Adapting to 80% of the listed models, the Ningde era tries to unify the "weights and measures" of the power industry.
Text | Chen Yao
Battery rental on demand, usual commuting long-term rent a battery, temporary long-distance rental of two more on the electric car. Ningde era (300750. SZ) eyes, the future of new energy vehicle batteries can be like the No. 5 battery, unified standards, on-demand installation, plug and play, no power to replace.
On January 18th, CATL launched the power exchange service brand EVOGO and the overall solution of combined power exchange through the online conference.
▲ Image source IC
At present, the power exchange industry lacks industry standards, each car company is independent, and the Ningde era, as the absolute leader of the battery field with a market share of more than 50%, is trying to unify the "weights and measures" of the power exchange industry.
Specifically, CATL proposed a "three-plate axe": a shared mass-produced battery "chocolate power exchange block" that takes 1 minute to change electricity, which is said to be adapted to models developed by 80% of the world's pure electric platforms that have been listed and will be listed in the next three years. Each standard station only needs three parking spaces, a single block can be exchanged for about 1 minute, and 48 power exchange blocks can be stored in the station. Users, vehicles, substations and blocks are connected to each other via apps.
Unified standards and promotion of power exchange, what is the value of this move in the Ningde era?
In the short term, power exchange is conducive to solving consumers' anxiety about the endurance of new energy vehicles; in the medium and long term, the power exchange mode solves the problem of power battery recycling very well; from a longer-term perspective, the power station is given the function of energy storage. From multiple dimensions such as consumers, enterprises, industries, and governments, the power exchange model has irreplaceable strategic significance.
Ten years ago, the State Grid had mainly promoted the power exchange model, when a relatively marginal role in the new energy vehicle industry chain to dominate the power exchange, got the question of all car companies; ten years later, the time shifted easily, when the Ningde era - a role more deeply involved in the new energy automobile industry than car companies - to lead, the acceptance of power exchange is expected to be greatly deepened.
In this new competitive landscape, no matter from the perspective of battery technology, market volume and integrity of battery life cycle services, the Ningde era will still be far behind its peers.
It is foreseeable that with the pull of the Ningde era, the power exchange mode will enter the fast lane, and the power station will also serve as an important hub in the future energy Internet, helping China achieve the great goal of "carbon peaking and carbon neutrality".
The Ningde era has fully entered the era of power exchange
"It takes nearly two hours to charge one charge, and twice a day to charge." It is the current bottleneck of new energy vehicle charging technology that gives online ride-hailing drivers a life problem. According to media reports, in order to get out of the car smoothly in the winter, drivers can only be forced to get up early to seize a small number of fast-charging piles, and even then they often can't grab it.
With the unexpected development of the new energy market in 2021, the industrial pain points of "slow charging and difficult charging" have rapidly upgraded, making online car drivers miserable, and also greatly affecting the car experience of the majority of new energy car owners.
According to the author's investigation, the theoretical average charging rate of the current hot pure electric model matching the power battery DC fast charge is about 1C (C is the multiplier unit, 1C represents a complete charge takes 1 hour), and it takes at least 30 minutes to complete 30% to 80% SOC (battery charge state, also known as residual power), considering the impact of charging efficiency and temperature, 0 to 100% SOC is basically more than 90 minutes. Once it is necessary to travel long distances, such charging efficiency is unacceptable to consumers.
New energy vehicles want to completely replace fuel vehicles, eliminate mileage anxiety is imperative, from the consumer's point of view, a power exchange takes less than 5 minutes, and the refueling experience is basically similar, the power exchange mode is considered to be a very good technical route.
On January 18, CATL launched EVOGO, a power exchange service brand.
The origin of this name shows the ambition of the Ningde era: combining "evolution" (evolution) and "go" (departure), the Ningde era is hoping to use the power exchange mode as a starting point to comprehensively improve the transformation of the company.
