【Summary】Electrolyte and its key materials: summary of interim report performance of listed companies, improvement of market competition pattern

Electrolyte is one of the four key materials of lithium battery, and its cost accounts for about 10% of lithium battery. Since the second half of 2015, the volume and proportion of domestic power electrolyte shipments have increased rapidly, and have entered the supply chain of Korean battery giants such as LG Chemical and Samsung SDI on a large scale.

After three years of decline, in the second half of 2018, the electrolyte price hit the bottom, and the industry price war slowed down. In the first half of 2019, the electrolyte price recovered and stabilized, and whether the profitability of the industrial chain has also been improved?

Battery network (wechat: mybattery) counted the performance of 11 listed companies of household appliance hydrolysate and its key materials. In the first half of 2019, 11 enterprises (some listed companies mainly engaged in non electrolyte and its key materials) achieved a total revenue of about 41.827 billion yuan, with an average revenue of 3.802 billion yuan; The total net profit in the first half of the year was about 2.331 billion yuan, with an average net profit of about 212 million yuan. In the first half of 2018, the total revenue was about 39.143 billion yuan, with an average revenue of 3.558 billion yuan; The total net profit is about 2.806 billion yuan, with an average net profit of about 255 million yuan. In the first half of this year, there was only one enterprise with a revenue of less than 1billion, and two enterprises with a net profit of less than 100million; In the first half of 2018, there were three enterprises with a revenue of less than 1billion and one with a net profit of less than 100million. In addition, in the first half of this year, 8 companies achieved an increase in operating revenue and 6 companies achieved a year-on-year increase in net profit.

In terms of gross profit margin, xinzhoubang previously said that it was reasonable to maintain the healthy development of the industry. With the continuous increase of the scale, the industry gradually matured, and the gross profit margin remained between 20% and 30%. In the first half of the year, the gross profit margin of electrolyte head enterprises Tianci materials, xinzhoubang and Shanshan maintained a high level. (source: battery bairenhui battery network)

【Acquisition】Dfdo plans to acquire 70% equity of Luoyang lanbao to ensure the supply of lithium hexafluorophosphate raw materials

On the evening of September 4, DFD (002407) announced that the company planned to acquire 70% equity (equity corresponding to the registered capital of 28million yuan) of Luoyang Lanbao Fluorine Industry Co., Ltd. (hereinafter referred to as "Luoyang lanbao") held by Siyuan and Shunli Office Information Service Co., Ltd. (hereinafter referred to as "Shunli office") with its own capital of 77million yuan.

According to the announcement, Si Yuan and Shunli office agreed to transfer their 46.92% and 23.08% equity of Luoyang lanbao at the price of 51.612 million yuan and 25.388 million yuan respectively to dfdo. Cui Chao and Ding Xuelin, the other two shareholders of Luoyang lanbao, agreed to transfer the equity and give up the right of first refusal, and agreed to transfer the equity contribution of Luoyang lanbao held by them to Party B. After the transfer is completed, duofuduo will become the controlling shareholder of Luoyang lanbao, with a shareholding ratio of 70% and Siyuan's shareholding ratio of 30%.

Luoyang lanbao is a leading Fluorite Mining and processing enterprise in China. It has three fluorite concentrators and six mines in Luoyang, Chongqing and other places. The fluorite reserves are about 3million tons and the processing capacity of flotation fluorite powder is 60000 tons / year. (source: battery bairenhui battery network)

[company] BIC battery in-depth research electrolyte and additives have been applied to high-capacity nickel and silicon alloy battery system

Safety is an eternal topic in the development of the new energy vehicle industry. Since 2018, with the rapid development of the industry, spontaneous combustion of new energy vehicles has also occurred frequently, causing widespread concern in the industry. Therefore, how to ensure the safety of the battery and the whole vehicle while the new energy vehicle develops rapidly and improves its battery density and mileage has become a key problem to be solved at present.

The causes of spontaneous combustion of new energy vehicles are complex and diverse, involving cells, battery systems, vehicles, use and many other links. At present, the industry generally believes that thermal instability is the main cause. According to the internal structure of the battery, overheating, overcharge, internal short circuit, collision and so on are several key factors that cause the thermal runaway of the power battery. Professor Ouyang Minggao, an academician of the Chinese Academy of engineering, once said in his speech, "internal short circuit is a common link of battery thermal runaway." There are many reasons that can lead to internal short circuit. In a single cell, the main influencing factors are the materials, design and consistency of structures such as positive and negative electrodes and diaphragms.

