Motive power battery market is highly competitive core technology of choice

Resource constraints and the reduction in the double pressure driven, clean electric cars alternative fuel vehicle is the gradual development trend of automobile. laptop battery States have introduced the current subsidy policy and long-term planning to support industry growth, industry growth, is expected to average 50%. New energy vehicles are still new in China, is currently in the embryonic stage from scratch, is expected to help accelerate China's policy in industry development and maturity.

New energy vehicles: a number of obstacles need to cross

Start the commercialization of electric vehicles, not only the product itself to overcome the technical and cost issues, also face constraints in many applications. As the electric car is a systematic project, involving the whole community and transport the energy re-optimization, including clean electricity, charging station construction, power grid construction, transportation mode changed, the use habits and many other factors. Therefore, the promotion of new energy vehicles, explosive growth is difficult to occur, but only may be rising in tandem with the gradual popularization of new energy power generation which is stimulated by the rapid expansion of subsidies is somewhat different. TravelMate 4500 Subsidies for new energy car that is the attitude of the Government's support, but can not say conditions are ripe for industrialization.

Power battery: Domestic infancy

Battery electric vehicles as the core technology, currently can not meet the life, security and other goals of the requirements, which greatly limits the application field of electric vehicles. Potential of the iron lithium battery so there is still a consistent, low temperature performance, high power and other issues, the actual performance from the theoretical value quite different. The development of domestic battery is in its infancy. Now have new energy vehicles involved in the field of research and development and supporting businesses are testing the waters phase, technical and technological capabilities in different ways, so the overall investment risk seems greater still.

Lithium battery materials will show a third of the world pattern, modified lithium manganese battery as the more mature material, will be a more promising ternary lithium iron phosphate material and three-legged race. China keen on lithium iron phosphate line, but the accumulation of patents and technology still lag behind U.S., Japan and China, and the actual LCBTP03003 not high, to meet the power requirements Gaoduan Nenggou lithium materials still need to iron imported from abroad.

Cathode material: the value chain point

For the lithium-ion batteries, cathode materials are sharply higher, the cost of the high proportion (33%) of the core link. The lithium iron phosphate power battery and the other part of the same conventional lithium-ion batteries, cathode materials, technical barriers to higher gross profit margin so high-quality products more than 50%, much higher than 15% of lithium cobalt oxide and lithium manganese 25%. Other motive power industrial chain links, the diaphragm can only produce a single layer of low-end domestic product, while the three membrane production technology and equipment to China in a lockdown; electrolyte lithium hexafluorophosphate of raw materials have not yet achieved large-scale localization, gross margins higher; single cells did not realize the scale of production, the current gross margin is also higher, but due to technical barriers are not high, is expected to be a gradual decline.

Generally speaking, Aspire 1300 power battery industry chain are currently entitled to more high-margin areas, but may be the only long-term maintenance lithium iron phosphate cathode material, which determines the production difficulties in short supply situation will last 3 to 5 years. The consistency of the requirements for the next battery manufacturers and automobile manufacturers will tend to choose a large supplier of lithium iron materials market will show strong stronger situation. Technology or process is not dominant in the enterprise, will be squeezed to the outside of the low-end electric car market, and therefore can not share the industry's high growth.

Domestic manufacture of lithium iron phosphate involved in many enterprises, most of the lithium iron phosphate A42-A3 has not understanding, not enough technical accumulation and production experience. Currently has years of experience in the field of battery power much scientific (600 478, closing price 13.30 yuan), Jinrui Technology (600390, closing price 57.46 yuan) and Shanshangufen (600 884, closing price 16.89 yuan) and others were on the lithium iron phosphate adopted a more cautious approach to R & D-based industrial projects without haste, which indirectly shows the lithium iron phosphate on the technical and technological difficulties and immaturity.

Multiple factors determine the power battery and electric car development is not only cost is the bottleneck. Government subsidies and to promote the accelerated development of the industry will, where appropriate, but unlikely to result in explosive growth markets, due to this market is still very small, can accommodate Enterprises Limited, competition will be intense, BTP-APJ1 and performance growing uncertainty great.