From research and development, manufacturing, recycling, energy storage and utilization, and then to operation, the Ningde era has gradually completed the puzzle of the entire battery application field, and more importantly, the power exchange has given the Ningde era a direct consumer-facing scene, and can also directly connect with end consumers through the App.
Times Electric Service, a subsidiary of CATL, announced at the press conference that it will start the first batch of power exchange services in 10 cities. Times Electric Service was established in August 2021 with a registered capital of 200 million yuan, and the legal representative and general manager are Chen Weifeng.
According to the author's understanding, Chen Weifeng has been working in Dongguan New Energy Technology Co., Ltd. since graduating from university, joined the Ningde era in 2012, is the early team involved in the establishment of the company, in the Ningde era, Chen Weifeng has served as the head of the power battery cell development department, the director of the public affairs department, the assistant to the chairman and other positions, and is currently the director of the marketing department of the Ningde era.
As a combination power exchange solution, The Times Electric Suit has three sets of tool systems: First, the power exchange block shaped like chocolate. As a battery that is open for power exchange, the weight energy density exceeds 160Wh/kg, and a single battery provides 200 km of endurance; second, it occupies a small area of the change station. The standard substation is equivalent to the size of three parking spaces, a single block can be exchanged for about 1 minute, and 48 replacement blocks can be stored in the station; third, the user, vehicle, substation and block are connected through the App.
The power exchange mode of the era of electric clothing tries to solve two major pain points of users: the high cost of self-purchased batteries; and the embarrassment of buying a large battery but using less than 20% of the daily commute.
Chocolate power-changer is its core product, which is said to be able to adapt to 80% of the new models that have been listed and will be launched in the next three years, with models ranging from A00 to B and C class passenger cars and logistics vehicles. The substation is suitable for various brands using the aforementioned electric blocks. At the same time, the existing power block supports the existing home charging and fast charging and replenishment methods.
The author learned from the Ningde era that the power exchange will provide differentiated prices according to different time and location.
The first model currently equipped with this technology is the FAW Besturn NAT combination power-up version. "We adapt to a lot of car companies, which is our advantage." Chen Weifeng told this writer.
Car companies are becoming more and more receptive to the power exchange model, directly because the experience of power exchange for consumers is excellent. "Changing electricity is not whether the car companies need it, but the market needs it, and no company can survive alone against the market demand." Some insiders told the author.
The launch of the power exchange program and the power exchange brand means that the Ningde era has fully entered the era of power exchange, completed the transition from the upstream to the downstream of the new energy supply chain, and become an energy technology company in the true sense.
"It is inevitable that the Ningde era will expand downstream." Xu Yanhua, secretary general of the China Electric Vehicle Charging Infrastructure Promotion Alliance, analyzed the author that first, with the growth of electric vehicle ownership, the market size of energy supply is very imaginative; second, based on power exchange, it can actually operate battery assets and understand the specific situation of batteries; third, power exchange helps battery cascade utilization and recycling, so that the re-resource of batteries forms a commercial closed loop.
Xu Yanhua added that as a global production, research and sales enterprise, CATL naturally needs to adapt to the requirements of the dual carbon target in different regions of the world, and the power exchange helps to manage the carbon footprint of the whole life cycle of the battery.
CICC estimates in the relevant research report that the number of substations by 2025 will be about 12,500 to 51,900. In the long run, the country needs 550,000 passenger car replacement power stations and 60,000 heavy truck replacement power stations, corresponding to a total of 1.8 trillion yuan of substation equipment and grid-side equipment.
Power exchange is also the direction advocated by the current national policy. In November 2020, the State Council issued the "New Energy Vehicle Industry Development Plan (2021-2035)", which requires accelerating the construction of charging and replacing infrastructure and coordinating the construction of intelligent road network facilities. Promote the scientific layout of infrastructure such as charging and replacing electricity, hydrogenation, etc., accelerate construction, and give financial support to the construction of charging piles as public facilities.
