Refined from Pacific Securities: "cathode Materials for in-depth Research of New Energy vehicles: three wins, High Nickel Establishment"
Editor's note: the farther running of a charge is people's painstaking pursuit of the current new energy vehicles. In the fierce competition, the high nickel ternary cathode material has emerged in the central position. Because of its technical threshold, the high nickel cathode material has changed the mode of earning processing fees for traditional cathode materials, and has the pricing power.
Pacific Securities pointed out thatIn the next three years, the installed capacity of ternary power batteries in China will grow by more than 60%. With the increasing requirements of battery energy density and mileage, the permeability of ternary materials is also increasing rapidly. The power batteries used in new energy vehicles in China mainly include lithium iron phosphate, ternary and lithium manganate. Lithium iron phosphate and lithium manganate are safer and have relatively low energy density, so they are widely used in the field of new energy buses and special vehicles. Ternary batteries with high energy density are used in the field of passenger cars and special-purpose vehicles.
The new generation of lithium ion electrode materials are mainly high nickel oxide (discharge specific capacity 200-220Wh/kg) and lithium-rich oxide (discharge specific capacity 250-300Wh/kg). The main characteristics are high specific capacity and energy density. High nickel cathode material Li (NixM1-x) O2 (x ≥ 0.6) has attracted more and more attention because of its low raw material cost and high capacity.
Nickel-cobalt-manganese ternary cathode materials can be divided into NCM111/523/622/811 according to nickel content from low to high. In addition, there are nickel-cobalt-aluminum NCA ternary cathode materials. The high nickelization of ternary materials expands the demand for nickel, the demand for lithium is relatively stable, and the demand for cobalt decreases gradually. Lithium cobalt oxide has a great demand for cobalt. At present, ternary materials have been doped in 3C field. In the field of power battery, it is mainly NCM523/622 at home and mixed ternary and NCA abroad. With the development of new energy vehicles, the research and development and industrialization of high nickel ternary materials continue to move forward, and ternary materials rapidly evolve to NCM811 and NCA.
High nickel cathode materials bring about the improvement of profitability of related enterprises. In the previous cathode material industry, the historical cost-plus pricing model made enterprises mainly earn processing fees, and the gross profit margin and net profit of each enterprise would not be greatly improved. in the end, the company's overall profit depends on product stability and sales. However, high nickel products have high technical barriers, resulting in few energy-producing enterprises. in the case of the rapid growth of downstream market demand, the pricing model of NCM811 products is the same as that of Japanese NCA products, with a certain premium.
As the core material of battery, cathode material will continue to benefit in the future. The technology of cathode material is still in the stage of continuous evolution and has great potential.Pacific Securities believes thatPositive material enterprises should not only have the ability of technology development and product renewal, but also have production capacity to protect; they should not only have a stable supply of upstream resources, but also be recognized by downstream customers.Pacific Securities recommendationAttention: Dangsheng Technology, Cunninghamia lanceolata Co., Ltd., Xiamen Tungsten Industry and Green Mei.
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