Investment targets: a core technology company

According to the mastery of core technology and optimistic about the future level of production the two indexes, the A shares of 25 listed companies value analysis, the proposed investment in the subject of the battery not only has the core technology of choice for mass production but also has the prospect of the company, the proposed concerned about the CAC integration (002 190, closing price 20.19 yuan), China Baoan (000,009, closing price of 9.44 yuan), CITIC Guoan (000 839, closing price 11.08 yuan) BTP-AQJ1 and Jiangsu Guotai (002 091, closing price 23.73 yuan), Fluoride ( 002 407, the closing price 46.90 yuan), when l Technology (300073, closing price 57.46 yuan) and others.

From the stock side, China CITIC Wo Bao as the main industry is the cable television and real estate, low valuation, the valuation of the remaining level of quality stocks are basically reasonable. The battery Desai (000,049, closing price 23.91 yuan), 100 000 000 Wei Li energy (300 014, closing price 29.72 yuan), Sailing shares (600,482 to close at 12.65 yuan) and the Fung Wah Hi-Tech (000636, closing price of 12.30 yuan) higher than the valuation high power battery and do not have the concept of the proposed short-term avoided. Later-stage investment opportunities will mainly come from the policy change and planning put on the plate to bring the good, high-quality stocks of technological progress and production planning, and new entrants into the field of investment targets BTP-ARJ1 battery.

Mining Tibet: lithium expansion will bring long-term growth needs

With many countries and regions to support new energy policy on the introduction of vehicles and implementation of new energy automotive industry laptop battery will pull into the large-scale lithium battery consumption, so as to enhance market demand for lithium carbonate, as in the upstream industrial chain business of lithium resources a long-term growth opportunities. Tibet has the world's third largest mining Zabuye Salt Lake, excellent natural resources, capital bottleneck breakthrough to lithium carbonate production capacity is expected to gradually release the company needs to benefit from this expansion of lithium carbonate, recommended investors to focus.

Rationale:

Li-ion battery industry will enhance the development of market demand for lithium carbonate. In the new energy vehicles, driven by growth in demand for lithium batteries will be the main driver of lithium carbonate.

We expect the global lithium carbonate demand in 2010 increased 10% to 75,598 tonnes, from 2010 to 2013 compound annual growth rate of 16%, from 2013 to 2018 compound annual growth rate of 11%. Market demand for lithium carbonate BTP-550P lithium battery industry play an increasingly important role in stimulating their development needs of lithium carbonate for lithium in the upstream industry chain resources to bring long-term business growth opportunities.

Global lithium industry with a high concentration salt production capacity expansion restrictions. About 53% of the world's lithium resources concentrated in South America, the top three manufacturers of lithium carbonate supply about 70% of global production, industry concentration is high. Since 83% of the lithium stored in the lake, while Salt Lake Lithium larger capacity expansion constraints, resulting in production of major manufacturers expand slowly. Since the distribution of resources and the production of lithium are very focused, self-discipline is strong, the main producers can then adjust the production capacity of lithium carbonate in Xuqiu Liang, expected future prices will remain stable.

China Lake is rich in resources and low cost extraction of lithium, and broad development prospects. Lithium salt lake resources in China accounting for 79%,BTP-73E1 but the extraction of lithium salt production accounted for only 33%. Compared with the extraction of lithium ore, salt extraction of lithium from a cost advantage, but at this stage in our technology is still immature. From international experience, the Lithium is the mainstream production of lithium carbonate, lithium carbonate three foreign suppliers have all been shut down production lines and extraction of lithium from ore by the Lithium method. We expect this will become the future direction of lithium carbonate production. With the domestic Salt Lake Lithium technology matures and production release, increased production of Lithium Salt Lake for expansion.

We like the lithium salt lake resources have manufacturers. The development of lithium battery industry will be the main driver of future growth in demand, so we are optimistic about the upper reaches of lithium carbonate lithium battery industry chain manufacturers, especially in Tibet, which has a salt lake resources, mining and CITIC Guoan. We believe that speaking from the natural resources, mining in Tibet Saline Lake is lithium carbonate type, BATCL50L with a high lithium-poor characteristics of magnesium, is the world's endowment of the best Salt Lake, the optimal minimum cost the same industry, is expected to become the most the potential of lithium carbonate origin.

