in the future.
The negative electrode material is mainly composed of graphite and solid carbon particles. Compared with the positive electrode material, the negative electrode material accounts for a lower proportion of the cost of the lithium battery, which is only about 10%. The types of anode materials are few, and the degree of product homogeneity is relatively high. After more than 20 years of development, the supply market has been highly concentrated. The enterprises that win in the industry rely mainly on scale. At present, domestic negative electrode material technology is relatively mature and the market competition pattern is basically stable, so the investment space is relatively limited.
The electrolyte consists of a high-purity organic solvent, an electrolyte lithium salt (lithium hexafluorophosphate), and the necessary additives, and is filled in the gap between the positive and negative electrodes and the separator to conduct ions. The electrolyte is a guarantee for the lithium-ion battery to obtain high voltage, high specific energy and other advantages. It is a necessary key material for lithium-ion batteries. The most important raw material for electrolyte production is lithium hexafluorophosphate, which is very difficult to synthesize. Its cost accounts for about 50% of the overall cost of the electrolyte, and its gross margin exceeds 60%. Because of the high technical threshold, lithium hexafluorophosphate is monopolized by Japanese companies for a long time. However, with the breakthrough of domestic enterprises in lithium hexafluorophosphate technology and the expansion of production scale, companies with strong R&D capabilities have better investment opportunities.
The separator is a separator separating the positive and negative electrode materials. The surface has a lot of small holes. Its important function is to isolate the positive and negative electrodes and prevent electrons from passing through, while allowing the passage of ions, thus completing the lithium ion during charge and discharge. Fast transfer between positive and negative poles. In addition, the separator also has the function of a "protective resistor". When a short circuit occurs, the separator can close the pinhole so that ions cannot pass through, thereby blocking the electrochemical reaction in the battery. Therefore, the separator with excellent performance plays an important role in improving the overall performance of the battery. In the cost of lithium batteries, the separator only accounts for about 10%, but the gross profit rate is as high as 70%, which is the most profitable and technically-thresholdable link in the lithium battery industry chain. At present, the separator market is basically monopolized by the three giants of Asahi Kasei Chemicals, Dongfang Chemical, and Celgard. Domestic separator products are mostly used for low-end lithium-ion batteries, and high-end separators are almost entirely dependent on imports. With the development of the new energy automotive market, the demand for lithium battery separators will increase significantly. The domestic separators are expected to achieve large-scale industrial production, and the import substitution space is relatively large.
At present, the bottlenecks in the development of new energy vehicles are the high selling prices and related facilities such as charging stations, which need to be improved. In the face of high prices of new energy vehicles, the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission have issued new products. The "Circular on Launching Private Subsidy for Subsidies for New Energy Vehicles" clearly stipulates that the maximum subsidy for plug-in hybrid vehicles is 50,000 yuan per vehicle; the maximum subsidy for electric vehicles is 60,000 yuan per vehicle. Policy subsidies and financial support are important, but the cost of new energy vehicles is still an important factor in order to achieve large-scale development. In the cost of new energy vehicles, the power battery is the core link. Reducing the cost of power batteries depends on the decrease in the cost of lithium battery materials and the scale effect of battery production. Therefore, strengthening technological innovation and increasing product cost performance are the future directions for battery development. Previously, ChinaVenture Investment Group's research on industrial investors in terms of the investment value of the power battery industry, investors also said that the cost control and technical route of the power battery is the key to future development.
ChinaVenture Investment Group's analysis believes that in the context of global shortage of resources and environmental deterioration, new energy vehicles are booming from concept to industry due to their clean energy, non-polluting emissions, and other advantages. As the core of new energy vehicles, the power battery is also Ushered in a good opportunity for development. At present, the most mature nickel-metal hydride batteries have been widely used in hybrid vehicles. However, in order to achieve longer-term and fundamental energy-saving and emission-reduction effects, hybrid electric vehicles have become an inevitable trend toward pure electric vehicles. In order to meet the requirements of pure electric vehicles, nickel-metal hydride batteries will be replaced by better-performing lithium-ion batteries. Therefore, Chinese companies should continue to strengthen technological innovation and strive to improve the quality and safety performance of domestic lithium battery products, so that lithium batteries in the field of new energy vehicles are widely used to enhance the corresponding market share. At the same time, in the entire lithium battery industry chain, lithium battery materials companies with leading technology, high product bias, and obvious scale advantages also have better investment space.
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