introduction
The new subsidy policy was announced at the beginning of the 18th, which raised higher requirements for battery energy density. The Ministry of Science and Technology made a substantial breakthrough in the research of power battery specialization. The Ningde era, Lishen and Guoxuan all adopted the soft package route; Announced plans to acquire ultra-precision precision for automation equipment for soft packages. Three incidents revealed that deep-seated industry changes are taking place.
Soft packet technology is an important means for lightweight and energy-efficient batteries, and it is expected to continue to increase the penetration rate in new expansion capacity, thereby realizing higher investment growth than the scale of industrial expansion. The technological differences between soft pack batteries and square batteries bring The demand for high-end lamination equipment and equipment for liquid lamination, packaging, etc. in the mid-to-late segment has been upgraded. Due to the vast space in the new market, lithium-ion equipment companies with certain soft-package technology bases are expected to speed up the layout. Refer to the report for details.
The core view
The advantages and disadvantages of each of the three forms, the soft pack battery energy density performance outstanding
Compared with hard-shell batteries (square and cylindrical), the soft-pack battery has the characteristics of flexible design, light weight, low internal resistance, low explosion, high cycle frequency, high energy density, etc. It can improve the energy of the battery in the current state of the art. In the short term, flexible packaging, as a means to reduce the energy consumption of batteries, will occupy a relatively high proportion of the incremental market. In the long run, all-solid-state batteries need to adopt soft packet technology for the industry. The direction is specified. The new energy vehicle policy has released the signal to promote battery performance and increase energy density. With the continuous improvement of subsidy thresholds, flexible packaging can help more battery companies increase energy density and product competitiveness. The future of soft packet technology will be Take a place in the incremental market.
Lithium battery equipment demand upgrade from the perspective of battery morphology
According to statistics from China Energy Storage Network, the penetration rate of soft battery packs in power batteries is only 12-15%. On the one hand, due to the current immature production process, lower standardization, poor battery consistency, and on the other hand, It is the main raw material that aluminum-plastic film relies on import to lead to relatively high unit cost. However, these development bottlenecks are expected to be eliminated in the future through production scale, automation, enhanced battery management systems, and improved quality of aluminum-plastic film. Especially soft The lamination process adopted by the core of the battery pack imposes high requirements on the control of the production process and highlights the important role of the high-end integrated equipment in the mid-to-late segment.
Soft package equipment has a large space, and mainstream manufacturers have laid out
Power lithium battery production equipment and lithium battery production process is closely related, the whole production process can be roughly divided into pole piece production (front end), cell production (middle end) and battery assembly (back end) in three stages. Soft pack battery and square The process of the battery at the front end of the production process, such as stirring, coating, and roller press, is basically the same. The process differences are mainly concentrated in the mid-end and the back-end of the power battery production. The core difference lies in two aspects: 1) The soft battery cell adopts lamination Process, while the square battery is usually used in the winding process; 2) aluminum plastic film as a soft pack battery packaging material, in which the back-end liquid injection, packaging and other processes and the square battery there is a big difference. The back-end lithium battery-related equipment The market space has attracted lithium equipment leaders to speed up the deployment of soft pack equipment. On March 13, 2018, Ruidalai announced a major asset reorganization suspension and announced that the target asset to be acquired was Dongguan Chaoye Precision Equipment Co., Ltd. Precision Industry is a leading supplier of flexible battery package solutions in China.
Investment suggestion: With the new energy vehicle subsidy standard, the battery energy density is required to be higher. The soft packet technology is an important means for the lightweight and energy-saving of the battery, and it is expected to continuously increase the penetration rate in the new production capacity, thus achieving higher than the industry expansion. Large-scale investment growth. The technological differences between soft-battery batteries and prismatic batteries have brought about an upgrade in the demand for high-end lamination equipment and equipment such as liquid injection and packaging in the mid- to late-stage. The new market has a certain amount of soft-pack technology because of its vast space. Lithium electric equipment company is expected to speed up the layout. Currently related listed companies include 璞泰来, 合合科技, 先智能智能, etc.
Risk Warning: Sales of new energy vehicles are lower than expected; product prices have fallen sharply; soft pack power battery technology has been promoted less than expected.
