Major Development Areas of Lithium Battery Industry in China

At present, lithium batteries have gradually expanded to electric bicycles, electric vehicles and other fields. The global demand for lithium batteries increases year by year with the continuous expansion of the application field. China is already a big producer of lithium batteries after Japan, and the market has huge room for growth. Many Chinese enterprises have increased their investment in various resources, such as increasing automation or semi-automation equipment, transforming their production model from labor-intensive to semi-automation and automation, developing their own innovative technology, further improving their quality systems, and improving product quality and labor productivity. The development of the high-end market and high-end products has become the development trend of lithium battery industry in China today.

In terms of project construction, Jinquan New Materials has received multi-channel funding support such as 750 million yuan in government heavy asset financing. At present, Jinquan has initially formed a scale layout of 1,750 acres, with a total planned investment of 8.5 billion yuan, and is building the largest lithium battery production base in Central China. The construction of the project is divided into four districts: One area has been built 200 acres, and the main production of square iron phosphate lithium battery, annual production capacity 2.3 GWh; The second area covers an area of 500 acres, of which the international advanced three-way power battery production line has been built, and the power and energy storage battery integrated system manufacturing workshop is under construction; The three-zone project covers an area of 150 acres and plans to invest 1 billion yuan to plan a lithium-manganese pillar battery industrial park. Preparations are currently underway before the construction; The fourth district covers an area of 900 acres and plans to invest 2.5 billion yuan to plan factories such as battery materials, integrated system manufacturing, and battery cascade recycling. It is expected that around 2020, Hubei Jinquan will complete the construction of four factory areas. By then, the annual production capacity will reach 10 GWh and the annual output value will reach 15 billion yuan.

Since the chemical properties of lithium metals are very lively, the processing, preservation, and use of lithium metals require very high environmental requirements. Therefore, lithium battery production must be carried out under special environmental conditions. However, due to the many advantages of lithium batteries, lithium batteries are widely used in electronic instrumentation, digital and home appliances. However, most lithium batteries are secondary batteries and there are also disposable batteries. A small number of secondary batteries have poor life and safety.

Later, Sony Corporation of Japan invented a lithium battery with a carbon material as a negative electrode and a lithium compound as a positive electrode. During the charging and discharging process, no metallic lithium exists, only lithium ions, which is a lithium ion battery. When the battery is charged, lithium ions are generated on the positive electrode of the battery, and the resulting lithium ions move through the electrolyte to the negative electrode. The carbon as a negative electrode has a layered structure. It has many micropores. Lithium ions that reach the negative electrode are embedded in the micropores of the carbon layer. The more lithium ions embedded, the higher the charging capacity. Similarly, when the battery is discharged(that is, when we use the battery), the lithium ions embedded in the negative carbon layer are removed and moved back to the positive pole. The more lithium ions that return to the positive pole, the higher the discharge capacity. What we usually refer to as battery capacity refers to discharge capacity. In the process of Li-ion's charging and discharging, lithium ions are in the state of motion from the positive pole → negative pole → positive pole. Li-ion Batteries is like a rocking chair. The ends of the rocking chair are the poles of the battery, and lithium ions run back and forth in the rocking chair like athletes. So Li-ion Batteries is also called rocking chair batteries.

With the widespread use of digital products such as mobile phones and notebook computers, lithium-ion batteries have been widely used in these products with excellent performance, and have gradually developed into other product applications in recent years. In 1998, the Tianjin Power Research Institute began commercializing the production of lithium ion batteries. Traditionally, lithium-ion batteries are also called lithium-ion batteries, but these two batteries are different. Lithium-ion batteries have now become mainstream.

