14250 battery

The competition between the two power 14250 battery giants has been upgraded

Recently, the latest ranking of automobile manufacturers' market value showed that BYD surpassed Volkswagen Group with a total market value of US$129.23 billion, and jumped to third place on the list, becoming the only Chinese automobile manufacturer whose market value ranks among the top ten automobile manufacturers in the world. On June 10, BYD's stock price rose by more than 8%. As of that day, it closed at 348.80 yuan per share, with a total market value of 1.02 trillion yuan, officially breaking through the trillion yuan mark. So far, the market value gap between BYD and CATL, the "king of new energy" in A-shares, has further narrowed. On June 13, the market value gap between BYD and CATL was once narrowed to about 10 billion yuan.

As the two giants in the field of new energy vehicles, CATL and BYD are often compared by investors. Since the beginning of this year, BYD's pursuit of CATL has never stopped. In the view of industry insiders, the strong rise in BYD's sales performance has led to a strong rise in its stock price, which means that the battle for the throne of the "big brother" of batteries has been upgraded again.

BYD is "pressing on"

In the eyes of industry insiders, BYD's market value exceeding the trillion yuan mark is a milestone. The self-sufficient supply chain system brings BYD huge cost advantages, and BYD's profit margin is expected to increase further in the future.

Behind the trillion yuan market value are a series of impressive results such as orders, performance, and supply. According to data recently released by BYD, its new car sales reached 114,943 units in May, up 148.28% year-on-year, setting a record high. Since March this year, BYD has maintained a monthly sales record of "100,000+" for three consecutive months.

Similarly, BYD's performance in the power 14250 battery business is also very eye-catching. In April this year, BYD's market share of power lithium batteries increased by nearly 13 percentage points from 19.24% in March to 32.18%.

Cui Dongshu, secretary-general of the China Passenger Car Association, believes that BYD's sales have skyrocketed and have been recognized by the capital market. The important reason is that the technology has achieved a breakthrough. "After BYD made a breakthrough in electric hybrid technology, it gained market recognition. Everyone believes that BYD's technology is advanced. In addition, another reason for the sharp increase in sales is that its supply chain is relatively stable and can withstand some external risks."

Against this background, BYD's performance has ushered in a strong outbreak. In the first quarter of this year, it achieved revenue of 66.825 billion yuan, a year-on-year increase of 63.02%; it achieved a net profit attributable to shareholders of 808 million yuan, a year-on-year surge of 240.59%.

The two giants have their own advantages

The 14250 battery industry is highly concentrated, and the market share of the top five power lithium batteries exceeds 80%. Among them, CATL and BYD alone account for nearly 70% of the market share, and the competition between the two has entered a white-hot stage.

Overall, both sides have their own advantages. CATL and BYD both attach great importance to research and development. Among them, CATL's research and development investment has increased year by year in the past three years, and is significantly higher than other battery companies. Although BYD's research and development expenses are higher than CATL, they are not only used in battery business, but also in automobiles, electronics, etc.

In terms of battery technology, CATL is in a leading position in material upgrades, structural process innovation and other aspects. Compared with CATL's extensive layout, BYD's development goal is more focused: focusing on lithium iron phosphate battery structural innovation. Its blade batteries are not inferior to CATL products in performance and output, and even show a trend of surpassing.

According to data released by the my country Automotive Power 14250 battery Industry Innovation Alliance, BYD's lithium iron phosphate battery installation volume was 4.19 GWh in April this year, up 5.3% month-on-month, and its market share increased to 47.1%, surpassing CATL for the first time and winning the championship. "Blade batteries have begun to be supplied to the entire industry. In the future, blade batteries will be installed in new energy models of mainstream brands at home and abroad." BYD Chairman Wang Chuanfu said earlier.

However, compared with CATL, BYD's layout in the field of ternary lithium batteries is slightly weaker, and the production scale is far apart. CATL previously disclosed that it plans to launch ternary batteries with a phosphate system, which will cost less than the current ternary batteries, but will still account for a certain proportion of the cost of new energy vehicles.

"BYD and CATL have different focuses in their battery businesses. BYD batteries are basically self-supplied and deeply tied to their own vehicle business, which is more advantageous than CATL's tie-up with car companies by way of equity participation. At the same time, BYD has long adhered to the iron-lithium route and has refined practical blade battery technology, which has played the role of 'car-electricity mutual promotion'." Cao Guangping, an independent researcher of new energy and intelligent connected vehicles, pointed out.

Many uncertain factors

Overall, although the market value of the two leading companies is not much different, CATL still has an overwhelming advantage in terms of installed capacity. Data shows that in May this year, CATL's battery installed capacity was 8.51 GWh, a month-on-month increase of 67.5%; while BYD's battery installed capacity was only 4.09 GWh, a month-on-month decrease of 4.2%. The advantage of CATL's large number of customers is reflected in the market level, showing strong momentum for recovery.

"At present, CATL is basically in a dominant position in the domestic market. But for relevant car companies, they hope to support several equally powerful battery suppliers in order to seek greater voice." An industry expert told reporters that BYD batteries are currently accelerating external supply, and its revenue scale and profitability are expected to further increase, and the pattern of the power 14250 battery track may change.

Zhang Xiang, dean of the New Energy Vehicle Technology Research Institute of Jiangxi New Energy Science and Technology Vocational College, also expressed a similar view. He believes that car companies are now actively seeking to "de-Ningde", such as Great Wall's self-developed honeycomb battery, "Wei Xiaoli" investing in Xinwangda, and Volkswagen investing in Guoxuan High-tech. "It is expected that CATL's market share may drop to 30% in three years."

In addition to the market's intention to support a number of power 14250 battery manufacturers, BYD's self-developed blade battery in 2020 also opened up a new situation for lithium iron phosphate batteries in the passenger car field. "The mainstream technology of power lithium batteries is a 'reincarnation'. Ten years ago, lithium iron phosphate batteries led by BYD were the mainstream of the market, but around 2014, in order to improve battery energy density and ensure driving range, the market began to switch to ternary lithium batteries. This pattern changed again in 2021." Zhang Xiang said, "Blade batteries have lower costs, higher safety, and higher energy density. Since 2021, the installation volume of lithium iron phosphate batteries in passenger cars has exceeded that of ternary lithium batteries, and in the field of commercial vehicles, lithium iron phosphate batteries have always been the mainstream battery."

"According to this trend, BYD is likely to break the monopoly of CATL." Zhang Xiang believes that ternary lithium batteries, as CATL's strengths, are not as safe as lithium iron phosphate batteries on the one hand, and on the other hand, they may be limited by the scarcity and price increase of positive electrode raw materials such as nickel and cobalt.

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