In recent years, with the continuous progress of technology and the reduction of manufacturing costs, the proportion of lithium batteries in the market will also increase significantly. The rapid development of the lithium battery industry and the high requirements of new energy vehicles for the energy density, charging speed, cycle life and other performance of the battery have also promoted the continuous upgrading and innovation of lithium battery technology. As one of the important equipment in the manufacturing process of lithium battery, the performance and accuracy of the roller press have a crucial impact on the performance and quality of the lithium battery.
Rolling is one of the most critical processes in the manufacturing process of lithium battery pole pieces
Rolling refers to the process of compacting the lithium battery pole pieces that are coated and dried to a certain extent. After the pole piece is rolled, the energy density of the lithium battery can be increased, and the binder can be firmly attached to the electrode material on the current collector of the pole piece, so as to prevent the loss of lithium battery energy caused by the electrode material falling off from the electrode piece current collector during the cycle process. The rolling process can keep the surface of the electrode piece smooth and flat, so as to prevent the hidden danger of short circuit of the battery caused by the burr on the surface of the electrode piece piercing the separator, and improve the energy density of the battery. The rolling process can compact the electrode material coated on the current collector of the electrode piece, so as to reduce the volume of the electrode piece, improve the energy density of the battery, and improve the cycle life and safety performance of the lithium battery.
The lithium battery rolling equipment market is expected to continue to expand, and the industry concentration continues to increase
The market size of rolling equipment is expected to reach 6 billion yuan in the next three years. According to Gaogong lithium battery data, China's lithium battery rolling equipment market will reach 3.2 billion yuan in 2022, a year-on-year increase of 778%。In 2022, the new production capacity of lithium batteries will reach 480GWh, an increase of more than 100% over the previous year. At the same time, some of the original equipment also has a need for modernization and transformation (including the replacement of spare rollers, etc.), and leading customers such as CATL have also accelerated the layout of overseas markets, and the demand has further expanded. China's lithium battery rolling equipment market is expected to continue to expand, and is expected to reach 6 billion yuan by 2025.
*: Prospectus, Sino-Thai ** Research Report.
It is worth noting that the concentration of the rolling equipment industry is relatively high, and the market share is becoming more and more obvious to the head enterprises. The concentration of the lithium battery rolling equipment industry is high, and the CR3 of the domestic lithium battery rolling equipment industry in 2022 will be 594%, of which Naconor ranks first with a market share of 234%, Yinghe Technology, Pilot Intelligent Column.
The second and third places, the market share are respectively. 1%, and the market share of the leading enterprises in the rolling equipment market in 2021 is 572%, the market share of the head enterprises of rolling equipment in 2022 will be 65%, and the market concentration will be further increased compared with 2021.
*: Prospectus, Sino-Thai ** Research Report.
The competition in the new energy market is fierce, why Naconor can stand out, taking the lead
According to public information, founded in 2000, Naconoel is an industry-leading manufacturer of roller presses, mainly engaged in the research and development, production and sales of pole piece roller presses for various new energy batteries and other uses (such as polymer materials, carbon fiber, powder metallurgy, calendering, etc.). Since its establishment, Naconoel has been committed to providing battery manufacturers with high-precision, high-stability, and easy-to-control battery electrode piece rolling equipment, and its main customers include CATL, BYD, Haichen Energy Storage, Wuhan Chuneng, EVE Lithium Energy, Envision Power, Panasonic, Hitachi and other well-known battery manufacturers and battery application manufacturers at home and abroad, with a market area covering more than 20 countries and regions such as China, the United States, Japan, South Korea, Spain, and Switzerland.
Core managementHeavy research and developmentcompanyMaster a number of core technologies
According to public information, the management of Naconor has always attached great importance to R&D, and knows that R&D and innovation are the foundation of the company's survival, and it is also an important guarantee for the company to continuously improve its innovation ability and maintain its competitive advantage in the industry.
Over the years, Naconor has attached great importance to independent research and development, and has continued to maintain high-intensity R&D investment. According to the data, the company's R&D expenditure in 2020 was 126110,000 yuan, and the R&D expenditure in 2022 will be 2176010,000 yuan, with a compound annual growth rate of 1994%, R&D investment continues to maintain a high intensity.
At present, Naconor has formed a total of 8 core technologies, including high-precision installation technology, oil heating technology, high-speed tension control technology, multi-link coupling technology, four-axis winding technology, wide rolling technology, tab heating control technology and yarn development control technology, and has authorized 107 patents, including 14 invention patents, 92 utility model patents, 1 appearance patent, and 9 software copyrights. From 2020 to 2022, the ratio of core technology revenue to operating income is: 19%, which reached a new high of 92 in 2023H191%。The 8 core technologies are all original innovations and independent research and development. Naconoel's products not only make breakthroughs in terms of running speed, rolling accuracy, equipment specifications, intelligence, etc., but also take a leading position in new processes such as hot rollers and dry electrodes, so as to ensure the market competitiveness of the company's equipment products.