According to the "Analysis Report on Market Demand Forecasting and Investment Strategic Planning for the Lithium Battery Industry in China", the outstanding problem in the lithium power industry in China is that the enthusiasm for investment in the industrial chain continues to decrease while disorderly competition intensifies, and downstream demand continues to weaken. The development path of the lithium industry in China is basically the spontaneous growth of grassroots conditions. Enterprises are basically single business operations. They are characterized by limited strength, small scale, great pressure on survival, and difficult sustainable development. However, due to the vast market space for new energy vehicles and the continuous support of government policies, the investment in the lithium industry chain in China has not decreased, and disorderly competition in the industry has intensified.

The low-end manufacturing link is seriously overcapacity, the high-end link investment is insufficient, and the price of lithium electricity and raw materials continues to fall. From the industrial development path, based on the consumer electronics field, the development of medium and small lithium batteries such as electric tools and electric bicycles is a normal development trajectory, and then to hybrid batteries to pure electric batteries. At present, electric tools and electric bicycles are still dominated by nickel-cadmium and lead-acid batteries, and the application of lithium batteries is developing slowly. The main technology of mixing is abroad, and mixed automotive products are also dominated by foreign brands. From the perspective of state support, it is more inclined to pure electric vehicles. However, because pure electric materials and technologies are still far from large-scale applications, resulting in insufficient demand so that the lithium battery industry chain is faced with investment heat but weak demand situation.

Although the road is twists and turns, the prospects are still beautiful, upstream battery materials have long been out of the import period, into the rapid growth period, has emerged a group of materials with international advanced levels of enterprises. These companies focus on the development of core technologies and cooperate with their joint development products for different needs of downstream customers. Through its own strong technical development capabilities and customer service capabilities to obtain customer recognition, constantly enter the top battery manufacturers supply chain system. Through cooperation to further enhance their own strength, to achieve a virtuous circle.

With the rapid progress of the core technology and the continuous improvement of market share, the strong and strong, this is our focus. From the perspective of the middle reaches of Cell and the lower reaches of Pack, many important consumer devices are currently choosing China as the assembly base, which has led to the establishment of battery cores and battery assembly plants in China, and the production capacity of domestic manufacturers has also developed rapidly. In order to cope with the gradual decline in product prices, more and more manufacturers have cut into battery assembly processes, including Sony, Samsung, Lejin, New Energy, BYD, etc., especially in square batteries and polymer batteries. It also fully occupies the supply role of the single-cell core assembly. Square batteries are mostly used in mobile phone products and are almost entirely assembled by battery core plants; The single core of the polymer battery is almost entirely self-assembled by the battery core plant, and only multiple combinations of applications will be assembled and processed by the assembly plant. The relationship between the middle and lower reaches of the Cell and the lower reaches has gradually evolved from the pure upstream and downstream relationship to the relationship between cooperation and competition, and the relationship between future competition will gradually increase.

In recent years, the double harvest of new energy vehicles in our country has driven the rapid development of the entire upstream and downstream industrial chain, especially the increasing demand for power batteries. Since power batteries account for about 30 to 40 % of the manufacturing cost of new energy vehicles, it is necessary to reduce the cost of power batteries in order to make new energy vehicles more price advantageous and form sufficient market competitiveness. Among the constituent costs of power cells, the cost of positive polar materials exceeds 40 %, so how to reduce the formation of positive polar materials Among the positive polar materials, the most commonly used materials are lithium cobalt acid, lithium manganate, Lithium iron phosphate and ternary materials(polymers of nickel cobalt manganese). At present, foreign companies such as Japan and South Korea mainly use ternary battery material technology is indeed leading Chinese enterprises in the overall, but in China's market application, lithium-iron phosphate battery relative to the ternary material battery has the upper hand. Last year lithium iron phosphate carried as much as 20 GW, or 73 % of the total, compared with 6.3 GW, or 22 %, of the three-component battery.

But in terms of technology, the controversy about the battery route continues. Is lithium iron phosphate or ternary material batteries in the future?

