Waterma used to be the leader in lithium iron phosphate power batteries.
Its focus on lithium iron phosphate made Waterma technologically at the
forefront of the industry. However, at the time of Waterma's large-scale
expansion and policy changes in the new energy vehicle industry, Waterma Waterma
was in trouble with cash flow and was in debt. Recently, Waterma's parent
company Jianrui Woneng announced that it will introduce its partner Jiangsu
Huakong Investment Management Co., Ltd. to revitalize Waterma's subsidiary Hunan
Waterma and help it resume production.
However, Jiangsu Huakong’s entry does not focus on the application of
lithium iron phosphate as a power battery, but hopes that Hunan Waterma’s
production capacity will make gains in the energy storage market. Due to the low
energy density of lithium iron phosphate batteries, the battle over the
technical routes between lithium iron phosphate and ternary materials has never
stopped. Does the change in investors' views on lithium iron phosphate mean that
lithium iron phosphate is defeated in power batteries? In fact, reporters have
noticed that with the approach of new energy vehicle subsidies, some brokers
have begun to be optimistic about the investment in lithium iron phosphate.
prospect.
Is Waterma coming back to life? Jianrui Wo Neng, which is deeply in debt
crisis, has a glimmer of hope. Jian Rui Wo Neng recently announced that in order
to help Hunan Waterma, a wholly-owned subsidiary of Waterma, resume production,
the company and Jiangsu Huakong signed the "Investment Cooperation Framework
Agreement" and planned to jointly initiate the establishment of a joint venture.
Affected by this news, Jianrui Woneng's stock price hit the limit on April 19.
Judging from the agreement, Jianrui Woneng and Jiangsu Huakong plan to jointly
invest in the establishment of Hunan Anding New Energy Co., Ltd. (hereinafter
referred to as Anding New Energy). The registered capital of the joint venture
is 200 million yuan. Jianrui Woneng or its designated third party The three
parties intend to subscribe for capital contributions of 110 million yuan,
accounting for 55% of the registered capital. Jiangsu Huakong or a third party
under its control intends to subscribe for capital contributions of 90 million
yuan, accounting for 45% of the registered capital.
The establishment of a joint venture is seen as a self-help move by Jianrui
Woneng. Since the outbreak of the Waterma debt crisis, Jianrui Woneng has
repeatedly saved itself. In February last year, Jianrui Woneng disclosed the
issuance of shares with Jiayi Precision. A framework agreement to pay cash to
purchase assets, and a cooperation framework agreement with Altura Mining
Limited. However, in the end, due to the termination of planning for a major
asset restructuring by Jianruiwo, these two framework agreements were also
terminated accordingly. In addition, Jianrui Woneng also disclosed the Shaanxi
Litong No. 1 New Energy Partnership (Limited Partnership) partnership agreement
in October last year, thereby introducing strategic investors. At present, the
partnership has gone through the industrial and commercial registration
procedures and been issued a business license. The partners' funds have reached
23.5 million yuan.
Of course, signing the framework agreement is only the first step. After
that, Jianrui Weoneng and Jiangsu Huakong will jointly discuss investment
cooperation-related matters with the local government. Under the premise of
obtaining government recognition and consent, the two parties will sign a formal
investment cooperation After entering into an agreement and completing their
respective approval procedures, they quickly promote the implementation of
company registration, fund implementation, plant and equipment and other related
matters. Industrial and commercial information shows that Jiangsu Huakong’s
shareholders include Lu Zhongyi and Hua Jun, who hold 70% and 30% of the shares
respectively. Lu Zhongyi also serves as the chairman of Jiangsu Huakong.
Jiangsu Huakong raised and established a corporate RMB venture capital fund
- Jiangsu Huakong Venture Capital Co., Ltd. in Nanjing in July 2008, with a
registered capital of 200 million yuan. In an interview with a reporter from e
Company, Lu Zhongyi said that the cooperation between the two parties will be
carried out in the form of cash contribution to ensure the normal production and
operation of the joint venture company. He told reporters that the joint venture
will still use Hunan Waterma's existing factories and equipment for production,
but the joint venture is a clean new company and will not be involved in
Waterma's debt disputes.
Jian Rui Wo Neng disclosed in the announcement that Jiangsu Huakong has
strategic partnerships with many well-known investment institutions at home and
abroad, and the company has outstanding strength and operational capabilities.
