Advances in battery technology, the advantages of lithium titanate technology, expected performance is difficult to achieve

Yinlong relied on cooperation with the Beijing Public Transport Group to establish its own milestone. Beiba Media shares in Yinlong, and also shared the economic added value of Yinlong's performance growth; when the second round of financing has long since ended, it is the long-term investment of Beijing public transport patrons. Beijing public bid winners include Futian, Ankai and Yinlong. However, Futian and Ankai were also required by the bus group to adopt Yinlong's lithium titanate power system.

电池技术进步消弥钛酸锂技术优势 预期业绩恐难实现

Recently, Dong Mingzhu, chairman of Lianli Electric Appliances, also said that he has become a net red.

Of course, letting Miss Dong make a headline is not only to resign the chairman of the Gree Group and the salary of the general staff of 1,000 yuan. More importantly, Dong Mingzhu “accompactedly” acquired Zhuhai Yinlong New Energy Company. However, this “compliance” was not a applause, but the outside world questioned her decision to build a car.

On December 15th, at the China Manufacturing Summit Forum of the Great Hall of the People, Dalian Wanda Group, CIMC Group, Dong Mingzhu Personal, Beijing Yanzhao Huijin International Investment Co., Ltd., Jiangsu Jingdong Bangneng Investment Management Co., Ltd. and other five companies and individuals Zhuhai Yinlong signed a capital increase agreement to jointly increase capital by 3 billion yuan and acquire a 22.39% stake in Zhuhai Yinlong.

Thanks to the trust of Ms. Dong, Wang Jianlin, the chairman of Dalian Wanda Group Co., Ltd., took out five hundred million yuan that he thought was “not much” and unconditionally supported the old friend Dong Mingzhu. In the interview, he frankly stated, “For investment in Zhuhai Yinlong I don't have to think about it, I don't need to investigate. I just believe in Dong Mingzhu's vision."

In fact, Dong Mingzhu himself admitted that the important reason for investing in Zhuhai Yinlong is that “Yinlong has mastered very advanced battery technology.” Dong Mingzhu believes that Zhuhai Yinlong’s core battery technology is fast charging technology.

Undoubtedly, battery technology is an important factor in determining the success or failure of electric vehicles , but the advancement of battery technology is advancing with each passing day.

On December 18th, a battery expert in the automotive industry said in an interview with reporters that "Lithium titanate negative battery has the advantages of fast charging performance, long life and high safety. The disadvantage is low energy density and high price. It is used in buses. However, recently, the fast-charged battery of carbon negative electrode has made rapid progress, its energy density is high, and the cost is low. The lithium titanate negative battery will have no advantage.

Yinlong market value doubles in one year

A sentence "Let the world fall in love with China" has made Gree and Dong Mingzhu. Of course, the focus of "Made in China" is that Gree has mastered the core technology, but the new energy vehicle has to be the best in the world. It is obviously not successful because of the "buy" technology.

"The development and predecessor of Yinlong is worthy of attention. It is not for industrial and manufacturing companies to make money by acquiring patents and selling patents." On the 18th, an auto industry analyst told reporters.

电池技术进步消弥钛酸锂技术优势 预期业绩恐难实现

Speaking of Yinlong New Energy, he has to mention his boss Wei Yincang. In 2004, Wei Yincang registered Guangdong Yintong Investment Holding Group Co., Ltd. (hereinafter referred to as “Yintong”) in Zhuhai, and invested in real estate, guarantee, used cars, aviation equipment (unmanned helicopters), agriculture and other fields. Later, he turned his attention to the core of electric vehicles - the power battery.

The “killer” of Yintong is the acquisition of a 53.6% stake in Altair Nano, a NASDAQ-listed company in July 2011, involving a total of US$49 million (equivalent to approximately RMB 3). .25 billion yuan), and its lithium titanate anode material fast charge technology, production line and sales system in the pocket.

In 2013, Zhuhai Yintong New Energy Co., Ltd. was officially changed to Zhuhai Yinlong New Energy Co., Ltd. After the basic “through” lithium titanate and lithium iron phosphate technology, Zhuhai Yinlong launched the mass production road of lithium titanate battery . .

It is reported that "Yilong Titanium" battery has excellent characteristics such as wide temperature resistance (-50 °C - +60 °C), fast charge and discharge in 6 minutes, 30-year cycle life, no fire, no explosion, high safety, high efficiency, etc. Electric bus project.

