The lead battery is currently the most widely used secondary battery, which can be used as a car boot battery, electric vehicle power battery and backup / energy storage power supply, of which the car start battery is the first large application. With the development of new battery technology, the lead battery is facing other alternative batteries from lithium batteries. In the short term, we believe that the automotive boot is not worried about being replaced, alternate and energy storage batteries have alternatives, power batteries The field will be replaced by lithium batteries, but their alternative processes are also relatively slow.The power battery needs is stable, and the price war is constantly. Electric bicycle demand slows slowly, and the gradual alternative and Tianneng, the two major oligarchy expansion competitions caused the power battery market, and the price war is not going. At present, the power battery hair rate is about 22%. Although the short term is ushered in small price due to the peak season, the price of the price after the peak season is still large.
First give a lead battery industry“neutral”Rating: Long-term view of the overall demand in the lead storage battery industry is within 10%, and industry integration will be a longer process, and the industry is difficult to have an overall investment opportunity, but we believe that there is still a structural opportunity. Comparing the top three application markets downstream of the lead battery, consider market demand and profitability, we believe that car start batteries optimal, communication battery, power battery, relatively optimistic car boot battery faucet, Camel shares, and communication Battery faucetan power supply.
Industry remediation does not change production capacity overcapacity, and market concentration is slow. The environmental protection storm in 2011 has led to the most stringent remediation in the history of the lead battery industry. At present, the industry remediation has been nearly an end. The lead battery can restore the production capacity, and the industry's operating rate is reduced to 60%. The overcapacity is still. The large factory is actively expanded, driving and starting battery companies, but because of a large number of enterprises, the capacity concentration of industry faucets has not changed significantly, and the impact of industrial remediation to market concentration will be a Slow and long-term process.
The car started battery demand is stable, and the price falls. It is benefited from the continuous growth of the car sales and the expansion of the number of bolds, and the growth rate of starting battery can be maintained at 10%. The start battery is divided into supporting and maintenance market, the supporting market is mainly based on 5 first-line largest factory, the competition pattern is stable, but the price is low, the profitability is weak; the maintenance market is very dispersed, but it is completely competitive, but the price is higher, gross profit margin The horizontal is more than 20%. Since the industry has returned to the production capacity in 2012, the starting battery has fallen into the price increase, considering the stability growth of demand and the competitive strategy and profitability of the large factory, the probability of the future brand battery price is large.
Communication 4G construction speed, industry shuffling caused battery prices to rebound. In 2013, the construction of 4G will start speeding up. It is expected that the future communication investment will have nearly two-digit growth, and the communication battery will also usher in higher growth. Communication battery product quality problems have caused the industry to start shuffling, battery prices come back, the company's profitability has come backwards, and the future communication battery faucet is expected to ushered. Recommend: LiFePO4 Battery Manufacturer Energy storage battery Manufacturer Integrated machine energy storage battery series Manufacturer Lead lithium battery Manufacturer Outdoor Backup Battery Manufacturer Portable outdoor power supply Manufacturer Power battery Manufacturer Powerwall LiFePO4 Battery Manufacturer Battery rack Manufacturers Telecom LiFePO4 Battery Manufacturer Wall mounted battery storage Manufacturer China Lifepo4 Battery
