资源描述
|2023-2024-3.5+5.8-0.6+11.9 2022Q1 4700/1 PET 1.2m 10-13m 2 3 200 MPa 270 MPa 280 MPa 8-9 m 12-15 m 8-9m 2023-2024(603876)/2023 02 12 021-63325888*6084 S0860520010002 BTB487 2023 2022-11-27 2.5.6 1.1.6 1.2.7 1.3.10 1.4.11 1.5.13.17 2.1.17 2.2.20 2.3.23.25.25 3 1.5 2 PE.5 3 GWh.6 4 GWh.6 5 2022 GWh.6 6/Wh.8 7 2022 10.8 8 12m.10 9.10 10 2021.10 11 2022.10 12 2020 kg.12 13/.12 14.12 15.13 16.15 17 PVD.15 18.16 19.16 20 PE.16 21.16 22 1070 MPa.17 23 1100 MPa.17 24.17 25 g/cm3.18 26 Wh/kg.20 27.21 28 MPa.22 29.22 30.22 31/.22 32 8-9m MPa.23 33 8-9m%.23 34.23 4 1.7 2.7 3.8 4 GWh.9 5.9 6.11 7.11 8.13 9.14 10.15 11.19 12 10um 8um 12um 1.2%2.4%.19 13.20 14.21 15.24 16.24 5 PE 2021 10 153.31 2023 2 10 51.45 66%=EPS PE 2021 10 6m 4.65/2023 1 12 3.5/25%EPS 6m 2022 6 2021 10 2023 2 PE 75 26 65%EPS PE 1 Wind ICC PET PE 2022 PET PE 2022 2023 2022 PE PET PE 2 PE Wind 0408012016020001234562021/5 2021/8 2021/11 2022/2 2022/5 2022/8 2022/11 6um/0204060801001202021/8 2021/11 2022/2 2022/5 2022/8 2022/11 2023/2 6 1.1 2022 260GWh 150%4800 2022 721.9 96.33%2022 545.9 GWh 149%3 GWh 4 GWh GGII Wind 2022 118 GWh 758 GWh 1018.8 GWh 2021 140 GWh 130 GWh 5 2022 GWh GGII CBC 0%20%40%60%80%100%120%140%160%0501001502002503003502017A 2018A 2019A 2020A 2021A 2022H1 100%150%200%250%300%01002003004005006002021/012021/032021/052021/072021/092021/112022/012022/032022/052022/072022/092022/11 020406080100120140160180 2021 2022 7 10 16 30GWh 2022 1 4 2022 12 2023 5 1 2021 8 2021 10 2022 6 2021 5 2021 7 2023 2022 1 2022 4 2022 12 1.2 55 kg 75%90%55 kg 40 Wh/kg 2 GB17761-2018 GB/T24158-2018 GB/T24158-2018 25km/h 50km/h 50km/h 48V/400W 400W4KW 400KW 55kg/C D Mysteel 100-200 Wh/kg 150-250 Wh/kg 30-70 Wh/kg 2021 0.7/Wh 0.26/Wh 8 3 Wh/kg 100-200 150-250 30-70 4000-6000 4000-6000 300-500/Wh 0.7 0.26 0.51 0.64 0.3-0.32 90%90%70-76%80(1C)90%-20(1C)85%60(1C)90%-20(1C)70%A00 A0 6/Wh 7 2022 10 SMM Mysteel 2023-2025 913 GWh 1253 GWh 1619 GWh 460 GWh 594 GWh 757 GWh 2023 2023-2025 1024 GWh 1432 GWh 1915 GWh 2022 295 GWh 546 GWh 54%2022 67%2023-2025 79%2023-2025 0.00.20.40.60.81.02021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/11 LFP 84.56%79.09%74.15%75.07%66%70%74%78%82%86%A00 A0 9 913 GWh 1253 GWh 1619 GWh 460 GWh 594 GWh 757 GWh 4 GWh 2020A 2021A 2022E 2023E 2024E 2025E GWh 104 187 315 530 791 1104 33 110 182 236 315 419 4 7 18 29 43 60 8 17 41 68 101 140 95 102 110 117 130 133 22 30 37 44 51 59 266 454 703 1024 1432 1915 83%84%67%71%75%79%95%88%88%88%88%88%95%88%88%88%88%88%GWh 126 223 471 747 1056 1400 39 131 272 333 421 531 4 8 20 33 49 68 9 20 47 77 115 159 100 116 125 133 147 151 23 34 42 50 57 67 230 347 616 913 1253 