In 2021, China's power lithium batteries entered an explosive year, and the marketization speed was obvious. According to the data of the Ministry of Industry and Information Technology, the sales of new energy vehicles will reach 3.52 million units in 2021, and it is expected that after 2-3 years, the global power battery shipments will reach 1100GWh, officially entering the TWh era. According to incomplete statistics, the investment in lithium battery expansion in 2021 will exceed 600 billion yuan.
This booming expansion wave has also spawned a number of lithium battery giants with a market value of more than 100 billion, and the Ningde era has steadily entered the trillion market value mark.
Under the tide of lithium battery expansion, the industrial chain is also facing various challenges: upstream material shortage, price increase; midstream manufacturing link equipment and high-quality production capacity delivery delays; downstream is facing higher requirements from customers, endurance, safety, charging speed, cost and so on need to be solved urgently.
The immaturity of the industry and the surge in demand have brought new development opportunities for technology and industrial chains, while also releasing new investment opportunities.
For the lithium battery industry chain, this paper sorts out the four aspects of upstream materials, midstream manufacturing, downstream battery technology and battery recycling, disassembles the new trends and investment opportunities of the lithium battery industry under the tide of 600 billion production expansion, and continues to track and share industry views.
First, upstream: material innovation to improve the performance of batteries, from fine chemicals to the era of large chemicals
(1) Lithium extraction: it is imperative
After the demand for large-scale expansion of lithium batteries is amplified, it is transmitted to the upstream layer by layer, starting from the most upstream lithium resources, and the competition for raw materials is intensifying. Since 2021, the price of lithium carbonate/lithium hydroxide has risen all the way, from 50,000 to 60,000 yuan at the beginning of the year to more than 200,000 yuan. Taking Tianqi Lithium as an example, its bank borrowings have reached 17 billion yuan, and the asset-liability ratio has climbed to 82% at one point, which requires the reduction of the debt ratio through the listing of Hong Kong stocks. Various lithium companies are also grabbing resources in a big way, such as the ningde era and Ganfeng lithium industry's battle for the millennium lithium industry, which was finally cut off by the American lithium industry at a high price of 400 million US dollars.
At present, the lithium extraction method can be mainly divided into three types: lithium extraction of spodumene, lithium extraction of salt lake, and lithium of lithium mica. The output products are mainly lithium carbonate and lithium hydroxide, of which lithium hydroxide produces batteries with better performance. Lithium hydroxide is mainly extracted from spodumene, and spodumene resources are mainly concentrated in the South American lithium triangle and Australia. Mainland lithium ore resources are not rich, and the mainland's salt lake lithium endowment is poor, magnesium is too high, and most of the output is lithium carbonate.
However, at a time when the global new energy vehicles usher in the outbreak of demand, the mainland, as the world's largest lithium consumer, is imperative to develop and control lithium resources. Lithium extraction technology has received a lot of attention, aiming to make up for the scarcity of natural resources and endowment defects through technological innovation. You can pay attention to enterprises with breakthrough lithium extraction technology and grasp lithium resources.
(2) Materials: Continue to promote cost reduction and efficiency increase
Lithium batteries mainly rely on the movement of lithium ions between positive and negative stages, de-embedding, and chemical reactions with positive and negative electrode materials for charging and discharging.
Lithium battery materials are mainly divided into positive electrode, negative electrode, diaphragm, electrolyte four main materials and copper foil, aluminum foil, aluminum plastic film and other materials. Material innovation needs to comprehensively consider multiple factors such as energy density, power, cycle life, safety, and cost, corresponding to downstream demand, forming a diversified battery technology route.
There are two main ways to innovate materials: material modification and the development of new materials.
In the innovation of lithium battery materials, the change of positive and negative electrodes is the most imaginative, and other materials such as electrolytes and diaphragms are also constantly innovating to drive industrial development.
