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 Lithium Battery Revolution |
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Earnings prospects, Duan Zhen-Zhong believes that the battery manufacturer's profits and the size of an integrated investment value is the highest, such as BYD, BAK Battery. Duan Zhen-Zhong said, "If the strand a 1 million tons, 1.5 billion revenue, then revenue will be our BYD 10 times the output value of 15 billion. We did last year sales volume is 2000 million, corresponding to BYD's income is 200 million yuan. but their profit is hard to say. "
Stellan Assistant General Manager Gu Anna evaluation, in the development of lithium iron phosphate batteries, the BYD is a strategic vision, "other, like Mozambique, power of God is also a very large battery manufacturers, they are very hesitant, not as BYD firmly forward. "
On lithium battery revolution, Duan Zhen-Zhong said, "mobile phones, laptop with a small lithium battery without regard to fever, current and other issues. While the large-scale lithium battery power management problem can be lead-acid battery manufacturer to solve, because they have large current technology sedimentation. future, who will be able to two technical grafting, who will be leading in the global market. "Who is a growth anode materials
Compared with the cathode material, anode material for lithium battery costs accounted for the proportion of low-and domestic-oriented industries has been realized, the industry the top three companies in Shenzhen Bei Terui, Shanghai Shanshan, Long Sand Sea capacity, able to basically meet the domestic market demand.
Shenzhen Bei Terui China Baoan (000009) 55% owned subsidiary, is the carbon anode materials for lithium battery standard-setter. Of its production capacity of carbon anode material is 6,000 tons / year, the price of 6 yuan / ton, up to 80% market share, ranking second worldwide. Clients include Panasonic, Hitachi, Samsung, TCL, BYD, etc. more than 130 acer travelmate 2300 laptop battery.
In 2008, Bei Terui the acquisition of Tianjin Railway Prudential to carbon anode materials for cost reduction by 30%.
Shanshangufen (600,884) is a major competitor Bei Terui. Shanshangufen in 1999, stepped into the battery anode materials used CMS (mesophase carbon microbeads) technology, followed by conversion to reduce the cost of artificial graphite and natural graphite, then, because the battery discharge cycle frequency is not high, then returned to the CMS's technology. Currently, the CMS Shanshangufen price of 10 million yuan per ton, the annual capacity of 1,200 tons.
It is noteworthy that Bei Terui promotional materials show that lithium iron phosphate cathode material with a 1,500 tons / year capacity. According to its sales department disclosed that at present Bei Terui lithium iron phosphate cathode material for the actual capacity of 800 tons / year, output is only 40 tons / year, mainly to the large-scale experiments supply the battery manufacturers, such as the power of God, Tianjin, Jiangsu, pairs of Deng and so on. Prices of their products than in Tianjin Stellan expensive, to reach 180,000 -20 yuan / ton. It is understood that its gross margins above 60%.
In addition, China Baoan holding 75% of the Tianjiao companies engaged in the production of cathode material. The company specializes in ternary cobalt-nickel-manganese oxide cathode materials for lithium, the current output of 800 tons / year or so, sales of 650 tons or so, in 2009 planned capacity of 1,400 tons / year, up from the communications electronics, notebooks and other downstream products, the traditional high-cost replacement for lithium cobalt oxide.
Although the two subsidiaries battery materials business is booming, but the overall size of the market by the restrictions on listed companies in China Baoan, the contribution from the performance of battery materials is difficult to rely on. China Baoan main business is real estate, medicine, first half of 2008 accounted for more than 90% of income, including lithium, including other income accounted for less than 9%.
On the revenue contribution, Shanshangufen lithium battery materials, sales revenue reached 990 million yuan, accounting for more than 40% share of total income. It is understood that Shanshangufen have done lithium cathode materials, but the capacity of both lithium and cobalt-manganese, lithium is not the industry's most promising lithium iron phosphate, but compaq 319411-001 laptop battery do the tracking.
Shanshangufen executives said that at present the cost of nickel-metal hydride batteries is 6 yuan / Ah, but the cost of lithium iron phosphate is 2.3 USD / security, the gap is too large to use lithium iron phosphate is not economic. Moreover, the current lithium iron phosphate product application time is not long, but also need to continue to observe the period of time. Electrolyte is expected to have sprung up everywhere
Electrolyte affect the performance of lithium batteries is another important material, accounting for 12% of the cost of lithium batteries is about margins close to 40%. The current domestic battery manufacturers supporting electrolyte has been basically achieved domestically.