What's so good about swap mode?
In the short term, the implementation of the power exchange mode solves the endurance anxiety of new energy vehicles, at the same time, the battery charging and maintenance link is handed over to the replacement power station, which also means that the power battery will often be monitored, cared for and managed by professionals, which is conducive to prolonging the battery life; more importantly, the owner directly avoids the most dangerous period of the current electric vehicle - charging (most of the current battery spontaneous combustion accidents come from the charging period).
Changing the battery is not only beneficial to the battery, but also reduces the cost of car purchase for consumers. On the one hand, the popularization of the power exchange mode is conducive to the development of the echelon utilization of power batteries and reduces the cost of the whole life cycle of the battery; on the other hand, the separation of vehicle and electricity can provide a richer business model, such as buying and renting a battery, which greatly reduces the threshold for car purchase.
In the medium and long term, the power exchange mode solves the problem of power battery recycling very well. In 2021, power battery recycling has repeatedly appeared on the hot search list, including the bad incident of 200,000 tons of power batteries flowing into the black market. Industry statistics show that the cumulative total number of decommissioning of China's power batteries in 2020 is about 200,000 tons, and by 2025, this number will rise to about 780,000 tons.
In fact, as early as 2018, the Ministry of Industry and Information Technology issued the "Interim Measures for the Management of the Recycling and Utilization of New Energy Vehicle Power Batteries", requiring automobile manufacturers to bear the main responsibility for the recycling of power batteries. Since 2018, a total of 27 enterprises have entered the white list of the Ministry of Industry and Information Technology that meet the "industry specification conditions for the comprehensive utilization of new energy vehicle waste power batteries".
However, after four years, the battery recycling system is not mature, but with the more and more scrapped power batteries, the situation has fallen into chaos. In June 2021, the Ministry of Industry and Information Technology and other four ministries and commissions once again named battery recycling, issued the "Pilot Implementation Plan for the Extension of Producer Responsibility for Automobile Products", and proposed to form a group of replicable and generalizable automobile manufacturers as the main body of responsibility by 2023.
Establishing a mature recycling system is not an easy task, and China's waste power battery recycling industry still lacks mature and standardized industry norms and indicators, and there is no reasonable commercial mechanism.
At present, the battery cascade utilization is the most ideal way to recycle, but it is extremely difficult. Gao Weiqiao, deputy general manager of Huayou Recycling Technology Co., Ltd., said in an interview with the author, "The uneven quality of recycled batteries and the poor sustainability and small scale of battery raw materials are the two major difficulties encountered at present. ”
The chaos of the battery recycling industry is the epitome of the lack of recycling in the entire automobile industry, and the power exchange mode skips the "recycling" link. Through the monitoring of the battery performance indicators during use, the replacement power station can clearly judge the health status of the battery, once the battery does not have the safety standards for serving electric vehicles, the replacement power station can conduct in-depth and scientific evaluation, repair, screening, and collocation of the battery to cascade utilization or scrap treatment of the battery.
An industry consensus is that only electric vehicles without carbon dioxide emissions in the use of the link are far from green, and only from production, use to recycling, can meet the needs of sustainable development, electric vehicles can be called green travel. There is no doubt that the power exchange mode is more conducive to the professional team to provide professional services for the whole life cycle of the power battery, so that new energy vehicles can return to the green essence.
In the longer term, substations are given energy storage. The global trend of replacing fossil energy with renewable energy is irreversible, and the significance of energy storage is self-evident. Previously, there was also the concept of electric vehicle V2G, the so-called V2G, which is an abbreviation for Vehicle-to-grid (vehicle to grid), that is, when electric vehicles are not in use, the power of the on-board battery can be sold to the grid system. If the on-board battery needs to be recharged, the current flows from the grid to the vehicle.
