\u3000\u3 Guocheng Mining Co.Ltd(000688) 116 Jiangsu Cnano Technology Co.Ltd(688116) )
With the rapid development of the electric vehicle industry, we believe that Jiangsu Cnano Technology Co.Ltd(688116) is enjoying the industry β At the same time have their own α； At the same time, due to the company's deep technical moat and diversified CNT application fields, we define the company as a new material company rather than a pure lithium battery material company.
Industry level: broad space + increased penetration + rigid performance demand. CNT is an advantageous subdivision track
The electric vehicle industry has a broad development space, driving the demand for lithium batteries. Carbon nanotube (CNT) conductive agent has better performance. With the increasing technical requirements of lithium battery, it will gradually replace traditional conductive agents such as carbon black. The increase of permeability will drive the demand growth of CNT conductive agent to be higher than that of lithium battery.
Battery performance and material development trend will further promote the substitution of CNT. From the perspective of market demand, CNT conductive agent can directly improve the fast charging performance of lithium batteries, optimize the cycle life and energy density, and help solve the pain points in the development of electric vehicles and lithium batteries. From the perspective of battery materials, the parallel development route of medium and long-term lithium iron phosphate and ternary materials is relatively clear. The natural conductivity of lithium iron phosphate is worse than ternary materials, so there is a stronger demand for CNT conductive agent; In the technical iteration direction of lithium battery materials, high nickel cathode materials and silicon-based cathode materials are one of the main development directions of power batteries. CNT conductive agents can improve their poor conductivity. Therefore, it is expected that the addition of CNT conductive agents will gradually become a rigid demand. At the company level: comprehensive advantages such as technical strength + customer structure + capacity scale, and the leading position in the industry is becoming more and more obvious
The company has a deep understanding of carbon nanotube materials, grasps the golden time point and takes the lead in the field of conductive agent for lithium battery; Other application links in the future also have development potential.
The company's technical advantages are leading in the industry. In terms of products, CNT conductive agent products continue to iterate, which can meet the higher performance needs of customers, provide products with high quality and deepen customer stickiness. In terms of equipment, the company has the ability of self research and self supply of equipment, and further strengthens the company's moat through technical research and development at the equipment end.
China's CNT conductive agent industry has a clear pattern, the company's own comprehensive advantages are obvious, and its leading advantages and share will gradually expand.
High quality customer structure, covering catl, ATL, Byd Company Limited(002594) and other mainstream lithium battery head enterprises, and actively exploring overseas markets.
The company has strong execution ability, accelerated the expansion of production capacity and continued to improve its supply capacity.
Risk tips: (1) changes in industrial policies or major adjustments in technical routes; (2) The development of downstream industries such as new energy vehicles did not meet expectations, resulting in the demand for carbon nanotube conductive agents not meeting expectations; (3) The company's capacity release did not meet expectations; (4) The release of orders and shipments of the company did not meet expectations; (5) The customer's payment collection does not meet the expectation; (6) The price of raw materials fluctuates greatly.