Among the lithium battery materials, the cathode material costs the highest, and it is also the core material of the lithium battery, which determines the performance of the lithium battery and has a direct impact on the final energy density, voltage, service life and safety of the product.
1. Cathode material
The current mainstream of cathode materials is ternary materials and lithium iron phosphate, both of which have their own advantages: the theoretical energy density of ternary materials is higher, and lithium iron phosphate is safer and more cost-effective, so the dispute between ternary and lithium iron phosphate has not stopped.
In the installed types of power batteries in 2021, ternary materials still occupy a higher share, accounting for 55.3%, but the installed capacity of lithium iron phosphate is growing faster. The more popular view in the industry is that high-nickel ternary is an important technical route for medium/high-end electric vehicles to achieve long-distance endurance, and lithium iron phosphate will have more advantages in other scenarios, such as A00-class cars, short-distance travel in the city, two-wheeled vehicles, energy storage, heavy trucks, etc.
Both materials are constantly evolving, ternary towards high nickel low cobalt or even cobalt-free direction development, iron lithium system, lithium manganese iron phosphate compared to lithium iron phosphate can increase the maximum working voltage, thereby improving energy density, is an important development direction. What kind of material will become the mainstream in the future cannot be easily determined.
In the medium and long term, lithium-rich cathodes and high-voltage electrodes are important technical routes to improve energy density. The ultimate in the longer term: Perhaps the focus can be on the elements at the top right of the periodic table – with a small electrometric equivalent, a high electrode potential, and more elements with positive potential, to screen out lithium-free cathodes with great application prospects.
However, the improvement of energy density in material innovation often means the sacrifice of other properties such as circulation performance and stability, and new cathode materials need to find more suitable supporting materials such as corresponding negative electrodes, electrolytes, etc., and the cost will also become a problem of restricting industrialization.
Therefore, the direction of cathode material innovation and industrialization is not completely pursuing the ultimate of single performance, but paying more attention to the synchronous improvement of comprehensive performance.
It is believed that with the passage of time and technological progress, after the relevant problems are solved, we will see the industrial progress brought about by the material revolution, just like Moore's Law in the semiconductor industry.
2. Anode material
The role of the negative electrode material is to store and release energy, which mainly affects the cycling performance of lithium batteries and other indicators. At present, there is no gap in the graphite anode itself, but under the double carbon policy, the production capacity of Inner Mongolia is affected, so the anode material is also in short supply.
Anode materials can be divided into carbon materials and non-carbon materials, of which artificial graphite in carbon materials is the current absolute mainstream, cost and performance are relatively dominant, the typical enterprise is a brother of the North Stock Exchange.
The core problem of graphite anode is that the theoretical upper limit of its energy density is 372mAh/g, and the products of the industry's leading companies have achieved an energy density of 365mAh/g, approaching the theoretical limit. Based on this, everyone began to turn their attention to the silicon-based anode, of which silicon-carbon anode materials are considered to be the most promising technical route.
Tesla has applied the silicon carbon anode to the Model 3, adding 10% silicon to the artificial graphite, and the monomer energy density has successfully achieved 300Ah/g, which is a great ahead of the traditional technology route of the battery.
However, the processing technology of silicon carbon anode is still immature, the current market price of silicon carbon anode material has exceeded 150,000 yuan / ton, which is twice that of artificial graphite anode material, and its technology and supporting technology have yet to be matured, typical enterprises include Jiangxi Zichen, Putailai, Zhide New Energy, etc.
Another hot spot in the research and development of the negative electrode is the metal lithium anode, which has application potential due to the characteristics of "high specific capacitance and low potential", but it is also necessary to solve the safety problems caused by lithium dendrite.
The metal lithium anode is likely to be promoted and commercialized in segments such as drones in the short and medium term, and it is expected that commercial use in the power field will take longer.
