The new technology of the China Innovation Airlines Stock Exchange is only one step away.

According to the announcement of the Hong Kong Stock Exchange, China Innovation Airlines continued to expire until September 28, and it is expected to be listed on the main board of the Hong Kong Stock Exchange on October 6. This means that China Innovation Airlines is only one step away from landing in Hong Kong stocks, and the company will become the first new energy battery leader in Hong Kong to go public. It is reported that Huatai International serves as an exclusive sponsor in this distribution.

According to foreign media reports, China Innovation Airlines sold approximately 266 million shares at a price of 38 to 51 per share, with a rate of HK $ 5151.41 per hand, accounting for 15%of the enlarged stock. And 14%of green shoes, the price range corresponds to the valuation of China Innovation Airlines 8.58 billion US dollars to $ 11.5 billion, which represents the 2023 EV/EBITDA 8.6-11.1. The discount rate is as high as 30-50%. After communicating, many investors said that the valuation of China Innovation Airlines was very attractive. It is a better choice for investors to enter the market.

Even before listing, the capital market is no stranger to China Innovation Airlines. As a "double -added" development of power batteries leading the leading enterprise, its installed capacity ranks second among domestic third -party power battery companies, and by proposing OS (OS (OS ( The advanced design concept of One-Stop technology is considered one of the main solutions for ending "mileage anxiety" and other issues.

With the landing of next -generation technologies such as lithium sulfur batteries and solid -state batteries, the core technology competitiveness of China Innovation Airlines will be further strengthened. On the other hand, the imagination of China Innovation Airlines is not limited to power batteries. Under the advantages of technology itself and commercial application value, China Innovation Airlines' energy storage business has become a new growth point.

Domestic third -party power battery installed capacity ranking second

China Innovation Airlines is mainly engaged in the design, research and development, production and sales of product products and energy storage system products. With its continuous technological innovation, the company has become the world's only power battery leading company with lithium iron phosphate and ternary batteries in the world with the supporting capabilities of all models.

The main reference indicators of the capital market judge the status of power battery companies are inseparable from the amount of installed machines. According to the data of Fhstanalin, as far as 2021 is concerned, China Innovation Airlines is the only company in China's top ten power battery companies that grows by more than 100%each year from 2019 to 2021.

Specific analysis, in the first quarter of 2022, the number of innovation air in the domestic power in the domestic power market share was 8.2%, ranking third among domestic power battery companies and ranked second among domestic third -party power battery companies. This is also the side. It reflects that China Innovation Airlines has become an important battery system solution provider for the vehicle factory.

The reason for the favored reason is unreasonable. Among the new energy vehicle vehicles, in order to be cheap with fuel vehicles, the cost reduction has always been the number one company. The company is committed to continuously improving the cost of continuously improving the technical strength and the driving of manufacturing processes. At present, the company is still in the stage of rapid expansion of production capacity. With the rapid release of the subsequent scale effect, the production cost of the unit's unit will be further reduced.

The power battery track is a technical dense track, so the customers from the next tour are not sensitive to the price. According to our understanding, there are great differences in the product form of different power battery companies, so from the perspective of the price, it is difficult to compare horizontally. And whether the company’s product strength and technical ability are excellent, whether it has the ability to refine large -scale production, and whether the supporting capabilities of the entire model of the car manufacturer have become the preferred criteria for many car manufacturers to judge a power battery company, and these points are also middle points. The most critical factor that can quickly stand out. For example, the spontaneous combustion of new energy vehicles is a serious blow for any car factory. Compared with the spontaneous combustion accidents on the market, China Innovation Airlines has no major safety accidents. The orders of major hosting manufacturers also represent the recognition of China Innovation Airlines products and confidence in future development.

China Innovation Airlines' magazine battery became the first ternary battery in the industry that could not be tested by acupuncture. At the same time, the lithium iron phosphate cells also passed the shooting limit test.

