New energy investment opportunities in the battery industry chain and Analysis
I. Introduction
With Buffett's stake in BYD, Wang became the latest of the richest man in China. The concept of new energy battery not only set off a round in the capital market turmoil, but also the hearts of ordinary people to root implant.
However, as the sensitivity of the industry's most venture capital in new investment in energy battery industry has become very conservative and lag, so far in domestic investment in the field of new energy battery case and the amount of investment is extremely limited. Energy field to help new investors to better grasp the overall development of new energy battery industry, and tap the potential investment opportunities, and Qing dynasties Group launched special "new energy investment opportunities in the battery industry chain and Analysis" report.
Second, principles and characteristics of lithium iron phosphate
1, lithium iron phosphate structure and working principle
Batteries generally include: cathode, anode, electrolyte, separator, cathode lead, negative lead, the center terminal, insulation materials, valves, seals, PTC (positive temperature control terminal), the battery shell and so on. Which cathode material, anode material, electrolyte and the different membrane processes, or different, battery performance and price have a decisive impact.
Commonly referred to as lithium batteries, based on a variety of materials containing lithium battery cathode material, the current market lithium-ion battery cathode material of lithium cobalt oxide is mainly (LiCoO2), lithium manganese oxide (LiMn2O4), plus a few use Lithium Nickel (LiNiO2) and binary / ternary polymer as cathode material for lithium ion batteries. Lithium iron phosphate is lithium iron phosphate (LiFePO4, referred to as LFP) battery cathode material for lithium-ion battery, its internal structure as shown in Figure: the left is the structure of olivine LiFePO4 as battery anode, the cathode foil and connection, in the middle of the polymer membrane, which separates the positive and negative, but the lithium ion Li + can not pass the electronic e-right is made from carbon (graphite) to form a battery anode, the copper foil and the negative battery connection . Between the top and bottom of the battery cell electrolyte, the battery from the metal shell, aluminum-plastic composite film or plastic containers sealed package.
LiFePO4 battery works: battery charging, the cathode material of lithium ion de-out, through the electrolyte through the diaphragm into the cathode material; battery discharge when the anode in lithium-ion and from off them, through the electrolyte, Back to the cathode through the membrane material. (Note: The lithium-ion battery is lithium ion charging and discharging due to return migration and named the time, so the lithium ion battery, also known as "rocking chair battery")
2, the performance of lithium iron phosphate and Features
2.1 The advantages of lithium iron phosphate
First, the long life: long life cycle life of lead-acid battery is about 300 times, 500 times the maximum will, and lithium iron phosphate batteries at room temperature, 1C charge and discharge cycle 2000 times, the capacity retention rate of 80%; is lead acid battery 5 times, 4 times the nickel-metal hydride batteries, lithium cobalt oxide batteries is 4 times that of lithium manganese battery 4-5 times.
Second, safe: The combination of phosphate bond strength than the traditional structure of transition metal oxide chemical bond strength, so the structure is more stable, and not release oxygen. Lithium iron phosphate stability at high temperatures up to 400 or more, to ensure that the battery inside the high security; will not overcharge, overheating, short circuit, the impact on explosion or combustion.
Third, environmental protection and does not require rare metals: lithium iron phosphate does not contain any (other than lithium), or heavy metals, non-toxic (SGS certification through), no pollution, meeting European RoHS requirements for environmental protection battery.
Fourth, the charge speed, low self-discharge, no memory effect: Lithium iron phosphate 2C rapid high current charge and discharge, under the dedicated charger, 2C can be made within 30 minutes of charging the battery is fully 95% of the starting current of up to 2C , and lead-acid batteries are no such properties.