3. Electrolyte
The electrolyte includes high-purity organic solvents, electrolyte lithium salts and additives, mainly as a carrier for ion migration, ensuring that ions swim between the positive and negative electrodes. According to the cost division, electrolyte lithium salts account for about 40% to 50%, solvents account for about 30%, and additives account for about 10% to 30%.
Although the electrolyte is not the most core raw material, it is the part with the largest gap and the most serious price increase in recent years, especially the electrolyte - lithium hexafluorophosphate, which takes a long time to expand production and environmental impact assessment, and it takes 1.5-2 years as a whole, and the price has risen from more than 100,000 tons at the beginning of the year to 500,000 or 600,000 tons. At present, companies such as Tianci Materials and Xinzhubang are actively expanding production, and electrolyte manufacturers that can lock in long orders of customers and bind upstream hydrogen fluoride, lithium fluoride and other resources are more certain of performance.
In order to cope with the price increase and shortage of hexafluorine, electrolyte companies have explored new alternative solutions, and the new lithium salt LiSFI instead of LiPF6 is one of them. This new electrolyte can improve the safety and stability of the battery and improve the resistance to low temperature and expansion, but the preparation cost is relatively high. As an alternative, the need for LiSFI depends mainly on the price difference with LiPF6.
In addition to the scarcity of electrolytes, additive VC has also soared about 3 times this year.
The role of additives is mainly to improve the interface characteristics, improve the conductivity of the electrolyte, and carry out internal overcharge protection. VC is the most widely used additive, which is conducive to promoting the formation of stable SEI membranes (during the first charge and discharge of liquid lithium-ion batteries, the electrode material and the electrolyte react at the solid-liquid phase interface to form a passivation layer covering the surface of the electrode material) and improve electrolyte performance.
The main innovations in the future of electrolytes will be reflected in the development of new lithium salts and new additives. For example, Hive Energy has developed a "jelly battery" with gel electrolyte as the electrolyte to improve safety performance.
Further, the most promising changes in the future of electrolyte will be the gradual change from liquid electrolyte to solid electrolyte, greatly improving the safety of lithium batteries and other comprehensive performance.
4. Diaphragm
The separator of the lithium battery is a specially formed polymer film, the film has a microporous structure, which allows lithium ions to pass freely.
At present, lithium battery separator technical barriers are the highest, the industry concentration is the highest, the domestic market CR5 reached 82.1%, only the leading Enjie shares of the domestic market share reached 44.1%, basically reached the oligopoly pattern, the gross profit margin is also the most abundant among a number of lithium battery material companies.
The technical route of the diaphragm is mainly divided into dry and wet methods, and the wet diaphragm is currently the mainstream.
Diaphragms are also indispensable materials in the field of energy storage, and the lightening of diaphragms in the future is a major trend in development.
The risk point of diaphragm investment is mainly that the electrolyte in the future solid-state battery assumes the role of separating the positive and negative electrodes, without the need for traditional separators, but the large-scale commercial use of pure solid-state batteries is still early, and the diaphragm is still a high barrier and widely used material in the short and medium term.
In addition, the equipment of the diaphragm is basically imported, and the localization opportunity of lithium battery diaphragm equipment can also be paid attention to.
5. Miscellaneous
In addition to the four main materials of positive and negative electrode materials, electrolyte and diaphragm, aluminum-plastic film, copper foil (for negative electrode) / aluminum foil (for positive electrode), binder, etc. are also key materials worthy of attention. For example, aluminum-plastic film is improved by the penetration rate of soft pack batteries and energy storage is good, which has become a new hot spot in lithium battery materials.
Aluminum-plastic film has long been monopolized by Japanese and Korean companies such as Showa Electric and DNP, with a low domestic production rate and one of the lithium battery materials with the highest technical barriers. The main technical routes are dry and thermal, but each has its own advantages and disadvantages, dry aluminum-plastic film deep drawing performance is good, but the electrolyte resistance and water resistance are not as good as the thermal method; thermal aluminum plastic film has good corrosion resistance to electrolyte, but poor depth molding performance. Therefore, there are also new manufacturers to find another way, such as lithium shield materials independently developed a non-polar microwave anchoring method multiphase interface integrated aluminum-plastic film, which combines the advantages of dry and thermal methods.
