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Listed companies expand the layout of ternary materials, and the pace of nickel destocking has accelerated

Listed companies expand the layout of ternary materials, and the pace of nickel destocking has accelerated

  • Time of issue:2021-01-15

Listed companies expand the layout of ternary materials, and the pace of nickel destocking has accelerated

(Summary description)Analysts pointed out that high-nickel ternary materials are technically difficult and require continuous investment in scientific research by enterprises. With the increase of nickel content, although the overall energy density is increased, the content of cobalt, manganese, aluminum, etc. decreases, resulting in a decrease in stability.

  • Time of issue:2021-01-15
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Analysts pointed out that high-nickel ternary materials are technically difficult and require continuous investment in scientific research by enterprises. With the increase of nickel content, although the overall energy density is increased, the content of cobalt, manganese, aluminum, etc. decreases, resulting in a decrease in stability.

 

Starting from 2017, major domestic ternary material manufacturers have begun to increase their technical reserves and development of high-nickel 811 products, and will continue to conduct pilot trials or mass production in the second half of the year, and their production capacity will be gradually released.

 

Reducing cobalt and increasing nickel becomes a new trend

Driven by policies, the demand for ternary materials with high energy density has increased rapidly in recent years. Cobalt is an important raw material in ternary materials, but its resources are scarce, and prices have continued to rise since 2017. Under cost pressures and subsidies, ternary materials "reducing cobalt and increasing nickel" have become a new development trend.

 

Nickel sulfate is becoming a new focus in the industry chain. Pacific Securities predicts that with the gradual increase in the penetration rate of high nickel ternary batteries, the demand for nickel sulfate in the domestic power sector will reach 64,300 tons, 131,300 tons, and 299,400 tons in 2018-2020, a year-on-year increase of 60%. 104%, 128%. From the perspective of global demand, the demand for nickel sulfate is expected to be 310,000 tons, 480,000 tons, and 780,000 tons from 2018 to 2020, an increase of 37%, 54%, and 61% year-on-year, with a compound annual growth rate of 50%.

 

In fact, new energy automobile giant Tesla is also studying the decobaltization of batteries. Tesla CEO Musk recently stated that Tesla can significantly reduce the amount of cobalt while increasing the nickel content of the battery, making this change while still maintaining the excellent thermal stability of the battery.

 

The "Medium and Long-term Development Plan for the Automobile Industry" clearly stated that by 2020, the annual production and sales of new energy vehicles will reach 2 million, the energy density of power battery cells will reach 300Wh/kg or more, and the system will strive to achieve 350Wh/kg. 260Wh/kg, the cost is reduced to less than 1 yuan/Wh.

 

Listed companies expand their layout

Since this year, Zhuoneng, BAK, Hengdian Tomag, Delangen, Tianjin Lishen, Yiwei Lithium and other lithium power plants have increased the production of high nickel batteries. In the future, the demand for nickel, cobalt and manganese 811 will increase. There is explosive growth. Cathode manufacturers such as Ningbo Jinhe and Dangsheng Technology have taken the lead in realizing the mass production and sales of nickel, cobalt and manganese 811. According to the analysis of Pacific Securities, the gross profit rate of the 811 type can be increased from 18.5% to 28.4%, which is an increase of nearly 10 percentage points compared to the 523 type.

 

Many listed companies have increased their layout. Dangsheng Technology has a production capacity of about 16,000 tons of cathode materials, including about 3,000 tons of lithium cobalt oxide, about 5,000 tons of nickel, cobalt and manganese, about 4,000 tons of nickel, cobalt and manganese, and about 4,000 tons of nickel, cobalt and manganese 811. Shanshan shares said that in the first quarter of 2018, the company's 7,200 tons of high nickel ternary production line has been put into operation. According to GEM, the full line of cathode materials is currently open, and at the same time, through cooperation with ECOPRO to build a production capacity of 10,000 tons of nickel, cobalt and aluminum precursors. Tianci Materials stated that it will build a ternary lithium battery basic material project with an annual output of 150,000 tons. The first phase of the project plans to build a battery-grade nickel sulfate production line with an annual output of 50,000 tons. The total investment is expected to be 189 million yuan.

 

Some analysts also pointed out that high-nickel ternary materials are technically difficult and require continuous investment in scientific research by enterprises. With the increase of nickel content, although the overall energy density is increased, the content of cobalt, manganese, aluminum, etc. decreases, resulting in a decrease in stability. At the same time, the requirements for the preparation process, equipment and production environment of high-nickel ternary materials are much higher than those of ordinary ternary materials, which is also a difficulty that enterprises need to break through in the construction of production lines.

 

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