From the point of view of energy density, ternary batteries do have an advantage over lithium iron phosphate. The foreign companies represented by Tesla, Samsung, and LG use ternary materials; In recent years, the technology of lithium iron phosphate batteries has made great progress. It has been able to approach three-part material batteries in terms of energy. The domestic automotive giant BYD uses lithium iron phosphate materials. According to authoritative data, the specific energy of the ternary material battery is 160-200Wh / kg, and the lithium iron phosphate battery is 120-150wk / kg. However, some experts said that the specific energy is not absolute, and the specific energy of lithium iron phosphate batteries can also be achieved at 160 WH / kg, but other data must be compromised. Therefore, the data of the power cell is based on market demand. From the point of view of cost, it is unintentional that lithium iron phosphate occupies an advantage. The raw materials of ternary material batteries require precious metals. The price is high, and it is difficult to come down in the future. The raw materials of lithium iron phosphate batteries are relatively stable, and the future may be greatly reduced.. And ternary materials are mainly supplied by foreign capital, so they are not included in the scope of state subsidies, and the cost is certainly higher than lithium iron phosphate; From the point of view of safety, lithium iron phosphate is also more advantageous. The ternary material is composed of three types of polymerization of nickel cobalt manganese, which decomposes at a certain temperature. The ternary lithium material decomposes at a lower 200 degrees, while the lithium iron phosphate material is about 800 degrees. Moreover, the chemical reaction of ternary lithium materials is more intense, which releases oxygen molecules and rapidly burns the electrolyte at high temperatures, causing a chain reaction. To put it simply, lithium ternary materials are more likely to catch fire than lithium iron phosphate materials. However, it should be noted that we are talking about materials, not batteries that are already finished. At the beginning of this year, the state issued the regulations on the suspension(suspension) of the use of ternary material batteries in passenger cars, indicating that in the short term, the policy level is not allowed to use a ternary in the passenger car field, indicating the direction of the country.

However, one of the fatal disadvantages of lithium iron phosphate batteries is that they have poor low-temperature performance and even their nanocrystallization and carbon coating do not solve this problem. Studies have shown that a battery with a capacity of 3500mAh, if it works in an environment of -10 °C, after less than 100 charge-discharge cycles, the power will be drastically reduced to 500mAh, and it will basically be scrapped. This is not a good thing for China's vast territory, winter low temperature is indeed more comprehensive national conditions. In addition, the material preparation cost and the battery manufacturing cost are higher, the battery yield is low, and the consistency is poor. This is also an important reason why many pure electric vehicles cannot reach the nominal value. Therefore, we can see that there are many new energy vehicles(whether pure electric or hybrid electric) in the country, or some cheaper new energy vehicles will choose lithium iron phosphate batteries for different reasons. It can be said that the use of lithium iron phosphate batteries has an indelible foundation for the production and promotion of new energy vehicles.

So what is the current use of these two batteries? Let's look at a set of data. Last November, the installed capacity of lithium-iron phosphate batteries accounted for 64.9 % of the electric buses, while the installed capacity of triple-lithium batteries was only 27.6 %. In contrast, in the purely electric passenger car market, lithium triple-ion batteries were installed in more than 76 % last November. In the past two years, commercial vehicles, including buses, have grown faster than passenger vehicles. This also explains the main reason why the country puts safety first. However, as the technology matures, the future market for passenger vehicles still has a lot of room.

III. Introduction and Development of Lithium Carbonate

Among the raw materials of lithium iron phosphate, there are mainly ferrous oxalate, ferric oxide, iron phosphate, lithium dihydrogen phosphate, ammonium dihydrogen phosphate and, of which lithium carbonate accounts for nearly 30 %, and lithium carbonate is extracted from mineral resources. It is very limited in nature. With strong regional and scarcity, it is a scarce resource, so the strategic importance of lithium carbonate resources is particularly prominent in the new energy automotive industry chain.