However, in the actual process, the charging and discharging options of electric vehicles are uncontrollable, and V2G is just a wonderful idea. However, the popularity of the power exchange mode has perfectly released the energy storage attributes of electric vehicles, and the replacement power station can completely "cut the peak and fill the valley" according to the needs of the power grid, reduce the burden of the urban power grid, and even V2X (car to everything) as an important hub of the energy Internet.
At the same time, the substation also has higher efficiency than the charging station, which is conducive to urban planning, according to Huang Chunhua, general manager of the Aodong New Energy Marketing Center, the Aodong 3.0 model substation covers an area of about 200 square meters, and the energy efficiency is more than 50 times that of the charging pile of the same area.
▲ Source: China Electric Vehicle Charging Infrastructure Promotion Alliance
Whether it is short-term, medium-term or long-term, the power exchange mode has irreplaceable strategic significance. According to data from the China Electric Vehicle Charging Infrastructure Promotion Alliance, as of now
Ten years later, the electricity was replaced, and the Ningde era caught up with the industry outlet
There is no doubt that the transformation of the Ningde era has pushed this wave of power exchange to a climax. But in fact, power exchange is not an industrial model that has risen in recent years, as early as the early stage of the development of China's new energy automobile industry, power exchange and charging are tit-for-tat development paths.
Ten years ago, Liu Zhenya, then general manager of the State Grid, announced in a high-profile manner at the company's 2011 work conference that the State Grid determined the basic commercial operation mode of electric vehicles as: mainly power exchange, plug-in and charging as a supplement, centralized charging, and unified distribution.
At that time, the State Grid's idea of "cutting peaks and filling valleys" was very clear: building charging and replacing power stations near substations could avoid a large impact on the distribution network, and at the same time, in urban centers where land resources were tight or the power grid was difficult to expand and transform, centralized battery charging stations could be built by relying on substations in the suburbs. This solves the two major bottlenecks of land resources and distribution networks.
The ideal is plump, the reality is bone, "peak shaving and valley filling" not only failed to usher in a full response from the upstream and downstream of the industry, but was greatly questioned in the industry.
Miao Wei, then minister of industry and information technology, said in an interview with the media that the new energy automobile industry will not be led by the nose of the power grid company; Wang Binggang, then head of the national new energy vehicle innovation engineering expert group, said that the Chinese people who pay attention to the integrity of private property cannot accept the consumption mode of non-stop power exchange; more importantly, almost all vehicle companies have expressed doubts about the power exchange model.
Looking back, the biggest reason for the failure of the power exchange mode at that time was that its commercial basis was the unification of the standard specifications of the power battery, and the new energy industry had just sprouted, and the entire upstream and downstream were groping for industrial development methods, only open multi-line development, continuous trial and error, in order to explore the correct and feasible path. Whether it is the technical direction or economic benefits, there is a huge uncertainty in the power exchange model, and how can it dominate the development of the new energy industry?
Now that ten years have passed, time has changed, new energy technology and market have already undergone earth-shaking changes, and power exchange has once again become the choice of the new energy industry. However, this time, it is no longer the State Grid that has nothing to do with the car that provokes the beam, but the Ningde era that goes deep into the whole life cycle of new energy vehicles.
After ten years of exploration, new energy vehicle products have long evolved from usable to easy to use, and consumers' acceptance of new energy vehicles is no less than that of fuel vehicles.
▲ Source: China Association of Automobile Manufacturers
According to data from the China Association of Automobile Manufacturers, in 2021, the production and sales of new energy vehicles reached 3.545 million units and 3.521 million units, respectively, an increase of 1.6 times year-on-year, and the market share reached 13.4%, 8 percentage points higher than that of the previous year. Among them, sales reached 530,000 units in December, with a market share of 19.2%, which is close to 20%, while the market share of new energy passenger cars in December was 20.6%, reaching a market share of 20% ahead of schedule.
