Core Viewpoint - The recycling of power batteries in the electric vehicle industry is expected to enter a period of explosive growth driven by strong policies and market demand, with significant increases in both the number of electric vehicles and the scale of battery recycling [1][3][17]. Market Data - As of the end of 2024, the number of new energy vehicles in China is projected to reach 31.4 million, accounting for 8.90% of the total vehicle population, with pure electric vehicles making up 70.34% of this figure [1]. - The new registration of new energy vehicles in 2024 is expected to be 11.25 million, representing 41.83% of all new vehicle registrations, a staggering increase of 837.50% compared to 2019 [1]. - The market size for power battery recycling in China is anticipated to exceed 48 billion yuan by 2024, up from approximately 5 billion yuan in 2019, indicating a robust growth trend [3]. Policy Developments - The Ministry of Industry and Information Technology has revised the "Comprehensive Utilization Industry Specification Conditions for Waste Power Batteries from New Energy Vehicles," focusing on optimizing technical indicators, updating standards, and enhancing product quality management [2][3]. - The State Council has approved an action plan to improve the recycling system for power batteries, emphasizing the importance of enhancing recycling capabilities to support the high-quality development of the new energy vehicle industry [2][3]. Future Projections - The retired power battery volume in China is expected to reach 20.2 GWh in 2024, a year-on-year increase of 48.53%, with projections suggesting that the recycling market could grow to 55.6 GWh by 2025 [6]. - By 2030, the total amount of retired batteries and new energy vehicles is forecasted to reach 148.7 GWh and 2.9891 million units, respectively, with annual compound growth rates of 37.64% and 38.11% from 2025 to 2030 [6][7]. Industry Dynamics - The battery recycling industry is characterized by a diverse range of players, including electric vehicle manufacturers, battery producers, and recycling companies, with a significant increase in registered recycling enterprises in recent years [10][12]. - The competitive landscape is evolving, with major players like CATL and Greenmead leading the charge in establishing extensive recycling networks and improving recovery rates for valuable metals [15][16]. Key Players - CATL has established a global recycling network with a processing capacity of 270,000 tons of waste batteries annually, achieving high recovery rates for nickel, cobalt, and lithium [15]. - Greenmead has built five major recycling centers in China, with a dismantling capacity of 550,000 tons and a recovery rate of over 95% for lithium [16]. Conclusion - The future of the power battery recycling industry is poised for significant growth, with the potential for market size to exceed 100 billion yuan, driven by increasing demand for recycled materials and the establishment of efficient recycling systems [7][17].

Core Viewpoint - Financial health has become the most critical indicator for the survival and development of companies in the current global downturn of the dynamic storage industry, with many once-prominent companies facing bankruptcy due to cash flow crises [1][2]. Industry Overview - The dynamic storage industry in China has experienced significant consolidation, with the number of battery manufacturers decreasing from 81 in 2017 to 36 in April 2023, a decline of 55.56% [1]. - As of 2024, nearly 30,000 energy storage companies in China are in abnormal statuses such as cancellation or liquidation, with over 3,200 of these companies established for only one year [2]. - The overall revenue of 108 listed dynamic storage companies in 2024 has decreased by 11.87% year-on-year, with net profit dropping by 67.27%, marking a continuous decline for two years [2]. Company-Specific Developments - Hive Energy, the seventh-largest battery manufacturer in China, has decided to suspend the construction of two battery factories in Germany due to financial constraints, with no timeline for resumption [2][3]. - The construction of Hive Energy's planned factories in Germany included a 24 GWh module and assembly factory with a total investment of €2 billion and a 16 GWh cell factory, which has also been halted [3]. Global Industry Impact - Major global battery manufacturers, including South Korea's LG Energy, Samsung SDI, and SK On, reported significant losses in Q4 2024, with combined operating losses exceeding 840 billion KRW (approximately 4.2 billion RMB) [3]. - In the U.S., Ambri Inc., a notable battery company, filed for bankruptcy in May 2024, with an auction price of $38 million [4]. - ACC, a joint venture battery company in Europe, has paused the construction of two electric vehicle battery plants due to a slowdown in demand for electric vehicles [4]. Financial Health Importance - The current industry landscape emphasizes the importance of financial health, as companies with strong financials are better positioned to survive the downturn, while financially weak companies face severe challenges and potential bankruptcy [5]. - The 24潮产业研究院 (TTIR) has developed a financial health index for listed dynamic storage companies, assessing key indicators such as capital structure and debt repayment ability [5].