As can be seen from the figure below, the most abundant country in the world is Chile, which has 72 % of resources, followed by China, which has 13 %. The large-scale production of lithium carbonate companies must have the right to exploit Salt Lake resources with relatively rich reserves of lithium resources, making the industry have very high resource barriers; In addition, the main raw material of lithium carbonate is Salt Lake brine(the ore method is very small in global production capacity due to high costs), because the vast majority of salt lakes in the world are high magnesium and low potassium, and the separation of lithium carbonate from high magnesium and low potassium old halides. The process technology is very difficult. Previously, these technologies were only in the hands of a few companies, which made the lithium carbonate industry a technical barrier. Therefore, the global oligopoly pattern of the lithium carbonate industry has long been established. It is understood that the Chilean SQM, the United States FMC, Germany Chemmetal Big Three dominate more than 70 % of the world's lithium carbonate production capacity.

China's mining resources are the most abundant in Tibet, with a conservative estimate of 2 million tons of lithium carbonate reserves. In 2008, the production capacity was 2,600 tons and the long-term plan was 20,000 tons. Lithium carbonate can be divided into industrial grade 98 to 99 %, medical grade 98.5 %, battery grade 99.5 %, and high purity grade 99.99 to 99.999 % according to purity. The production of lithium carbonate by domestic manufacturers is mainly concentrated at the industrial level, and battery-grade production capacity accounts for the total production capacity. 1/3.

At present, the domestic production of lithium carbonate is mainly concentrated in Tibet Mining, CITIC Guoan, Western Mining Group, Qinghai Yanhu Group, Tianqi Lithium and Qifeng Lithium. However, the first four companies are limited to industrial-grade lithium carbonate, and battery-grade lithium carbonate is controlled by Tianqi Lithium, which is controlled by the Lithium industry. Among them, Tianqi Lithium is the most mature technology and is an industry standard-setter, accounting for about 60 % of the domestic market. Share, and some exports. The following will briefly introduce the Tianqi lithium industry and the Lithium industry.

Tianqi lithium industry:

Sichuan Tianqi Lithium Industry Co. Ltd. is a chemical company based on lithium products. The company is mainly engaged in the research and development, production and sales of lithium products. The main products are "Li-Kunda" brand industrial-grade lithium carbonate, battery-grade lithium carbonate, anhydrous lithium chloride, lithium hydroxide and other four series, more than a dozen varieties of lithium products. The company's battery-grade lithium carbonate products are national Key new products, In November 2006, it was awarded the "National Key New Products Certificate" by the Ministry of Science and Technology, Ministry of Commerce and other four ministries and commissions, and won the title of "Sichuan High-tech Innovation Products" by the Sichuan Provincial People's Government. The company is currently one of the largest production and sales enterprises in the lithium industry in China. Has five invention patents. The company gives full play to its technological innovation advantages. Based on the production of basic lithium products such as industrial-grade lithium carbonate, the company is committed to the development of high-end lithium products such as battery-grade lithium carbonate and battery-grade anhydrous lithium chloride, which have comprehensive advantages in China's lithium product industry.

Li Feng Li industry:

The company is engaged in the production of lithium deep processing series products, Products cover more than 20 lithium series products such as metallic lithium(industrial grade, battery grade), lithium carbonate(battery grade), lithium chloride(industrial grade, catalyst grade), butyl lithium, lithium fluoride(industrial grade, battery grade), etc.. It is a professional manufacturer with the most complete variety of lithium products in China, the longest product processing chain, and the most comprehensive process technology. It is also the only company in China that produces lithium products using lithium recovery materials on a large scale. It is the leading company in the deep processing lithium industry in China. Comprehensive strength ranks first in the industry. Metallic lithium, lithium carbonate and lithium fluoride are the company's main products; In December 2012, the company proposed to transfer 49 % of the new energy from the transfer of 6.7815 million yuan, plus the transfer of 51 % of its equity to 20.4 million yuan in June 2011, which will achieve full control. As of September 30, 2012, the company's net assets were 19,68.6 million yuan. The main power cells, lithium-ion batteries, etc., have the core technology for the production of lithium battery ternary positive material precursors and other lithium battery positive material technologies. Lithium battery precursor and lithium carbonate are the two main raw materials of lithium battery cathode materials.