First, battery shape three points of the world, the potential for a huge battery pack
1.1 The advantages and disadvantages of each of the three forms, the energy density of the soft pack battery is outstanding
At present, power lithium batteries can be divided into three types according to the differences in package types: cylinders, squares, and soft bags. Cylindrical and square are also collectively referred to as hard-shell batteries. The internal components of the three power lithium batteries have little difference. The core difference lies in the cylinder. And square batteries are mainly made of metal materials as the shell, while the soft lithium battery uses aluminum plastic film as the enclosure.
Due to the different packaging materials and structure, the three batteries have different technical performances, each with certain advantages and disadvantages.
Cylindrical battery: The production process is mature, the product yield is high. Benefit from the mature process, cylindrical lithium battery PACK cost is lower, the battery product yield rate is higher; and the heat dissipation performance is superior to the square battery; Cylindrical battery can be based on specific needs and A variety of morphological combinations are available to facilitate the full deployment of new energy vehicles. Currently, China, Japan, Korea, and the United States all have mature cylindrical battery manufacturers, such as SANYO, SONY, and Wanxiang A123. However, cylindrical batteries are usually used. Metal steel or aluminum shell package, the weight is larger, resulting in a relatively low specific energy of the battery.
Square battery: Many models, difficult to unite the process. Square hard shell battery casing mostly aluminum alloy, stainless steel and other materials, the internal use of the winding or lamination process, the protective effect of the battery is better than the aluminum plastic film battery ( That is, the soft pack battery), the battery safety has also been greatly improved compared to the cylindrical battery. At present, the company producing square battery mainly has Ningde times, Guoxuan Hi-tech, Samsung SDI, Lishen etc. But since the square battery is usually based on The size of products required for customized production, resulting in the current market, a large number of square battery models, the process is difficult to unify, for the need for multiple strings, the use of new energy vehicles in parallel power lithium batteries, so the selection of standardized production of cylindrical lithium batteries in the production process more It is guaranteed that it has more advantages in terms of security, and it is more replaceable.
Soft pack battery: refers to a lithium battery with an aluminum-plastic film as its outer shell. Its penetration rate in the 3C field has exceeded 60%, and it has gradually expanded to the new energy automotive industry. Compared with the hard shell battery, the soft pack battery has a flexible design and is light in weight. , Small internal resistance, Not easy to explode, Many cycles, High energy density, etc. The soft pack battery has been rapidly developed with the popularity of smartphones and tablet PCs, and gradually applied to new energy sources due to its good ductility and high energy density characteristics. Automobiles, energy storage and other fields.
The biggest advantage of flexible packaging is that it can improve the energy density of the power battery at the current state of the art, and further reduce the gap between the fuel vehicle and the cruising range. According to the statistics of high-tech lithium battery, the soft battery is more than the same capacity of aluminum packaging battery Lighter than 20%, compared with the same size of aluminum shell battery, the capacity is 50% higher. Compared with hard shell packaging, flexible packaging can improve battery safety, reduce battery self-consumption, prolong service life, and have design flexibility. Flexible packaging The disadvantage is that the mechanical strength of aluminum-plastic film of packaging materials is less than that of hard shell. Currently, it is dependent on imports and the cost is high.
The problem of cost and consistency becomes the limiting factor for the development of soft pack batteries. The drawbacks of soft pack batteries are that the current production process is not yet mature, the degree of standardization is low, and the battery consistency is poor. However, these disadvantages will be scaled up and automated in the future. Strengthen the battery management system, eliminate the quality of aluminum plastic film. In addition, soft plastic raw materials imported plastic film still depends on imports, power battery manufacturers to accept low degree of domestic aluminum film, which also to some extent, limited the soft battery Large-scale development. In the future, with domestic companies in the field of aluminum plastic film production capacity, follow-up restrictive factors are expected to gradually resolve.
1.2 The new policy of 'returning the premium', the demand for high energy density helps the development of soft packet technology
According to the new energy vehicle subsidy program of 2018, there is a 10% subsidy premium for pure electric passenger cars with system energy density above 140Wh/kg, and a 20% subsidy premium for pure electric passenger cars with system energy density above 160Wh/kg. The pure energy electric vehicle with a system energy density of 135Wh/kg or more can obtain a 10% subsidy premium, which raises the subsidy requirement for the energy density of the battery system. As the flexible packaging can further increase the energy density of the battery, the development of soft-packed batteries meets the new policy guidance direction. .