(III) From fine chemicals to large chemical supply: solve the contradiction between supply and demand
In addition to the technological progress of each raw material itself, in response to the large-scale demand in the downstream, lithium battery materials also need to be transferred from fine chemicals to large chemical industries in order to maintain a healthy and sustainable supply and demand relationship.
In recent years, more and more "external chemical giants" are accelerating the spoiling, such as BASF and Shanshan joint venture set up BASF Shanshan, Wanhua Chemical invested in the construction of 50,000 tons of lithium iron phosphate cathode material integration project, Xinyangfeng, Longbai Group, China Nuclear Titanium Dioxide and other phosphorus chemical and titanium dioxide enterprises also announced the investment in iron phosphate, LFP materials projects. It can be said that lithium battery materials are experiencing more than just the inner volume of "insiders".
In the future, the traditional fine chemical production method will no longer be applicable, and it will be difficult for small and beautiful material merchants to continue to be strange and liveable, and the dimensionality reduction blow from large peripheral chemical companies is testing the operational ability and innovation ability of each material.
Second, manufacturing: the urgent need for efficient high-quality production capacity and intelligent manufacturing
(1) Lithium battery equipment: integration, automation and consistency
With the advent of lithium battery expansion tide, lithium battery equipment has benefited significantly. According to statistics, in 2021, the cumulative installed capacity of China's power lithium batteries reached 154.5GWh, an increase of 153.1% year-on-year, while the total planned production capacity of TOP10 enterprises is close to 2.1TWh. According to the power battery single GWh equipment investment of about 200 million yuan, it is expected that the market demand for new lithium battery equipment will exceed 400 billion yuan in 2021-2025.
Under the strong order demand, there are limited manufacturers with large-scale supply capacity, the expansion cycle of lithium batteries is long, from plant construction to confirmation and acceptance generally requires a construction period of 2-3 years, of which equipment from procurement and production to acceptance of revenue also needs 12-18 months, which means that the revenue growth of lithium battery equipment is relatively sluggish, and investors can effectively predict future revenue according to the order in hand.
Judging from the orders in hand disclosed by the lithium battery manufacturers in the 2021 mid-year report this year, most of the lithium battery equipment manufacturers have exceeded the revenue of last year in the first half of the year, and the pilot intelligence is only in the first half of the year to sign a new order of 9.2 billion yuan, almost twice the revenue in 2020. Faced with a large number of orders piled up, delivery capacity becomes the key.
From the perspective of production process, lithium battery equipment is mainly divided into front road equipment, middle road equipment and rear road equipment. The front road makes pole pieces, the middle road makes batteries, and the back road makes modules and battery packs. The whole mainly includes coating, roller pressing, slitting, winding, lamination, liquid injection, welding, volumeization, assembly, testing and other processes.
Due to the very many production processes and the different core technologies required by different processes, most manufacturers can only card 2-3 processes, and only the two enterprises that can be covered in the front, middle and back roads can be covered.
The key technologies and trends of various types of equipment are as follows:
In addition to the pursuit of the refinement of each link process, integration, automation and higher consistency are the main trends of lithium battery equipment.
Lithium battery production process is very trivial, simple one or two process line speed improvement can not drive the entire production efficiency, if you can integrate the front and back processes can directly reduce the time of material handling, reduce production costs, improve material consistency. Therefore, in recent years, many leading lithium battery equipment manufacturers are focusing on their own integrated machines, such as roller pressing slitting machines, laser die-cutting winding machines, cutting and stacking machines, etc., and it is expected that the penetration rate of all-in-one machines in lithium battery equipment will be higher and higher in the future.
