CORUN(SH:600478)2024-03-29 07:41Group 1: Company Overview and Business Segments - The company operates in three main business segments: traditional business (nickel-hydride batteries), lithium materials, and energy storage systems [2][3] - Key subsidiaries include: - Liyuan Company (nickel-hydride battery materials) focuses on improving gross margins and implementing cost reduction plans - Keba Company (battery electrode and power battery assembly) is optimizing production combinations and talent development - Jinfeng Lithium Industry (lithium batteries, consumer batteries) aims to increase revenue and double profits [3] Group 2: Energy Storage Strategy and Market Outlook - The company plans to adopt a "CORUN" (cooperation and win-win) strategy to break through development bottlenecks in the energy storage market by constructing a complete industrial chain [3] - The focus will be on upstream lithium battery raw materials and the terminal energy storage market, ensuring material supply through self-owned lithium resources [3] - In 2024, the company expects significant breakthroughs in energy storage business scale, with further announcements to follow [3] Group 3: Nickel-Hydride Battery Advantages - Nickel-hydride batteries offer high power, safety, long cycle life, and environmental friendliness, suitable for various high-current applications [4] - The global sales of Toyota hybrid vehicles using nickel-hydride batteries have exceeded 200,000 units without safety incidents related to battery issues [4] - The company has established a complete nickel-hydride battery industrial chain, with applications in energy-saving and new energy vehicles, rail transportation, and energy storage [4] Group 4: Market Position and Future Plans - The company holds a leading position in the nickel-hydride market, including consumer applications and Toyota HEV power batteries [5] - The HEV battery installation volume fluctuates between 360,000 to 480,000 units, with a projected increase to over 400,000 units in 2024 [5] - The company is expanding into new markets such as grid frequency regulation and auxiliary power for rail transportation [5] Group 5: Lithium Production and Cost Management - The first phase of Jinfeng Lithium Industry's 30,000 tons battery-grade lithium carbonate project has achieved a gross margin of around 10%, expected to rise above 20% with cost reduction and increased self-supply [6] - The company aims to produce over 1,200 tons of lithium carbonate by the end of 2023, with profitability expected to improve in 2024 [6] Group 6: Technological Innovations - The company is developing new technologies to optimize lithium extraction, including improved leaching rates and reduced waste [6] - The introduction of a "modified sulfuric acid method" aims to enhance lithium recovery rates and reduce production costs [6] - The company is also focusing on mixed energy storage systems, combining nickel-hydride and lithium batteries for enhanced performance [9] Group 7: Production Capacity and Market Demand - The company operates 142 nickel foam production lines with an annual capacity of approximately 600,000 square meters, currently running at full capacity [7] - To meet increasing demand, plans are in place to add 36 more production lines [7] - The company maintains low inventory levels, typically below 10,000 square meters, to ensure rapid delivery [7]