In the medium term, under the background of subsidization, the industry's competitive landscape tends to be market-oriented, and the soft-charging battery is in line with the trend of passenger vehicles to enhance endurance. Under the guidance of the 2013-2016 generalized subsidy policy, the market for new energy passenger vehicles will gradually As a result, in 2016, the output accounted for approximately 62% of the total output of new energy vehicles; A00, A0 class cars accounted for half of the production of new energy passenger vehicles. The market cultivation has achieved initial results. Compared to buses, special vehicles, The space for vehicles is more compact, and the energy density and safety are more demanding. The flexible package can save the volume and reduce the weight, can improve the continuous driving ability, and is not explosive. The advantages are obvious. Beiqi EC180, Chery eQ and other popular A00, A0 models are all part The use of soft batteries. Flexible packaging energy density, safety advantages in line with the A, B passenger car performance direction, the continuous supply of new energy passenger vehicles to create space for the development of soft.
1.3 Future solid-state batteries are suitable for soft packaging technology
According to the different state of electrolyte substances, soft-packed batteries can be divided into soft-packed liquid batteries and soft-packed polymer batteries. The former uses liquid electrolytes, while the latter uses electrolytes mainly based on colloids. Solid-state materials are used as electrolytes. All-solid-state batteries are still in the R&D demonstration stage, which will further increase the energy density and safety of the power battery. Since the liquid electrolyte is not used, the battery package can use the soft package. The soft package liquid battery is widely used in domestic mobile phones, charging treasure, well-known best-selling The model Nissan Leaf wind is loaded with laminated soft pack liquid batteries from AESC; soft polymer batteries are used in laptops and branded mobile phones.
In the long run, all-solid-state batteries have high energy density and strongest safety, and are expected to promote the further development of flexible packaging. All-solid-state batteries replace battery separators and electrolytes with solid electrolytes such as polymers, oxides or sulfides to fundamentally solve battery safety problems. Battery cell energy density is expected to increase to 400-500Wh/kg. All-solid-state batteries are still in the R&D stage. BMW, Toyota, Bosch, and some domestic companies are actively laying out, and are expected to become mainstream battery routes in the future. Kolibri in Germany is an Audi car. Developed a large-capacity polymer solid-state lithium battery with a total battery weight of 300kg and a driving range of 600km. Due to the elimination of liquids, the solid-state battery case and assembly process are simplified, and the soft-encapsulation technology suitable for solid-state battery packaging is used. It is expected to open up new growth space for the development of soft battery.
We believe that in the short term, flexible packaging as a means of lightweight and energy-efficient batteries will occupy a larger proportion of the incremental market, and long-term optimistic about the trend of all-solid-state batteries adopting flexible packaging. New energy vehicle new policies have been released to promote battery performance improvement and increase Energy density signal. With the continuous improvement of the subsidy threshold, flexible packaging can help more battery companies increase energy density and enhance product competitiveness. Flexible packaging will occupy a place in the incremental market.
Second, the trend of production expansion has changed, and the investment in soft-battery batteries has increased.
2.1 Star models help power soft pack batteries in the future
In the domestic market, soft-battery batteries have entered the supply chain of some new energy passenger cars, passenger cars, and special-purpose vehicle leading companies. The application prospects continue to be promising. Beiqi New Energy, Chery and other manufacturers introduced soft packages in their best-selling models, Dongfeng Nissan, SAIC General Motors, etc. The company actively promotes the localization of foreign soft car models. The soft pack battery is also used in new energy buses and special vehicles, Yutong Bus, Zhongtong Bus, Dongfeng Special Steam and other leading companies have models equipped with soft batteries.
2.2 Battery Enterprise's Flexible Capacity Production Expansion Plan
In the first ten years of new-energy passenger vehicle power battery installed capacity, Fuengneng, Tianneng, and Jiewei are three-way soft pack power battery suppliers. These three companies have entered the supply of new energy passenger vehicles in recent years. of.
Since 2015, Fuengeng has gained access to Beiqi New Energy's supply system through the energy density advantage of Sanyuan Soft Packages and its accumulated experience in North America, becoming the main supplier. In 2015, Fucan was still unknown in the ranking of shipments. In 2016, Fueeng's shipments reached 341.68MWh, ranking 13th in the industry. In 2017, it continued to expand, with shipments of 1.05GWh, ranked sixth in the industry, and ranked third in passenger car packages. December 20th, 2017 Fufu It is also possible to sign a five-million-unit battery bill with BAIC, which will ensure that it continues to have a large market share.