In addition to Shanshangufen, domestic companies still produce electrolyte Huarong Chemical Co., Zhuhai race Wei Electronics, Tianjin, cows, golden Shantou, Guangzhou, more than a heaven-sent, etc. 10. Annual production capacity of 1000 tons and above all to meet China's current lithium battery production needs, and some exports. Among them, Huarong Chemical Co., Zhuhai race weft electronic positioning high-end market, other companies can only do low-end market.
It is understood that the current global lithium battery electrolyte balance between market supply and demand, mainly by the stock of lithium battery market, the future market to see incremental power lithium battery market, particularly electric vehicles, once the rise will bring the explosive growth of electrolyte . Insiders said that the electrolyte remains within 3-5 years after the sunrise industry.
One weakness is the main raw materials for the electrolyte lithium hexafluorophosphate, accounting for about 50% of the cost of the electrolyte, its production cost is 10 yuan / ton, priced at 40 yuan / ton, gross margin as high as 75%, domestically there is no business able to produce. Currently on the market has been Kanto electrochemical industry, SUTERAKEMIFA, Morita chemistry, several Japanese companies a monopoly.
Terms of domestic listed companies, Jiangsu Guotai (002,091) holding subsidiary of Huarong Chemical is the largest manufacturer of lithium battery electrolyte. According to Chairman JIANG Huarong Chemical Health introduced in 2008, the actual output of 3000 tons, is twice the second. By 2010 annual output can reach 5000 tons / year, could become the world's largest manufacturers.
For the gross profit margin, JIANG De-sang, said, "According to different requirements for supporting 80000 -20 yuan / ton, the lowest 10% gross profit margin as high as 35%."
Turning to the prospects for new energy automotive batteries, JIANG De-sang, said, "Li-ion battery electrolyte requirements of the relatively high, but rarely use. Such as a mobile phone battery with only 3 grams, the proportion of small, 2,000 tons of electrolyte can be produced 6 100 million cell phone batteries. vehicle power battery is not the case, and a car is necessary to 40 kg! "
According to reports, Huarong Chemical BYD very much want to continue with the co-operation "to the BYD supply after two years of their own subsidiaries will be able to do." JIANG De-sang, said the helpless. BYD has a strong R & D capability, such as R & D in the car, others used to buy a Mercedes-Benz opened, BYD to buy Mercedes-Benz for toshiba pa2487ur laptop battery.
The upper reaches of lithium carbonate surplus will continue to
Either way, lithium batteries are widely used, will drive the demand for upstream resources of lithium carbonate.
China's lithium reserves second only to Chile and Argentina. Among them, Tibet Mining (000,762, stock bar) (000,762) have Zabuye Salt Lake is the world's third largest lithium resources in Salt Lake is the world's only high-quality lithium-rich low-magnesium carbonate-type salt.
Unfortunately, the current global lithium carbonate production capacity excesses.
In 2007 the global lithium carbonate production capacity surplus reached 13.2 thousand tons, in 2008 the situation deteriorate further. And internationally there are three major manufacturers of lithium carbonate capacity expansion plan, which, SMQ plans to expand production capacity to 40,000 tons, Chemetall planned expansion to 30,000 tons, FMC expansion to 2.5 million tons, if all up to production, total production capacity to exceed 9 million tons.
The domestic front, CITIC Guoan design capacity 2 million tons, long-term Objective 3.5 million tons; Tibet Mineral design capacity of 10,000 tons, long-term goal 3 million tons; Qinghai Salt Lake Group designs lithium industry and the production capacity was 1 million tons. Only this basis, the existing domestic production capacity has reached 50,000 tons, long-term potential output 80,000 tons.
Duan Zhen-Zhong introduced lithium carbonate demand was not great, mainly in pharmaceutical, glass and batteries, in 2008, the domestic lithium battery, only after more than 3000 tons. Downstream of the distribution of lithium carbonate from the current point of view, the battery industry's needs roughly about 25%, the promotion of new energy vehicles are expected to change this pattern, the total demand of around 1.2 million tons.
So, hybrid cars lithium carbonate scheme to solve the oversupply problem?
Of lithium iron phosphate lithium content of about 4.4% lithium carbonate in the lithium content of 18.9%, as projected production of 1 tonne of lithium iron phosphate lithium carbonate required for the 0.23 tons. Relative to government planning, assuming that all of the car battery lithium iron phosphate batteries, lithium iron phosphate by 2012, demand for up to 5 million tons, will need to lithium carbonate 11.5 thousand tons, together with other sectors, aggregate demand, not more than 3 million tons, compared to domestic production capacity, the industry in 2012 are surplus to requirement.
