The research summary of Ningde era reveals the key information: the new product M3P is about to come out. "Chocolate" is about to change electricity and aim at this market segment.

On the evening of February 15, Ningde Times released the latest record sheet of investor relations activities. According to the research summary, the investor relations event was held on February 14, and the Ningde era hosts included Chairman Zeng Yuqun, Board Secretary and Deputy General Manager Jiang Li, and Chief Financial Officer Zheng Shu.

The investor relations activity category is a specific object survey, participants include: Hillhouse Capital, Hongshang Capital, Tencent Investment, Temasek, Sequoia Capital, Fidelity Fund, Warbug Pincus, COSCO Shipping, KKR, GIC, Capital Group and other investors.

Through combing, a reporter from Science and Technology Innovation Board Daily found that the Ningde era disclosed five key information, including the new product M3P, overseas layout plan, and so on.

Message 1: some of the chips on the BMS originated in the United States and are currently being localized.

A reporter from Science and Technology Innovation Board Daily noted that in this investor research exchange, the Ningde era was repeatedly asked about matters related to the United States, and the word "United States" appeared eight times.

Among them, when it comes to the battery production process, Ningde Times said that the company is not directly involved in the battery production process (the chips on the American technology, materials or equipment), BMS originated in the United States and are also being localized.

In terms of energy storage, Ningde Times said, "the company has discussed with American energy storage customers, who want to localize supply, and need to take into account factors such as power battery capacity, customer demand, production costs and other factors."

When asked "whether to build a factory in the United States", Ningde Times did not give a positive reply, saying only that "the company has more interaction with American customers, including both new car makers and traditional car companies. The two sides jointly discussed various possible supply and cooperation options, as well as the possibility of localized production, but the specific situation should take into account the impact of workers' training, efficiency, trade unions and other factors on quality and cost."

Message 2: plan to launch a new product M3P, lithium ferromanganese non-phosphate, the cost is lower than that of ternary.

In terms of products, Ningde Times revealed, "the new product M3P that the company plans to launch is not lithium ferromanganese phosphate to be exact, but also contains other metal elements, which the company calls the ternary phosphate system, and the cost is lower than that of ternary. But it still accounts for a certain cost of new energy vehicles."

At present, lithium iron phosphate battery and ternary battery are the two mainstream technology routes in the field of power battery. With the increasing installed capacity of lithium iron phosphate battery in electric vehicles in China, it has exceeded the installed capacity of ternary lithium battery.

According to the data of China Automotive Power Battery Industry Innovation Alliance, from January to December 2021, the installed capacity of power batteries in China totaled 154.5 GWH, an increase of 142.8% over the same period last year. Among them, the total installed capacity of ternary batteries was 74.3 GWH, accounting for 48.1% of the total installed capacity, an increase of 91.3% over the same period last year; and the installed capacity of lithium iron phosphate batteries was 79.8 GWH, accounting for 51.7% of the total installed capacity, an increase of 227.4% over the same period last year.

But at the same time, the price of lithium iron phosphate is rising, which makes battery manufacturers try to explore lower-cost technological routes. SMM data show that the spot price of power lithium iron phosphate has risen to 145500 yuan / ton. After the festival, the raw material end of lithium iron phosphate continued the previous trend, and the price went up with the lithium salt. At present, the increase in lithium salt and its own supply shortage still pose great restrictions on the production and new production capacity of iron and lithium enterprises. On the whole, the production and marketing of the industry gradually returned to normal after the holiday, some enterprises consumed inventory during the Spring Festival, the number of inquiry orders increased, and the transaction became warmer.

At the same time, Ningde Times said, "from the perspective of resources, the advantages of different products are different, and the company has made ultra-long-life batteries in the existing system to support business model innovation." In terms of the new system, the sodium ion battery developed by the company has better low-temperature performance, while higher energy density products will also explore breakthrough applications in new areas, such as commercial aircraft. "

Message 3: the ultimate solution for models in the range of 8-120000 yuan is chocolate power exchange.