On the 16th, an investor who asked not to be named told reporters that Yinlong relied on cooperation with the Beijing Public Transport Group to establish its own milestone. He said that Beiba Media (Beijing Bus Media Co., Ltd.) has invested in Yinlong and shared the economic added value of Yinlong's performance growth. When the second round of financing is about to end, it is waiting for the late Beijing bus. The related investment of the big customer, the Beijing public bidding party includes Futian, Ankai and Yinlong. However, Futian and Ankai were also required by the bus group to adopt Yinlong's lithium titanate power system.

At the end of 2015, Beiba Media purchased 5% of Yinlong New Energy shares held by Zhuhai Henggu for RMB 200 million. Yinlong New Energy was valued at RMB 4 billion at the time. At the beginning of 2016, Zhongyeda’s wholly-owned subsidiary Zhongyeda New Energy has also transferred 1% of Yinlong New Energy to Fangde New Energy for 0.5 billion yuan. At this time, Yinlong New Energy is valued at 5 billion yuan.

In less than a year, CITIC Securities teamed up with 20 brands including Huarong Assets, Dongfang Assets, Sunshine Insurance, Three Gorges Capital and Beijing Public Transport to jointly invest billions of yuan to become a major shareholder of Yinlong.

Now, Dong Mingzhu has also taken the shot. In August, when Ms. Dong decided to acquire Yinlong through the issuance of shares by Gree Electric, the evaluation agency gave a valuation of 13 billion to Yinlong, and Miss Dong wanted to continue to raise 10 billion funds to help Yinlong. When it was developed, it was rejected by the shareholders' meeting.

In December, when Ms. Dong invested in Yinlong in her personal capacity, Yinlong’s valuation became 15.4 billion yuan.

“Before, the Yinlong Lanzhou bus project has been drifting in the market for a long time. The total contract amount of 1.1 billion yuan must be realized in the financial sense before December 31. In fact, it is for subsidies, performance, and valuation.” People told reporters.

Yinlong battery technology is not suitable for passenger cars

"In the past few years, the company culture of Yinlong has been courageous and speculative. However, if there is a trace of Huawei, everyone will have a high look." A technical expert from a power battery company told reporters on the 18th.

电池技术进步消弥钛酸锂技术优势 预期业绩恐难实现

The outlook for lithium titanate is not optimistic. Wang Jianlin is optimistic that the future of Yinlong is in energy storage. If the technology is commercialized, the market value of Yinlong will double.

“Because half of the energy consumption in China is consumed by real estate. Energy storage can be washed up at low peaks. This is a world industry construction team 15 years ago. It has not been found to be truly commercialized. So we The key is whether energy storage technology can be truly commercialized. To do this, maybe we have more things to do," said Wang Jianlin.

The technology of fully charged in 15 minutes, 90% in 6 minutes, and more than 20,000 cycles is really coveted, and it is economically superior to traditional lithium iron phosphate batteries . However, lithium carbonate fast-charge batteries are only suitable for market segments, especially heavy-duty industrial fields, such as rails, ports, buses, ships, etc., which are not suitable for personal passenger cars.

“Lithium titanate negative battery has fast charging performance, long life and high safety, but the biggest problem is low energy density and high price, which is suitable for use on buses. However, recently, carbon negative battery technology has improved rapidly. The density is high and the cost is low." The above battery experts told reporters that the carbon negative battery will replace the lithium titanate negative battery, lithium titanate will have no future.

More importantly, in the power battery market, with Lilong’s competitors – Weihong Power and Guoan Meng Gu Li, there are products with multi-component lithium fast-charge battery technology to replace lithium titanate, and Yinlong does not have this. Progress in terms.

That is to say, the application of lithium titanate anode materials in public transportation may be replaced, and the market space is likely to be compressed, only in higher power applications, such as plug-in hybrid vehicles PHEV and hybrid vehicle HEVs. Lithium titanate has certain competitiveness.

Moreover, although lithium titanate has certain advantages in the whole life cycle cost, the high initial purchase price and short battery life range will also inhibit customers' willingness to purchase.

“Without the ability to continue research and development, the expected performance cannot support stubbornness, and the corporate culture genes are not suitable for manufacturing.” The above-mentioned power battery experts finally said.

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