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Under the trend of ternary high nickel production, leading battery companies such as CATL, Funeng Technology, Yiwei Lithium Energy, and AVIC Lithium Electric are all intensifying their efforts to "carve out" the production of high nickel materials. At the same time, many material companies have also accelerated their IPO process.

On August 3rd, the IPO registration of Zhenhua New Materials Science and Technology Innovation Board, which once ranked among the top three in the ternary positive electrode material market with the support of "CATL", was approved. In this IPO, Zhenhua New Materials plans to raise 1.2 billion yuan, which will be invested in the production line of 12000 tons of lithium battery positive electrode materials and 20000 tons of lithium ion power lithium battery ternary materials annually, to increase the company's production of medium to high nickel and low cobalt, high nickel and low cobalt large single crystal ternary positive electrode materials.

According to China's understanding of batteries, Zhenhua New Materials, established in 2004, has a strong background. Its controlling shareholder is China Zhenhua Electronics Group Co., Ltd. It is the only company under China Electronics Information Industry Group Co., Ltd. (CEC) that specializes in the research and development, production, and sales of lithium battery materials. The company's important products include lithium cobalt oxide, composite ternary, power ternary, and high manganese polycrystalline series materials.

Industry data shows that in 2019, Zhenhua New Materials Sanyuan Cathode Materials ranked third in China in terms of shipment volume, with a market share of about 10%. The companies ranked first and second were Rongbai Technology and Changyuan Lithium Technology, respectively. According to Xinlun information data, Zhenhua New Material ranked first in the market in 2019 in terms of the output of primary granular large single crystal ternary cathode materials, and was a market leader in the field of primary granular large single crystal.

In terms of technical strength, according to the prospectus, Zhenhua New Materials is the first company in the industry to launch the first generation primary particle large single crystal NCM523 product. Due to its excellent high-temperature and high-voltage cycling stability and safety performance, the primary particle large single crystal ternary positive electrode material has attracted widespread attention in the industry, and was first mass-produced in new energy vehicles in 2014.

With reliable product quality, Zhenhua New Materials has gradually entered the supply chain of well-known domestic lithium battery production companies in recent years. At present, Zhenhua New Materials is an important positive electrode material supplier for several domestic battery production companies, including CATL, Funeng Technology, New Energy Technology (ATL), Weihong Power, Tianjin Lishen, Zhongshan Tianmao, Dofluoro, Zhuhai Guanyu, Huizhou Liwei, and others.

Among them, CATL is the largest customer of Zhenhua New Materials. In 2018, 2019, 2020, and the first quarter of 2021, the sales amount of Zhenhua New Materials to the top five customers accounted for 85.67%, 93.55%, 89.56%, and 95.39% of the current operating revenue, respectively. Among them, the sales amount of CATL accounted for 65.22%, 74.44%, 31.22%, and 65.11% of the current operating revenue, respectively.

At present, the sales revenue of Zhongni 5 series ternary materials is an important component of Zhenhua New Materials' ternary positive electrode material revenue. In 2020, the proportion of Zhongni 5 series product revenue to main business revenue was 78.55%. It is worth noting that the medium high nickel 6 series low cobalt/cobalt free products and ultra high nickel 9 series products developed by Zhenhua New Materials have been sent for certification to customers such as CATL, Funeng Technology, and New Energy Technology. With the completion of certification for these products and mass supply.

In terms of production, Zhenhua New Materials stated that the company's production scale of lithium battery positive electrode materials ranks among the top in the domestic industry, and has formed an annual production capacity of 30000 tons of lithium battery positive electrode materials. Among them, the production capacity of high nickel (Ni ≥ 80mol.%) ternary positive electrode materials is 6000 tons (fully compatible with the production of medium nickel and medium high nickel series products), and the production capacity of medium high nickel (50mol.% ＜ Ni ＜ 80mol.%), medium nickel (Ni ≤ 50mol.%) ternary positive electrode materials, lithium cobalt oxide, composite ternary, etc. is 24000 tons.

Zhenhua New Materials expects that in the future, ternary positive electrode materials will continue to be the mainstream technology route for power lithium batteries, and the ternary positive electrode material industry will gradually develop towards low cobalt, cobalt free, and high nickel based directions. This IPO of Zhenhua New Materials has increased its tilt towards high nickel materials.

High nickel ternary is an important technological path for driving the mileage improvement of new energy vehicles, and therefore is also a must compete place for battery companies to seize the high-end market. At present, TSLA, which has the highest sales volume in the global electric vehicle market, uses a large portion of Panasonic NCA and LG new energy's NCM811 batteries, and most European first tier car companies also prefer 811 batteries; Major mainstream battery manufacturers around the world are also accelerating the development and mass production process of high nickel and low cobalt batteries.

At present, many domestic power lithium battery manufacturers, including CATL, BYD, Yiwei Lithium, Guoxuan High tech, Lishen Battery, Funeng Technology, Bike Power, Penghui Energy, as well as foreign LG Chemical, Panasonic, SKI, Samsung SDI, etc., are laying out high nickel products, including NCM811/NCA, and even NCMA batteries with a nickel content of 90%.

Securities institutions have pointed out that in 2021, the proportion of ternary high nickel in heavyweight new cars listed domestically and internationally is relatively high, including popular models such as TSLAModelY/Cyberrun, Volkswagen ID.4/ID.6, and Nissan Ariya, which is expected to further increase the penetration rate of high nickel in ternary materials. The industry predicts that the penetration rate of high nickel ternary materials will reach over 60-70% by 2025.

According to the research data of Huajing industry, as the subsequent high nickel process matures and CTP and other technologies begin to be commercialized, the decline curve of high nickel ternary cost is steeper. It is estimated that the high nickel ternary cost will be lower than 5/6 series ternary cost from 2023 to 2024, the cost will be lower than lithium iron phosphate battery from 2027 to 2028, and the final theoretical cost will be 10-15% lower than lithium iron phosphate battery.

According to industry estimates, the global production of high nickel ternary materials will exceed 600000 tons by 2022, achieving a doubling increase. By 2030, the global output of high nickel materials in the entire industry will be close to 3.5 million tons.

In fact, in the context of high nickel production, the shipment volume of high nickel materials by Zhenhua New Materials is constantly increasing. Based on the company's important customer demand plan, market forecast, and careful calculation, it is expected that the company's sales revenue of high nickel 8-series NCM ternary materials in 2021 will increase to 1.865 billion yuan, accounting for about 40% of the company's main business revenue in 2021.

With the approval of the IPO, Zhenhua New Materials will continue to enhance its strength in the field of high nickel materials.

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