Bank of China International: pay attention to the Technical Direction of dry electrode and Super Capacitor

SMM News: Tesla independently developed new batteries or the use of dry electrode technology + supercapacitor combination: according to the Securities Times and other media reports, Tesla related sources revealed that the Ningde era intends to supply Tesla batteries, currently only for the Shanghai factory production of the Chinese version of Tesla use, Tesla independent research and production of batteries will be pushed to the full range in the future; The new self-developed battery may be a combination of dry electrode technology and supercapacitors, which are expected to be explained at the Tesla battery conference in April. According to the first Electric Network, Tesla completed its acquisition of Maxwell, for $218 million in May 2019, which has dry electrode and supercapacitor technology.

Dry electrode technology has many comparative advantages: 1) high energy density: because the electrode does not need to use solvent, it avoids the problem of capacity attenuation in the first cycle caused by SEI film, and the energy density has reached above 300Wh/kg, which has the realization path of 500Wh/kg. 2) excellent cycle performance: Maxwell data show that the dry cell can still maintain 90% capacitance retention after nearly 1500 cycles. 3) low cost: compared with the existing wet electrode technology, the dry cell capacity density is increased by 16 times, and the cost can be reduced by 10%-20%. 4) environmentally friendly and suitable for the next generation of electrochemical systems: solvent-free, can be used in solid-state batteries.

Supercapacitor can be used as a supplementary power supply for power lithium battery: according to the data of China knowledge Network, supercapacitor is an energy storage device between capacitor and battery, which is composed of positive and negative electrode, collector, electrolyte and diaphragm, and stores energy in an electrostatic way. it not only has the characteristics of fast charging and discharging of capacitors, but also has the energy storage characteristics of batteries. Compared with lithium battery, supercapacitor has the following advantages: 1) long cycle life: it can generally reach more than 100000 cycles; 2) high power density: it can achieve fast charge and discharge, and the general time of charge or discharge is 1-30 seconds. At the same time, the defect of supercapacitor is that the energy density is low. Therefore, supercapacitors are suitable for the field of high power, and can be used as supplementary energy for lithium batteries in the start-stop and acceleration stage of electric vehicles, to make up for the shortcomings of poor discharge performance and fast capacity attenuation of lithium batteries, and to improve the cycle life of lithium batteries. It is expected to be used as a supplementary power supply for power lithium batteries.

Investment advice: we believe that Tesla independent research and development of new batteries have not yet large-scale industrialization, is expected to continue to buy out in the short and medium term; maintain the industry stronger than the market rating. Dry electrode technology + supercapacitor direction, recommend Maxwell supplier new Zebang; at the same time, continue to be optimistic about the investment opportunities of manufacturing leaders and upstream resource giants in the middle of the industry chain; recommend Ningde era, Yiwei Lithium Energy, Xinwanda, Guoxuan Tech, Pu Tailai, Enjie shares, Xingyuan material, Zhongke Electric, pilot Intelligence, Hanrui Cobalt Industry, Huayu Cobalt Industry, Ganfeng Lithium Industry, etc.

Risk hint: new energy vehicle industry policy does not meet expectations, new energy vehicle production and sales growth does not meet expectations, technological progress does not meet expectations, industry chain price competition exceeds expectations.

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