Since 2015, China's demand for lithium carbonate has been far greater than the supply. Due to supply and demand, it is currently not possible to provide enough lithium carbonate, so it will inevitably lead to price increases. Before 2015, lithium carbonate manufacturers were still chasing downstream companies. Since the end of 2015, lithium carbonate prices have soared to a peak of 180,000 yuan per ton, and many times they are not available. At present, the price of industrial-grade lithium carbonate is about 45,000 yuan/ton, the price of battery-grade lithium carbonate is about 70,000 yuan/ton, and the price of lithium carbonate in Gaochun is as high as 100,000 yuan/ton, and the reasonable price of battery-grade lithium carbonate should be 3-50,000 yuan/ton, It was pointed out that if raw material prices were kept within a reasonable range, the cost of power cells would also be reduced. The new projects involved in the country are based on the use of Salt Lake brine to extract lithium carbonate, and the production cost is about 10,000-15 ,000 yuan/ton. Therefore, the market generally believes that lithium carbonate products are very profitable and will bring huge growth to investors.

Judging from the development trend, the new energy vehicle is undoubtedly the direction of future car development, and the power lithium battery is the best choice for electric vehicles. In the future, the market demand for lithium batteries and battery raw materials will be very large. Based on this, once lithium carbonate extraction and extraction has been broken through by the technology, the cost has been effectively reduced, and after large-scale industrial production is achieved, its prospects will be very broad.

The introduction and development status of triple material

At present, in the field of lithium batteries, the ternary material is mainly composed of nickel cobalt manganese three polymers. The proportion of nickel cobalt manganese in the material is uncertain. We can improve the performance of the battery by changing the ratio of the three elements. In the past, the domestic ternary was generally part of the alternative lithium cobalt acid use field. It was mixed with lithium manganese acid or lithium cobalt acid for low-end consumer electronics, and mixed with lithium manganese acid for low-end power markets. However, with the rapid development of new energy vehicles in recent years, ternary materials have become more and more important. Foreign companies such as Tesla and Samsung, which are three to five years ahead of us in technology, generally use ternary material as a cathode material for lithium batteries. So in the future, there is still a lot of room for improvement.

Three-yuan material related listed companies

Shanghai: Red Star Development(600367), Jinrui(600390), Xiamen Tungtune(600549), Shanshan(600884), Golden Eagle(600232)

Shenzhen: China Baoan(000009), Zhonghe(002070), Jiangte(002176), Greenmail(002340), Lithium Lithium(002460), Dangsheng Technology(300073), Keheng(300340), Shanshan(600884), Billions of lithium weft(300014), Guoxuan Gaoke(002074), Tianci Materials(002709), Tianqi Lithium(002466).

Sequoia shares(600884)

Three-component materials(NCM, for small electric tools, the largest in China) account for 30 %, and lithium manganate accounts for less than 10 %. Hunan fir(Ningxiang) is actively promoting an annual production base of 15,000 tons of positive materials. The products are dominated by lithium cobalt acid, ternary and binary, and the production capacity reaches 27,000 tons after production, which will further stabilize the company's leading position.

Jiangte(002176)

Involved in the production of lithium battery cathode materials: invested 803.346 million yuan(97.45 %) to establish Jiangxi Jiangte lithium battery materials company, engaged in the production of lithium battery cathode materials, positive electrode materials is one of the key raw materials for lithium batteries, the performance of cathode materials The level of performance determines the performance of lithium batteries to a large extent and the range of use. The positive electrode materials involved by the company include the mass production of ternary materials and lithium-rich manganese base positive electrode materials.

