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Lithium battery electrolyte giants compete for high growth in the industry on a positive track

TIME:2015-08-03 11:05:37


銆銆In 2013, under the attack of the Tesla storm, the expectation of doubling sales of new energy vehicles in China once again became the focus of market attention. At the same time, a rapid development trend has also emerged in the upstream and downstream of the lithium-ion battery industry chain, which is the core material for electric vehicles. Among them, electrolyte is one of the four key materials of lithium-ion batteries, and it plays a role in conducting lithium ions between the positive and negative electrodes, known as the "blood" of lithium-ion batteries. In 2013, the development of electrolytes will enter a virtuous track of high growth.

銆銆According to researchers from Shanghai Yahua Consulting, the production of lithium battery electrolyte in China will reach 29000 tons in 2013, with an annual growth rate of about 20%. The corresponding consumption of lithium hexafluorophosphate (LiPF6) is about 3600 tons. With the improvement of domestic production capacity and quality of LiPF6, the localization rate of LiPF6 will steadily increase. It is expected that the localization rate of LiPF6 in China will exceed 60% in 2015.

銆銆In 2012, China produced approximately 24000 tons of lithium-ion battery electrolyte, consumed 3000 tons of lithium hexafluorophosphate, and imported approximately 1200 tons of lithium hexafluorophosphate. The actual localization rate of LiPF6 in China is less than 50%.

銆銆At present, leading foreign industry enterprises such as BASF, Anyida (a joint venture between Dow and Ube), Daikin Fluorochemical, and Formosa Plastics have all entered the lithium battery electrolyte business. Domestic listed companies include Guangzhou Tianci High tech, Jiangsu Guotai, Xinzhoubang, Shanshan Co., Ltd., and Jiujiu Zhongke Yinghua. The growth of the electrolyte industry will benefit the development of these enterprises.

銆銆In fact, from the fundamental perspective of leading companies in the industry, not only is sales growth stable and has emerged from the low point of 2012, but the growth rate has also exceeded the industry average speed. Taking Jiangsu Guotai as an example, in the first quarter of 2013, the company achieved a revenue of 1.227 billion yuan, a year-on-year increase of 48.75%; The net profit attributable to the shareholders of the listed company after deducting non income was 34.1703 million yuan, a year-on-year increase of 30%.

銆銆It is reported that Jiangsu Guotai's electrolyte product sales have remained the top in China for many consecutive years, ranking second in the world in the past three years. Downstream customers cover the top ten global and major domestic battery companies, including LG, Sony, ATL, and Lishen.

銆銆In the view of Li Dajun, a researcher at Huachuang Securities, the demand for new energy vehicles in China will also more than double this year, and the era of global investment in new energy vehicle power batteries has arrived. As the era of new energy vehicles has begun, Jiangsu Guotai is expected to become the first batch of beneficiaries of the localization transfer of global new energy vehicle orders: direct supply customer LG currently occupies more than 40% of the global new energy vehicle lithium battery market share. The company is expected to be the first to receive international orders, opening up huge space for growth.

銆銆In addition, Guangzhou Tianci High tech Co., Ltd., which successfully held the meeting in July this year, is in a leading position in the electrolyte industry. According to its prospectus, the sales of lithium-ion battery materials reached 44.5214 million yuan, 78.5616 million yuan, and 123.7464 million yuan in 2009, 2010, and 2011, respectively, with a compound annual growth rate of 66.72%. "Electrolyte will be the main driving force for the company's future growth," said Li Yongkun, Director of Tianci High tech Center.

銆銆In addition, the high gross profit margin of lithium-ion electrolytes has also attracted the attention of the industry. According to the prospectus from Guangzhou Tianci High tech, the gross profit margin of electrolyte products increased from 27.76% in 2009 to 35.15% in 2011, corresponding to an increase in gross profit from 10.1351 million yuan to 43.4972 million yuan.

銆銆Overall, industry insiders are unanimously optimistic about the enormous potential of the electrolyte industry. Professor Zheng Honghe from the School of Energy at Suzhou University stated that in the next 5-7 years, electrolyte will be the most important hotspot in the lithium battery industry. It can solve the problem of battery life and will be widely applied in the fields of consumer electronics growth and new energy vehicle energy storage market.

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