Tianneng is also a giant battery company that has entered the supply of new energy passenger vehicles in recent years. In 2017, Tianneng Sanyuan’s soft battery power battery has nearly 300MWh. Tianneng’s soft packet battery has reached an energy density of 230Wh/kg. By the end of 2018, Launched 250-260Wh/kg product. At present, Tianneng Sanyuan soft pack power battery capacity is 2.5GWh-3GWh. It will be expanded to 8GWh in 2019. The new capacity will be all three yuan soft package routes.
In addition to the top ten, companies such as Fluoride, Caron New Energy, Chaowei Chuangyuan, Tianjin Stake, Penghui Energy have all mass-produced and supplied ternary soft pack batteries, making Sanyuan soft packs square and square. Cylindrical, growing trend.
Third, from the evolution of battery morphology to see the upgrade of lithium battery equipment
3.1 Technology and Efficiency Finding a Balanced Point, Three Forms Each Developing
On January 20th, 2018, the 2018 Forum of China's Electric Vehicles and the 2018 Forum, Ouyang Minggao, Head of the General Expert Group on Energy Saving and New Energy Vehicle Major Projects of the National 863 Program, introduced the progress of special research on power batteries. Among them, CATL, Lishen, Guoxuan Hi-Tech The three companies that undertook the new lithium-ion power battery project all chose the Sanyuan soft package technology route, with energy density reaching 300Wh/kg.
However, this can only show that the three companies that undertake the special projects of the country recognize the high energy density characteristics of the Sanyuan soft package technology route. The actual expansion is still starting from the company itself and seeking a balance between technology and efficiency. The soft pack battery is not yet available. There are two main shortcomings that form an overwhelming advantage for square batteries and cylindrical batteries: First, the cost issue: The core part of aluminum-plastic film is currently produced at a low level, mainly relying on imports from abroad, and the cost is higher. The second is the process. Difficulty: Soft pack batteries usually use lamination instead of winding. During the lamination process, traditional metal die cutting machines often cause burrs on the punched and cut sections, which may cause powder to fall off, resulting in poor quality of the pole pieces. Seriously affect the safety performance of the finished battery, while the residual dust in a complex use of the environment, it will easily lead to internal battery short-circuit, from time to time will shorten the battery life, but also lead to battery safety problems.
3.2 Al-plastic film is gradually localized, and the difficulty of solving the problem of soft package route cost
The material properties of aluminum-plastic film are critical for guaranteeing long-term stable operation of the battery. It is the main difference between a soft-pack battery and a cylinder type, and a square-shaped hard-shell battery. The design and manufacture of aluminum-plastic film is considered to be the three major technical problems in the lithium battery industry. 1. Aluminum plastic film is generally composed of an outer resistance layer (nylon), an aluminum layer and a high barrier layer (polypropylene). A layer of glue is sandwiched between the two layers. According to functional applications, aluminum plastic film can be divided into power and non-a Two types of power are used. The thickness of the aluminum-plastic film used in the former is 152μm, and the latter generally uses an aluminum-plastic film with a thickness of 88-123μm. Relatively speaking, the former has higher technical requirements.
The price of aluminum plastic film is still high, mainly due to the existence of technical barriers to production. Currently, it mainly relies on imports. The domestic market is basically monopolized by Japanese and South Korean companies. High-tech lithium battery data shows that the demand for lithium batteries for lithium batteries in China in 2016 (excluding Foreign-invested enterprises in China except ATL were 95 million m2, a year-on-year increase of 44%; among them, domestic production reached 4.94 million m2, localization rate was about 5%. Japan's DNP, Showa Denko accounted for nearly 70% share. 2016 In July 2016, Xinlun Technology acquired the aluminum plastic film production, manufacturing and sales business of Japan Toppan Printing. At present, its production is still completed in Japan.
3.3 lamination process is difficult, demand for high-end production equipment is highlighted
Soft-packed batteries usually use a lamination process instead of the winding method usually used for rectangular battery cells. During the process of die-cutting and lamination of soft-pack batteries, the generated burrs and dust easily cause the battery to short-circuit. Large battery safety hazards, so controlling the pole piece burr dust in the production process of soft pack battery is particularly important.