In addition to special equipment, general laser equipment is also widely used in the lithium battery industry. Typical cross-border representative manufacturers such as Han's Laser.
According to the research of Changjiang Securities, laser welding equipment accounts for about 5%-15% of lithium battery equipment investment, including: the middle road process - pole ear welding, pole belt spot welding, cell shell pre-welding, shell top cover sealing welding, injection port sealing welding, etc.; rear channel process - battery module PACK connection plate welding, and module cover plate welding.
With the increase in the number of polar ears of the 4680 battery, the welding has changed from the spot welding of the two pole ears to the surface welding of the full polar ears, the welding process and the amount of welding will become more, and the difficulty of welding will also be greatly improved: the laser strength and focal length control difficulty are increased, and it is easy to weld through the internal or virtual welding of the battery cell, affecting the yield, etc., so higher technical requirements are put forward for the welding process. With the increase in welding difficulty and welding volume, it is expected that the value of laser welding equipment in the 4680 battery production line will increase.
(2) Lithium battery manufacturing: from manufacturing to intelligent manufacturing
Five or six years ago, China's lithium battery industry was still in a state of high-speed naked running, with weak technical level, low degree of automation, and even semi-manual and semi-mechanized production, following the imitation of 3C precision manufacturing.
With the accumulation of technical experience and the demand of downstream large customers, lithium battery production is shifting from manufacturing to "intelligent manufacturing", the interactive correction ability, precision, speed, stability and consistency of equipment, energy saving and emission reduction in the production process, and the ultimate pursuit of production efficiency are reshaping the entire industry. Among them, the application of three major technologies of machine vision detection, robots and digital systems in the lithium battery industry will drive the new development of the lithium battery industry.
1. Machine vision inspection
Bubbles, black spots, scratches and other defects in lithium battery production, polar ear misalignment and other problems will affect the quality of the battery and even cause explosions, which requires real-time visual inspection of lithium battery production to ensure consistency and stability.
In the past few years, the visual inspection of the lithium battery industry has been dispensable, and even the equipment manufacturers are arbitrarily assembled on the equipment in order to cope with the requirements of the battery factory, and the vast majority of visual inspection manufacturers have a weak voice as a Tier 2 supplier and a thin profit margin.
With the frequent occurrence of battery safety issues and the requirements for battery consistency, especially the more stringent requirements for battery quality by overseas OEMs, upstream battery manufacturers have been forced to pay attention. Since the Beginning of the Ningde Era, battery manufacturers have paid more and more attention to visual inspection, and head vision inspection manufacturers are moving from behind the scenes to the front of the stage, developing from Tier 2 to Tier1 manufacturers, and even need equipment manufacturers to cooperate with visual manufacturers for specification customization.
It is foreseeable that in the future, the machine vision of lithium batteries will penetrate into more battery manufacturers and more production processes, and the standard CCD detection system for lithium battery equipment is expected to become an industry practice.
2. Robots
At present, the lithium battery production process is still dominated by special machine equipment, and the use of industrial robots is not much at present. In some process segments, some companies try to use robots, such as lamination links, and parallel robots have more speed advantages.
According to the high-tech lithium battery survey, the lithium battery industry has a larger gap in robots and is still moving robots. Because of the material volume and load problems, the front road needs to be accurately docked with the production line, so the demand for mobile robots is relatively large, and the rear road requires mobile robots for flexible handling.
Similar to the general AGV scenario, in the application scenario of the power battery production line AGV, customers mainly pay attention to the positioning accuracy of the AGV, the coordination with the overall production cycle, the stability of the scheduling system and the accuracy of data acquisition.
At present, there are two main types of automation manufacturers in the lithium battery industry: robot manufacturers and lithium battery equipment manufacturers, but each has its own advantages and disadvantages:
How to integrate robots, logistics technology and lithium battery production site processes may become a competitive factor. Under such a premise, the first-mover advantage is very important, and the manufacturers who can enter the card slot of large customers first have a certain time window to deepen their understanding of the production process, conduct on-site debugging, obtain valuable on-site process experience, further iterate technology, and improve barriers.