Five, small, light weight: product design can be lightweight, volume-capacity lead-acid battery is the same as the 2 / 3, are more compact nickel-metal hydride battery; weight capacity of lead-acid battery is the same as 1 / 3, Ni-MH battery 2 / 3;
Sixth, the battery cell voltage high discharge platform stability: for the 3.2V, low series, high reliability battery; battery high reliability for high current charging and discharging of high-power high-rate discharge characteristics: 10C charge-discharge efficiency of 96 %, and capacity retention rate of 90% or more, can be realized 10C discharge;
To sum up, compared to conventional lithium iron phosphate batteries and other lithium battery, with its own distinct advantages, Table 1 and Table 2, and its performance compared conventional batteries and lithium batteries
Can be seen in comparison with conventional batteries, lithium iron phosphate is only at a certain disadvantage in terms of price, other indicators clearly an advantage. But if we consider the battery life, the price of lithium iron phosphate is the lowest.
Lithium iron phosphate in addition to tap density, g capacity slightly less than two indicators, other indicators account for a great advantage, especially in the cycle performance, environmental protection, safety, cost of raw materials and application areas with.
2.2 The disadvantage of lithium iron phosphate
1, the conductivity is poor, slow lithium ion diffusion. Charge or discharge, the actual specific capacity is low, this problem is restricting the development of lithium iron phosphate industry is a difficult point. Lithium iron phosphate is not the reason why so late a wide range of applications, this is a major problem.
2, the tap density is low. Generally only reached 0.8-1.3, low tap density can be said that the great disadvantage of lithium iron phosphate, which is determined by its small battery such as cell phone batteries, no advantage, so its use subject to a certain extent. Even if it's low cost, good safety performance, good stability, high number of cycles, but if the volume is too large, they can only replace a small amount of lithium cobalt oxide. However, this shortcoming is not prominent in the power batteries. Therefore, lithium iron phosphate is mainly used to produce power battery.
3, the consistency problem is serious. Lithium iron phosphate monomer more than 2000 times the current life, but produced poor consistency of the battery, thereby affecting the battery pack performance and overall life expectancy, so the car used in power there is a certain obstacle.
4, poor low temperature performance of lithium iron phosphate. Lithium iron phosphate material to the inherent characteristics, to determine their inferior low temperature performance of lithium manganese oxide cathode materials, and other. Under normal circumstances, the batteries alone, and its capacity at 0 to maintain rate of about 60 ~ 70%, -10 when 40 ~ 55%, -20 20 ~ 40% of the time. This low temperature performance is clearly the use of power supply can not meet the requirements.
5, the manufacturing costs are high. Lithium iron phosphate has the safety, environmental protection, the number of cycles is unquestionable advantages, but the current production costs relative to lead-acid batteries, lithium manganese oxide is higher, mainly due to: 1) physical properties and other lithium battery materials difference between the larger, and its small particle size, tap density, surface area, good processing properties of materials, coating is low, resulting in increased cost of the battery; 2), lithium iron phosphate is only 3.2V, the low than the other lithium about 20%, single cell to multi-use 20%, causing the battery to form part of the increase more.
As technology advances, lithium iron phosphate material of these drawbacks are gradually being resolved, the price has gradually improved, gradually expanding the scope of application, we believe, lithium iron phosphate battery technology has entered a stage of rapid development, is to drive the entire the cultivation of industrial imports from the market entered a period of rapid growth stage.
Third, lithium iron phosphate chain analysis
3.1 The iron phosphate lithium battery industry chain structure
Table 3 illustrates the detailed iron phosphate lithium battery industry chain and the various aspects of the situation on behalf of manufacturers profit margins
3.2 The lithium iron phosphate material
Raw materials, lithium iron phosphate industry is resource industries, the basic lithium resources around the world have been for the major share of the company enclosure, we believe that lithium resources industries in the venture capital has lost the value of strategic entry. Phosphorus compounds belong to the traditional chemical consumables, has a very mature vendor. In contrast, high- quality source of iron compounds, no absolute advantage in the domestic suppliers, there are some investment opportunities, investors can focus on the Shenzhen Tian Shuo Technology, Hefei Ya'alon and other leading companies in this field.
