The global layout hedge the multi -advantage of the American Ira Act risk of Green

Recently, the United States' "Reduction of Inflation Act (IRA)" caused widespread concern and concerns about my country's new energy industry, and rumors have also "flying all over the sky". In this regard, my country's new energy segmentation leading enterprises have responded accordingly. For example, the secretary of BYD issued an article in the circle of friends that "I haven't seen it, the electric vehicle industry is decoupled?", Greenmei showed its global forward -looking layout with actual actions that the risk of the risk will be effective.

It is reported that Green Mei and South Korea have cooperated for six years, and this year's cooperation has entered the "qualitative change period". Recently, Green Mei led and controlled the construction of key nickel -cobalt -manganese raw materials and front -drive material projects in Puxiang City, South Korea. This project is not only this project not only It is conducive to stabilizing the core market in Korea and leading the US market, and it will further enhance the influence of Green's American industry chain and consolidate the company's position in the global market.

Whether it is cooperation with South Korea, or the layout of Indonesia, Europe and other places, it is an important part of Greenmime's globalization expansion. Greenmime's cost advantage and technological premium will become a powerful backing of the company's globalization.

Globalization operation capabilities hedge IRA risk

It is reported that the IRA Act continued the tax creditor's new energy vehicle tax to 2032, but the bill requirements for the land of supply chain were strict -stipulating that electric vehicles must be assembled and manufactured in North America, and battery materials and key minerals must come from the United States or with the United States with the United States. For countries with the FTA Free Trade Agreement, they are eligible to obtain tax subsidies. For electric vehicles with battery components and battery materials from "receiving attention" (China, Russia, etc.), the bill stipulates that it cannot obtain tax credit.

This has brought severe challenges to the development of my country's new energy material industry.

Huatai Securities Research reports that the short -term IRA bill is difficult to impact on domestic supply chains, but in the long run, the policy is limited from battery to material production, which will increase the uncertainty of domestic supply chain companies in the North American market.

However, it is worth noting that some of the leading companies in my country with Green's typical representatives, through their own forward -looking global operating capabilities, will effectively hedge the risk of IRA bills.

Recently, Greenmei announced that the company and South Korea's Puxiang City Government and ECOPRO jointly signed the "Memorandum of Understanding Project for Promoting Project" (hereinafter referred to as "memo") on September 2, 2022. The joint venture, led by Green Mei and controlled the construction of key nickel -cobalt -manganese raw materials and front -drive material projects in Puxiang City.

According to Green, as the IRA bill is officially effective, the production of new energy raw materials and materials in South Korea meets the strategic requirements of the bill. South Korea is a new energy focusing area and Green American market area. The above projects are conducive to meeting the demand for overseas markets such as South Korea for the company's front -driven order. It is an effective strategic measure to stabilize the core market and guide the US market. Measures; conducive to continuously enhance the influence of the company's entire industry chain in the global new energy industry, and further enhance the company's core competitiveness and continuous profitability.

It is worth noting that although the signing of this memorandum was not promulgated in the IRA bill, it was not the "expedient measure" of "tide". Behind this, there was a 6 -year -old cooperation foundation support for Greenli and related parties in South Korea. The result of water to the canal ".

It is reported that Green Mi and South Korea's Puxiang City and South Korea ECOPRO have maintained a good cooperative relationship: In 2016, Green Mi and Puxiang City Government and ECOPRO signed a MOU for the development of power battery materials, which opened the fate of the company's development of the development of the company and Puxiang City. ; In 2017, Green Metropolitan Corporation Jingmen Green Materials Co., Ltd. and ECOPRO jointly set up ECOPRO GEM CO., LTD in South Korea, for production and sales of power batteries, and jointly created global competitive ternary power material industry chain. With the value chain; in October 2019, the South Korean Pohe City delegation composed of Li Kangde, mayor of Puxiang City, and Ecopro, President of South Korea, visited the Greenlim (Jingmen) Circular Economic Industry Park to visit and inspect; The company outputs power battery regeneration and reuse technology and cooperates to operate ECOPRO's ECOPRO CNG CO., LTD., LTD., Jointly promoted the commercialization of power batteries and reuse technology.

