DFD(SZ:002407)2022-12-08 01:28Production Capacity and Market Overview - The current production capacity of lithium hexafluorophosphate is 2,200 tons, expected to increase to 3,000 tons by early 2016, with a further expansion to reach 6,000 tons by Q4 2016 [2][3] - Major customer for lithium hexafluorophosphate is BYD, which sources 90% of its electrolytes from the company [3] - The cost structure of lithium hexafluorophosphate includes raw materials accounting for approximately 65%, with lithium fluoride at 30%, hydrofluoric acid and phosphorus pentachloride nearly 30%, and liquid nitrogen at about 5% [3] Pricing Trends - The ex-factory price of lithium hexafluorophosphate is around 140,000 CNY/ton (including tax), up from approximately 85,000 CNY/ton at the beginning of 2015 and around 100,000 CNY/ton in September 2015 [3] - Prices are expected to continue rising, potentially exceeding 200,000 CNY/ton [3] Lithium Battery Production and Market Situation - The company entered the power lithium battery market in 2011 with an initial investment of approximately 100 million CNY, planning for a capacity of 100 million Ah [3] - By mid-2015, the production capacity reached 150 million Ah, with expectations to reach 200 million Ah by the end of the year and 300 million Ah in 2016 [3] - The company focuses on ternary soft-pack batteries with a standard size of 10 Ah and an energy density of approximately 150-160 Wh/kg [3] Key Customers and Revenue - New Dayang is the company's main customer, accounting for about 70% of revenue, with plans to produce around 60,000 electric vehicles in 2016 [4] - A strategic cooperation agreement worth 600-800 million CNY has been signed with King Long Bus, anticipating future orders [4] Cost Management and Market Impact - The company aims to reduce costs by approximately 10% annually to offset the impact of national subsidy reductions on new energy vehicles [4] - The impact of subsidy reductions is expected to be significant for new energy buses but less so for new energy passenger vehicles [4] Research and Development in New Energy Vehicles - The company has established a new energy vehicle research institute with over 50 personnel and has manufactured 40 passenger vehicles for local trial operations [4] - To enhance its vehicle manufacturing capabilities, the company acquired a 70% stake in Hebei Hongxing Automobile to obtain necessary qualifications [4] - The company is focusing on developing power systems and information systems, with research institutes set up in multiple cities [4]