Waterma used to be the leader in lithium iron phosphate power batteries. Its focus on lithium iron phosphate made Waterma technologically at the forefront of the industry. However, at the time of Waterma's large-scale expansion and policy changes in the new energy vehicle industry, Waterma Waterma was in trouble with cash flow and was in debt. Recently, Waterma's parent company Jianrui Woneng announced that it will introduce its partner Jiangsu Huakong Investment Management Co., Ltd. to revitalize Waterma's subsidiary Hunan Waterma and help it resume production.

　　However, Jiangsu Huakong’s entry does not focus on the application of lithium iron phosphate as a power battery, but hopes that Hunan Waterma’s production capacity will make gains in the energy storage market. Due to the low energy density of lithium iron phosphate batteries, the battle over the technical routes between lithium iron phosphate and ternary materials has never stopped. Does the change in investors' views on lithium iron phosphate mean that lithium iron phosphate is defeated in power batteries? In fact, reporters have noticed that with the approach of new energy vehicle subsidies, some brokers have begun to be optimistic about the investment in lithium iron phosphate. prospect.

　　Is Waterma coming back to life? Jianrui Wo Neng, which is deeply in debt crisis, has a glimmer of hope. Jian Rui Wo Neng recently announced that in order to help Hunan Waterma, a wholly-owned subsidiary of Waterma, resume production, the company and Jiangsu Huakong signed the "Investment Cooperation Framework Agreement" and planned to jointly initiate the establishment of a joint venture. Affected by this news, Jianrui Woneng's stock price hit the limit on April 19. Judging from the agreement, Jianrui Woneng and Jiangsu Huakong plan to jointly invest in the establishment of Hunan Anding New Energy Co., Ltd. (hereinafter referred to as Anding New Energy). The registered capital of the joint venture is 200 million yuan. Jianrui Woneng or its designated third party The three parties intend to subscribe for capital contributions of 110 million yuan, accounting for 55% of the registered capital. Jiangsu Huakong or a third party under its control intends to subscribe for capital contributions of 90 million yuan, accounting for 45% of the registered capital.

　　The establishment of a joint venture is seen as a self-help move by Jianrui Woneng. Since the outbreak of the Waterma debt crisis, Jianrui Woneng has repeatedly saved itself. In February last year, Jianrui Woneng disclosed the issuance of shares with Jiayi Precision. A framework agreement to pay cash to purchase assets, and a cooperation framework agreement with Altura Mining Limited. However, in the end, due to the termination of planning for a major asset restructuring by Jianruiwo, these two framework agreements were also terminated accordingly. In addition, Jianrui Woneng also disclosed the Shaanxi Litong No. 1 New Energy Partnership (Limited Partnership) partnership agreement in October last year, thereby introducing strategic investors. At present, the partnership has gone through the industrial and commercial registration procedures and been issued a business license. The partners' funds have reached 23.5 million yuan.

　　Of course, signing the framework agreement is only the first step. After that, Jianrui Weoneng and Jiangsu Huakong will jointly discuss investment cooperation-related matters with the local government. Under the premise of obtaining government recognition and consent, the two parties will sign a formal investment cooperation After entering into an agreement and completing their respective approval procedures, they quickly promote the implementation of company registration, fund implementation, plant and equipment and other related matters. Industrial and commercial information shows that Jiangsu Huakong’s shareholders include Lu Zhongyi and Hua Jun, who hold 70% and 30% of the shares respectively. Lu Zhongyi also serves as the chairman of Jiangsu Huakong.

　　Jiangsu Huakong raised and established a corporate RMB venture capital fund - Jiangsu Huakong Venture Capital Co., Ltd. in Nanjing in July 2008, with a registered capital of 200 million yuan. In an interview with a reporter from e Company, Lu Zhongyi said that the cooperation between the two parties will be carried out in the form of cash contribution to ensure the normal production and operation of the joint venture company. He told reporters that the joint venture will still use Hunan Waterma's existing factories and equipment for production, but the joint venture is a clean new company and will not be involved in Waterma's debt disputes.