3.3 Information and Statistics National positive charge
At present lithium iron phosphate material internationally renowned manufacturers mainly the United States A123, Phostech Canada and the United States Valence. These companies have developed a very mature production technology, with the largest production capacity of 5,000 tons / year. Chinese enterprises have been launched since 2001 to develop lithium iron phosphate material, after 6 years, Beijing University in 2007, first broke through the end of lithium iron phosphate technology from the laboratory to pilot production of a series of technical and engineering technology issues, and in improving related process, making the safety of lithium iron phosphate has been greater degree of improvement and assurance, and laid a lithium iron phosphate product series and the basis for industrial scale. Overall, domestic R & D of lithium iron phosphate level and degree of industrialization and international basic synchronization. In terms of production material suppliers in China with foreign manufacturers about the price is lower than abroad, but slightly inferior material processing performance and stability. At this stage there are about 50 more than the battery materials manufacturers, which is just really into industrial mass production in Tianjin Strand, North first, Suzhou is more than ten permanent home. Although the supply capacity of the enterprise truly one of the few, but that the Chinese enterprises to seize opportunities for development of lithium batteries, so that China's lithium battery industry in the forefront of the world. Table 4 lists in detail the top 10 domestic enterprises and their development of LFP materials:
Can be seen that all domestic manufacturers of lithium iron phosphate material are advantages and disadvantages of products, not a factory absolute advantage in technology, manufacturers can not also a large-scale production.
3.4 The situation of negative electrode materials manufacturers
Anode materials, the average gross margin at about 20-30%, and belongs to the new energy battery low margin areas of the industry, this technology is relatively mature, and this area, supply manufacturers are more relevant. There are two vendors in this area of concern: Shenzhen Bei Terui New Energy Material Co., Ltd. and Shanghai Shanshan Tech Co., Ltd..
Shenzhen Bei Terui the development of New Energy Material Co., Ltd. "high energy density lithium-ion battery anode material (BTR-158-B)" New products have won the title of key new products in Guangdong Province. According to the Japanese lithium battery-related consulting company IIT Research Report, 2008, Bei Terui negative electrode materials industry in the global market share of 11%, ranking third behind Japan's Hitachi Chemical (Hitachi Chemical) and Seiko carbon (Nippon Carbon), the market share in China, ranked first, the market supply in 2008 reached 2,360 tons, the main customers for the power of God, ATL, BAK, and A123.
Shanghai Shanshan Shanshan Group Co., Ltd. is a joint venture with Ningbo Shanshan Co., Ltd. established. Carbon is the main lithium-ion battery anode material --- mesophase carbon microbeads (the CMS), modified artificial graphite powder (referred to as CMP) production and sales, an annual capacity of 1,200 tons. According to the Japanese consulting firm IIT report, Shanghai Shanshan anode materials in 2008 amounted to 1,650 tons actual supply, the market share ranked No. 6, the main customers for BYD, the power of God, ATL, and BAK.
3.5 diaphragm case manufacturers
Membrane is high technology, greater investment in industry, at this stage not yet formed a national breakthrough in membrane technology, mainly imports mainly high-end, resulting in membrane expensive, but enterprises can enjoy higher margins. Areas in the membrane of domestic technology accumulation and size of some enterprises in Shenzhen High-Tech star source material and Goldfield.
Shenzhen Star source material is a porous membrane specialized in the development, production and marketing of high-tech enterprises. Undertook two national 863 development projects; four scientific research through the identification; 34 patent applications; lithium battery separator production technology in the domestic leading position. Currently, the company has two production lines of dry and wet production line can produce different specifications of 12um to 40um lithium battery separator, of which dry production line started in January 2008, a total investment of 47.88 million yuan, annual production capacity of 10 million square meters, the production line in September 2008 formally put into operation, and has become the international standard production of lithium battery separator dry first. In addition, the design production capacity of 5,000 million square meters of lithium battery production base under construction diaphragm. The company has been rated as National Torch Plan of key enterprises, the backbone of Shenzhen, leading private companies, most recently in 2009 by Forbes as the most potential business.
