Lithium electric equipment industry ushered in a new round of development opportunities

After resources price increasing, salt lake lithium extracting and to the sale of fuel automobile expectations halting, the lithium battery plate performs well. Ministry of industry analysts believe that the National Ministry of Industry and Information are actively develop exit for fuel car. Lithium electric equipment under the big trend in the industry could usher in a new round of 2-3 years.

Development background

Cars from the fuel to the fire electricity"

In the lithium electric equipment industry battery industry chain of middle reaches, the main equipment for lithium battery production enterprises. At present, lithium ion batteries mainly used in consumer electronics, new energy automobile power and energy storage three areas. In recent years, under the background of the new energy vehicles in China has grown vigorously, the car from the fuel to "electricity", lithium-ion battery as the optimal power source selection, lithium battery factories are expanding capacity to cope with the huge industry demand, to 2016 power li-ion battery has accounted for 50% of its capacity of lithium electricity industry, in the process of downstream expansion, lithium electric equipment industry has also been driven present a growth trend.

In consumer electronics, new energy vehicles, driven by global lithium ion battery market growth of 22.5% in 2011-2011, new energy vehicles power li-ion battery in recent years expanded rapidly, the 2014 global lithium ion battery market size of $24.9 billion, equivalent to the total capacity of 53.6 GWh, 67% than consumer lithium ion battery, power type lithium accounted for 19%, other types (energy storage & addition) accounted for 14%.In 2016, the consumption of lithium ion battery accounted 44.7%, power type lithium ion battery accounted for 44.8%, for the first time consumption, other of lithium ion battery accounted for 10.5%.

Domestic lithium ion battery market growth of 39% in 2011-2011, nearly 3 years 3 c lithium electricity into the stationary phase, power lithium electricity (new energy vehicles) market rapid development with an average annual growth rate of 142%, by 2014, only 10.3 billion yuan, more than the size of the market in 2016 reached 60.5 billion yuan.

Domestic market demand can be divided into the new energy vehicle, new energy vehicle, new energy bus, passenger cars in the future, special automobile market will become the main growth point, passenger held steady in the case of permeability is high, is expected to 2020 new energy vehicles total sales to 1.86 million, average annual compound growth of 36.58%.

At present, the national ministry of industry and is actively making fuel car exit plan, policy continuously boost the industry development, lithium electric equipment industry trends in the industry could usher in a new round of 2-3 years under the complete cycle up.

Process and equipment

During and after localization rate is higher

Lithium ion battery is a secondary battery (rechargeable batteries), it is mainly rely on lithium ions move between the positive and negative to work. New growth in number into the li-ion battery manufacturing enterprises, according to the statistics lithium radio and TV university, in 2016 the new entry power battery more than 20 enterprises, new type mainly includes 3 c cell transformation, crossover, transformation of lead-acid battery, etc.

Front-end equipment is mainly refers to the electrode in the production process required for vacuum mixer, coating machine, rolling machine and automatic cutting machine, etc. Due to the importance of the pole piece, the front-end equipment requirements is very high, therefore, the front-end equipment is the core of battery production equipment, is the key to whether product standard, mainly for the majority of imported equipment, domestic equipment there are gaps in the technology, such as the current value of each tens of millions of high-end coating machine is still a large number of imports.

End equipment is mainly covers the batteries in assembly process, mainly including laser ear molding production machine, automatic die-cutting machine, winding machine, or lamination machine, batteries, liquid into the shell machine, injection machine and the sealing welding equipment. The middle is replace imported equipment domestic equipment, part of domestic equipment can be compared with imported products. Original equipment automation rate is rising, is in the midst of a transition, semi-automatic to monomer automatic winding machine and so on, for example, the forerunner of intelligent has entered the first tier international. Due to the price advantage, most of the battery manufacturer will choose domestic equipment, but the larger battery manufacturers, such as BYD, CATL, will still be areas to Japan and South Korea imports.

Backend equipment mainly cover batteries to activate rabin, capacity test and assemble the battery pack, etc., in contrast, in the back end equipment such as into the shell, sealing, testing machine is relatively simple, such as technical requirement is not high. For backend device, the gap is smaller, the degree of localization of high (testing equipment capacity of GuoChanLv has exceeded 90%, Zhengye technology gradually achieve export inspection equipment, such as Panasonic battery giant overseas procurement), more competitive focus between the domestic brands.

On the value of it, lithium battery before, tathagata, after equipment accounted for 50%, 30% and 20% respectively. Tathagata equipment accounted for 20%.If the battery material from lithium iron phosphate into three yuan, due to the activity of the ternary material is stronger, the equipment, especially the required equipment before the surge (front-end equipment especially high-end coating machine is the major obstacle to industry, the current leading intelligence is developing coater), from the equipment value proportion will improve, is expected to reach more than 50% of the total output value of the whole line.

Investment opportunities

Two line nuggets lithium electricity equipment

Lithium electric equipment enterprise competitive advantage is derived from the industrial chain, on its own R&D management ability. Pacific securities bullish advantage industry chain, watch the research and development ability solution enterprise investment is high, the whole line.

One, the advantage of industry chain. Main logic is: new energy automobile market to domestic, domestic pattern is clear, we can see that the lithium battery factories in CR5 for 2015-2017 q1 are 59%, 68% and 59% respectively; Large domestic lithium power plant into the overseas car companies supply chain, drive the upstream lithium electricity equipment, the CATL has entered the BMW, gm, Benz supply system. We have binding downstream lithium battery producers, form the competition in the industry of equipment company.

Second, the research and development ability solution enterprise investment is high, the whole line. Under the advance of technology, domestic equipment import substitution, and equipment are also existence space of import substitution (lithium electricity equipment imports reached 3 billion in 2015), and into the global competition, will reconstruct the size of the market, bullish on high R&D enterprises; The whole line capacity for fighting for cross-border entrants (Zhuhai silver lung, etc.) is very important.

Investment advice. The Pacific securities thought, looking forward to the next 2-3 years, lithium electric equipment will maintain rapid growth, is expected to run out on the market value of 50 billion leading companies and several market capitalisation of $10 billion, emphatically recommended the guide intelligence, winning technology and constant, advice to focus on the cloud shares, gold and silver river.

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