People's Shares(002070)

Zhonghe New Energy(the company holds 66.67 % of its equity) intends to acquire 100 % equity in Youpai New Energy. The business scope of Youpai New Energy includes non-ferrous metals, instrumentation, electronic products, metallurgical materials, and hardware sales. Its three-part material precursor production line was completed and put into operation in early 2011, and the design capacity is about 2,000 tons/year.

Xiamen Tungsten Industry(600549)

Battery material is one of the key industries developed by the company. The company now has 5,000 tons of hydrogen storage alloy powder and 10,500 tons of various lithium ion material production capacity. Lithium ion material products mainly include lithium cobalt acid, lithium manganese acid and nickel cobalt manganese ternary materials.(NCM) and so on; Matsushita is one of the main buyers of battery materials in Japan.

Baoan, China(000009)

The company indirectly holds Beiterui's 51.91 % equity. In 2012, Beiterui made breakthroughs in the development of the next generation of positive and negative materials such as Silicon carbon, soft carbon, lithium layered manganese acid, and layered ternary materials. Silicone composites are expected to be available in 2013;

When Sheng Technology(300073)

The main business scope includes the research and development, production and sales of small lithium batteries such as lithium cobalt acid, multivariate materials, and lithium manganese acid, and the development, production, and sales of dynamic lithium cathode materials. It is the leading professional supplier of lithium ion battery cathode materials in China. At present, the company has a number of dynamic multivariate materials to achieve mass production.

Tianqi Lithium(002466)

The company is the largest producer of lithium products in the country and the largest company in the world. It has an annual production capacity of 2,500 tons of battery-grade lithium carbonate, 3,000 tons of industrial-grade lithium carbonate, 1,500 tons of anhydrous lithium chloride, 1,500 tons of lithium hydroxide, and 600 tons of Gaochun.

Lithium(002460)

In 2013, 175 million yuan invested in an annual output of 4,500 tons of new ternary precursor materials, an annual output of 4,500 tons of new ternary precursor materials reached postpartum, an average annual new sales revenue of 346 million, and an average annual net profit of 370,59.3 million yuan.

Godsend Materials(002709)

In the field of lithium-ion battery materials, the company introduced the United States Dr. through technology licensing. Novis Smith's lithium hexafluorophosphate manufacturing technology, the company based on this technology to improve the performance of the technology. The 2010 Shanghai World Expo provided electric buses with lithium-ion battery electrolytes. In April 2016, the proposed fund for raising shares in private issue will be used for investment in the construction of 2,300 t/a new lithium salt project, investment in the construction of 2,000 t/a solid lithium hexafluorophosphate project, and investment in the construction of 30,000 t/a battery grade iron phosphate material project.

Jinrui(600390)

In June 2014, the company proposed a fixed increase of no less than 70 million shares of 9.54 yuan/share, and raised funds of no more than 667.8 million yuan. It will invest in the construction project of an annual production base for 10,000 tons of battery cathode materials(297 million yuan) and an annual output of 7,000 tons. Lithium-ion power battery multipolar material project(357 million yuan).

Golden Eagle Shares(600232)

On December 7, 2015, the company plans to raise its own funds and jointly invest with Ruixiang to establish Zhejiang Jinying Ruixiang Materials Co., Ltd., which is engaged in the research and development, production and sales of lithium ion battery positive electrode materials for three yuan, and plans to build an annual output of 10,000 tons. The lithium battery positive material project is estimated to have an annual sales of 1.5 billion yuan. At the same time, according to the joint venture agreement, Hunan Ruixiang guarantees that the joint venture company's factory will successfully achieve sales profit within 2 years after completion and production, and it will be able to achieve the stereotypes and fixed-point sales of battery materials in more than two mainstream battery manufacturers.

