Composite copper foil so hot favorable which lithium battery concept stocks?
Lithium industry chain, each new process, the emergence of new materials will trigger a burst of agitation. In the growing traditional copper foil market, composite copper foil with security, low cost and other advantages to open a gap. So today I'm here to organize the knowledge related to lithium batteries, let's take a look together!
Process change ripples technology validation needs time
Composite copper foil (PET copper foil) in the recent heat "visible" to enhance.
Dongwei Technology, Baoming Technology, Double Star New Material and other companies in July intensive exchanges with institutions, including Dongwei Technology has accepted 74 institutional research. Immediately after the CITIC Securities, CICC, Everbright Securities and other brokers have issued research reports sing more composite copper foil development space. Stick, Fangbang shares, Yuxing shares and other companies are also actively disclosing the company's related business. At the same time, some investors have enjoyed the first wave of dividends. Over the past two months, Dongwei Technology, Baoming Technology shares doubled, Double Star New Material, Wanshun New Material and other companies rose more than 50%.
Why is composite copper foil so hot? How long can the next fire?
Copper foil in lithium batteries as a negative electrode collector material, accounting for about 10% of the cost of the core, the current mainstream process is electrolytic copper foil. Composite copper foil is a new process, with PET and other polymer materials as the substrate, the upper and lower sides of the precipitation metal copper, made similar to the "sandwich" structure.
The burning of electric cars is still stirring up the public's sensitivities, so the safety performance of composite copper foil is widely recognized. It is the presence of a PET substrate in the middle layer that makes it easier for the composite copper foil to fuse and cut off the current in the event of a short circuit, thus preventing the battery from going out of control. In addition, less copper means less weight, which improves the battery's energy density, as well as cost savings from partial "de-metalization.
Currently, composite copper foil is still in the early stages of industrialization, with only a few companies achieving or planning mass production. One of them is Baoming science and technology, the company announced on July 6, plans to invest in Ganzhou Economic and Technological Development Zone, lithium battery composite copper foil project, with a total investment of 6 billion yuan, of which 5 billion yuan of investment in fixed assets and 1 billion yuan of liquidity, which has become the first A-share market to invest in the construction of the scale of composite copper foil production capacity of the project.
Bao Ming science and technology plan, the project a period of investment of 1.15 billion yuan, of which fixed asset investment of 1 billion yuan, leasing plant for production. The company said in previous research, Ganzhou a project after reaching production annual output of about 150 million to 180 million square meters of lithium composite copper foil, equivalent to about 10,000 tons of traditional copper foil. The project is one of the motives for stirring up the ripples of the composite copper foil plate, but from the volume point of view, equivalent to 10,000 tons of production capacity in the market is just a "small splash". According to GGI data, in 2021 the domestic lithium copper foil shipments amounted to 285,500 tons, the domestic planning for new lithium copper foil production capacity of nearly 1 million tons. Converted into battery production capacity, now 1GWh battery corresponds to about 0.07 million tons of mainstream 6μm traditional copper foil, the above composite copper foil production capacity to meet the battery capacity of 14GWh, and in 2022 China's lithium battery shipments are expected to exceed 600GWh.
More critically, the production of composite copper foil ultimately through customer certification, a benchmark battery factory to make a demonstration of the application of the real knocking on the battery industry chain, the only real knocking on the battery industry chain is the production of composite copper foil. Only then can we really knock on the door of the battery industry chain. The existing manufacturers are still in the stage of product sampling and verification. "We have sent samples to a number of customers, some of whom have placed some small orders. The construction cycle of the first phase of the project is 12 months, and we will also lay out the layout according to the rhythm of customer verification at a later stage." Baoming science and technology securities department related personnel told the securities times - e company reporter.
It is understood that the battery material validation is generally divided into three stages, first of all, the material itself is the performance of the test; secondly, made into a core after the test, such as puncture test, etc.; and finally made into different types of batteries to do the cycle test, the whole cycle of certification for 3 ~ 6 months.
Another mass production plan manufacturers is Chongqing Jinmei, the official website shows its composite copper foil a project investment of 1.5 billion yuan, full production can reach 350 million square meters of annual production capacity, annual output value of 1.75 billion yuan. Chongqing Jinmei advantage lies in the Ningde era of support, enterprise search, Ningde era of the Yangtze River Chen Dao indirectly hold 15.68% of the equity of Chongqing Jinmei.
Binding with Ningde Times not only means keeping up with a big customer, but also being able to go smoother in the verification process. "Ningde Times can boldly explore composite copper foil because it can get some specific car models and do experiments for these models behind closed doors, which is built on the basis of Ningde Times' investment and cooperation with some car companies. General car regulation certification is very strict, car companies will not easily open, many battery manufacturers are also in a wait-and-see state." A traditional copper foil manufacturer told the Securities Times - e company reporter.
New players into the equipment plant harvest
In the composite copper foil wave of heat, the performance of the company is active for the "crossover", such as PET film material manufacturers or PCB manufacturers. The performance of traditional copper foil manufacturers is not outstanding, and even regarded as the "replaced".