Perhaps, one can only hope the international market demand.
At present Japan has a hybrid electric vehicle more than 70,000 plans in 2010 will reach 2.1 million (an average of 1 million). 2015 United States plans to make new motor cars in the United States reached 1 million or more (an average annual rate of 1.5 million units). Total annual rate of about 1.15 million, compared to lithium carbonate demand increased by only 13.2 thousand tons per year. Can not completely absorb the surplus production capacity. The only way is limiting the production of lithium carbonate producer, waiting for future global hybrid vehicle market share improved. But have not seen China, Japan, the United States and other countries outside the somewhat hybrid plan.
Internal lithium resources are currently mainly CITIC Guoan, Tibet mining control, but the two companies is limited to industrial-grade lithium carbonate and battery grade lithium carbonate from lithium-Qi days industry, Nico State-run supply, of which the most technologically Tianqi Lithium Industry mature, is the industry standard-setters, accounting for 60% of domestic market share. Stellan will be from the raw material of lithium battery grade lithium carbonate dell latitude cpi laptop battery.
As the market is too small, CITIC Guoan only for the production of a unit of Mengguli manganese lithium batteries do matching, Tibet Mineral Lithium Carbonate just as a business development. Studies have estimated that the cost of Tibet's lithium mining company SQM to be less than the roughly 1 yuan / ton, while the CITIC Guoan Lithium Carbonate costs and SQM equivalent to 1.2 yuan / tons.
Tibet Mineral Securities on behalf of Wang Yingchun introduced the "Company lithium carbonate production capacity is currently 5,000 tons / year, output is 1,000 tons, the downstream manufacturers scattered orders, each purchase amount is not large. Has not yet reached the design production. Because cost is too high, 2008 is a loss, even if the profits, and contribute to the company's performance is not great. "battery grade for not meet standards, WANG Ying-chun said," have to be further purified. "
In the sales price, WANG Ying-chun said, "In early 2008, the economic situation in good times, the company sold 35000 -4 lithium carbonate yuan / ton. The company discontinued because of the need halogen system." Short-term investment and long term resources for the battery
Hybrid automobile industry chain, there are some sub-sectors there was an opportunity.
The new energy vehicles such as electric motors, new energy vehicles from Japan to the current development trends and technologies in terms of high efficiency permanent magnet synchronous motor will be the market mainstream, domestic listed companies, including Zhong Ke San Huan (000.97 thousand, shares bar) (000.97 thousand) and Ningbo Yunsheng (600,366, stock bar) (600,366). It is understood that the Toyota Prius electric motor used in the primary more than two kilograms of the rare-earth permanent magnet. 1 million hybrid vehicles require over 2000 tons high-grade rare-earth permanent magnet, while the Division tricyclic (000.97 thousand, stock bar) in 2008 in the production of high-grade NdFeB magnets finished only about 4800 tons.
Divide is a Li-ion materials technology, the highest barriers to a high-value-added materials, gross profit margin maintained at 70% or more, accounting for 20% of the cost of lithium batteries -30%. Diaphragm high prices, but also affect the application of lithium batteries is one important reason. Domestic companies can produce membrane only star-source technology, Jinhui High-Tech 2 technology is relatively mature market, a serious shortage of supply, most dependent on imports, the market dominated by Japanese Asahi Chemical Industry, Tonen Chemical, and the United States Celgard dominate. Membrane with a typical "high-tech, high-capital" characteristics, and the project cycle is very long, the investment risk greater enthusiasm for investing in domestic enterprises is not high.
In addition, hybrid vehicles, low-traction sound system, low-power headlights and taillights, and other attachment systems must be optimized so that they do not like an ordinary car power less energy.
So, how to capture the direction of the capital to seize the greatest value?
The industry believes that iron phosphate lithium iron phosphate lithium battery materials, and the future of the industry is undoubtedly the star. Downstream battery electrode materials will have the manufacturing characteristics, profitability, the ability to show a downward trend. The upper reaches of mineral products, smelting and so on will have the characteristics of extractive industries, profitability as raw material price fluctuations. With the lithium battery industry chain gradually mature in the short-term profit to see the downstream industry, and long-term look at mineral resources.
