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Firstly, an overview of negative electrode materials

The main function of negative electrode materials is to store lithium during the charging process of lithium batteries. There are four main indicators for evaluating the performance of negative electrode materials: low lithium extraction voltage, high specific capacity, good rate characteristics, and cycling characteristics.

The materials that meet these requirements mainly include the following categories, which are currently the main forces that can be used as negative electrode materials:

Among them, graphite material has the highest cost-effectiveness, so it is currently the mainstream. He is divided into two directions: natural graphite and artificial graphite. Natural graphite is widely used in the field of consumer electronics, while artificial graphite is more commonly used in power batteries.

And silicon-based silicon materials, due to their superior performance in improving high energy density compared to graphite, are the future development direction. The theoretical energy density of graphite is 372mAh/g, while the silicon-based negative electrode can reach 10 times its level. On this year's Tesla Battery Day, Musk mentioned this direction.

Secondly, the industrial chain pattern of negative electrode materials

The negative electrode industry chain is shown in the following figure:

Among them, the demand for new energy vehicles is the main force, determining the amount of negative electrode materials used.

Now China has become the world's largest supplier of negative electrodes, surpassing Japan and South Korea, and this advantage will continue to expand in the future.

The current competitive landscape in the industry is characterized by four major and minor states. The four main ones are Betray, Zichen (Putailai), Shanshan, and Kaijin. Among the A-share listed companies, there are only two, Putai Lai and Shanshan Shares.

At present, the mainstream in the market is artificial graphite negative electrodes, with a market penetration rate of 78.50% in 2019. The leader in this area is Jiangxi Zichen (Putailai). However, Betray's natural graphite has more advantages.

The evolution of the competitive landscape for negative electrode materials is still closely related to battery cell companies. If you hold a thick thigh, then you can be like a fish in water. Here are the thighs held by various negative electrode material companies:

However, the industry gross profit margins of Putailai and Betterli are the best, especially Putailai, which was a dominant player in the past few years. However, with the rise of competitors, its single ton gross profit has continued to decline.

Gross profit per ton of major negative electrode material enterprises (RMB 10000/ton)

Thirdly, future development space

In 2019, the shipment volume of lithium battery negative electrode materials in the Chinese market was 265000 tons, a year-on-year increase of 38%. Among them, due to the increasing application of high magnification and fast charging products in the market, the shipment volume of artificial graphite has grown rapidly. In 2019, the shipment volume of artificial graphite was 208000 tons, a year-on-year increase of 56.3%; The share of negative electrode materials in the total shipment volume is 78.5%, an increase of 9.2 percentage points compared to 2018.

The future demand currently mainly comes from power batteries, and consumer electronics and energy storage may continue to make efforts in the future.

In 2020, the global demand for negative electrode materials for power batteries was approximately 280000 tons, with a compound annual growth rate of 22%; By 2025, the domestic demand for power batteries alone will reach 310GWh, and the corresponding demand for negative electrode materials will reach 260000 tons.

Fourth, related targets

At present, only Putailai and Shanshan Co., Ltd. are engaged in negative electrode materials in the A-share market. However, Putailai's business is purer and its gross profit margin is relatively high. So in terms of negative electrode materials, we can focus on Putailai. If there is time in the future, I will dig deeper into Putai separately.

In addition, as one of the leading negative electrode materials hidden in the New Third Board, the future development of BETTERY is also highly anticipated.

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