The rapid increase in the number of new energy vehicles provides a solid foundation for the operation of replacement power stations. From a technical point of view, the power exchange process has become more and more convenient. The author walked into a Oddong substation located in Tianhe District, Guangzhou, serving the BAIC EU series models, according to the on-site staff, the whole process of power exchange is electrified operation, the whole process only takes less than three minutes.
In the interval between power exchanges, a taxi driver told the author, "The charge for changing electricity is 0.33 yuan per kilometer, and a charge can actually travel more than 200 kilometers, which is still more convenient and cost-effective." After affirming the power exchange mode, the driver also confided in the difficulties, "The number of substations in guangzhou is not much, and I ran for more than ten kilometers to find the nearest place."
More importantly, power exchange has long since stopped forcing car companies to use uniform specifications. Just as fuel vehicles can use 95, 97, 98 and other multi-model cars, in terms of power exchange technology, the current replacement power station can serve multiple models at the same time.
Huang Chunhua, general manager of Aodong New Energy Marketing Center, told the author, "A New Dynamics 3.0 model replacement power station covers an area of about 200 square meters, with 28 turnover batteries, 3 minutes to change the power, and can serve up to 420 times a day; at the same time, through the battery compartment management and self-developed locking mechanism technology, it can be realized to change the power for different models." ”
Obviously, although standardization is the premise of large-scale popularization of substations, small-scale construction and service of individual brands of substations do not force the need for national battery standardization.
Taking NIO As an example, as long as NIO's vehicles use a unified battery standard, NIO Replacement Power Station can serve all NIO owners and is not restricted by other model standards. In the future, with the increase of vehicles with power exchange function, WEILAI Replacement Power Station also has the opportunity to serve other brands of electric vehicles through the above battery compartment management and locking mechanism technology.
This also means that the power exchange is not meaningful after the national unified standard, but can be gradually built according to the needs of the brand, and eventually form a power exchange network covering the whole country and the whole brand. The sudden change of the general environment makes the power exchange mode To C era come ahead of schedule, and finally the Ningde era is involved in the whole body.
Why did the Ningde era carry the banner of electricity replacement?
Ten years ago, the State Grid, which carried the banner of the power exchange model, was responsible for the energy supply link of new energy vehicles; ten years later, it was replaced by the Ningde era, responsible for the research and development, production, operation, maintenance and recycling of new energy vehicle power batteries.
This is a completely different meaning: a relatively marginal role in the new energy vehicle industry chain to dominate the power exchange, get all the car companies to question, and when a role that is more deeply involved in the new energy vehicle industry than the car company to dominate, the power exchange is likely to be accepted.
An indisputable fact is that at present, no company in the world has a deeper understanding of power batteries than in the Ningde era. According to the financial data of CATL, from 2017 to the first three quarters of 2021, the R&D expenses of CATL totaled about 14.8 billion yuan in the past five years.
In parallel with the expansion of R&D expenses are R&D talents. As of June 30, 2021, CATL had 7,878 R&D technicians, compared with 3,425 R&D personnel before the listing (as of December 31, 2017), an increase of 130% in three and a half years. Among them, 134 have doctoral degrees, 1524 have master's degrees, perfect R & D system, strong R & D team to promote the company's R & D technology level continues to improve.
In terms of research results, as of June 30, 2021, CATL and its subsidiaries had a total of 3357 domestic patents and 493 overseas patents, a net increase of 2194 over the end of 2018, an increase of 132.49% in two and a half years. At the same time, a total of 3379 domestic and overseas patents are being applied for.
In September 2021, CATL Wasthom Factory was named the world's "Lighthouse Factory" by the World Economic Forum, becoming the world's first battery factory to receive this recognition. Using technologies such as advanced analysis of artificial intelligence, edge computing and cloud computing, CATL produces a battery every 1.7 seconds, with a defect rate of only one billionth.