Valuation and Recommendation:

The company has the world's third largest salt lake Saline and is known as "chrome are" the Luo Busa chromite, copper Nimu company may in future become a major copper mine, the company's resources and conditions are unique, long-term development prospects of attracting force. Benefit from the release of lithium carbonate production capacity as well as copper, chromium ore price increase, we expect EPS to 0.21/0.27/0.34 10/11/12, the company, corresponding to earnings ratio 127/97/77 times; if taking into account the company's non-public After the success of the 6,870 issued shares to increase, then the full amortization of the EPS for the 0.16/0.22/0.27, corresponding to earnings ratio for the 159/122/96. Resource companies value and equity value of only 4%,TravelMate 290 much lower than other resource companies average 35%. We are optimistic about the company's resources and long-term investment value, the first concern for "careful recommended" rating.

Risk: can not be successfully raised funds in place; lithium carbonate demand lower than expected.

Ministry of Industry and in 2010 the first phase of advanced energy storage power system engineers complete training course held

By the China Communications Industry Association, China Electronic Chamber of Commerce laptop battery Power Professional Committee of the Beijing Power Supply Association jointly organized by the Ministry of Industry and Energy Storage Power Systems Engineer Advanced Course on June 20 to 25 in the Ministry of Industry and Information Technology successfully held in Weihai E-Hotel . Power supply from the Mainland provinces and cities, battery manufacturers and test centers and other units of the company executives, R & D director and senior and other officers of the correspondence, tutorials, and face to face, successfully passed the examination to obtain a "power system engineers" and other three countries and certification of industry bodies. The course aims to promote energy storage and power supply systems and technology, energy storage power train professional and technical personnel to update knowledge of energy storage and power supply systems.

Training course held a grand opening ceremony, attended the opening ceremony of the leaders are: Vice president of China Communications Industry Association, Sun Feng, Deputy Secretary-General, National Power Systems Engineer training leading group director of the China Electronic Chamber of Commerce vice president of Power Professional Committee , Beijing Han Yongkuan Power Industry Association, the National Leading Group for Power Systems Engineer training, deputy director of the China Electronic Chamber of Commerce Power Professional Committee Vice Chairman, Beijing Power Supply Association of Supervisory Xibi Yun, Professional Committee of China Electronic Chamber of Commerce Deputy Secretary-General the power, the National Li-ion Standard battery system, deputy head of the working group drafting the money good country, professor at Peking University, the National Standard lithium-ion battery system of its deputy head of the working group drafting Lu, associate professor at Tsinghua University, Song Qiang, the Ministry of Industry and Weihai Ruanxi Lun, general manager of electronic hotel. Opening ceremony by the Professional Committee of China Electronic BTP-43D1 Chamber of Commerce Power Secretary-General, Beijing Power Supply Industry Association, Sun Jingwei over.

National Power Systems Engineer training director of the Leading Group for Professional Committee of China Electronic Chamber of Commerce vice president of power supply
Beijing Power Supply Association chairman Han Yongkuan

Professional Committee of China Electronic Chamber of Commerce Power Secretary-General, Beijing Power Supply Industry Association, Sun Jingwei

China Communications Industry Association executive vice president, Deputy Secretary-General Feng Sun and Professional Committee of China Electronic Chamber of Commerce vice president of power supply, Beijing Han Yongkuan Power Industry Association, representing the organizers for the opening welcome speech and to mobilize. They said that the current lithium-ion battery energy storage and other new energy and new energy industry is a strategic key industries, but the lack of relevant technical personnel. China Communications Industry Association and the Professional Committee of China Electronic Chamber of Commerce launched a long-term power supply system, the project engineer a series of training programs, held in Weihai first energy storage power systems engineer training, will promote energy storage and power supply systems and technology to train professional technical personnel, updating energy storage and power supply systems play an important role in promoting knowledge.

In the opening ceremony,TravelMate 220 also held China Communications Industry Association, China Electronic Chamber of Commerce Power Professional Training Centre of the opening ceremony of the Commission, the Ministry of Industry and the two associations will be set up for the training of Weihai center of electronic hotel. MIIT Ruanxi Lun, general manager of Weihai electronic hotel association said it would fully cooperate with the training to provide the highest quality hardware and logistics support.

