Domestic power battery giant Huizhou Yiwei Lithium Energy Co., Ltd. (300014, Yiwei Lithium Energy) recently disclosed the news of purchasing land and building a factory in Hungary. Affected by the news, on March 30, the stock price of Yiwei Lithium Energy opened high and went high, rising 9.38% as of the close, at 83.0 yuan / share, with a total market value of about 157.6 billion.
On the evening of March 29, Ewell Lithium Energy issued an announcement that the company recently signed a letter of intent with a subsidiary of the Hungarian Debrecen government, and the company or its subsidiary entities (later designated) intend to purchase the target real estate from the seller and establish a power battery manufacturing plant in Hungary in accordance with the terms and conditions specified in the letter of intent.
According to the agreement, the site of the project is located in the northwest industrial zone of Debrecen, with a land area of about 45 hectares. According to Ewell Lithium Energy, the power battery factory is mainly used to produce a new type of cylindrical power battery, which is speculated to be a large cylindrical power battery developed by Ewell Lithium Energy.
The penetration rate of new energy vehicles in Europe ranks first in the world, but at present, most of the world's electric vehicle batteries are produced in the United States and Asia, and the local demand for local supporting power batteries is growing. Previously, Ewell Lithium Energy has successively won the fixed points or orders of bmw, Daimler, Hyundai, Jaguar Land Rover, Bosch and other global leading car companies. The initiative to purchase land and build a factory in Europe has enhanced the ability of Ewell Lithium to provide products and supporting services for overseas customers nearby, and has also taken a key step in the global layout.
Screenshot of the official website of Ewell Lithium Energy
On the other hand, through the selection of large cylindrical batteries as the main products of the new factory, it can be seen that Ewell Lithium energy and its European customers recognize the prospects of the technical route of large cylindrical batteries.
True lithium research analyst Ruogu told the surging news (www.thepaper.cn) reporter that from the perspective of product performance, cylindrical batteries are the safest of several mainstream forms at present, and the high safety upper limit makes it possible to support chemical systems with higher energy density. At the same time, the cylindrical cell cell is small in size, easy to thermal management, can flexibly use of special-shaped space, and highly standardized form is conducive to platformization and iteration. In terms of industrialization difficulty, the cylindrical battery development history is the longest, the degree of standardization is high, and a more unified standard has been achieved in the industry, at the same time, the automation level of cylindrical battery production is also higher than that of several other batteries, which ensures the high efficiency of cylindrical battery production, the consistency of the single body, from the other hand, it also reduces the production cost.
At present, more and more car companies and battery manufacturers have begun to lay out the application of large cylindrical batteries in the field of electric vehicles. Tesla, BMW, Porsche, Jachuai, Dongfeng Lantu and other car companies have released the signal of the application of large cylindrical batteries, of which Tesla mainly promotes the 4680 series cylindrical batteries, and BMW mainly promotes the 4695 series large cylindrical design scheme. In addition to Ewell Lithium Energy, battery companies such as BAK, Lishen, Hive Energy, Panasonic, and LG New Energy are also increasing investment in the research and development of large cylindrical batteries.
Liu Jincheng, chairman of Ewell Lithium Energy, recently said at the China Electric Vehicle 100 People's Meeting that through the three-level test verification of battery cell level, module level and system level, large cylindrical batteries will become the main power supply direction for high-end models in the future.
According to Liu Jincheng's analysis, the large cylindrical battery has become a hot spot in the industry research and has vaguely become the ultimate technical direction of the power battery. Large cylindrical batteries have absolute safety and cost advantages, which are mainly reflected in the following four dimensions:
One is the ultimate standard, design and manufacturing and even recycling can be standardized; the second is the ultimate reliability, in the whole life cycle of the structural stability, zero stress between the batteries, from the beginning of the battery to the end of the same as always no change; the third is the ultimate manufacturing, can achieve the ultimate manufacturing, the process path shortened by 30%, GWh production efficiency is higher; the fourth is the ultimate system, to achieve a nickel content of 90% of the chemical system, the use of silicon carbon materials.
It is understood that at present, Ewell Lithium Energy has laid out two large cylindrical battery models of 4680 and 4695, and the announced battery planning capacity totals 200 GWh, which is expected to be completed by the end of this year.
According to the statistics of China Power Battery Industry Innovation Alliance, in 2021, the installed capacity of power batteries in the Chinese market will be 2.92 GWh, ranking seventh in the country. In the first two months of this year, the installed capacity of Ewell Lithium Energy totaled 0.62 GWh, ranking sixth at one point.
Source: China Power Battery Industry Innovation Alliance
According to the performance forecast previously released by Ewell Lithium Energy, it is expected to achieve a net profit of 2.726 billion yuan to 3.056 billion yuan in 2021, an increase of 65% to 85% year-on-year. Ewell Lithium Energy said that the substantial growth of the battery business is the main reason for the improvement in performance.
According to the analysis of Huachuang Securities Research Report, Ewell Lithium Energy was previously selected as a supplier of Bosch, highlighting the competitiveness of power battery products. Considering that the company is the global lithium primary battery leader, the ternary soft pack battery is deeply bound to Daimler, Hyundai Kia, Xiaopeng and other large customers, the expansion of lithium iron phosphate batteries continues to accelerate, and it is expected that the company's shipments will increase significantly in the future, and the scale effect is expected to drive the company's performance to continue to increase. With reference to the valuation of comparable companies, the company will be given 50 times PE in 2022, corresponding to a target price of 119 yuan.