一切迹象与数据似乎都在佐证，中国动储产业还处于洗牌与博弈深水区。 为了让读者朋友对锂电产业趋势与变化有一个更为清晰、直观的了解，24潮产业研究院 (TTIR) 根据108家动储上市/IPO公司2024年财报中营收、预收款、归母净利润、对外投资、经营与筹资 现金流、总负债、资金净值、应收账款于存货等核心数据制作了十大排行榜。 24潮产业研究院 (TTIR) 统计数据显示，当前动储产业形势确实不容乐观：2024年108家动储公司 整体营业收入同比下降11.87%，增速较2023年同期下降了11个百分点；归母净利润整体同比下降 67.27%，已经连续2年巨幅下降 （2023年降幅为47.69%） ；客户预收款规模已经连续两年下 降；产业造血力 （经营净现金流） 也同比下降18.38%，增速较去年同期下降了61.01个百分点； 净筹资规模更是同比下降了81.91%，资金净值也下降了20.32%，等等。 | 核心指标 | 2024年合计 | 同比上一年增长 | 2023年同期增速 | | --- | --- | --- | --- | | 总资产 | 29,092.41 | 6.17% | 12.65% | | 总负债 ...

Core Viewpoint - Chuangneng New Energy has rapidly emerged as a strong player in the lithium battery and energy storage market, achieving significant rankings in both domestic and global markets within a short period since its establishment [1][4][11]. Group 1: Company Overview - Chuangneng New Energy, founded less than four years ago, has become a notable competitor in the lithium battery sector, ranking 15th in domestic lithium iron phosphate battery installation volume and 7th globally in energy storage battery shipments for 2024 [1][4][6]. - The founder, Dai Deming, transitioned from a successful automotive dealership business to the energy sector, leveraging his extensive experience and capital to establish Chuangneng [1][13][21]. Group 2: Market Performance - The company has achieved an estimated energy storage battery shipment volume of 20GWh-25GWh for 2024, positioning it among the top players in the industry [4][11]. - Chuangneng has actively engaged in price wars, successfully winning large orders from state-owned enterprises and expanding into international markets such as India and Italy [1][12][26]. Group 3: Production Capacity and Investment - Chuangneng has invested heavily in its production facilities, with projects in Xiangyang and Yichang totaling approximately 1,275 billion RMB, aiming for a production capacity of 150GWh [11][30]. - By the end of 2024, the company is expected to have over 110GWh of effective production capacity across its three major bases [11][30]. Group 4: Technological Advancements - The company has developed over 50 types of lithium battery products and filed more than 4,000 global patents, showcasing its commitment to innovation [11][30]. - Chuangneng has introduced advanced battery technologies, including the 314Ah energy storage battery, which has contributed to its competitive edge in the market [25][29]. Group 5: Strategic Partnerships and Global Expansion - Chuangneng has established partnerships with major automotive manufacturers, ensuring a steady demand for its products [23][21]. - The company has begun to expand its international footprint, securing contracts for energy storage projects in Australia, Japan, and Italy, with total overseas orders exceeding 10GWh [33][32]. Group 6: Challenges and Market Dynamics - Despite its rapid growth, Chuangneng faces challenges from intense competition and price wars in the lithium battery market, with prices dropping to around 0.3 RMB/Wh [34][37]. - The company was recently removed from BloombergNEF's Tier 1 energy storage manufacturers list, indicating potential concerns regarding its stability and global influence [33][32].