Thanks to the far-leading battery technology and exquisite production technology, the market share of the Ningde era in the new energy automobile industry is firmly locked at about 50%. According to data from the China Automotive Power Battery Industry Innovation Alliance, in 2021, China's power battery installed vehicles accumulated 154.5GWh, an increase of 142.8% year-on-year. Among them, the installed capacity of The Ningde era is 80.51GWh, and the market share is 52.1%.
▲ Data source: China Automotive Power Battery Industry Innovation Alliance
It is worth mentioning that from the overall installed capacity, the Ningde era occupies half of the country, but from the perspective of brand coverage, except for a few self-sufficient new energy vehicle companies such as BYD, the brand coverage rate of the ningde era battery is almost 100%. Under their own conditions, no car company will reject the Ningde era.
Even Tesla, which has two international lithium battery giants, Panasonic and LG, as power battery suppliers, has listed CATL as the most core battery supplier after entering the Chinese market. According to Soochow Securities, CATL will account for a stable 40%-50% share of Tesla's global battery supply chain.
At the same time, CATL is also growing into an international energy technology company, and well-known car companies such as Volkswagen, Daimler and BMW are all solid cooperation objects of NINGDE era. In overseas markets, CATL has signed an investment agreement with the German thuringia state government in 2018 to build a battery factory with an annual production capacity of 14GWh, and the production capacity of the plant is expected to be expanded to 100GWh in the future.
In October and December 2021, there was news that CATL would build power battery production bases in the United States and Poland, and there was no positive response from CATL. But what is certain is that the pace of overseas investment in the Ningde era has never stopped, especially the upstream supply chain of power batteries.
As early as September 2020, Zheng Shu, chief financial officer of CATL, said in a conference call with INVESTORS that the company had been approved to obtain a foreign debt line of US$2 billion (about 13.671 billion yuan), "US$2 billion us bonds, mainly used to build overseas production bases and supplement operating funds."
The author exclusively learned from a person who participated in the US debt roadshow of the Ningde era that the goal of the Ningde era is the upstream of the industrial chain, and it is not interested in the whole vehicle in the short term.
Yang Jing, Director of China Enterprise Research Department of Fitch Ratings, and Jin Tailun, Director of Asia Pacific Corporate Ratings, also told this writer that CATL has further reduced material costs and improved operational efficiency by vertically integrating metal ore, battery materials and battery recycling businesses.
The global power battery market is a solid backing for the CATL era to enter the power exchange service with great fanfare, which means that it is easier to achieve a unified standard for battery specifications, and it is easier to operate efficiently under the unified standard for power battery replacement operation, maintenance and recycling.
At present, the battery pack specifications of vehicle companies are also various, each with its own characteristics. However, from the user's point of view, there are voices in the industry calling for the standardization of power batteries. Xu Yanhua said bluntly that he hopes to promote the standardization of battery packs from the replacement model to avoid the embarrassment of changing the power station and consumers seeing that the station cannot be used. CATL has good technical strength and industrial relations, and it is expected to help the orderly development of the industry.
The author learned from the CATL era that the CATL era has designed and manufactured a long-life, easy-to-remove, easy-to-detect battery, and monitors the battery performance indicators during use to judge the health status of the battery. Relying on its subsidiary Guangdong Bangpu, CATL has created an ecological closed loop of "battery production and use cascade utilization recycling and resource recycling", and the total recovery rate of its core metals has reached 99.3%.
There is an industry leader that penetrates into the whole life cycle of the power battery as the driving force behind it, and the once difficult power exchange has undoubtedly become feasible. It is foreseeable that with the pull of the Ningde era, the power exchange mode will enter the fast lane, and the power station will also serve as an important hub in the future energy Internet, helping China achieve the great goal of "carbon peaking and carbon neutrality".
Does CATL deserve a higher valuation?
With the launch of the power exchange model in the Ningde era, the relationship between enterprises and car companies in the supply chain is also undergoing profound changes.
