Group 1 - The core viewpoint of the article is that the cylindrical battery technology, particularly Tesla's 4680 battery, is gaining traction and is seen as a viable solution for international automotive companies despite initial skepticism and delays in production [2][3][10]. - Tesla's 4680 battery has achieved significant milestones, with production costs expected to be lower than other battery models in its supply chain by the end of 2024 [2]. - The cylindrical battery market is experiencing growth, with Tesla's battery shipments reaching 1.9 GWh in Q1 2025, a year-on-year increase of 447.9% [4]. Group 2 - The cylindrical battery offers production efficiency advantages, such as high automation and standardized specifications, which enhance manufacturing processes compared to square batteries [11][12][16]. - The production efficiency of cylindrical batteries is significantly higher, with a typical production line achieving over 300 PPM, compared to 20-35 PPM for square batteries [17][18]. - The labor supply issue in Europe and the U.S. is a critical challenge for scaling battery production, making the efficient production of cylindrical batteries more appealing for international automakers [21][23][26]. Group 3 - The standardization of cylindrical batteries facilitates easier replication of production lines, reducing costs and improving efficiency for global automotive companies [30][31]. - The implementation of the EU Battery Recycling Directive emphasizes the need for standardized battery designs, which aligns with the advantages of cylindrical batteries in terms of recycling and recovery [34][36]. - Companies like Chery are entering the cylindrical battery market, indicating a shift towards this technology for international expansion [7][9][37]. Group 4 - The choice of battery technology is driven by supply chain considerations rather than performance superiority, as cylindrical batteries are seen as a practical solution to current production challenges in overseas markets [40][41].

LG新能源46系圆柱电池再次拿下订单！ 近日，据外网消息显示，LG新能源签署了一项新的合同，将在美国供应46 系列圆柱形电池。 据LG新能源首席执行官兼总裁金东明透露， 该合同由美国亚利桑那州的公司签署，是多年期 的合作，将提供46系列圆柱形电池，年供应量10GWh以上。但具体客户和合同金额并未透 露。 金东明表示，该合作客户并不是一直使用大量圆柱形电池的公司，而是一家传统汽车制造商。 除此以外，公司还与其他客户在进行此类订单的洽谈，不久后将公布好消息。 据起点锂电了解，LG新能源46系电池目前有三个型号，包括4680、4695、46120。与2170电 池相比，该系列电池能量与输出至少提升五倍。 消息显示，4680电池将供应给特斯拉 Model Y 与 Cybertruck 车系，其位于美国德州的工厂今 年将开始量产4680电池。 不仅如此，LG新能源4695电池也已获得相关订单。2024年11月，LG新能源与美国电动汽车制 造商Rivian达成合作协议，LG新能源将在5年多时间内，为Rivian提供4695圆柱电池，总计 67GWh。这些电池也将在亚利桑那州工厂生产，并将用于Rivian的R2电动SUV。 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and Zhongxin Innovation, with target prices indicating potential upside [2][19]. Core Insights - In February 2025, China's power battery installation volume reached 34.9 GWh, showing a year-on-year increase of 94.1% [5][10]. - The export of batteries from China in February 2025 was 21.1 GWh, a year-on-year increase of 144.7%, with energy storage batteries accounting for 39.4% of total exports [5][13]. - The report highlights the acceleration of overseas expansion by Chinese cylindrical battery manufacturers and the entry of South Korean companies into the cylindrical battery market [5][10]. - The U.S. has raised the comprehensive tariff rate on Chinese batteries to 48.4%, which is expected to accelerate the overseas production layout of Chinese battery companies [5][10]. - The report anticipates a significant rebound in the Chinese passenger car and power battery market in March 2025, driven by increased promotions and new model releases [5][10]. Summary by Sections Company Valuation Overview - Ningde Times (300750 CH) has a target price of 314.11 with a current price of 254.50, indicating a potential upside of 23.4% [2][19]. - Yiwei Lithium Energy (300014 CH) has a target price of 56.51 with a current price of 50.49, indicating a potential upside of 11.9% [2][19]. - Guoxuan High-Tech (002074 CH) has a target price of 29.07 with a current price of 23.13, indicating a potential upside of 25.7% [2][19]. - Zhongxin Innovation (3931 HK) has a target price of 15.59 with a current price of 19.38, indicating a potential downside of 19.6% [2][19]. - Ruipu Lanjun (666 HK) is rated as "Neutral" with a target price of 14.25 and a current price of 10.86, indicating a potential upside of 31.3% [2][19]. Market Trends - The report notes a slight decrease in the concentration of power battery installation volume, with CR3 and CR5 market shares at 73.0% and 82.7%, respectively [5][19]. - The report emphasizes the urgent need for advancements in battery energy density and safety due to the rapid industrialization of humanoid robots and eVTOLs, which may accelerate the commercialization of solid-state batteries and large cylindrical batteries [5][10].

Core Viewpoint - The article highlights the advancements in cylindrical battery technology showcased by major South Korean battery manufacturers LG Energy Solution, Samsung SDI, and SK On at the InterBattery 2025 exhibition, emphasizing their strategies for market penetration and innovation in various applications [1][2][3][4]. Group 1: LG Energy Solution - LG Energy Solution presented three types of cylindrical batteries: 4680, 4695, and 46120, targeting different applications such as Tesla and high-end electric vehicles [1]. - The company has secured clear orders from multiple automakers, indicating its competitive edge in the cylindrical battery market [1]. - LG Energy Solution also showcased a solar-powered vehicle developed in collaboration with Aptera Motors, highlighting its forward-looking approach in battery applications [1]. Group 2: Samsung SDI - Samsung SDI exhibited the most diverse range of cylindrical battery models, including a battery pack based on the 4695 battery for SUVs, demonstrating its comprehensive integration from battery development to end-use applications [2]. - The company plans to initially apply the 46 series batteries in micro-mobility vehicles, with future expansions into the electric vehicle market [2]. - Samsung SDI has made significant strides in the robotics battery sector, having announced a preliminary collaboration with Hyundai and Kia to develop high-performance batteries for robots [2]. Group 3: SK On - SK On introduced its cylindrical battery models, including 4680, 4695, and 46120, marking its entry into the cylindrical battery market after focusing on pouch batteries [2]. - The company employs a differentiated cathode material strategy to balance performance and cost, with the 4680 battery achieving a range of 600 km and the 46120 battery exceeding 1000 km [3]. - SK On has completed the construction of its cylindrical battery pilot production line and is accelerating preparations for mass production [3]. Group 4: Industry Innovations - Samsung SDI aims to achieve mass production of all-solid-state batteries by 2027 and has provided samples to multiple clients [3]. - LG Energy Solution plans to develop lithium metal batteries for small systems by 2027, gradually expanding to high-capacity applications [3]. - The South Korean battery companies are actively exploring diverse applications beyond electric vehicle batteries, including UPS batteries for data centers and robotics [3][4]. Group 5: Material Innovations - LG Energy Solution launched Korea's first mass-produced cathode material without precursor, enhancing battery performance in low temperatures and reducing environmental impact [4]. - The company showcased a range of advanced cathode materials, including ultra-high nickel and high-density lithium iron phosphate materials, indicating its transition towards lithium iron technology [4]. - The exhibition demonstrated the rapid advancements and differentiated competition among South Korean battery companies in cylindrical battery technology and material innovations [4].