Low-power lithium battery has long been China's industrialization, the formation of a complete integration of upstream and downstream industry chain, battery products than the world market, 1 / 3, with Japan and South Korea to form the three pillars of potential. In China, a relatively rich mineral resources of lithium, as well as manufacturing cost advantages in the field of new energy automobile entirely possible to quickly catch up with Japan and South Korea.
The major domestic manufacturers of lithium-powered batteries and materials
BYD (1211.HK)
Has officially launched its own research and development powered by lithium iron phosphate power hp omnibook 6000 series laptop battery dual-mode vehicles. Is currently the only master the vehicle lithium iron phosphate battery technology, large-scale production enterprises in the world's leader. Xianyang Deflection (000,697, stock bar) (000697) A shares only have the production capacity of lithium iron phosphate batteries listed companies. CITIC Guoan (000,839) CITIC Guoan Mengguli is currently the nation's largest lithium battery cathode material of lithium cobalt oxide and lithium manganese oxide manufacturer, is also the only large-scale production power lithium-ion secondary battery manufacturers. Shenzhen BAK (CBAK.Nasadq) Cubic is the world's largest output of lithium-ion battery cell manufacturers in the world, a wholly-owned subsidiary, BAK International (Tianjin) Co., Ltd engaged in lithium iron phosphate power battery core R & D and production. The end of 2008, its "electric vehicles to use lithium iron phosphate power battery industrialization" of science and technology projects have been included in the national 863 key projects. In October 2008, BAK built the first production base in Tianjin, lithium iron phosphate power battery cell production lines and started trial production. Tianjin Lishen Battery Co., Ltd. (unlisted) "Eleventh Five-Year" 863 plans to undertake "high-performance lithium-ion powered electric vehicle battery systems development" issues. Jiangsu Guotai (002,091) Major owned subsidiary of Cathay Pacific Huarong New Chemical Materials Co., Ltd. mainly produces lithium battery electrolyte and silane coupling agent, lithium battery electrolyte share of the domestic market first, over 30%. China Baoan (000009) the nation's largest manufacturer of lithium battery anode material, while involved in a variety of lithium battery cathode material. Shanshangufen (600,884) the country's largest supplier of lithium batteries synthesis of the domestic market share of second electrolyte, anode material (graphite) market share first. Lithium manganese production capacity of 500 tons. The only one master lithium iron phosphate production technology A-share listed companies. Tibet Mining (000,762) has the most high-quality lithium-containing salt lake resources, the current lithium carbonate production capacity of 5,000 tons / year. CITIC Guoan (000,839) CITIC Guoan Mengguli is now the nation's largest lithium battery cathode material of lithium cobalt oxide and lithium manganese oxide manufacturers. Lithium manganese production capacity of 3,000 tons. Farah Electronics (600,563, stock bar) (600,563) is the first, the world's third largest thin-film capacitor manufacturer, involved in the power-driven. Farah Electronics (600,563, stock bar) since 2003, started to pay attention and R & D thin-film capacitors with hybrid products, and in 2005 and part of the joint development of the domestic auto companies. Fosugufen (000,973, stock bar) (000,973) in the lithium battery separation film has a certain market position. Tianjin Stellan Energy Technology Co., Ltd. (unlisted) the nation's largest lithium iron phosphate battery cathode materials manufacturer, the main supply to BYD. Hunan Ruixiang New Material Co., Ltd. (unlisted) company specialized in lithium battery cathode materials research, development, production and sales of lithium manganese oxide and lithium iron phosphate cathode material of both research and development, which "Eleventh Five-Year" Plan 863 to undertake "power type lithium ion battery lithium manganese oxide cathode materials research and development" issues. 18th Institute of China Electronics Technology Group Corporation (unlisted) China's oldest institute of chemical and physical power, to hold "Eleventh Five-Year" Plan 863 "power lithium-ion sony pcga-bp71 laptop battery anode materials are being developed" issues, an indirect shareholding in Tianjin the main electric vehicle production base in Tianjin Qingyuan Electric Vehicle Co., Ltd..
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The Matrix Revolution 2003 HDRip (400mb) |
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Directors: Andy Wachowski Larry Wachowski Writers: Andy Wachowski (characters) & Larry Wachowski (characters) ... Release Date: 5 November 2003 (USA) Genre: Action | Adventure | Sci-Fi | Thriller Runtime: 129 min Country: USA Language: English | French Tagline: Everything that has a beginning has an end. Plot: The human city of Zion defends itself against the massive invasion of the machines as Neo fights to end the war at another front while also opposing the rogue Agent Smith
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