If the power battery 1.0 era is to emphasize the comprehensive performance of products, stable supply capacity and cost quality control, to sell the battery to car companies; then, the 2.0 era, it is the battery company deeply involved in the service of the whole life cycle of new energy vehicles, ToB and ToC there is no obvious boundary.
To put it simply, the 1.0 era is the supply relationship of fuel vehicles; in the 2.0 era, battery companies have actually faced consumers, and the quality of service provided by battery companies will directly affect the automobile market. Consumers are likely to choose a car no longer just by car brand, but by evaluating an entire supply chain.
In other words, one day in the future, consumers will enter the store to buy a car, and may take the initiative to ask: "Which power battery is used?" "It's similar to buying a PC and asking if the CPU is Intel or AMD. Some supply chain people who did not want to be named expressed their doubts to the author, he felt that the position that was too obvious would make the car companies in the glass heart feel afraid, and then affect market cooperation.
In this regard, some secondary market researchers told the author that the mentality of car companies is changing, and they are also willing to accept standardized battery packs, thereby reducing the cost of car development and adaptation, and then focusing on places where consumers can perceive and car companies can reflect their own value.
In fact, the change of car companies is more in line with the needs of the market. Battery models are different, replacement power stations are independent, consumers' power exchange needs to be improved urgently, and the market desires standard unification for a long time. In other words, changing electricity is not to consider whether car companies need it, but whether the market needs it.
At the same time, the power exchange model has also spawned a heavier asset operation model. As a large charging treasure, the battery has changed from private ownership to the property of the battery asset company, and it is completely possible to issue ABS as a secured asset to obtain funds to help expand the scale of charging piles and improve charging station services. At the same time, the behavior data and payment habits derived from the scenario of user power exchange make the Ningde era no longer a simple 2B company, and the future business model and scenarios are more imaginative.
Chen Weifeng told the author frankly that the power exchange project is indeed an asset-heavy project, but once the project is grafted with the real economy, the capital market can be transported here, playing a role in stimulating the real economy and manufacturing, and at the same time, this model can also play a role in reaching the end consumer bridge.
2022 may become the first year of the rapid development of the replacement power station. Brokerage firms have revalued their expectations for the future market in recent research reports and have become more optimistic.
CITIC Securities pointed out in the research report that it is expected that the industry sales will grow explosively, with more than 3,000 new replacement power stations; according to the current five-year plan of mainstream companies, it is expected that the number of industry ownership will exceed 30,000 by 2025, an increase of more than 30 times compared with 2021, and the growth rate is far more than the overall sales volume of the new energy automobile industry in the same period.
The rapid development of new energy vehicles is also gratifying. Fu Bingfeng, executive vice president and secretary general of the China Association of Automobile Manufacturers, expects: "New energy vehicles will reach 5 million in 2022, an increase of 42% year-on-year, and the market share is expected to exceed 18%. Under such a situation, the planning target of 20% of new energy vehicles in 2025 is likely to be achieved ahead of schedule. ”
AVIC Securities believes that under the power exchange model, car companies, battery suppliers, substation equipment suppliers, and operators can usher in an incremental market, and the operation of substation replacement will be the largest link in the market space in the field of power exchange.
In the view of the capital market, the Ningde era has entered the field of power exchange, marking the completion of the closed loop of the whole life cycle value chain of batteries developed, manufactured, used and recycled by the Ningde era. Following the profound changes in the relationship between enterprises and car companies in the supply chain, with the more comprehensive participation of the Ningde era in the new energy industry chain, the valuation of the Ningde era is also expected to be further raised.
Wind client shows that as of January 19, 70.73% of the brokers gave a buy rating to CATL, and 29.97% of the brokers gave an overweight rating.
As the slogan of the Ningde era says: "Open your era of energy freedom". The Ningde era, which comprehensively and deeply lays out the entire industrial chain, is expected to embark on every wave of industrial development.