This year is the first year of the low-altitude economy, and the low-altitude economy was written into the government work report at the beginning of the year, and the focus was on the new quality of productivity.
As a key carrier of the low-altitude economy, UAVs are expected to usher in rapid development. With the opening of low-altitude airspace, the acceleration of airworthiness approvals and the maturity of business models, UAVs are expected to become the earliest application scenarios in the low-altitude economy to achieve substantial growth.
In the depreciation of a single flight of an unmanned aerial system, the battery accounts for about 34% of the core component of the unmanned aerial vehicle.
UAV batteries have extremely high requirements for energy density and discharge rate, and pouch batteries are expected to become an ideal choice for UAV batteries due to their two advantages of lightweight and customization.
According to EVTank's forecast, global pouch cell shipments are expected to exceed 400GWh by 2025.
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Pouch cell industry overview
Lithium batteries can be divided into cylindrical, prismatic and pouch batteries according to different packaging technologies.
Battery structure with different packaging technologies:
The key structure of cylindrical and prismatic cells includes the shell and cover, while the core structure of pouch cells is aluminum-plastic film.
With lighter weight, thinner thickness, and more flexible design, the production of polyluminium film includes key steps such as precision coating and lamination.
As the main packaging component of pouch cells, the production technology requirements of aluminum-plastic film are very strict. Due to the high technical threshold, the mainland is highly dependent on the import of aluminum-plastic packaging film.
From the perspective of the global market structure, it is mainly dominated by Japanese DNP, Showa Denko and other enterprises, and the mainland enterprises with mass production capacity of aluminum-plastic film include Selen New Materials, Zijiang New Materials, Daoming Optics and Mingguan New Materials.
The main manufacturers of aluminum-plastic film in China:
The pouch battery industry chain includes upstream raw material resource supply, midstream module supporting production, downstream product R&D and manufacturing, and the final user end.
Diagram of pouch battery industry chain:
In recent years, the growth rate of the upholstery market has exceeded the industry average.
The major players in the global flexible packaging market include Japanese and Korean companies such as LG, SKI, AESC, and domestic Funeng Technology.
With the gradual release of LG's global production capacity, it is expected to lead the soft pack market to achieve rapid growth. In the domestic pouch battery installed capacity ranking, Funeng Technology, Duofluoride and Jiewei Power ranked among the top three.
Source: Auto insurance data, NE New Energy
In addition, the competitiveness of domestic enterprises in the global small pouch lithium-ion battery market is gradually increasing, and leading enterprises such as Zhuhai Guanyu and Xinwangda Liwei are accelerating their layout.
Global Pouch Lithium-ion Battery Market Share in 2022 (Unit: %):
Source: EVTank, Zheshang Securities
The core suppliers of DJI's drone batteries, the global leader in drones, include Zhuhai Guanyu and Penghui Energy.
Zhuhai Guanyu has established a stable supply relationship with leading customers such as DJI drones. In March 2024, Zhuhai Guanyu revealed on the interactive platform that it is cooperating with manned aircraft customers in battery research and development, and the company's products have been recognized by well-known domestic and foreign automobile manufacturers such as SAIC and Jaguar Land Rover in the field of start-stop batteries.
By holding 86% of the shares of Foshan Shida, Penghui Energy has become a supplier to drone customers such as DJI and Lingdu Intelligent Control. Foshan Shida is mainly engaged in nickel-metal hydride batteries and polymer lithium batteries, among which drone battery products have been supplied to consumer and plant protection drones such as DJI S1000 and Zero Intelligent Control E-EPIC. #无人机##飞行器##飞行汽车##低空经济#
EVE started with pouch batteries, and its pouch battery shipments have ranked among the top in China, and the company's D21 pouch battery products have the characteristics of long life and high energy density, which are comparable to LGES' E61V batteries. The company's products are mainly supplied to brands such as Kia, Daimle and Xpeng.
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