By 2022, the cooperation between Green and South Korea was based on the in -depth trust established in the early stage and obtained a qualitative breakthrough. In addition to the above memorandum, March this year, Green Midea's company transferred 9%of the 9%equity of the Yimei New Energy Materials Co., Ltd. to ECOPRO companies, which strengthened the close cooperation between nickel resources and the downstream market; Memorandum of long-term supply agreements with high nickel front drives will supply 700,000 tons of high-nickel front drive material (NCA & NCM) for power batteries from 2023-2026. This agreement is one of the largest orders in the world's new energy material field. This is to lock long -term orders in advance.

Industry insiders believe that Greenmei, as the second largest leader in the world as a triple -driven, has a forward -looking deeply cultivating the global new energy focus on the Korean market when the global layout. The largest export market of Sisi oxide products), and it will also effectively hedge this IRA bill, because South Korea is one of the countries that signed FTA with the United States. Huatai Securities Research Report pointed out that considering the capacity layout of the Japanese and Korean battery plant in the US market, it is expected that the increase in sales of tax subsidies will benefit the Japanese and Korean battery plant directly, and the installation volume is expected to increase significantly. In view of the strict certification system of the Japanese and Korean battery factory and the high switching cost, Chinese suppliers who have entered the supply chain of Japanese and Korean battery companies in the short term (22-23) will benefit from IRA.

In addition, Greenmei is also unswervingly promoting the internationalization strategy. In July this year, the GDR issuance of GDR was listed on the Swift Stock Exchange. This will undoubtedly help the company for forming an international nickel smelting and material solution for "Indonesia's junior nickel resources -Korean fine smelting and material manufacturing".

Technical premium+cost advantage supports global expansion

In fact, the rapid expansion of Glin beauty globalization and growing into the world's second largest leading company in the three -yuan front -drive body, which is inseparable from its strong technical advantages and supply chain cost advantages.

According to the semi -annual report, Greenmei achieved operating income of 10.522 billion yuan in the first half of the year, an increase of 88.71%year -on -year, accounting for 75.57%of the total revenue.

Open source Securities Research Report believes that Green's front-wheel drive technology is leading. At present, it is one of the few companies in China that has industrialization of high-nickel core shell-gradient concentration technology. And signed a million -ton -level cooperation agreement with Ecopro, Rongbai Technology, Xiamen Tungsten Xinneng and other orthopedic enterprises. The performance is highly certain, the card position advantage+research and development orientation drive, it is expected to continue to enjoy the technical premium.

In addition to the technical premium, Greenmei has deployed the power battery recycling industry, and jointly invested in the Indonesian Celestial project to create a closed loop of the circulating industry chain. In the future, MHP's self -supply power is expected to further increase, and the company's cost advantage will increase.

It is reported that with the high price of new energy and metals, and the entry of domestic new energy vehicle power batteries entering the large -scale retirement stage, the power battery recycling industry that has become a treasure is constantly rising. The recycling with lithium iron phosphate batteries will form a 100 billion market. Among them, the three -yuan lithium battery metal recycling market space is around 60 billion yuan.

The semi -annual report shows that the Greenmei power battery recycling business achieved operating income of 257 million yuan, an increase of 368.64%year -on -year; the recycling and dismantling power battery reached 8452 tons (1.08GWh), an increase of 146%year -on -year, and the value of single product reached 0.24 million yuan/ton. The company's power battery steps use products to fully enter the stage of large -scale marketization and commercialization.

And Green's US metal recycling proportion maintains the industry's leading level. According to statistics, at the raw material side, Greenmei has signed an agreement with over 560 car companies and battery companies worldwide to establish an agreement to establish waste battery -oriented recycling cooperation relationships, and build 131 battery recycling outlets together. More than 99%, the recovery rate of lithium exceeds 92%, the first phase of the cyclic recycled lithium carbonate was put into production in February 2022, and the current production capacity is 500 tons/month. On the production side, in May 2022, the company signed an agreement plan to be in Hungary in Hungary Establishing production facilities with a power battery recycling capacity of 50,000 tons will benefit from the proportion of recycling materials for the "EU Battery Law".

Some analysts believe that the Greenli cycle is becoming increasingly plump. In the future, the expansion of recycling channels, the improvement of the recycling category, and the growth of downstream demand will jointly promote the further development of the company's urban mining business, allowing the company And to open up the new energy life cycle industry chain to promote the company's supply chain cost advantage in the background of the globalization.

- END -