Comparison of the investment intensity of the four major lithium-ion battery materials unit production lines

From the breakdown of the investment in the production lines of the four major materials in a single GWh battery, it can be seen that the investment threshold from high to low is: cathode material battery separator anode material electrolyte. In addition, the fixed asset investment of the four major material units accounted for a high proportion, the highest of which was battery separators, accounting for 95%. 1) Cathode materials: 1. Select listed companies Dangsheng Technology and Shanshan shares as samples, the unit investment gap is relatively large, of which Shanshan is 2.1 billion / ton, and Dangsheng is 700 million / ton. The unit fixed asset investment (equipment, plant, land) gap is relatively small, of which Shanshan is 600 million / ton, when it rises to 500 million / ton. 2. There is also a large gap in the proportion of fixed asset investment, with Shanshan accounting for 28% and Dangsheng accounting for 71%. 3. Considering the final horizontal comparison with other materials, all converted to a single GWh positive fixed asset investment of 95.00-120 million . 2) Anode material: 1. Select Shanshan shares (with graphitization) and Jiangxi Zichen (listed company is Putailai, not including graphitization) as samples, the unit investment of Shanshan and Zichen are respectively 40,000/ton And 30,000/ton, the unit investment in fixed assets is about 20,000/ton. 2. Unit fixed assets accounted for 57% of Uesugishan and 71% of Zichen. 3. Considering the final horizontal comparison with other materials, all converted to a single GWh anode fixed asset investment of about 20 million. 4. Another point worth noting is that Shanshan’s project includes graphitization from raw material production, raw material production, graphitization, carbonization, to finished product production, while Jiangxi Zichen outsources raw material crushing and graphitization processes. Comparing the two production line investment, Shanshan unit investment is 38,100/ton, higher than Jiangxi Zichen's 27,200/ton, unit investment is 40% higher; unit investment in fixed assets is about 13% higher. 3) Electrolyte (both excluding 6F): 1. Select listed companies Xinzhoubang and Tianci as samples. There is a big gap between the unit investment and the unit fixed asset investment. The unit investment in Xinzhoubang is 8,000 yuan/ton, and Tianci 2800 yuan/ton (after the change); unit fixed asset investment in Xinzhoubang is 7500 yuan/ton, and Tianci is 1400 yuan/ton (after the change). 2. We believe that the important reason for the larger gap in unit investment is that the larger the scale of production, the greater the preferential treatment in terms of land and equipment. 3. In terms of unit fixed assets, Xinzhoubang accounted for 94% and Tianci changed to 50%. 4. Taking into account the final horizontal comparison with other materials, all converted to a single GWh electrolyte fixed asset investment of about 1.7-9 million. 4) Wet diaphragm (base film): 1. Select the listed company Xingyuan material as the sample (all the items after the change of Xingyuan material are wet base film, but Enjie project cannot distinguish the investment of base film and coating line. Cannot be used as a reference sample), the unit investment of Xingyuan Material and the unit investment in fixed assets are respectively 5.54 yuan/square and 5.25 yuan/square. 2. In terms of the proportion of fixed assets per unit, Star Source Material is 95%. 3. Taking into account the final horizontal comparison with other materials, the fixed asset investment of a single GWh diaphragm is about 95 million. Summary: From a horizontal comparison, the fixed asset investment amount of the four major materials of GWh, from high to low, is: positive diaphragm and negative electrolyte. In addition, the fixed asset investment of the four major timber units accounted for a high proportion, the highest of which was the diaphragm, accounting for 95%. Next year, downstream demand is likely to be better than market expectations, and there is confidence in the sector.