Baoming Technology is mainly engaged in the research and development and production of LED backlighting and other products, the company's performance by the decline in the boom of cell phone panels dragged down. The annual report shows that in 2021 Baoming Technology's revenue was 1.115 billion yuan, down 19.1% year-on-year, with a net loss of 350 million yuan. The company takes composite copper foil as a new growth curve. The bottom line of the crossover comes from the interconnectedness of the process. "We have been mulling over the project of composite copper foil since early 2021. The process of composite copper foil is different from that of traditional copper foil, while the metal coating technology we have accumulated has many years of technological precipitation, and the technical teams of the project are all the company's existing teams." Baoming science and technology securities department said.
Want to replace the traditional copper foil products, composite copper foil also need to show advantages in cost. Composite copper foil to reduce the cost of space from reducing the use of copper, CICC research report estimates that 6.5μm composite copper foil raw material costs about 6μm traditional copper foil 35%, which in the bulk of raw material price increases in the context of the downstream battery manufacturers to alleviate the inflationary pressures faced. However, in the case of mass production has not been scaled up, taking into account the loss and yield, the current total production cost of composite copper foil is still 11% higher than traditional copper foil.
Securities Times - e-company reporter got a research summary shows, WanShun new material, BaoMing science and technology companies are currently able to achieve 80% yield, line speed can reach 8m/min. CICC analysts estimate that the scale of mass production after production costs can be reduced to 3.1 yuan / square meter or so. However, the composite copper foil there are many process difficulties to overcome, such as PET base film is relatively thin, how to avoid wrinkles and deformation when winding and unwinding, how to enhance the bonding force of PET and copper to avoid de-powdering and so on. As copper prices fall and thinner 4.5μm products are promoted, the cost of traditional copper foil is also falling, and the advantages of composite copper foil will be relatively weakened.
Traditional copper foil manufacturers are not just standing by in the cold, some of them are also keeping up with the progress of the new process. For example, the leading company Nordic disclosed on July 8, to 249 million yuan into the copper foil equipment supplier Dawson shares, the two sides will be in the copper foil equipment technology research and development, 3 micron and other very thin copper foil products and composite copper foil products, technology research and development, equipment technology upgrading and other areas of cooperation. The company also previously revealed that its PET copper foil products have been in the downstream customers small batch trial.
The above traditional copper foil manufacturers said that traditional copper foil manufacturers are also doing composite copper foil, but there will be an order of priority. Priority for new business may be aluminized film, its process is more mature compared to copper-plated film, in the future, not only can seize the market of positive aluminum foil, but also in sodium-ion batteries to find a new point of application; from the technical point of view, the melting point of aluminum is much lower, so the impact on the safety of the battery is also more critical, "more bluntly, why do we want to do composite copper foil to rob their own business? ? Let them go first to touch the nail, and when the future is ripe we then poach people over it."
No matter how the manufacturer's competitive landscape evolves, equipment vendors as "shovel sellers" are always the first to benefit from the party. Industry research shows that the current single GWh battery corresponds to about 2 magnetron sputtering equipment and 3 electroplating equipment, equipment unit price of about 14 million yuan and 12 million yuan. CICC estimates that by 2025 the domestic lithium composite copper foil equipment market totaled 13 billion yuan.
Gained 74 institutions piled research Dongwei technology, is currently the only domestic manufacturers capable of mass production of PET copper foil equipment. This kind of equipment in the first half of the year contributed to the obvious performance increment, according to the financial report, the company's first half of the operating income of 412 million yuan, an increase of 17.86%; net profit of 093 million yuan, an increase of 34.38%. The above research minutes show that Eastway Technology has Chongqing Jinmei, Baoming Technology, Wanshun New Material, Xiamen Haichen, TDK completed a batch of orders delivered, the hands of a number of undelivered orders including Ningde Times, the company expects to PET copper foil equipment this year can reach 40 orders. "The first half of the epidemic, the overall economic situation, many companies are on the sidelines, the investment is also more cautious; with the market acceptance and the improvement of the epidemic, the second half of the year is expected to further develop." The company said.
What are the leading lithium battery stocks?
Guo Xuan Gaoke 002074:
Lithium battery leader. Guoxuan Gaoke 2021 operating income of 10.356 billion, an increase of 54.01%.
Overseas subsidiaries and a large U.S. listed automobile company signed a strategic supply and localization agreement both sides hope to reach a strategic cooperation in the supply and procurement of lithium iron phosphate batteries.
The share price rose 28.53% in the last 30 days and fell -7.88% in 2022.
TMC 002510:
Lithium battery leader. 2021 annual report shows that the company's operating income of 1.879 billion yuan, a year-on-year growth of 39.62%, the last three years compound growth of -6.92%.
The company's shareholding company, Zhejiang Time Energy Technology Co., Ltd (30% shareholding) is an innovative enterprise focusing on the research, development, production and sales of power battery systems, mainly research and development and sales of high-capacity, high-power lithium-ion power batteries, energy storage batteries, general-purpose batteries and personalized solutions for customized products.
In the last 30 trading days, Tianqimo has 16 days up, during the overall rise of 10.29%, the highest price of 4.49 yuan, the lowest price of 3.73 yuan. Compared with 30 trading days ago, Tianqimo's market value rose 405 million yuan, up 10.29%.