National standards for lithium-ion battery system, deputy director of the drafting group

Professional Committee of China Electronic Chamber of Commerce, Deputy Secretary-General of the money supply good country

After the opening ceremony, Department of Electrical Engineering from Tsinghua University and Peking University Professor Song Qiangfu and Professor Lu for their "energy storage system for electric and electronic power conversion technology and technology" and "lithium battery product technology" of the participants were briefed, and participants answered in the correspondence and work related problems encountered. National standards for lithium-ion battery system, the working group drafting the deputy director of the China Electronic Chamber of Commerce, Deputy Secretary-General of the Commission Dianyuan professional money on good country, "Battery energy storage power systems" relevant knowledge and technical standards for a 3-day comprehensive explanation. Include: battery application technology group, the new battery energy storage power systems, lithium-ion battery power system and other new industry technical standards, the new lithium-ion battery pack and power system interfaces and communication protocols, lithium-ion battery energy storage in electric power system Bicycle \ electric vehicles \ UPS \ communications power supply applications, BTP-58A1 integrated systems and electric vehicle battery energy storage MW power systems of knowledge.

After the training courses, training programs, according to the relevant requirements, the participants were final exams, students pass the examination will receive by the Human Resources and Social Security, Ministry of Industry and Information Technology, Beijing, China Power Industry Association Working Committee of Experts unified India system of "professional and technical personnel to update their knowledge engineering training certificate", "National Information Engineer Certificate" and "Power Systems Engineer certificate", the three certificates can be used as professional and technical staff positions employed, working, job classification and promotion of an important basis .

The closing ceremony, the former deputy director of the Ministry of Information Industry, China Communication Association, China Electronic Chamber of Commerce Committee Chairman WANG Bing-power Professional Studies, the National Leading Group for Power Systems Engineer training, deputy director of the China Electronic Chamber of Commerce Power Professional Committee of Vice-chairman Beijing Power Supply Association of Supervisory Xibi Yun, Professional Committee of China Electronic Chamber of Commerce Deputy Secretary-General the power, the national standards for lithium-ion battery system, deputy head of the working group drafting the money good country to pass the examination, presented certificates to the trainees.

Consolidated results according to the students, this course has four outstanding students selected were: Power Technology Co., Ltd. Guangdong lion R & D Director Lin Yu, Xiangtan, deputy director of electro-chemical Technology Co., Ltd. Li Fang Liu, Fan Cheng (confidentiality units), BTP-60A1 Beijing Power Source Technology Co., Ltd. Engineer Dan, good money, Vice Secretary-General to the four students were awarded certificates outstanding students.

National Power Systems Engineer training, deputy director of the Leading Group for Professional Committee of China Electronic Chamber of Commerce vice president of power supply
Beijing Power Supply Association Supervisory Xi Biyun
Beijing Power Supply Association of Supervisory Xi Biyun power industry association on behalf of Ministry of Industry and in 2010 the first phase of advanced energy storage power system engineers successfully held the training course and trainees congratulated the successful completion. He pointed out that training for everyone familiar with the energy storage power supply systems, strengthen communication, enhance mutual understanding provides a good opportunity. Meanwhile, to carry out correspondence, face to face training model combining appreciation. Finally, he participated in the meeting face to face De Zhuanjia, professors, You Qi money is good, the Vice Secretary-General of hard work, and Tireless expressed his gratitude and to encourage their students to actively participate Yu storage Dian Yuan's contributions to the studies Chuneng power system contribute to the development.

Participants on behalf of Power Technology Co., Ltd. Guangdong lion R & D Director Lin Yu, Zhicheng Technology Development Co., Ltd. Beijing Aetna Song Xiaolong, general manager of the closing ceremony on behalf of the trainees said he was honored to attend the training courses, distinguished lecturers and professors of the careful explanation and conference team of diligent work to make them through the course of the energy storage power system has a more profound understanding of the various companies hope to play their respective advantages,TravelMate 240 promote the development of energy storage power supply.

After the training, participants visited the Chinese Sino-Japanese War Memorial, the memorial collection of artifacts on display to remind the people to forget national humiliation, rejuvenate the Chinese nation. Participants have said, the training learned to apply the knowledge to practical work, in creating economic and social benefits to the enterprise, but also for the country to implement energy-saving and new energy strategies to achieve the "Created in China" do their own contribution to