Through high -voltage technology, the energy density of the 5 -series high -voltage products of China Innovation Airlines reaches 260WH/KG, and the characteristics of high safety, long life, non -decaying, and full climate adaptability have been achieved. Fully leading.

Another model of medium nickel high voltage 6 series battery products has reached 280Wh/kg ternary cell energy density. The new energy vehicle installed in the product can achieve a range of up to 800 kilometers. It is comparable to the power battery and is better than the safety performance of the 8 series power battery.

In addition, in June 2022, the "Catalog of New Energy Vehicle Models for Vehicle Purchase Tax" issued by the Ministry of Industry and Information Technology (55th batch), less than 5%of the battery system installed by the model The battery system of China Innovation Airlines can provide energy density of up to 225Wh/kg, which is much higher than the industry average.

It is not difficult to see from the prospectus of innovation at the prospectus that cost -effective products are actually derived from the gradual release of the internal control and scale benefits of strong cost control capabilities.

Among them, the cost of consumption costs for China Innovation Airlines unit and the cost of direct labor in the unit decreased from 0.15 yuan/wh and 0.05 yuan/wh in 2019 to 0.07 yuan/wh and 0.02 yuan/WH in 2021; the proportion of sales expenses and management expenses accounted for Compared with 3.0%and 10.2%in 2019 to 2.4%and 6.0%in 2021. In the latest quarter of 2022, the proportion of sales and management expenses has fallen to 2.1%and 3.4%, which are less than the average proportion of the previous year, and the profit margin has expanded. On the other hand, the effective production capacity of Innovation Airlines in 2019 is about 3.0GWh, and it has reached 11.9GWh in 2021. It is expected that the effective production capacity in 2023 will reach about 90GWh. While the company's production capacity continues to grow, it has formed a middle industrial cluster in East China, South China, West China, and China. With the gradual landing and limit manufacturing of planning capacity, China Innovation Airlines is expected to further increase cost barriers.

At present, China Innovation Airlines has covered a series of excellent new energy vehicle customers such as GAC, Xiaopeng, Changan, Zero Run, Geely, Hondo, Honda, SAIC -GM, Cheich, Ruichi, and Dongfeng Xiaokang. Among them, Mercedes -Benz Smart also provided China Innovation Airlines as the main power battery. According to market news, Weilai will introduce China Innovation Airlines batteries.

OS design definition new battery route

Focusing on the core demands of improving energy density, cost reduction and efficiency, and ensuring safety, the breakthrough of lithium battery technology mainly comes from the two major levels: one is the innovation of the electrochemical material system, that is, the improvement of the single battery material; the second is the structure and the structure and the structure and Innovation at the manufacturing level, including the development of battles packaging, group groups and system integration.

The OS (ONE-SEP) technology design concept proposed by China Innovation Airlines is not only suitable for battery products, but also applicable to battery pack products. Forms of products.

为了OS能满足中创新航极简、极限的追求，公司首创了多项全新技术，包括超薄壳壁、多维壳体成型、多功能复合封装、一体桥接电连接、高剪切外绝缘、原Dust -free assembly integration.

Taking multi -dimensional shell forming as an example, the shell as the first barrier of the cells often plays the role of heat -dismantling protection, explosion -proof, sealing, structural strength, etc., and how to weld at high -speed welding in ultra -thin shell walls. To achieve high security and consistency, it has always been a problem in the industry, and these are resolved by China Innovation.

In the extremely simplified design of the battery structure, OS relying on the technical ideas such as modular design and integrated molding to achieve a 40%loss of the battery structure, the number of parts decrease by 25%, the spatial utilization rate exceeds 80%, the cost is reduced by 15%, the cost decreases by 15% Major breakthrough. Among the comparable indicator space utilization, it is 8 percentage points higher than the Kirin battery in Ningde.

According to public information, lithium iron phosphate power batteries equipped with OS technology can support most conventional models to achieve a range of up to 700km, and the ternary battery can achieve a range of up to 1000km. Stronger. When the vehicle battery life reaches 1000km, the market believes that it is enough to end the "mileage anxiety".

