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Foreword Under the background of "carbon neutrality", the lithium battery equipment market is expected to exceed 100 billion yuan in 2023, and the industry leader is expected to be smart

Pioneer Intelligence, a leading lithium battery equipment company in China, has become the only company in the country that covers all equipment in the front, middle, and rear stages of lithium battery production and manufacturing (electrode fabrication, cell assembly, and cell activation). In addition to lithium battery equipment, Pioneer also involves businesses such as photovoltaic equipment, 3C intelligent equipment, and capacitor equipment.

The market size of lithium battery equipment will exceed 100 billion yuan in 2023

The lithium battery equipment industry has maintained rapid and stable development in the past five years with the rapid expansion of power lithium battery production. According to SPIR data, the global lithium battery equipment market size reached 53.2 billion yuan in 2020, with a compound growth rate of 23% from 2016 to 2020. It is expected that the market size will exceed 100 billion yuan in 2023, with China being the most important market. We expect that the installed capacity of power lithium batteries in China will reach 260Gwh by 2023, and the CAGR will reach 59% from 2020 to 2023, Continuously promoting the rapid development of China's lithium battery equipment industry.

Leading lithium battery equipment, continuously expanding product line

As a leading intelligent core business sector, the lithium battery equipment sector experienced a short-term stagnation in development in 2020 due to the impact of the epidemic and industry adjustments. At present, the epidemic is gradually under good control. After the industry reshuffle in 2020, the lithium battery equipment industry has accelerated the elimination of a large number of homogeneous and highly competitive mid to low end market players. The industry pattern has basically been reshaped, and the leader has further strengthened its leading position in this process with strong technical strength and comprehensive industrial layout. In the first half of 2021, the popularity of the new energy vehicle market has skyrocketed. According to Wind data, the sales of new energy vehicles in China from January to June reached 1.2 million units, a year-on-year increase of 188.5%. We predict that new energy vehicles will continue to rise rapidly from 2021 to 23, with sales reaching 2.6 million/3.5 million/5 million units respectively (YoY: 90%/35%/43%). The rapid increase in sales of new energy vehicles will quickly drive the demand for power lithium batteries, We expect that the installed capacity of power lithium batteries will also rapidly increase to 115/173/259Gwh (YoY: 80%/50%/50%), with strong demand for downstream expansion of power lithium battery production.

Therefore, we believe that in the context of the continuous and rapid development of new energy vehicles, Pioneer Intelligence, as a core equipment supplier for lithium-ion batteries, will rebound rapidly in 2021 and continue to develop from 2021 to 2023, with year-on-year growth rates of 55%/30%/25% respectively. At the same time, according to the company's announcement, the gross profit of the lead lithium battery equipment has significantly decreased in the past 20 years, which is mainly affected by the decline in the gross profit of the subsidiary Titan New Power Lithium Battery Equipment. As the gross profit has rebounded to over 40% in the first quarter of 2021, we expect the lead's gross profit to rebound to around 39% -40% for the entire year.

Deeply bind to high-end and high-quality customers, and continuously expand overseas business

The Pioneer Intelligent Lithium Battery Equipment business focuses on the high-end market, accumulating a large number of high-quality customer resources with a comprehensive product line and high-quality product quality, gradually forming a brand advantage effect. We have maintained good cooperative relationships with high-quality power lithium battery production companies such as CATL, BYD, Honeycomb Energy, and AVIC Lithium in the field of lithium battery equipment. While deeply binding with industry leaders to continuously stabilize our domestic industry position, we are also actively expanding overseas markets.

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