Core Viewpoint - The dynamic storage industry is experiencing an unprecedented downturn in 2024, with a significant decline in revenue and profit margins across various segments [1][5][7]. Revenue Summary - The total revenue from dynamic storage businesses for the listed companies is approximately 1,044.51 billion yuan, representing a year-on-year decrease of 12.97% [1]. - Seven out of fifteen sub-industries have seen revenue declines of over 10%, with the most significant drops in lithium resources (down 51.34%), cathode materials (down 39.48%), and energy storage inverters (down 26.29%) [1][3]. - Among the eight sub-industries that maintained positive growth, only four achieved over 10% growth: cobalt-nickel (up 67.80%), copper foil (up 26.09%), energy storage batteries and systems (up 13.83%), and lithium battery structural components (up 13.80%) [1][4]. Profit Margin Summary - The overall gross profit margin for the dynamic storage industry is approximately 18.37%, down 1.97% year-on-year [1]. - Eight sub-industries experienced a decline in gross profit margins, with the most significant drops in lithium separators (down 26.55 percentage points), upstream lithium resources (down 23.8 percentage points), and electrolyte materials (down 7.18 percentage points) [5][6]. - The disparity in profitability among different segments is severe, with the gross profit margin of lithium battery equipment being 6.11 times that of the lithium battery recycling industry [4][5]. Industry Trends - The dynamic storage industry has undergone multiple cycles of adjustment driven by changes in supply and demand dynamics, indicating that market conditions can shift rapidly [7]. - Over the past two and a half years, more than 700 major manufacturing projects with a total investment exceeding 3.5 trillion yuan have been announced in China's dynamic storage industry [8]. - Global investments in the dynamic storage sector have surpassed 4 trillion yuan since 2022, with significant capacity planning exceeding market demand forecasts for the next three years [8][9]. Global Impact - Major global players, including South Korean battery manufacturers LG Energy Solution, Samsung SDI, and SK On, reported significant losses in Q4 2024, with combined operating losses exceeding 840 billion won (approximately 4.2 billion yuan) [10][11]. - The bankruptcy of Ambri Inc., a U.S. battery company, highlights the challenges faced by companies in the dynamic storage sector, particularly those focused on alternative battery technologies [11][12]. - European battery manufacturers are also facing difficulties, with ACC suspending the construction of two electric vehicle battery plants due to reduced demand for electric vehicles [12][13]. Company Performance - Leading companies in the lithium battery sector, such as CATL, Ganfeng Lithium, and Tianqi Lithium, have reported significant revenue declines, with CATL's revenue down 9.7% and Ganfeng Lithium's lithium product revenue down over 50% [5][17]. - The performance of various companies varies widely, with some experiencing substantial growth while others face severe declines, indicating a highly competitive and volatile market environment [17][18].

产业玩家的疯狂涌入，价格竞争与凶猛博弈，加速了国内工商储江湖产业大洗牌进程。 据此前阳光电源发布的《工商业储能解决方案白皮书》显示，2023年工商业储能相关企业新增5 万家，平均每天新增150家。另据华福证券统计，2024年大量不同类型企业涌入工商业储能市 场，已并网/开工/启动或完成采招/备案的工商业储能项目涉及的开发商就超过1000家。 而寻熵研究院的统计数据显示，2024年国内新增并网工商业储能规模3.9GW/8.8GWh，约占全年 新增并网储能规模 (44.60GW/111.63GWh) 的8% （GWh占比） 。 如此细分的领域却涌入如此多的玩家，也就不难理解为何工商业储能产品价格持续出现大退潮现 象与趋势了。 在2023年年中时，头部厂商如奇点能源的工商业储能柜报价曾高达1.55元/Wh，同年12月厂商明 美新能源宣布液冷一体柜最低价为0.88元/Wh；到了2024年7月30日中车株洲所发布工商业储能系 列产品渠道价格政策，其中，1500V工商业一体柜418kWh方案集成单柜价格为0.75元/Wh，大于 30台可以享受95折，折合单价0.7125元/Wh，还免费赠送价格高达45000元/台的并网柜 ...