The safe and stable structure design is the basis to ensure the thermal stability of the battery. The BIC ternary cylindrical battery adopts a symmetrical structure with uniform pressure relief and a safety valve to avoid thermal instability, so as to ensure that the battery can release heat timely and effectively in case of extreme overheating and abuse. Even if the whole vehicle has safety problems and any single cell in the battery module has thermal instability, the battery pack or module can still continue to work. With the help of BIC's "one core, one code" intelligent traceability system, we can find the source of problems related to the battery, production batch and other information as soon as possible, to help trace and solve the problems.

According to Dr. Lin Jian, President of the cell research institute of Shenzhen BIC Power Battery Co., Ltd., in addition to the safe and stable structural design, electrolyte additives can also effectively improve the thermal instability behavior of high nickel cylindrical cells. BIC battery has a special electrolyte research and development team, which has conducted in-depth research on various additives, and has applied these results to high-capacity high nickel and silicon alloy battery systems to achieve the double insurance of safety and efficiency. (source: BIC battery wechat)

[market] the domestic hydrofluoric acid market price is temporarily stable

On September 10, the mainstream price of domestic anhydrous hydrofluoric acid manufacturers was 9500-10000 yuan / ton. The ex factory price of some manufacturers in the field remained low. The operating rate of domestic hydrofluoric acid manufacturers was general, the supply of goods in the field was sufficient, and the market price trend in the field was temporarily stable. (source: Business Club)

[the company] benefited from the expansion of infrastructure and the layout of high-end materials, and the performance of oak shares has a solid foundation for steady growth

On September 4, at the mid-term performance presentation of oak shares held at the roadshow center of Shanghai Securities News, Zhu Jianmin, chairman of oak shares, introduced that in the current context, the reasons why oak shares still maintain good growth are: first, based on the value created by epoxy, the company's leading products are invested in national infrastructure construction. The increase of infrastructure investment and construction has brought good business opportunities to oak. Second, through management innovation, the company has consolidated the foundation and achieved fruitful results. Finally, oak is increasing the development of high-end products, relying on scientific and technological innovation to enhance the technical content of oak and improve the added value of products.

According to the semi annual report of oak Co., Ltd., the company achieved a total sales volume of 385300 tons in the first half of the year, with a year-on-year increase of 27.84%; Due to the decrease of trade volume, the company achieved an operating revenue of 2.986 billion yuan in the first half of the year, a year-on-year decrease of 10.53%; The net profit attributable to shareholders of listed companies was 133million yuan, an increase of 6.03% year-on-year. Among them, the sales volume of water reducing agent polyether monomer was 317700 tons, with a year-on-year increase of 32.54%, and the operating revenue was 2.406 billion yuan, with a year-on-year increase of 8.84%.

It is reported that after the layout of ethylene oxide by Oak shares, both at the level of listed companies and the group level, it has put forward the development plan of high-end "13th five year plan", one of which is electronic chemicals and new energy materials.

On September 2, oak announced that the company signed a joint venture cooperation framework agreement with Suzhou Huayi New Energy Technology Co., Ltd. The two sides agreed to fully mobilize their respective resources, jointly promote the development of the lithium battery additive industry, and achieve the overall strategic goal of cooperation in the large-scale operation of the products produced by both sides and the maximization of capital value. The company plans to invest in Suzhou Huayi this time, which is based on the company's industrial development plan, to comprehensively build the "ec/dmc (vinyl carbonate / dimethyl carbonate) -cec-vc/fec" industrial chain, so as to lay a solid downstream foundation for the industrialization of the company's lithium battery electrolyte solvent demonstration project; The company has the ability of operation integration and capital operation of large chemical enterprises, which can effectively help Suzhou Huayi to better operate and develop. (source: Shanghai Securities News)

[think tank circle]Limited room for electrolyte price decline

After nearly two years of reshuffle in the electrolyte industry, an oligarchic pattern has been formed. At present, the price of electrolyte for lithium iron phosphate batteries is usually 32000-40000 yuan / ton, and the price of electrolyte for ternary batteries is usually 35000-50000 yuan / ton; The price of lithium hexafluorophosphate is 90000-100000 yuan / ton, and the overall price is relatively stable. From the perspective of cost-benefit, there is limited room for the price of electrolyte to decline.

In addition, in order to reduce costs, many batteries outsource the research and development of electrolyte and additive formulas to their suppliers, and electrolyte enterprises also get a better technical premium. Therefore, electrolyte enterprises with independent formula research and development ability are relatively competitive. For example, with the cancellation of local government subsidies and the reduction of national subsidy standards by more than 50%, the cost advantage of lithium iron phosphate batteries has become prominent, and the market demand has begun to increase. The low-temperature performance of lithium iron phosphate batteries is poor, and electrolytes and additives that can effectively improve the low-temperature performance of batteries will be popular in the market.

Article source:China battery network