长阳科技-固态电池交流纪要

Industry and Company * Industry: Solid-state battery and semi-solid state battery * Company: Changyang Technology Core Points and Arguments 1. Product Overview: Changyang Technology's product is a high-porosity electrolyte composite membrane, primarily used in solid-state and semi-solid state batteries. This product offers advantages such as high energy density, mechanical strength, stability, and safety compared to traditional batteries. 2. Product Development and Customer Feedback: Changyang Technology began to develop the separator business in 2022, with both dry and wet processes. The dry process has been stable in supply, while the wet process initially faced challenges in toughness and failed to meet the verification requirements of CATL. However, with the development of new batteries by CATL and other customers, the product has met the requirements in new application areas and is currently in small-scale supply at CATL, Beijing Weinan, and other customers. 3. Product Parameters and Performance Advantages: The product has special parameters, including ultra-high porosity (up to 85%, compared to 40-50% for traditional wet process separators), large pore size (up to 85-100 nm, compared to less than 60 nm for traditional wet process separators), and high compressibility (greater than 50%, compared to less than 10% for traditional wet process separators). It has passed certifications in sulfur, oxide, and polymer application directions and meets customer requirements. 4. Market Situation: The current monthly output is a few ten thousand square meters, mainly depending on downstream demand. The industry may see an outbreak in 2026-2027, with a small amount of products applied in office oil storage in the next year, and downstream demand may increase significantly in the second half of the next year. 5. Economic Viability and Production Capacity: The product has good economic viability, with the lowest customer price at 4.5 yuan per square meter, significantly higher than the value of traditional separators. The cost may be lower than traditional separators, with a monthly production capacity of 50 million square meters and a full production capacity of 40 million square meters. The equipment is 80% domestically produced and 20% imported, with low depreciation costs and no extraction process. The membrane forming process is derived from the reflective membrane product technology, using bidirectional stretching instead of extraction, resulting in lower costs and good short-term profitability. 6. Commercial Cooperation: The company has basically cooperated with mainstream enterprises. 7. Future Cooperation Outlook: The company may have deeper cooperation with some giants in the future, and specific details will be communicated later. 8. Product Application Solutions: The product can be applied in both solid-state and semi-solid state batteries. It has passed tests in various customer schemes, including sulfur, oxide, and polymer, and plays a different role than traditional separators, mainly acting as a supporting structure. 9. Competition: The company has competitors in dry double-drawing processes, but its product meets customer requirements in porosity, pore size, and rebound performance. Reflective membrane enterprises are unlikely to enter this field due to technical and economic challenges. 10. Traditional Business: The company's traditional businesses include reflective membranes, optical base films, and dry separators. Reflective membrane business is stable, with revenue of about 7.1 billion yuan in the first three quarters of this year and an expected revenue of 9.6-10 billion yuan for the full year. The optical base film business is expected to incur a loss this year, but may reduce losses next year. The dry separator business is expected to reduce losses significantly next year. Other Important Information * The company's research and development team includes personnel from equipment and process, formula, and product promotion. * The company has a 50 million square meter production line, with an expansion period of 8-12 months. * The company plans to expand its production capacity based on industry demand and may become a key direction for capacity investment in the future.