The burr of the pole piece refers to the drawing and bending of the cross-section substrate resulting from the punching of the pole piece. The burr size during punching is controlled in the die-cutting and laminating process, the dust generated during punching is reduced, and the dust is transported during the pole piece. Avoiding the occurrence of burrs has become the most important problem that these two processes currently face. To solve these problems, we must first understand the causes of burrs and dust. The main reasons for the formation of burr dust are three: 1) Cutting method; 2) Punching die structure; 3) Punching die material and machining accuracy. According to the causes of burrs and dust, the solution can be improved in the following aspects: 1. Optimize the existing die structure; 2. Improve mold manufacturing and assembly precision; 3, Use laser cutting machine; 4, Use die-cut lamination machine, Die-cut lamination machine can directly enter lamination platform after punching, avoid pole piece and material. The collision and friction of the box completely solve the potential risks of the pole pieces.
Fourth, the soft package equipment space is vast, the mainstream manufacturers have layout
4.1 Front-end device sharing, causing demand upgrades in the back-end
Lithium battery production equipment is closely related to the lithium battery process. The overall production process of the power lithium battery is relatively long. It can be roughly divided into three types: pole piece production (front end), cell production (middle end) and battery assembly (back end). stage.
The process of soft pack battery and square battery at the front end of the production process, such as stirring, coating, and roller press, is basically the same. The process differences are mainly concentrated in the middle and rear end of power battery production. The core difference lies in two aspects: 1) Soft pack battery The core of the cell is a lamination process, while the square cell is usually wound by a winding process; 2) The aluminum-plastic membrane is used as a soft pack battery packaging material, in which the liquid injection at the rear end and the packaging are all different from the square cell.
4.2 The penetration rate of soft package routes needs to be improved, and the demand for equipment is vast
According to the statistics of high-energy lithium battery, the output of cylindrical, square, and soft lithium batteries in China was 13.92GWh, 26.64GWh, and 22.99GWh respectively in 2016. The penetration rate of soft packets in the lithium battery industry has reached 36%, and the output of power batteries in China has reached 30.5GWh, which accounted for 12% of soft pack batteries, at a relatively low level.
With the subsidy policy declining, the market-oriented trend of new energy vehicles becomes more obvious. Under the guidance of previous policies, the A00, A0-class new energy passenger car market has begun to take shape, and the A, B class passenger vehicles under the points system will be immediately available. Flexible battery design, lightweight characteristics are expected to be fully utilized in the car, and it is expected that the penetration rate in A00 and A0 vehicles will gradually increase in the future. For the incremental market, the energy density and safety advantages of flexible packaging still apply. , can increase cruising mileage. According to China Energy Storage Network forecast, in 2020 domestic soft pack power battery shipments is expected to 35.9Gwh, penetration rate of 38%, compared to about 5.5Gwh in 17 years about 30Gwh new shipments. Taking into account the reasonable maturity of the market during the maturity of the production capacity is about 50%, that is to get the new capacity 60Gwh. This is basically consistent with the total amount of 56Gwh expansion project announced by the soft battery company.
According to the data disclosed in the Ningde Times prospectus, currently, the average 1GWh capacity of domestic battery manufacturers corresponds to an investment of about 280 million yuan. Among them, the value of the lithium battery equipment corresponding to the first three stages is 40%, 30%, and 30% respectively. , The corresponding equipment of the soft package route, that is, the middle and back equipment accounts for about 60%, about 168 million/Gwh. By 2020, the new special equipment demand for soft pack battery will be about 60*1.68=100.08, which is about 10 billion. New soft pack special production equipment requirements.
The huge market space of the back-end lithium battery equipment related to the soft-battery-related battery has attracted the lead of the lithium battery equipment to accelerate the deployment of soft-pack equipment. On March 13, 2018, the announcement of the suspension of the major asset reorganization issued by Tailai Company stated that the company’s major asset reorganization The proposed asset to be acquired is Dongguan Chaoye Precision Equipment Co., Ltd. (hereinafter referred to as 'Chaoye Precision'), and the initial plan is to issue shares and pay cash to acquire 100% equity of Chaoye Precision. Yantailai has passed a new establishment and merger and acquisition. In other ways, it continuously improved the industrial chain layout in the key materials and equipment fields of lithium batteries. Ultra-precision started in a semi-automatic stand-alone machine more than a decade ago, and became famous for ear welding machines, blister packaging machines and liquid injection machines. Under the background of rapidly increasing industry demand, in recent years, the company's flexible packaging battery equipment products have long been extended to die-cutting, lamination, welding, packaging, drying, liquid injection, and DEGAS and other core process equipment. And after the equipment supply and service capabilities.
