中伟新材：仍看好镍系材料增长空间 产能利用率较高

Core Viewpoint - The company remains optimistic about the growth potential of nickel-based materials, expecting to maintain the leading position in the ternary precursor market by 2025, supported by high capacity utilization rates [1] Group 1: Market Demand and Growth Drivers - Domestic demand is upgrading, with the launch of high-performance electric vehicles featuring high-nickel ternary batteries, leading to an increase in the proportion of ternary installations [1] - European policy direction is driving the continuous increase in electric vehicle penetration rates [1] - The gradual commercialization of solid-state batteries is promoting the growth of high-nickel ternary materials [1] Group 2: Resource Strategy and Production Capacity - The company has strategically secured 600 million wet tons of nickel ore resources globally through investments, partnerships, long-term agreements, and exclusive purchasing [1] - In Indonesia, the company has established a nickel raw material industrial base with a current smelting capacity of 195,000 metal tons per year, and an equity capacity of approximately 120,000 metal tons per year, expected to reach full production by 2026 [1] - The company currently has no plans for new smelting capacity in Indonesia, focusing instead on solidifying resource layout and promoting material capacity release [2] Group 3: Technological Advantages and Production Flexibility - The company employs a combination of technologies, including oxygen-enriched side-blowing and RKEF, to create a smelting process advantage, allowing flexible production scheduling among different products (electrolytic nickel, high ice nickel, nickel iron) in response to nickel prices and downstream demand changes [2] - The company began developing oxygen-enriched side-blowing technology in 2021, with the Zhongqing New Energy Phase II project set to achieve full production in January 2026, capable of producing 60,000 metal tons of high ice nickel annually [2] Group 4: Vertical and Horizontal Expansion - Over the past decade, the company has expanded from nickel-based materials (ternary precursors) and cobalt-based materials (cobalt tetroxide) to include phosphorus-based materials (phosphate iron, lithium iron phosphate) and sodium-based materials, achieving a complete industrial chain from upstream resources to downstream materials and recycling [2] - Recent resource layouts in Indonesia, Argentina, and other regions for nickel, lithium, and phosphorus have strengthened the company's autonomy in the industrial chain [2]