1619 71 185 362 460 594 757 301 532 977 1373 1847 2376 Wind EVTank 2023 53.362.5 2024-2025 72.985.4 94.7110.9 GWh 300-450 GWh 400-600 GWh 700-1000 2 2023 53.362.5 2024-2025 72.985.4 94.7110.9 5 2021A 2022E 2023E 2024E 2025E GWh 347 616 913 1253 1619 185 362 460 594 757 2 8 29 50/GWh 350400 450550 800900 12.113.9 21.624.6 3236.5 43.950.1 56.664.7 10 8.310.2 16.319.9 20.725.3 26.732.7 34.141.7 00 0.20.2 0.60.7 2.32.6 44.5 20.524 3844.7 53.362.5 72.985.4 94.7110.9 1.3 1.9/2021 2020 2022 70.4%8 12 m 9 GGII 2021 CR5 85%2022 CR5 84%10 2021 11 2022 2023-2024 59.0 84.8 2025 101.7 20 2023 1/90 1.851.861.871.881.891.901.911.921.931.942021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/110%20%40%60%80%100%120%140%05101520252015 2016 2017 2018 2019 2020 2021 2022 40%22%9%7%6%3%2%11%49%15%7%7%5%3%4%10%11 70-78%2023-2024 59.0 84.8 2025 101.7 6/5 2022 3.6 2021 80 20 36 5.5 3 2022 5 22H2-24H1 7.2 2021 2022 5 2023 8 2024 1 2.1 2021 10 3 2022 2 24 6.5 2023 10 5 2023 12 5 2025 2.5 2021 2022 5 2.5 24 20 2 2023 2023 6-7 2024 10/2022 10 600 2023 5 15 2.5 5 4.5 24 1.88 1.8 2021 GGII 2023-2024-3.5+5.8-0.6+11.9 7 2021A 2022E 2023E 2024E 2025E 20.524 3844.7 53.362.5 72.985.4 94.7110.9 24.2 38.0 59.0 84.8 101.7/+0.2+3.7-6.70-3.5+5.8-0.6+11.9-9.2+7 1.4 12 60%2020 0.72kg 1.2kg 0.9kg 2020 2023 2021A 9500 2022Q1 14300 4800/12 2020 kg 13/CBC 2022Q1 19000/4700 14 0.72 0.90 1.20 0.00.20.40.60.81.01.21.4 05,00010,00015,00020,0002019A 2020A 2021A 2022Q1 PS 13 1.5 PET/PP-PET/PP-2022 11 8m 6m PET 4m 1m 8m PET 6m 1.2m PET 15 6m 4.5m 2m 53.76g 40.32g 17.92g 3.12 2.34 1.14 1.20-1.98 13m 4.5m 2.4m 35.10g 27.00g 6.48g 0.56 0.43 0.17 0.26-0.39 8 6m 4.5m 13m 10m/m 6 4.5 2 13 10 2.4 PET m-6-4/g 53.76 40.32 17.92 35.10 27.00 6.48 PET g-8.28-5.52/57,985 57,985 57,985 15,872 15,872 15,872 PET/-11,770-11,770/3.12 2.34 1.04 0.56 0.43 0.10 PET-0.10-0.06 3.12 2.34 1.14 0.56 0.43 0.17 Wind 6mL 6m 4.5mL 4.5m 8mL 2mPET 13mL 13m 10mL 10m 8.4mL 2.4mPET 14 1 R R=L/S L S 6m 4.5m 2m 2.9m 3.9m 8.8m 13m 10m 2.4m 2.2m 2.8m 11.8m i Q=i Rt t Q R Q C 2 0.5C 2 20 3C 20 4C 9 6m 4.5m 13m 10m/m 6 4.5 2 13 10 2.4 m 0.0175 0.0283 mm 6 4.5 2 13 10 2.4 m 2.9 3.9 8.8 2.2 2.8 11.8 2 0.6-0.9/m2 13-15m 2018-2021 0.6-0.9/m2 15 10 2018A 2019A 2020A 2021A 18,471 19,169 24,049 55,673 m 1315 m2 4.65.3 4.75.5 5.96.9 13.715.9 28,901 34,799 36,131-1,209 1,271 1,546-1,750 1,944 2,251-1,924 2,254 2,855-33,784 40,268 42,783 123,361/m2 0.60.7 0.70.9 0.60.7 0.80.9 2021 2021 PVD 1300 750 60 nm 1.2 m 20 37.5 15 2.31 16 17 PVD GGII GGII 3 16 18 19 Promise and reality of post-lithium-ion batteries with high energy densities 2023 2 10 TTM 19 3%20 PE 21 Wind Wind a.b.c.-a.b.c.