New energy vehicles fly into the homes of ordinary people, the upstream and downstream of the whole industrial chain flourish, and the recycling market as the "last kilometer" of power batteries also begins to heat up.
Giants in the new energy industry outside China are actively arranging this field through cooperation, M & A or personal end.
According to the market situation, the power battery recycling index has gone out of a wave of rebound trend in nearly half a month. As of the closing on February 23, the power battery recycling sector rose 2.42%.
power battery has certain pollution, so it is imperative to recycle the battery
The power battery is polluting. The positive electrode of power battery contains heavy metals, and improper recovery will lead to the infiltration of heavy metals into the soil; The components of electrolyte or their conversion products, such as liasf6, DME, methanol and formic acid, are toxic and harmful substances, and some substances are highly corrosive.
Dismantling the electrolyte in the traditional way will cause the volatilization of the electrolyte. The HF formed after the hydrolysis of lithium salt LiPF6 will cause great damage to the industrial recovery process and environmental protection due to its chemical corrosivity and toxicity. Negative electrode, shell material and diaphragm will also cause dust and white pollution to a certain extent.
Gf Securities Co.Ltd(000776) believes that power battery recycling is a necessary process under the current general trend of environmental protection, and recycling is imperative.
power battery recycling industry enters high growth
The prosperity of the new energy vehicle industry has improved, with high sales and obvious growth trend. New energy vehicles have been popularized and applied on a large scale since 2013, and entered the accelerated growth stage in 2014, and the industry penetration continued to increase. 2021 is a big year for new energy sales. In December, China's monthly penetration rate of new energy vehicles reached 18.3%.
With the rapid growth of new energy automobile sales, the scrapping and replacement of corresponding power batteries will also increase rapidly. Gf Securities Co.Ltd(000776) according to the service life of power battery for 4 to 6 years, at present, China Shipbuilding Industry Group Power Co.Ltd(600482) battery has entered the peak period of scrapping, and the market scale is rapidly releasing.
With the expansion of the industry, the number of new enterprises still enters a period of rapid growth, which may lead to the intensification of short-term market competition. In the past few years, the number of power battery recycling enterprises has remained below 1000, and only increased by more than 600 from 2011 to 2019. In 2020, with the continuous introduction of recycling policies and the increasing demand for batteries and the number of decommissioned batteries, the number of participants in power battery recycling increased significantly. The number of power battery recycling enterprises surged in 2021, and a large number of enterprises focused on the recycling field. In 2021, the number of new enterprises accounted for 80% of the total enterprises, and the market scale increased day by day.
Li battery recycling industry is developing towards large-scale and standardization
Gf Securities Co.Ltd(000776) believes that the high-frequency release of power battery recycling policies in the past two years, the continuous introduction of industry standards and the continuous improvement of standardization provide a guarantee for the release of market space in the industry. However, in the past two years, the country began to expand the number of certified recycling enterprises and guide the standardized development of power battery industry.
from the technical perspective, recycling standardization continues to improve, which is conducive to the sound development of the industry. In recent years, China's requirements on recovery rate have been gradually strict, and relatively perfect recovery rate regulations have been formed so far. Among them, the metal recovery rate of nickel, cobalt and manganese is required to reach 98%, the recovery rate of lithium is also increased from no requirement in 2016 to no less than 85% in 2018, and the comprehensive recovery rate of rare earth and other major valuable metals is no less than 97%. In 2019, requirements are also put forward for other materials and wastewater recycling rate.
from the implementation situation, at present, the recovery rate of some enterprises has exceeded the specified requirements, and the lithium recovery rate has reached more than 95%. The continuously improved recovery standards further help the industry to become standardized and contribute to the benign competition of the industry.
the number of patents has maintained a high growth, and the technical level has also been steadily improved . Since 2010, China Shipbuilding Industry Group Power Co.Ltd(600482) battery recycling patents have entered the initial stage, and related technologies have begun to grow slowly; After 2014, the number of patents ushered in an upward period, the number of patents has exceeded 100, and the improvement of technical level has accelerated; With the continuous development of technology research and development, patents have maintained a rapid growth trend in recent years; By 2021, the number of patents has reached 938, a significant increase over the past few years.
The hot spots of lithium battery recycling patent technology are mainly distributed in valuable metal and material recycling technology, recycling process (including improved technology for process steps), secondary pollution and dangerous disposal technology, so as to help accelerate the improvement of recycling efficiency.
investment advice
Soochow Securities Co.Ltd(601555) believes that power battery regeneration meets the long cycle and high boom, the leading players in the automotive aftermarket actively layout and enter the market, the channel side pays attention to the companies with automotive industry chain, and the technology side is still not fully differentiated.
related subject matter:
enterprises relying on automobile equipment or cutting into automobile disassembly:
Wangneng Environment Co.Ltd(002034) (002034. SZ): the main business of the company is waste incineration power generation and comprehensive utilization of solid waste resources. It mainly adopts BOT, boo, PPP and other investment and operation modes to undertake environmental protection projects such as domestic waste incineration power generation, food waste treatment, sludge treatment and disposal and comprehensive utilization of other solid waste resources all over the country.
Miracle Automation Engineering Co.Ltd(002009) (002009. SZ): the company is an enterprise committed to providing intelligent equipment solutions and services for the whole life cycle of large-scale products. It is a well-known supplier of logistics automation technology and equipment in the global modern manufacturing industry.
battery / cathode manufacturer:
Contemporary Amperex Technology Co.Limited(300750) (300750. SZ): the company is a leading power battery system provider in the world. It has core technology advantages and sustainable R & D capabilities in key areas of the industrial chain such as battery materials, battery systems and battery recycling.
Gem Co.Ltd(002340) (002340. SZ): the company is the first stock in renewable resources industry and e-waste recycling industry. Build a large recycling industrial chain of waste batteries and power batteries, an industrial chain of cobalt, nickel and tungsten resource recovery and cemented carbide, an industrial chain of recycling electronic waste, and an industrial chain of comprehensive utilization of end-of-life vehicles.
Tiannengli (0819. HK): the company is the largest supplier of electric vehicle power batteries in China. Its main business is the production and sales of electric bicycle power batteries, electric vehicle power batteries, new energy storage batteries and recycling and reprocessing.