It is worth noting that the OS framework not only in the technological innovation of the process, but also the technical upgrade of the equipment. It is necessary to know that the production process of power batteries is cumbersome, including mixing, coating, baking, pressure, cutting, etc., in the mainstream battery design solution can only reasonably support the 2-3GWh single production capacity planning, which is bound to face "TWH". arrival.

In the OS framework, on the one hand, the product itself is simpler, the number of parts is more streamlined, and the product integration performance is better; on the other hand, the design and manufacturing process of the new product breaks through the existing process and structure. Bottlenecks, more integration of manufacturing process, can greatly improve manufacturing efficiency.

China Innovation Airlines has developed a group of extreme manufacturing processes and supporting equipment suitable for the OS battery system. The production efficiency increases by 100%, the production space is reduced by 50%, the manufacturing cost is reduced by 30%, the manufacturing energy consumption is reduced by 60%, and the "zero zero zero zero "Foreign objects produced; innovative" building block splicing "technology has greatly improved the efficiency of the battery group.

Under the traction of the OS concept, the limit design has become the overall orientation of the battery design. It has comprehensively covered the technical upgrade of the fields, equipment and other fields. It has formed a huge advantage.

According to media reports, a new battery product based on OS technology has clarified a number of designated models, and it is expected to be promoted to the market in the next few months.

Layout the next -generation battery technology

At present, the capacity of mainstream positive materials such as ternary and lithium iron phosphate has developed close to the theoretical value, and the innovation of the electrochemical material system is the "home" of each battery company.

From the public information, the latest progress of each battery plant, the recent landing is mainly the semi -solid battery and sodium batteries. Among them, semi -solid batteries are generally regarded as the transitional product of solid -state batteries, and sodium batteries are supplemented by lithium batteries under lithium raw materials.

China Innovation Airlines once again gave different "answers". The company has developed a 420WH/KG lithium sulfur battery, which is expected to reach 500Wh/kg in 2023. Its high -energy density can easily exceed 1,000 kilometers of electric vehicles.

As the most representative solution of high -energy density batteries in the rear lithium battery era, lithium sulfur batteries have the characteristics of ultra -high theoretical compared capacity (2600Wh/kg), excellent low temperature performance, and wide raw materials. "Obviously, poor sulfur itself, poor conductivity, charge and discharge volume expansion and other factors can lead to the rapid decay of lithium sulfur batteries.

In order to achieve the industrial problems of the industrialization of high -performance lithium sulfur battery industrialization, China Innovation Airlines proced on the first principle of the first principles of China, and independently designed a high -capacity long life of one -dimensional to three -dimensional structure. The material is lithium in the world. Ranking ranked second in the number of patents in sulfur battery.

After using high -capacity sulfur positive poles, the cost of positive material will decrease by more than 95%. After mass production, the cost of wat time reaches less than 50%of the ternary battery, or even lower than the LFP battery to achieve the ultimate cost performance. Once the lithium sulfur battery is launched, the new energy vehicle is still in the process of reducing costs and fuel cars. It is undoubtedly a "thrust".

In addition, solid -state batteries are the clear development direction of current battery factories. The main difference between solid -state batteries is the route of electrolyte, such as the development of a polymer solid electrolyte system in Europe and the United States, and Japan and South Korea adhere to the sulfide technology route. change.

Aside from the immature high cost of the solid-state battery industry, it is not discussed. The existence of solid batteries can not take into account the problem of high ionic conductivity and stability, and rigid solid contacts at the same time.

China Innovation Airlines is obviously prepared. Among them, the core technology patent network is formed in the field of material -related fields, 16 important core patents, and successfully developed a multi -type high -stable, high -ion conductive full solid electrolyte material and its macro -volume preparation technology The highest ion conductivity is 6ms/cm, and the migration of lithium ions is close to 1. On this technology, it is about to overcome 10min fast charge technology.

