From the investment analysis of the four major materials in the single GWh battery, the investment threshold from high to low is: positive electrode material> battery separator> negative electrode material> electrolyte. In addition, the investment in fixed assets of the four major units is very high, the highest of which is the battery separator, accounting for 95%.
1) Cathode material:
1. Selecting the listed company Dangsheng Technology and Shanshan as a sample, the unit investment amount is large, of which Shanshan is 2.1 billion / ton, when it is increased to 700 million / ton. The gap between unit fixed assets investment (equipment, plant and land) is small, of which Shanshan is 600 million/ton, and it is up to 500 million/ton.
2. The gap in fixed assets investment is also large, with Shanshan accounting for 28% and rising by 71%.
3. Considering the final horizontal comparison with other materials, all of the investment in fixed GWh positive fixed assets is 950-120 million.
2) Anode material:
1. Select Shanshan shares (with graphitization) and Jiangxi Zijing (listed company is Qitailai, not including graphitization) as samples. The investment amount of Shanshan and Zijing units is 40,000/ton and 30,000/ton respectively. The unit's fixed assets investment is about 20,000/ton.
2. The proportion of fixed assets per unit is 57% for Shanshan and 71% for purple.
3. Considering the final horizontal comparison with other materials, all of the investment in the single GWh negative fixed assets is about 20 million.
4. Another point worth noting is that Shanshan's project includes graphitization from raw material processing, raw material processing, graphitization, carbonization to finished product processing, while Jiangxi Ziyan is outsourcing raw material crushing and graphitization. Comparing the investment of the two production lines, Shanshan's unit investment is 38,100/ton, which is higher than Jiangxi's Zijing's 27,200/ton, and the unit investment is 40% higher; the unit fixed assets investment is about 13% higher.
3) Electrolyte (all without 6F):
1. Selecting the listed company Xinzhoubang and Tianci as a sample, the unit investment amount and the unit fixed assets investment amount are very different, including unit investment Xinzhoubang is 8,000 yuan/ton, Tianci is 2800 yuan/ton (after change); The fixed assets investment in the new state is 7500 yuan / ton, Tianci is 1400 yuan / ton (after the change).
2. We believe that the main reason for the large difference in unit investment is that the larger the scale of production, the greater the benefits in terms of land and equipment.
3. The proportion of fixed assets per unit is 94% for Xinzhoubang and 50% for Tianci.
4. Considering the final horizontal comparison with other materials, all of the investment in fixed assets of single GWh electrolyte is about 1.7 million to 9 million.
4) Wet diaphragm (base film):
1. Select the listed company's star source material as a sample (the items after the change of the star source material are all wet base film, and the Enjie project cannot distinguish the investment of the base film and the coating line, and cannot be used as a reference sample), Star Source The investment amount per unit of material and the investment amount of fixed assets of the unit are 5.54 yuan/level and 5.25 yuan/level, respectively.
2. The proportion of fixed assets in the unit is 95%.
3. Considering the final horizontal comparison with other materials, the investment in fixed assets of single GWh diaphragm is about 95 million.
Summary: In terms of horizontal comparison, the investment amount of fixed assets of single GWh four materials is from high to low: positive electrode > separator > negative electrode > electrolyte. In addition, the investment in fixed assets of the four major units is very high, the highest of which is the diaphragm, accounting for 95%.
The probability of downstream demand next year is better than market expectations and confidence in the sector.