In addition, the earlier design of Yinghe Technology included the production of related lithium battery equipments such as die-cut lamination, automatic soft-packing machine, soft package and other soft-battery packaging, and accumulated certain experience. The ability. Leading intelligence as a leader in lithium equipment, in addition to the winding machine ace products, in the laminator field has a certain technical foundation.
V. Related listed companies
Yan Tailai (603659.SH): Yan Tailai focuses on the field of lithium-ion materials and equipment, and has now laid out four core businesses for anode materials, lithium-ion equipment, coated diaphragm processing, and aluminum-plastic packaging films. , The vertical integration layout is deep, and the leading position is solid. The company announced that it plans to acquire Chaoye Precision. Chaoyi Precision has been extended to die-cutting, lamination, welding, packaging, drying, injection and DEGAS, etc. in flexible packaging battery equipment products in recent years. The core process equipment, and the ability to provide a full range of mid- and post-equipment supply and service capabilities under a single brand, lays the foundation for the company to establish an integrated soft package-related lithium-ion equipment capacity in the future. The company's 2017 third quarter revenue of 15.51 companies Billion yuan, an increase of 40.2% year-on-year; net profit attributable to mothers was 324 million yuan, an increase of 68.3% year-on-year, and the growth trend was strong.
Win He Technology (300457.SZ) : Win He Technology was established in 2006. It is an independent and innovative national high-tech enterprise integrating development, production, sales and service. The company specializes in manufacturing new energy automation production equipment, widely used. In lithium ion, polymer, power battery and other production processes; company has strong technical force, has a research and development team with senior engineers as the core, has profound achievements in lithium battery and non-standard equipment manufacturing, ensuring the advanced technology And practicality. The company's earlier design includes die-cut laminations, fully automatic soft-pack liquid injection machines, soft-packaging and other soft-battery-related lithium-ion battery production equipment, and has accumulated a certain amount of experience in providing soft-packaged integrated assembly line products and services. The company's ability to achieve revenue of 1.591 billion yuan in 2017, an increase of 87.13%; net profit attributable to the mother of 219 million yuan, an increase of 76.64%.
Pilot Intelligence (300450.SZ): The company is a leader in the lithium-electric equipment industry, with a clear competitive advantage, and is expected to grow further into a global lithium-ion equipment company. In addition to the winding machine trumps, the company has a certain technical foundation in the laminator industry. At the same time, it has a good reputation and high quality customer resources. The company achieved revenue of 2.177 billion yuan in the year 2017, an increase of 101.75% year-on-year; net profit attributable to the mother was 514 million yuan, an increase of 79.45% year-on-year.
Sixth, investment advice and risk tips
Investment Advice:
With the new energy vehicle subsidy standards putting higher requirements on battery energy density, soft packet technology is an important means for lightweight and high-energy batteries, and it is expected to continuously increase the penetration rate of new production capacity, thereby realizing higher investment than the scale of industrial expansion. Growth rate. Process differences between soft pack batteries and square pack batteries have brought about an upgrade in the demand for high-end lamination equipment and equipment for liquid injection, packaging, etc. in the mid-to-late segment. The new market is due to a large space, and a lithium battery equipment company with a certain soft packet technology base. It is expected to speed up the layout. At present, related listed companies include Yu Tai Lai, Win He Technology, Pioneer Intelligence, etc.
risk warning:
The sales of new energy vehicles are lower than expected: China's new energy vehicles are at the initial stage, affected by multiple factors such as policies. Volatile sales of new energy vehicles will affect the demand for upstream batteries and lithium-electric equipment.
Product prices fell sharply: With the improvement of battery technology, the unit price of lithium batteries has gradually declined. If the unit price of the battery drops sharply, it will affect the demand for upstream batteries and lithium-ion batteries.
The promotion of soft pack power battery technology is lower than expected: The soft pack battery has a broad application market due to its high energy density. If the soft packet technology route is promoted less than expected, it will have an impact on the demand of the upstream soft pack-specific lithium battery equipment.