3. Digital system
Matching precision production is the intelligent production plant.
A large number of automation and industrial Internet manufacturers are trying to transfer their years of digital transformation experience to the lithium battery industry. They guarantee stable and consistent delivery through dismantling and modular production processes. By opening up PLC units and MES systems, embedding 3D model configurations, strengthening the whole line system and integration capabilities, and cooperating with the 5G industrial Internet of Things platform, the program is efficient, standardized and visualized.
It is understood that the unit price of intelligent solutions for a single factory can reach millions of yuan, and if it is combined with automated transmission, detection, emission reduction, and temperature control equipment, it can be sold to tens of millions. A number of cross-border players, including Aerospace Co., Ltd., Intelligent Maker, Sikeqi, Fanyi Automation, and Huawei, are exporting smart factory solutions that integrate software and hardware in the lithium battery industry.
Third, the next generation of batteries: the innovation of materials and structures to drive product innovation
Under the theme of high prosperity investment in the lithium battery industry, capital is also constantly observing the next generation of battery technology, and the competition for the next generation of power batteries has entered a white-hot stage. This is not only a breakthrough in a single technical indicator, but also a comprehensive contest of capital, customers, engineering and manufacturing capabilities, management capabilities, supply chain planning and other links.
(1) Battery design innovation
How to develop a better battery and make the battery design more scientific, intelligent and efficient is also a direction worth exploring.
Some players have begun to use AI to co-ordinate the computing battery design. Taking the CATL era as an example, it has continued to build a digital research and development platform, embedding big data, cloud computing and artificial intelligence into battery research and development, and accelerating the research and development process of new chemical systems such as sodium-ion batteries, lithium metal batteries, and cobalt-free precious metal batteries.
In addition to developing new systems, the CATL era is also based on the first principle of density functional theory, and drives material innovation through high-throughput calculations. Battery R&D designer E-Lecode develops its own battery simulation design software platform, using a variety of physical flow simulation methods to complete the design or optimization of battery products, and iteratively develops for specific problems.
(2) Battery material and structural innovation
In the process of observing the next generation of batteries, we have also heard countless names: blade batteries, magazine batteries, 4680 batteries, sodium ion batteries, lithium metal batteries, CTP batteries... From an innovation perspective, these can all be attributed to material innovation and structural innovation.
Material innovation includes innovation for cathode materials, anode materials, electrolytes and even excipients, while structural innovation includes changes in the shape and specification of structures between batteries and battery packs.
It can be said that the demand side represented by the head automaker, the diligent pursuit of battery energy density, cycle performance, charging magnification, safety, low temperature performance, cost and other indicators has driven the lithium battery industry chain to carry out technological innovation, and the breakthrough of some technologies has promoted the continuous internalization of learning in the entire industrial chain.
The speed of battery technology update iteration continues to accelerate, we believe that the game of lithium batteries is not just a simple lithium iron phosphate and ternary cathode path dispute, in the near two to three years we can see a new generation of battery technology on the mainstream stage.
From the cost point of view, lithium-ion batteries in 2010-2020 cost decline rapidly, especially in recent years BYD blade battery and Tesla battery electrodeless ear battery research and development breakthroughs, so that lithium-ion battery endurance, safety, cycle life are greatly improved at the same time, lithium-ion battery cost has been reduced from about 1100 US dollars / KWh ten years ago to about 110 US dollars / KWh.
Along with the decline in battery costs, it is the high demand for power lithium batteries, and OEMs have expressed a lack of batteries, especially high-quality good batteries. We expect that in the future, with the mass production application of solid-state batteries and the modification and innovation of positive and negative electrode materials, lithium batteries will increasingly develop in the direction of high quality and low price.