Foshan Jin Hui Hi-Tech Material Co., Ltd. by the Fosugufen photoelectric (000973) and BYD set up a joint venture $ 2,810,000, which accounted for 55% stake Fosugufen; BYD 45% stake, including the operation of microporous membrane ion permeability, functional polymer membrane, insulation film, translucent film for various uses environmentally friendly products like organic films, with special microporous dialysis-ion battery production capacity of 7.56 million square meters films / year. According to Fosugufen (000973) Latest Announcement: Hi-Tech 2008, Jinhui expected operating income of 75.92 million yuan, net profit of 35.85 million yuan.
3.6 The manufacturers of lithium battery electrolyte condition
In summary, the lithium battery electrolyte is a high demand, high margin parts, with great investment value, at this stage on the domestic market, Jiangsu Guotai Huarong, Zhuhai race Wei Electronics, Tianjin, Taurus and other companies have certain advantages .
Cathay Pacific is of Jiangsu Guotai Huarong (002,091) holding an organic silicon material, lithium battery materials for the development of the national key high-tech enterprises. Company equipment and technology, production scale, technology level and market share are in a leading position in the country. Its products include a lithium battery electrolyte electrolyte electrolyte secondary lithium-ion battery, battery electrolyte and super capacitor electrolyte. In 2008 the company achieved an annual capacity of 3,000 tons of electrolyte, production capacity in the country ranked first, accounting for 30% domestic market share and ranked fifth in the world. The company in Jiangsu Yangtze River Chemical Industrial Park built a 50 million tons production capacity, the plant has been built and is expected October-November 2009 the official production.
Zhuhai race Wei Electronic Materials Co., Ltd. is a newly established high-tech private enterprises, a new investment of 10 million yuan annual output capacity of 1,000 tons of lithium batteries, lithium ion battery and super capacitor electrolyte production line, the factory covers an area of 3,000 square meters, mainly produces and sells functional electrolyte: lithium-ion battery at high temperature to improve performance, security and other low temperature performance of lithium ion batteries and polymer electrolyte batteries, customized for lithium manganese oxide, lithium iron phosphate , ternary materials, modified natural graphite anode material of the electrolyte.
Tianjin Taurus Power Materials Co., Ltd. is a Xingtai Mining (Group) Co., Ltd. and Tianjin Chemical Engineering Research and Design Institute jointly funded the establishment. Has been completed sets of the electrolyte salt production, solvent refining, electrolyte preparation and packaging production line, the main products: lithium hexafluorophosphate (scale of 80 tons / year), high purity solvents (scale of 500 tons / year), lithium ion batteries Battery electrolyte and related materials. Tianjin Taurus is the only one using self-developed technology, domestic production of raw materials and equipment, lithium hexafluorophosphate products.
3.7 The situation of batteries manufacturers
Batteries due to production process and production technology is relatively mature and stable cathode material in the supply situation, most of the domestic lithium-ion battery manufacturers are able to produce lithium iron phosphate batteries, but battery manufacturing involves a combination of batteries must be ensure the consistency of batteries, so battery production equipment set a higher and more professional requirements, so much equipment investment, in general, the construction of a production line of lithium iron phosphate batteries at least 5,000 million start-up capital. Business enterprises will be very difficult to enter this field, the traditional battery manufacturers will have a greater advantage. The following table lists the main domestic batteries production enterprises and their situation.
IV Summary
Lithium iron phosphate market is a huge market, pure cathode material, can reach several hundred billion global scale, the size of batteries downstream industries, the scale can be over 500 billion. Meanwhile, China in this industry, whether in technology, equipment, raw materials and markets are some of accumulation, with the foundation to develop this industry. Point in time, we believe that the next 2-3 years, lithium iron phosphate may have a significant technological breakthrough to boost the market breakthrough. From the business perspective of investment in the industrial chain of lithium iron phosphate, we believe that cathode material, separator, electrolyte some of the unique advantages of the enterprises will be cause for concern.
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