When it comes to changing electricity, Ningde Times said, "to be exact, the electric replacement is more difficult in the 8-120000 price range. Matching the corresponding models with chocolate battery replacement products can make the first purchase cost of new energy vehicles (excluding batteries) lower than that of fuel vehicles." the speed of changing electricity is equal to the fuel vehicle refueling, solving the problem of performance-to-price ratio. We believe that the ultimate solution for models in the range of 8-120000 yuan is chocolate power replacement. "

On January 18 this year, time Electric Service, a wholly-owned subsidiary of Ningde Times, released the overall solution of EVOGO and combination of power exchange service brand. The overall solution of the combined power exchange is composed of three major products: "power exchange block, fast change station and APP". And members of EVOGO's "Little Green Ring Family" No. 001 change the electric version of FAW Pentium NAT combination.

"Science and Technology Innovation Board Daily" reporter noticed that Pentium NAT for FAW Pentium for rental, online contracts and other travel market is developing pure electric products. Public information shows that the current manufacturer guidance price of Pentium NAT is 14.58-151800 yuan.

"the main advantage of the power exchange mode is the separation of trams, which is conducive to reducing the cost of car purchase." Cui Dongshu, secretary-general of the National passenger car Market Information Association, told Science and Technology Innovation Board Daily.

"at present, the power exchange mode is mainly used in the field of commercial vehicles and travel, but it is not well promoted in the field of private cars, and the more prominent case in car companies is Weilai." Zhang Xiang, a researcher at the Automotive Industry Innovation Research Center of the Northern University of Technology, told Science and Technology Innovation Board Daily that "for some car companies that do not sell well, by making use of the power exchange business of the Ningde era," can reduce their own manufacturing costs and simplify the manufacturing process. And the 'flow effect' of the Ningde era also helps to improve the sales of this kind of car companies. "

In this regard, the Ningde era also said frankly: "the company starts from the power exchange to build its own brand, so that consumers understand the advantages of carrying the company's batteries."

Message 4: the increase in the short-term cost of raw materials has a certain impact on the company, which can be hedged in a variety of ways.

With regard to the rise in raw material prices, Ningde Times said, "the rise in the short-term cost of raw materials such as lithium carbonate has a certain impact on the company and can be hedged in a variety of ways; copper and aluminum can be greatly reduced through new technology." The power exchange mode allows consumers to realize that the cost of first purchase is lower than that of fuel vehicles, and at the same time enjoy electrification, intelligence and convenience of changing electricity. "

In terms of the supply of raw materials, the Ningde era has made frequent moves recently.

According to Tianyan check information, Sichuan Times New Energy Resources Co., Ltd. (hereinafter referred to as: Sichuan Times Resources) was registered and established on January 13, 2022, with a registered capital of 1 billion yuan, which is a wholly-owned subsidiary of Ningde era. The company's business scope includes: mineral processing; mineral washing and processing; metal ore sales; new material technology research and development; chemical product sales (excluding licensed chemical products); investment activities with its own funds; engineering and technology research and test development; general equipment manufacturing (excluding special equipment manufacturing); import and export of goods; new materials and technology promotion services.

In addition, a reporter from Science and Technology Innovation Board Daily learned that recently, Sichuan Times New Energy Resources Co., Ltd., a subsidiary of Ningde Times, signed a joint venture agreement with Ganzi Prefecture Investment Group, Yibin Sanjiang Huida Company, and Sichuan Tianfu Mining Company in Chengdu.

Message 5: plan to strengthen the layout of overseas bases in the future

"the company's growth rate, organizational ability and personnel's international ability are the biggest challenges." Ningde Times said, "based on the replicability of the extreme manufacturing system, the company has cumulatively laid out 10 major production bases by the end of last year. In the future, the company plans to strengthen the layout of overseas bases, improve the system construction, including overseas staff training, and face more challenges."

In fact, since 2014, Ningde era has set up subsidiaries around the world, through overseas acquisitions, overseas production bases, global R & D centers and other layout, so as to improve its global system.

Guoxin Securities research shows that Ningde's overseas expansion mainly benefits from the explosive period under the low base of the development of new energy vehicles in Europe and the United States, and there is a large gap in power battery demand; after the development of a complete battery industry chain system in China, and the company has the technology and supply capacity not weaker than that of overseas battery factories.