Lu Zhongyi told reporters that Jiangsu Huakong has also invested in new energy
and lithium battery-related projects before. Judging from the stock price, the
market has already responded to Jianrui Woneng’s self-rescue behavior. Jian Rui
Wo Neng said that due to Waterma's large-scale debt expectations, production and
operations have been severely affected, and orders on hand cannot be executed
normally. Although the company is actively rescuing itself, at the Waterma
level, the relevant rescue work is progressing slowly, and the establishment of
The joint venture will help the company resume production.
The dispute over the power battery route resumes. "A year ago, we would not
have paid attention to the direction of lithium iron phosphate because its
energy density is relatively low and it cannot compete with ternary batteries
when used as a power battery." Lu Zhongyi told reporters, The cooperation with
Waterma was due to the explosion of lithium iron phosphate batteries in the
energy storage market. "The cost of lithium iron phosphate is relatively low,
and the business model of using it in energy storage is feasible." Lu Zhongyi
told reporters, "We predict that iron phosphate Lithium will have a large number
of applications in energy storage. For energy storage, a 40-inch standard
container can probably hold 2MWh lithium iron phosphate batteries, which does
not require high space requirements.
"From this point of view, will the application of lithium iron phosphate in
power batteries really decline? There has been a long-standing dispute over the
technical route of power batteries. The competitive advantage of lithium iron
phosphate in small vehicles such as passenger cars is not great, and the
competitive advantage of lithium iron phosphate in small vehicles such as
passenger cars is not great. In large vehicles such as buses and logistics
vehicles, although the requirements for battery volume and quality have been
relaxed, the industry is also worried that the growth space of this market is
limited. However, the reporter noticed that the market has recently been
optimistic about the use of lithium iron phosphate in powertrains. Voices about
applications in the battery field have begun to increase. For example, Orient
Securities pointed out that this year's new energy vehicle subsidy policy and
industry development direction will be adjusted. Plug-in hybrid models and some
low-end pure electric models will switch to using lithium iron phosphate
batteries. Lithium recovery is imminent. Specifically, the current energy
density of lithium iron phosphate battery systems can reach 140Wh/Kg, and the
cost is 10%-15% cheaper than ternary batteries. Low-end models can earn 0.3-0.6
million yuan by replacing lithium iron phosphate batteries. saving cost.
Recently, BAIC New Energy EC220 standard version and JAC iEV7L have adopted
lithium iron phosphate batteries. In addition, two plug-in hybrid models will
also use lithium iron phosphate in their 2019 facelifts. Orient Securities
previously estimated that the installed capacity of lithium iron phosphate
batteries this year will be 24.24GWh. This figure is obtained when lithium iron
phosphate accounts for 5% of passenger cars; however, considering that some
passenger car battery supplies have switched from ternary to phosphoric acid
Lithium iron, this change will drive the installed capacity of lithium iron
phosphate batteries to increase by 13.26GWh. Overall, the installed capacity of
lithium iron phosphate batteries will increase by 73.85% year-on-year this
year.
However, according to data from Truth Research, in the first quarter of
this year, the total installed capacity of power batteries reached 12.57GWh, a
year-on-year increase of 180%, of which lithium iron phosphate battery installed
capacity was 2.94GWh, accounting for 23.34%. Compared with the same period last
year, although the installed capacity of lithium iron phosphate batteries
increased by 125%, the market share dropped by 6 percentage points.
From the perspective of market share, in the first quarter of this year,
there was no sign of recovery of lithium iron phosphate batteries. What is the
reason? Oriental Securities believes that the supporting advantages of lithium
iron phosphate batteries in passenger cars will have to wait until new energy
vehicles This will only be reflected after the transition period for refunds and
subsidies is over. By then, as more models replace lithium iron phosphate
batteries and come on the market, their installed capacity will increase.
Looking at ternary batteries again, in the first batch of promotion catalogs for
new energy vehicles in 2019, the energy density of CATL’s ternary batteries hit
a new high, reaching 182.44Wh/Kg. In the existing 13 batches of promotion
catalogs, phosphoric acid The highest energy density of lithium iron battery is
153.59Wh/Kg, the former is nearly 20% higher than the latter.
In recent batches of new energy vehicle promotion catalogs, it has become
increasingly clear that ternary batteries and lithium iron phosphate batteries
are carving up market segments. Among them, ternary batteries with higher energy
density further cover passenger cars with higher endurance requirements. market,
while lithium iron phosphate batteries with low energy density cover the
passenger car market and some special models with higher safety and cost
requirements.
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