Event: on January 18, Contemporary Amperex Technology Co.Limited(300750) released the power exchange service brand evogo and the overall solution of combined power exchange.
Contemporary Amperex Technology Co.Limited(300750) released the battery “chocolate power exchange block” specially developed and produced for shared power exchange, which has the following characteristics: (1) the latest CTP technology of Contemporary Amperex Technology Co.Limited(300750) is adopted; (2) The weight energy density exceeds 160wh / kg and the volume energy density exceeds 325wh / L. a single battery can provide a endurance of about 200km; (3) It can adapt to 80% of the models developed by the pure electric platform that have been listed in the world and will be listed in the next three years; (4) Wireless BMS technology is adopted, and there are only high-voltage positive and negative interfaces outside, which greatly improves the reliability of plug-in parts.
Interpretation: (1) previously, due to the influence of vehicle body design, inconsistent power battery specifications and sizes, inconsistent connection interfaces and other factors, there were some difficulties in the promotion of new energy vehicle power exchange mode. This time, the leading power battery enterprise Contemporary Amperex Technology Co.Limited(300750) launched the standardized “chocolate battery block”, which will accelerate the promotion of battery standardization and drive the development of the whole power exchange industry. (2) The implementation of power exchange mode can effectively alleviate the “mileage anxiety” and “charging anxiety” of electric vehicles. Accordingly, the urgency of the demand for high rate performance and high energy density performance of batteries can be alleviated. In this case, the introduction of “chocolate battery block” can better balance cost and performance. (3) According to the caliber of “adapting to 80% of the world’s listed models”, the subsequent Contemporary Amperex Technology Co.Limited(300750) or joint relevant vehicle enterprises will release the modification scheme of the battery system.
Contemporary Amperex Technology Co.Limited(300750) released the quick change station, which has the following characteristics: (1) small land occupation: each standard station only needs three parking spaces; (2) Fast circulation: the power exchange time of a single electric block is about 1 minute; (3) Large capacity: 48 power exchange blocks can be stored in the station.
Interpretation: in January 2021, Weilai released the second generation replacement power station, with a simple power change time of about 3 minutes, equipped with 13 batteries (5 100kwh batteries and 8 70 / 75kwh batteries), covering four parking spaces. Due to the use of standardized “chocolate for electric block” batteries (1-3 modules can be selected for each vehicle), the quick change station of Contemporary Amperex Technology Co.Limited(300750) will be more flexible and can serve more users while occupying a smaller area.
Contemporary Amperex Technology Co.Limited(300750) released evogo’s new service brand, which has the following characteristics: (1) one electricity and multiple vehicles: it can be applied to passenger vehicles and logistics vehicles from A00 to B and C; (2) Rent electricity on demand: freely choose the number of rented power exchange blocks according to their own use scenarios and habits; (3) Rechargeable and replaceable: together with the existing home charging and fast charging, it forms a full scene energy supplement mode, bringing the freedom of power supplement.
Interpretation: previously, due to the limitation of the profitability of the business model, only Weilai launched the power exchange service for private cars (luxury cars); Other power exchange operation enterprises are more oriented to operating vehicles. This time Contemporary Amperex Technology Co.Limited(300750) through the design of “chocolate power exchange block”, the service can be oriented to passenger cars and logistics vehicles from A00 to B and C. the expansion of service objects can improve the economy of the power exchange station and accelerate the construction process of the power exchange station.
Contemporary Amperex Technology Co.Limited(300750) released the current progress and planning: (1) supporting models: member 001, FAW Pentium NAT combined power change version, and more brand power change models will be released in the future. (2) In the future, evogo will select ten cities to start the power exchange service in the first batch.
Interpretation: (1) Pentium NAT is a pure electric product being developed by FAW Pentium brand for rental, online shopping and other travel markets. However, considering the characteristics of “rechargeable and replaceable”, it is expected that more car companies and more TOC models will choose to join evogo’s “small green ring family”. (2) The construction of the power exchange station needs a process, but with the joint efforts of the government, vehicle manufacturers, traditional energy giants, battery manufacturers and other parties, the power exchange mode will become an important way to supplement the energy of electric vehicles, and the power exchange equipment manufacturers and power exchange station operators will fully benefit.
The entry of Contemporary Amperex Technology Co.Limited(300750) into the field of power exchange marks that Contemporary Amperex Technology Co.Limited(300750) has completed the closed-loop value chain of the whole life cycle of battery research and development, manufacturing, use and recycling. On August 20, 2020, Contemporary Amperex Technology Co.Limited(300750) jointly invested with Weilai automobile and other enterprises to establish Wuhan Weineng battery assets Co., Ltd. to promote the development of the new business model of “separation of vehicle and electricity” in the new energy vehicle industry, and launched baas business on this basis. This time Contemporary Amperex Technology Co.Limited(300750) entered the power exchange service, so that the company can better promote the “vehicle power separation” mode and the development of baas business, forming a closed loop of the battery life cycle value chain.
Investment suggestion: Contemporary Amperex Technology Co.Limited(300750) admission will accelerate the development of the whole power exchange industry chain. (1) Most favorable power exchange equipment manufacturers: focus on Shandong Weida Machinery Co.Ltd(002026) (supplier of Weilai second generation power exchange station), Suzhou Harmontronics Automation Technology Co.Ltd(688022) (power exchange equipment manufacturer and equipment maintenance provider, providing customers with overall solutions for power exchange station), Nari Technology Co.Ltd(600406) , Csg Smart Science&Technology Co.Ltd(300222) , Bozhon Precision Industry Technology Co.Ltd(688097) ; (2) Favorable power exchange operators: focus on Gcl Energy Technology Co.Ltd(002015) ; (3) Contemporary Amperex Technology Co.Limited(300750) complete the closed loop of the battery life cycle value chain, and Contemporary Amperex Technology Co.Limited(300750) is recommended.
Risk analysis: the construction progress of the replacement power station is less than expected; The development of new energy vehicle industry is less than expected.