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

这并不是危言耸听。 根据4月15日消息，工业和信息化部组织制定的强制性国家标准——《电动汽车用动力蓄电池安 全要求》 (GB38031-2025) （以下简称 "新国标"） 正式发布，将于2026年7月1日起施行。 新国标首次提出因内短路发生热失控后不起火不爆炸的要求，被称为 "史上最严电池安全令"。 据市场消息，如果为满足上述安全要求，"合规电池系统成本将增加15%-20%，二线电池企业改 造成本超5亿元。" （消息来源：海报新闻） 这对很多二三线电池企业来说，近乎是一条很难逾越的生命线。 要知道，即便是二线电池龙头企业中创新航2024年综合毛利率也不过15.89%，年创造净利润5.91 亿元；而诸如瑞浦兰钧这样的强势黑马2024年甚至巨亏11.63亿元,刚刚登陆港交所的正力新能24 年仅盈利0.91亿元。产业竞争残酷程度可见一斑。 根据中国汽车动力电池产业创新联盟数据：2024年1-12月，我国新能源汽车市场共计55家动力电 池企业实现装车配套，但仅宁德时代与比亚迪两大巨头就占据了69.82%的市场份额，第3-10名企 业则占据26.19%市场份额，前10名占据着96%的市场份额。 此外，24潮产业研究院 ...

在持续动荡与博弈的动储江湖，新能源材料巨擘中伟股份 (300919.SZ) 仍在持续向上成长。 Wind显示，中伟股份年营收至少已经连续7年实现高速增长，在2017-2024年期间，中伟股份年营 收规模增长了20.60倍，从季度趋势看，中伟股份已至少连续16个季度 （2021年一季度以来） 实 现持续正增长；根据可查数据，这已经是其至少连续20个季度实现盈利。展现了持续发展韧性与 强大潜力，堪称动储江湖真正的 "逆周期之王"。 而今年是中伟股份成立的第11个年头，是其登陆资本的第5年，目前公司锚定 "成为全球领先的新 能源材料科学公司" 企业愿景，已形成镍系、钴系、磷系、钠系等多元化的新能源材料产品矩阵 和技术布局，且已经在多个领域成为国际顶级玩家。 也正是这一年 （2020年12月23日） ，中伟股份成功登陆创业板，实现成立6年即上市的壮举。伴 随新能源汽车产业彻底爆发，中伟股份股价也出现史诗级上扬，市值最高超过1400亿元，成为贵 州省市值仅次于茅台的上市企业，实控人邓伟明身价飙升，一跃成为贵州首富。公司还成功跻身 "中国民营企业500强" 之列，并是贵州唯一入选 "2024中国制造业民营企业500强" ...

任何企业也难以抵御周期的力量。 有中国 "锂矿双雄" 之称的天齐锂业 (002466.SZ) 与赣锋锂业 (002460.SZ) ，一个掌控锂矿资源 储量世界第一，一个则拥有着世界上最大与品质最好的锂矿资源，在 "周期熊" 强烈冲击下也深 陷 "降速巨亏" 泥潭。 据24潮产业研究院 (TTIR) 统计，天齐锂业营业收入已经连续6个季度下降，近五个季度营收降幅 均超50%，其24年更是创纪录的巨亏 （归母净利润，下同） 79.05亿元 （同比下降了208.32%） ，从季度趋势变化看，其已经连续5个季度亏损；赣锋锂业形势也不容乐观，其营业收入已经连 续7个季度下降，24年亏损20.74亿元 （同比下降141.93%） ，这是有记录以来 （2007年以来） 首次出现亏损。 为了方便读者朋友能更为客观、全面的了解锂矿双雄的真正竞争力与潜在风险，24潮团队还统计 对比了天齐锂业与赣锋锂业2024年投资布局与收益、造血力与资本实力、国际化与市值变化等多 个核心指标，供读者朋友参考。 如表所示，24年锂矿双雄国际化方面也遭遇了较大冲击。2024年天齐锂业与赣锋锂业海外业务收 入分别同比下降了81.13%和63.68%。 ...