NBRB Technology focuses on the application direction of ternary cathode materials for power batteries. Since its establishment in 2014, it has been involved in the ternary high nickel field. In 2017, it completed the industrialization of single crystal NCM622 and NCM811, and became the first domestic mass production enterprise to achieve NCM811 scale. At present, the company has completed the upgrade from conventional ternary cathode materials to high-nickel ternary anode materials. The main products include NCM523, NCM622, NCM811, NCA and other series of ternary cathode materials.
High nickel ternary cathodes have advantages in terms of energy density and material cost, and ternary high nickelization has become a deterministic trend. According to the calculation of Great Wall Securities, the growth rate of ternary cathode materials in 2019-2021 is 25%, 26% and 31%, while the growth rate of high nickel ternary cathode materials is 65%, 38% and 35%. High nickel materials will become nearly A strong pull point for ternary cathode demand in recent years. Rongbai Technology is the first to deploy high nickel and single crystal ternary materials, which may be better than other ternary cathode head manufacturers in terms of cost and profit. Its single crystal and high nickel products have entered the Ningde era, BYD, LG Chemical, Tianjin Power The supply chain of excellent battery manufacturers such as Shenneng and Funeng Technology, and the company has continuously optimized the customer structure in recent years, and the share of leading battery manufacturers has continued to increase.
In the first 10 months of 2019, domestic NCM811 achieved installed power of 2.88GWh, a year-on-year increase of 37335.81%. The installed battery companies are mainly Ningde Times, and Rongbai Technology is the main supplier of NCM811 in Ningde Times. According to GGII estimates, by 2020, the application of domestic NCM811 in ternary cathode materials is expected to reach 17%; by 2025, the application of domestic NCM811 in ternary cathode materials will account for more than 45%. At present, domestic companies that can achieve mass production of NCM811 include Dangsheng Technology, Tianjin Bamo, Shanshan Energy, Rongbai Technology and a few other manufacturers. Among them, in 2018 Rongbai Technology NCM811 sold 5,926 tons, accounting for 74% of the domestic market share.
The company's main research and development directions are high nickel and single crystal ternary cathode materials, and finally mastered a number of related leading technologies, such as precursor co-precipitation technology, cathode material doping technology, and high voltage single crystal material production technology. In terms of equipment technology, in response to the unique technical requirements of high nickel ternary cathode materials, the company independently designed and built the first fully automated high nickel cathode material production line in China. From 2015 to 2018, the company realized the industrialization of single crystal NCM523, single crystal NCM622, NCM811, single crystal NCM811 and NCA. Subsequent industrialization of single crystal NCM811 and high energy NCA products is progressing.
The company has actively deployed in the field of recycling and reuse of waste lithium battery materials, forming a complete closed-loop and competitive advantage of power battery recycling. The company has core technologies for the recycling and reuse of waste materials such as "NiCoMn metal recycling technology" and "Li2CO3 recycling technology". It can recover the available nickel, cobalt, manganese, and lithium element materials through methods such as inorganic acid dissolution, impurity removal, and co-precipitation. High recovery rate, leading the industry.
New Times Securities stated that the company has deeply cultivated ternary cathode materials for power batteries, has a high degree of professionalism and focus, has the advantages of technological iteration, mass production, and customer advancement. In the process of high nickelization of ternary batteries to NCM811 and NCA, Fully benefit. It is expected that the company's EPS for 2019-2021 will be 0.22 yuan, 0.77 yuan and 1.05 yuan, respectively, and will be covered for the first time, giving a "strong recommendation" rating.
Great Wall Securities stated that in view of the company's advanced layout of high-nickel ternary cathode materials, its technological advantages, cost advantages brought by recycling of precursors and battery materials, and its forward-looking R & D advantages in next-generation battery cathode materials, the company is optimistic about the company's future High growth. It is estimated that the EPS for 2019-2021 will be 0.20 yuan, 0.66 yuan and 1.12 yuan, respectively, which will be covered for the first time and a recommended rating will be given.