In addition to the above lithium sulfur batteries and all -solid battery technology, China Innovation Airlines also developed cutting -edge technologies such as ultra -high voltage positive materials, high -capacity lithium supplement materials, and non -lithium multi -price ion ion materials, which continued to lead the industry's latest technology development direction.

Energy storage or the second growth curve

According to the data of Fhstana, in the background of national energy transformation and global carbon neutralization, energy storage batteries are important parts of power system reform and new energy power construction. It is estimated that the global installation volume will reach 250.1GWh in 2026. Among them, China is the largest market with an installed capacity of 110.7GWh.

From the perspective of the entire power system, the application scenarios of energy storage can be divided into three major scenarios: power storage, transmission and distribution side energy storage, and power storage energy storage. Among them, the energy storage of electricity side is mainly used for spontaneous use of electricity, peak -valley price difference, capacity and electricity bill management, and improvement of power supply reliability.

In fact, since the beginning of 2022, energy tensions have intensified, traditional energy prices have continued to soar, high electricity prices have promoted household light and household storage yields, and European household storage demand has begun to erupt. Energy storage market.

The research report released by Soochow Securities in September this year pointed out that the cost of energy storage systems in 2021 fell to about 1.5 yuan/WH, which is an inflection point of energy storage economy. According to the estimated area with a difference of more than 7 cents, it has strong energy storage. Economics. At the same time, as the cost of iron lithium and other batteries continued to decline, the energy storage of lithium battery was not two at a time, and it was also considered to be the most explosive growth area in 2022.

China Innovation Airlines currently has a complete battery solution in the field of energy storage, focusing on the layout of new energy storage markets such as new energy power generation, power grid side, and user side. Essence

According to the data of Fhstana, Innovation Airlines provided energy storage batteries for one of the world's largest lithium -ion battery energy storage system projects at that time in mid -August 2020. Many national demonstration projects are also inseparable from the participation of China Innovation. Many of the world's largest or the first large -scale projects in the industry are behind the landing of large projects. Application scenarios such as islands, remote plateau, high cold and low pressure.

However, as the main technical route of electrochemical energy storage, the advantages and disadvantages of lithium batteries are very obvious. Its advantage is that it is not restricted by regional and has high power, and its industrial facilities are more mature. However, the natural flammable characteristics of lithium batteries have also caused some concerns about the market. Safety and long life are always the problem of unavoidable energy storage batteries.

The long -life iron phosphate system battery launched by China Innovation Airlines has 20 years of super long service, and from battery materials to battery systems, to complete life safety management, a trinity product safety technology is established to achieve the best life environment design of the battery , Electric -level precision temperature control, intelligent charging and discharge management, supporting energy storage power stations through more power, increasing customer income.

In the full cycle of life monitoring, China Innovation Airlines is based on the advanced AI algorithm operation of the battery operation to achieve a cloud BMS battery safety active early warning, and the early warning of 24H to achieve high -voltage insulation protection early warning and cross -current electricity protection. Light, gas, and image four -level battery thermal dismissal buds of three -dimensional warnings, power off in advance; battery box -level fire sensing and active fire protection design.

This means that even if the battery is damaged and ignited even in extreme cases, the above -mentioned security system can still perform active protection to ensure the minimum loss.The energy storage system launched by Innovation Airlines in itself adapts to various bad working conditions, and the target of the loss efficiency is controlled at a one billionth.This is due to the insulation design of the company's thermoelectric coupling, and the aviation -grade electromagnetic compatibility system integration technology.Under the advantages of the technical itself and the value of commercial application, customers use "orders" to vote.The revenue of China Innovation Airlines has maintained steadily and rapidly, from 180 million yuan in 2019 to 450 million yuan in 2021, with a compound annual growth rate of about 57%.In the future, with the gradual maturity and outbreak of the energy storage industry, energy storage business will further become a new growth point for China Innovation Airlines.

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