alkaline battery technology research has made a major breakthrough, and 2 stocks are expected to benefit directly

　　According to media reports, Professor Lai Yanqing’s team at Central South University recently made a major breakthrough in the research on the difficulty of synergizing high safety, long life and high specific energy in lithium-sulfur batteries. A series of innovative results have been achieved in terms of methods and methods, and relevant research results have been published in a number of top energy materials journals. The project has been approved as a national key research and development plan project in 2018. It is expected that within three years of project implementation, it will be the first in the world to realize the engineering manufacturing and vehicle application demonstration of high specific energy (more than 2 times that of current batteries) lithium-sulfur batteries.

　　Lithium-sulfur batteries have the advantages of high energy density, high theoretical capacity, abundant raw materials, and low cost. They can be widely used in special and new energy vehicles and other fields. They are one of the main research directions for high-energy new batteries. Technavio, an international market research organization, recently released a report stating that from 2018 to 2022, the global alkaline battery market will have a compound annual growth rate of more than 71%. Suppression of lead pollution and stringent laws are the major factors driving the market growth. From the perspective of application markets, special markets have the greatest demand for lithium-sulfur batteries, accounting for almost 99% of the global market in 2017. However, with the rise of new energy vehicles, the share of the specialty market is expected to decline by nearly 9% by 2022, while the automotive market accounts for nearly 5% of the total alkaline battery market. With the successive breakthroughs in related technologies and the promotion of new energy vehicles, the commercialization process of lithium-sulfur batteries is expected to accelerate, and companies that take the lead in deploying related technologies are expected to seize market opportunities. The agency recommends paying attention to Guoxuan Hi-Tech and CNNC Titanium Dioxide.

　　individual stock research reports

　　Guoxuan Hi-Tech

　　The company has technical reserves for lithium-sulfur batteries, which are currently in the research and development stage. The research and development and integrated application project of high-specific energy lithium-ion batteries undertaken by the company, a major national project, passed the mid-term review of relevant departments, achieving a single cell energy density of 307Wh/kg, and the research and development goals have made phased progress. In addition, important progress has been made in the industrialization of the new generation of ternary 622 square aluminum-shell batteries and the research and development projects of ternary 811 batteries and soft-pack battery products. The company invested 330 million yuan in R&D, accounting for 6.91% of operating income. Large investments in research and development will enhance product competitiveness in the long term, and the release of production capacity for new products in the future will also become a favorable driver of the company's business.

　　Medium core titanium dioxide

　　In October 2017, the company acquired a 35% stake in Jiangsu Hezhi New Energy and entered the field of lithium-sulfur batteries. Hezhi New Energy Company is mainly engaged in the production and sales of liquid phase lithium iron phosphate and lithium-sulfur batteries. Hezhi currently has solvothermal lithium iron phosphate battery cathode materials, the world's first batch of solvothermal manganese phosphate lithium battery cathode materials, and the world's first batch of mass-produced alkaline battery leading manganese lithium battery products that can enter industrial production, and has applied for more than 160 invention patents. , applied for more than 20 utility model patents. The company has entered the fields of lithium-sulfur batteries and lithium iron phosphate. The company's future dual main businesses of titanium and lithium deserve attention. The company is expected to achieve a net profit attributable to the parent company of 407/549/594 million yuan from 2017 to 2019, corresponding to a PE of 25/18/17 times, giving it an "overweight" rating.

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