　　Jian Rui Wo Neng disclosed in the announcement that Jiangsu Huakong has strategic partnerships with many well-known investment institutions at home and abroad, and the company has outstanding strength and operational capabilities. Lu Zhongyi told reporters that Jiangsu Huakong has also invested in new energy and lithium battery-related projects before. Judging from the stock price, the market has already responded to Jianrui Woneng’s self-rescue behavior. Jian Rui Wo Neng said that due to Waterma's large-scale debt expectations, production and operations have been severely affected, and orders on hand cannot be executed normally. Although the company is actively rescuing itself, at the Waterma level, the relevant rescue work is progressing slowly, and the establishment of The joint venture will help the company resume production.

　　The dispute over the power battery route resumes. "A year ago, we would not have paid attention to the direction of lithium iron phosphate because its energy density is relatively low and it cannot compete with ternary batteries when used as a power battery." Lu Zhongyi told reporters, The cooperation with Waterma was due to the explosion of lithium iron phosphate batteries in the energy storage market. "The cost of lithium iron phosphate is relatively low, and the business model of using it in energy storage is feasible." Lu Zhongyi told reporters, "We predict that iron phosphate Lithium will have a large number of applications in energy storage. For energy storage, a 40-inch standard container can probably hold 2MWh lithium iron phosphate batteries, which does not require high space requirements.

　　"From this point of view, will the application of lithium iron phosphate in power batteries really decline? There has been a long-standing dispute over the technical route of power batteries. The competitive advantage of lithium iron phosphate in small vehicles such as passenger cars is not great, and the competitive advantage of lithium iron phosphate in small vehicles such as passenger cars is not great. In large vehicles such as buses and logistics vehicles, although the requirements for battery volume and quality have been relaxed, the industry is also worried that the growth space of this market is limited. However, the reporter noticed that the market has recently been optimistic about the use of lithium iron phosphate in powertrains. Voices about applications in the battery field have begun to increase. For example, Orient Securities pointed out that this year's new energy vehicle subsidy policy and industry development direction will be adjusted. Plug-in hybrid models and some low-end pure electric models will switch to using lithium iron phosphate batteries. Lithium recovery is imminent. Specifically, the current energy density of lithium iron phosphate battery systems can reach 140Wh/Kg, and the cost is 10%-15% cheaper than ternary batteries. Low-end models can earn 0.3-0.6 million yuan by replacing lithium iron phosphate batteries. saving cost.

　　Recently, BAIC New Energy EC220 standard version and JAC iEV7L have adopted lithium iron phosphate batteries. In addition, two plug-in hybrid models will also use lithium iron phosphate in their 2019 facelifts. Orient Securities previously estimated that the installed capacity of lithium iron phosphate batteries this year will be 24.24GWh. This figure is obtained when lithium iron phosphate accounts for 5% of passenger cars; however, considering that some passenger car battery supplies have switched from ternary to phosphoric acid Lithium iron, this change will drive the installed capacity of lithium iron phosphate batteries to increase by 13.26GWh. Overall, the installed capacity of lithium iron phosphate batteries will increase by 73.85% year-on-year this year.

　　However, according to data from Truth Research, in the first quarter of this year, the total installed capacity of power batteries reached 12.57GWh, a year-on-year increase of 180%, of which lithium iron phosphate battery installed capacity was 2.94GWh, accounting for 23.34%. Compared with the same period last year, although the installed capacity of lithium iron phosphate batteries increased by 125%, the market share dropped by 6 percentage points.

　　From the perspective of market share, in the first quarter of this year, there was no sign of recovery of lithium iron phosphate batteries. What is the reason? Oriental Securities believes that the supporting advantages of lithium iron phosphate batteries in passenger cars will have to wait until new energy vehicles This will only be reflected after the transition period for refunds and subsidies is over. By then, as more models replace lithium iron phosphate batteries and come on the market, their installed capacity will increase. Looking at ternary batteries again, in the first batch of promotion catalogs for new energy vehicles in 2019, the energy density of CATL’s ternary batteries hit a new high, reaching 182.44Wh/Kg. In the existing 13 batches of promotion catalogs, phosphoric acid The highest energy density of lithium iron battery is 153.59Wh/Kg, the former is nearly 20% higher than the latter.

　　In recent batches of new energy vehicle promotion catalogs, it has become increasingly clear that ternary batteries and lithium iron phosphate batteries are carving up market segments. Among them, ternary batteries with higher energy density further cover passenger cars with higher endurance requirements. market, while lithium iron phosphate batteries with low energy density cover the passenger car market and some special models with higher safety and cost requirements.

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