Billions of lithium weft energy(300014)

In April 2016, the company proposed a non-public offering of no more than 80 million shares, raising a total of no more than 1.6 billion yuan for the "High-Performance Lithium-ion Battery Project Phase II" and the "New Energy Vehicle power battery and Integrated System Project". Among the fundraising projects, 900 million yuan is used for the "second phase of the high-performance lithium-ion battery project". The project plans to build an international first-class automatic production line for three-yuan lithium-ion batteries with a construction period of 12 months. A total of 700 million yuan will be spent on new energy vehicle power batteries and integrated systems, and a world-class automated production line for lithium iron phosphate lithium-ion batteries will be built.

Guoxian Gaoke(002074)

Guoxuan Gaoke is one of the earliest companies engaged in the independent research and development, production and sales of lithium-ion power batteries(groups) for new energy vehicles. On the evening of March 20, 2017, the subsidiary signed a 3GWH(approximately 1 billion AH) 32131 cylindrical battery project with the People's Government of Lujiang County, with a total investment of 2 billion yuan. The first phase of the project plans to build a new 1GWH battery project with an investment of 1 billion yuan. The main project will be started in June 2017 and will be completed and put into operation by the end of 2017.

Red Star Development(600367) applied for the "Method for the Preparation of Projectors of Three-Yuan Positive Materials" has been authorized for invention patents, but the company has not produced three-yuan positive materials and precursors for lithium ion batteries. However, the basic raw materials(front-end products) that are used as triple-cathode materials and precursors are being developed and promoted-manganese products such as Gaochun and Gaochun.

Greenmail(002340), with Jingmengelinmei as the main body, plans to invest 95 million yuan to build a production line of nickel-cobalt manganese precursor materials for an annual output of 3,000 tons of power batteries. At present, the company's ternary material production line is the production of cobalt-nickel manganese precursor materials.

Development Direction of Low Cobalt High Nickel

At present, ternary materials are developing in the direction of low cobalt and high nickel, and performance indicators such as capacitance are indeed getting better and better. The monomer battery is also approaching the target of 200Wh / kg in energy. China is currently in the stage of developing from Type 333 to Type 523. In 2017, the domestic power ternary is expected to be dominated by Type 523, while domestic manufacturers can mass-produce Type 622. The Type 811 is still in the R&D and launch stage.

The future development of the ternary material business is based on reducing the dependence on cobalt. Therefore, future ternary material will inevitably be dominated by high-nickel NCM. In the future, the demand for cobalt for a single new energy vehicle has always been downward. However, the market will still be dominated by NCM523 and NCM622 in the next three years. Their cobalt metal unit consumption is about 12-13 %, and the proportion of high-nickel NCM is still very low. The growth rate of new energy vehicles can greatly offset the decline in demand for cobalt for individual new energy vehicles.

Listed companies that currently produce three raw materials:

Cobalt Salt: Huayu Cobalt, Jinling Mining, Hongda Shares, Aotejia, Hailiang Shares, Greenmail

Manganese Salt: Xiangtan Electrochemistry, Jinrui Technology, Red Star Development

Nickel salt: Jiennieye, Huaze Cobalt Nickel, Guiyan Platinum Industry, Keliyuan, Hengshun Electric, Greenmail, Jinmolybdenum shares, Luoyang Molybdenum industry.

conclusion

We can only judge in one area where the future can be seen clearly. Despite the development of ternary materials to high nickel, cobalt's future is still promising in ternary materials. The gap between supply and demand will certainly increase further in the next few years. On the other hand, since the domestic three-way battery supply mainly depends on three-way material companies such as Samsung and LG, but this one can not enter the list of subsidies for new energy vehicles in China, and domestic corporate technology is currently immature. And in the security and other issues have not been a very good argument to solve. Recent applications of ternary materials may not have the expected development speed in the domestic market. The demand mainly comes from abroad. The overall demand reversal of cobalt may be slower than the market expectations, but overall, it will also steadily increase in the next few years.

The page contains the contents of the machine translation.