Fourth, lithium battery recycling: batteries will usher in a wave of decommissioning, lithium battery recycling has become an outlet
With the rapid development of new energy vehicles, battery decommissioning will gradually become a scale, according to public information, it is expected that by 2025, decommissioned batteries will exceed 730,000 tons, lithium battery recycling within half a year has become an outbreak of hot spots.
(1) Recycling sources
When it comes to lithium battery recycling, it is impossible to avoid a key question: where will waste batteries come from in the future?
According to the survey, the current lithium battery recycling is still in a very chaotic state, the amount of power batteries that are decommissioned itself is not large, and the current batteries are mostly large and small battery recyclers (similar to "wholesalers") around the world, which get part of the batteries according to geographical advantages and relationship networks, carry out simple disassembly, crush, and sell the pole pieces and powders to manufacturers with processing capacity.
With the implementation of battery recycling qualifications and responsibilities, the responsibility for battery recycling in the future may fall to battery manufacturers or even more upstream material manufacturers. Some overseas battery manufacturers cannot dispose of waste batteries overseas, and upstream material manufacturers will be required to bear part of the recycling responsibility. At present, some battery banks and power exchange manufacturers are also actively seeking cooperation with battery recycling manufacturers.
(2) Recycling method
From the perspective of recycling methods, battery recycling is mainly divided into cascade utilization and recycling.
Cascade utilization is to classify, crush, disassemble and sort the recycled batteries to form a scrap battery and a secondary reorganization battery, and reapply the waste battery that can be reused in two-wheeled vehicles, energy storage and other scenarios.
Recycling is the extraction of useful metal salts and raw materials from waste batteries, such as nickel sulfate, lithium carbonate, cobalt sulfate, manganese sulfate, and even precursors.
From the process point of view, the technical threshold of recycling process is higher and more and more sought after. The ability to differentiate processes and technologies also determines the corresponding gross profit space.
After battery recycling manufacturers extract useful metals through recycling, they have also begun to explore the material side and explore greater value-added space.
In addition to process and technical capabilities, production capacity, environmental impact assessment approval and environmental protection technology, land capital reserves, and upstream battery resources will also become important thresholds and competitive factors in the battery recycling industry. The battery recycling whitelist will also become an important qualification to enter in the future, and manufacturers with battery resources will give priority to selecting partners with recycling capabilities from the whitelist.
In addition to start-up companies, more and more battery factories are also laying out lithium battery recycling plate, lithium battery recycling field has formed three mainstream factions of battery factory system, main engine factory system, car dismantling plant and aftermarket system, it is foreseeable that the future lithium battery recycling industry will become more and more standardized, and the state of the three factions game is more subtle.
Yunxiu believes that the lithium battery industry can be said to be a traditional industry, with a large number of industry veterans with more than ten or twenty years of experience tirelessly; it can also be said to be an emerging industry, everyone is desperately learning in this electric tide, seizing opportunities, and constantly colliding with new technologies, new materials, and new thinking.
It is foreseeable that the next two years will be two years of rapid progress towards the TWh era, so enterprises need to adhere to the spirit of innovation and constantly pursue technological progress in this battle of strong people and tigers, while at the same time having a sense of awe, with a lean entrepreneurial attitude, bundle demand and stabilize supply.
From the perspective of industrial investment, instead of blindly catching up with hot spots, it is more necessary to find a team that can do a solid job in products and services with a pragmatic attitude in this wave and work together.
Partial references
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[2] Guosen Securities: H1 lithium battery summary: perfect ending, fiery continuation
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[4] Minmetals Securities: Power battery depth: starting from the core, returning to the origin of technology, focusing on the main line of development
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[8] Alpha Workshop: Why lithium extraction in salt lakes is imperative
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[11] China Automotive Power Battery Industry Innovation Alliance
[12] Wonder Data
[13] Institute of Robotics Industry
[14] Gaogong lithium battery