-SK Innovation 0204060801001201401601802020/9 2021/3 2021/9 2022/3 2022/9-1012345 17 2.1 2016 2022 2019 10 2016 2019 2022 2019 1013m 2022 10m 22 1070 MPa 23 1100 MPa 24 Solvent-Free Manufacturing of Electrodes for Lithium-ion Batteries 150160 160185 18518005010015020010m 1013m 1315m2016 2019 2022 170180 180230 23022005010015020025010m 1013m 1315m2016 2019 2022 3D 18 69%25 g/cm3-2020 7 31.5 A h 132.5 W h/kg 284.5 W h/L 2.15 g/cm2 2.4 g/cm2 5.1%5.1 4.8 3.6 4.2 2.3 4.3 3.7 2.5 3.2 1.8 30%40%50%60%70%80%90%0123456LiCoO2 NCM111 LiFePO4 LiMn2O4/(W h/kg)=(A h/kg)(kg)(V)(kg)(W h/L)=(A h/kg)(kg)(V)(L)19 11 g/cm3 2.15 2.4 0.6%5.1%g/cm3 1.45 1.7 0.6%5.1%g/(A h)4.8 4 3.4%0.0%91 96 3.2%4.1%94 97 0.6%1.2%mg/mm2 0.14 0.21 3.2%4.1%N/P 1.2 1.1 1.7%2.4%mm 0.015 0.012 1.1%1.3%mm 0.009 0.006 3.7%1.3%mm 0.02 0.017 1.0%2.5%-12 10 8 1.2%2.4%2022 9 149.24 Wh/kg 12m 10m 8m 12um 0.45kg/kwh 0.38kg/kwh 10m 0.30kg/kwh 8m 151.0 Wh/kg 10m 152.8Wh/kg 8m 12m 1.2%10m 2.4%8m 12 10um 8um 12um 1.2%2.4%12um 10um 8um kg/Wh 6.89 6.81 6.74 kg/Wh 0.45 0.38 0.30 Wh/kg 149.24 150.98 152.75(12um)-1.2%2.4%GGII 2022 9 330 178 150Wh/kg 54%5 200 Wh/kg 20 26 Wh/kg GGII 2.2 1 1 2 3 4 5 8 3 8 1 1 99%13 GB/T 33143-2022 GB/T 3198-2020 GB/T 22649-2019 1 1070 1060 1050 1235 1C30 1100 1035 1050 1060 1070 1100 1145 1200 1235 1100 1200 2 2A11 2024 3 3003 3004 3005 3104 3105 3102 3003 3004 4 4A13 5 5A02 5B02 5005 5052 5082 5083 8 8011 8A21 8006 8021 8021B 8011 8011A 8079 8111 8011 8011A 8006 8050 8150 8079 1 1060 1100 99 H18 1 21 14 IACS)(MPa)*(MPa)*-64.94%90 11 1100 H18 58%166 152 3003 H18 47%200 186 3005 H18 45%255 248 5005 H18 52%200 193*United Aluminium 27 280MPa 200MPa 270MPa 200-230MPa 3.4%-3.9%280MPa 99%10m 3%30 22 28 MPa 29 10m 20um 15um 13um 12um 10um 8um 2022 12 5 12um 3.77/16um 6800/30 31/-CBC 8-9 m 8 m 260MPa 9 m 285 MPa 240 MPa 9m 235 280 285 260 240 298 280 230 1601802002202402602803003201601802002202402602803003206.0%3.5%4.7%5.0%2.5%3.5%3.8%3.9%0%1%2%3%4%5%6%7%0%1%2%3%4%5%6%7%20m16m15m13m12m10m9m8m05101520252.02.53.03.54.04.52017/12 2019/06 2020/12 2022/0612um 16um 23 33-46%32 8-9 m MPa 33 8-9 m%2.3 34 240 285 259 260 208 160180200220240260280300 8m 9m2.0%3.3%3.8%3.2%3.0%0%1%2%3%4%5%8m 9m/24 1 99 15 m Mpa%9-20 220-280 3.0-3.5 0.010.05%4.0 13 221-231 3.7-5.0 SNIF+1235D 10-15 235-240 2.0-2.5 Al-Ti-B Ti 4.5-5.5 B 0.8-1.2 15 296-298 3.2-3.5 1.0-1.2 Mn 1.2-1.5kg/t 9 221-232 2.5-3.3 Ce 0.003-0.005%Ba 0.0007%-0.001%8-10 260-280 3.2-3.8 Fe-Si/Mn=1 16 80 60/30 30/20 4.5 2/280 MPa 8-9 m 25 2023-2024 2022 280MPa 8-9 m(603876)26 1%(603876)1%27 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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