锂电新技术跟踪之一：Cybertruck上量+LG松下量产，4680从1到10

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [5]. Core Insights - Tesla's production capacity has increased threefold in the past six months, with significant advancements in new technologies. The Cybertruck is expected to deliver 5,000 units by August 2024, with projections to exceed 10,000 units by the end of the year. The annualized capacity for Tesla's 4680 battery has reached 16GWh, sufficient for 130,000 Cybertrucks, marking a fourfold increase [2][11][15]. - The report highlights the transition of Tesla's 4680 battery from Gen1 to Gen2, showcasing improvements in energy density and cost reduction strategies through standardization and innovation in battery design [3][18][21]. Summary by Sections 1. Tesla's Marginal Changes - Tesla's annualized production capacity has surged to 16GWh, with the Cybertruck's production ramping up significantly. By December 2024, the monthly delivery is projected to reach 12,000 units, with the 4680 battery expected to achieve 1.5GWh by the same time [2][11][12]. - The 4680 battery's energy density has improved by 11% compared to Gen1, and it is now competitive with Panasonic's 2170 cells [18][21]. 2. Supplier Marginal Changes - EVE Energy has successfully initiated mass production of large cylindrical batteries, with LG and Panasonic set to begin mass production by December 2024. LG aims to produce 4680 batteries at a capacity of 36GWh by the end of 2025 [24][25][27]. 3. Logic Behind 46mm Cylindrical Batteries - The report discusses the cost reduction achieved through standardization of cylindrical batteries, which allows for flexibility across various vehicle platforms. The 4680 battery design aims to reduce costs by 56% per kWh and improve production efficiency [3][28][35]. - Innovations such as the "tabless" design and dry electrode technology are expected to enhance performance and reduce manufacturing costs [3][18][21]. 4. Investment Recommendations - The report suggests focusing on specific companies within the battery supply chain, including EVE Energy, and various material and equipment suppliers, indicating a diversified investment approach within the electric equipment sector [4].