The key indicators of the products are in the first echelon of the industryDeepTechnology accumulationBuild a solid moat
In the lithium battery rolling equipment industry, comparable companies mainly include Pilot Intelligence, Yinghe Technology, Haiyu Baxter, Haoneng Technology, etc. There is no obvious gap between the main competitors in terms of basic parameters such as the maximum roll size, the highest stable production speed, and the thickness accuracy of the pole piece, and the mass production products are all at the first echelon level, but Naconor has a great leading advantage in hot rolls, and the temperature uniformity of the roll surface, an important index, is ahead of the market.
A review of public information shows that Naconor's lead did not happen overnight. As early as 2002, Naconor successfully sold the first lithium battery roller press, began to build a lithium battery rolling equipment product series, in 2005, Naconoel successfully developed 800mm diameter roller press, to achieve domestic substitution, break the monopoly of foreign technology, and in 2006, successfully sold the first self-manufactured 800mm diameter heating roller press, successfully created a leading domestic product series. In 2015, Naconor successfully completed the design and development of a full range of heating rollers, marking that its technology has been among the world's first-class, and in 2022, Naconoel successfully developed the first high-performance carbon fiber prepreg production line in China, which once again confirmed the company's technological leading position in the same industry in China.
It is worth noting that Naconoel's main products are rolling equipment with independent intellectual property rights and core technology, and a number of products have achieved "domestic firsts", mainly including the first domestic roller press to achieve hot rolling technology, the first domestic double-machine continuous binding roller press, the first domestic rolling press with a maximum stable running speed of 140m min, the first domestic rolling press with a roll width of 1,500mm, the first domestic rolling press to achieve automatic belt splicing technology and the first large-scale roller splitting machine in China. It fully shows that Naconor has achieved super technical barriers in the field of lithium battery rolling equipment, and at the same time has strong scarcity in the subdivided field.
The customer advantage is very obvious, and the order reserve is very abundant
After years of technology research and development and customer service accumulation, Naconoel product quality and after-sales service quality have been recognized by customers, Naconoel products have been widely used in many domestic and foreign head new energy battery manufacturers, especially power, energy storage new energy battery manufacturers.
At present, the company has provided lithium battery rolling equipment for well-known domestic new energy enterprises such as CATL, BYD, Ningde New Energy, Haichen Energy Storage, Wuhan Chuneng, EVE Lithium Energy, Envision Power, Xinwangda, Funeng Technology, Honeycomb Energy, Zhuhai Guanyu and other well-known domestic new energy enterprises, as well as overseas well-known new energy enterprises such as Panasonic, Hitachi and Youliang Technology, among which, the company has signed long-term cooperation agreements with CATL, BYD and Ningde New Energy Enterprises.
With the continuous and rapid development of the downstream new energy industry, the good cooperative relationship between Naconor and the head new energy enterprises is conducive to future business development and maintain a favorable position in the market competition.
In addition, it was disclosed that as of the end of July 2023, the total amount of orders in hand of Naconor was 239.3 billion yuan (tax included), and BYD, CATL, China Innovation Airlines, Honeycomb Energy and other major customers still have more orders in hand, and with Xiaogan Chuneng, Haichen Energy Storage, Envision Power and other new customers signed a large number of new orders, of which BYD has about 5 orders in hand800 million, CATL has about 2 orders in hand700 million, rich business reserves.
Fund-raising projects help release production capacityThe prospects for high-quality development of Naconor are promising
On November 16, 2023, it was successfully listed on the Beijing ** Stock Exchange, with an issue of ** at 15 yuan per share. The raised funds will be used for the expansion and construction of the second phase of the Xingtai plant, the construction of the R&D center and headquarters, as well as to supplement the working capital. Among them, after the completion of the expansion construction project of the second phase of the Xingtai plant, an annual output of 200 sets of roller presses can be added, further releasing production capacity and matching the rapid development of the downstream lithium battery industry. R&D center and headquarters construction projectThe R&D center and headquarters construction project aims to further build an advanced R&D environment, increase investment in R&D software and hardware, introduce a team of high-end R&D talents, and carry out the research and development of technologies and equipment such as intelligent control of lithium battery rolling equipment, dry electrode rolling process and equipment, cross-industry roll forming mechanism and equipment, etc., so as to lay a solid foundation for the industrial transformation of the company's scientific research achievements, effectively enhance the company's technical strength, and provide customers with better high-quality high-precision roller presses.
As of December 12**, the stock price of Naconor (832522) has risen by 3210%, which fully proves its excellent fundamentals and strong growth attributes with high-quality and sustainable development.